New Exchange Rate Automation Module (ERAM)

The Indian Customs department is planning to introduce a new Exchange Rate Automation Module (ERAM) to publish daily currency exchange rates on their website, replacing the current system of fortnightly notifications. The proposed system will be used for the valuation of imported and exported goods under section 14 of the Customs Act. The Board currently notifies exchange rates of 22 currencies twice a month, and if a currency's exchange rate fluctuates more than ± 5%, it is re-notified the following day. The new system aims to automate this process and seeks feedback from stakeholders.