New Delhi, Jun 28 (Agency) The government on Thursday said an automated system of ascertaining and publishing the exchange rates will replace the existing manual process, and shall come into effect from July 4, a move aimed at enhancing trade facilitation for importers and exporters immensely. The Central Board of Indirect Taxes and Customs (CBIC) has issued a Circular for the launch of Exchange Rate Automation Module (ERAM), Ministry of Finance said in an official statement. ERAM is a significant step towards trade facilitation as the exchange rates of 22 currencies would now be published online in advance for ease of consumption by all importers and exporters.
The exchange rates would be made available on the ICEGATE website twice a month i.e. on the evening of the 1st and 3rd Thursdays of the month and would be effective from midnight of the following day. The automated system will dispense with the existing system of notifying exchange rates through a notification. A link shall be provided on the CBIC website which will take the user to the ICEGATE website, where the published rates can be viewed. The published exchange rates will be stored in the system and will remain accessible on ICEGATE for future reference, so as to enable a user to check the rates for a previous day. CBIC has been consistently making strides for enhanced digitalisation of Customs processes and the launch of ERAM is a step in this direction.