By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Government of India to introduce updated online exchange rates of 22 currencies to simplify transactions for exporters and importers.
Share
Notification Show More
Recent Saved
Workers in Bucharest face challenges as temperatures rise
World
Dress code guidelines for the Qatari government sector during office hours
Qatar
Court rules in favor of worker after company dismisses him for salary deductions over 6 years, awarding BD 27,000.
Bahrain
UAE to See Almost 30,000 New Millionaires in 5 Years
UAE
Proposed New Labor Law in Bahrain Targets Increasing Job Opportunities
Bahrain
Latest News
Senkron Digital Showcases CyberPact Service at GISEC Global 2025
Gulf UAE
Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World
Business Gulf UAE
Barcelona Aims to Recover from European Heartbreak as They Face Real Madrid in La Liga, Chasing Their Third Title of the Season
Sports
UAE with 47% and Qatar with 36% Surge in Viewing Minutes as TOD Unveils its Enhanced Streaming Experience TOD 2.0
Lifestyle
L’Oréal Paris Celebrates the Groundbreaking Launch of MELASYL at the Iconic Museum of the Future
Lifestyle
TOD Partners with Skyworth’s QVWi to Launch 4K Streaming Set-Top Box in MENA
Gulf Sports
Double victory at Red Dot: Eczacıbaşı Tiles Group’s VitrA and Villeroy & Boch brands recognised for their design excellence
Lifestyle
Your Next Destination in Dubai: Mövenpick Hotel Apartments Downtown Dubai – The Perfect Choice for Your Stay
Gulf UAE
Nexus Developer Announces the Launch of ‘Estrella’ to Set New Standards in Boutique Luxury Living in Majan, Dubai
Gulf UAE
Moscow City Tourism Committee Brings ‘Moscow Tea Time’ to Dubai with 15 Cultural Venues
Gulf UAE
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Government of India to introduce updated online exchange rates of 22 currencies to simplify transactions for exporters and importers.
Business

Government of India to introduce updated online exchange rates of 22 currencies to simplify transactions for exporters and importers.

News Room
Last updated: 2024/06/28 at 8:08 AM
News Room
Share
4 Min Read
SHARE

The Central Board of Indirect Taxes and Customs (CBIC) is set to introduce an automated system, the Exchange Rate Automation Module (ERAM), to streamline the process of currency exchange rates for export and import transactions in 22 currencies. This new system is scheduled to be launched on July 4th, replacing the manual process of notifying exchange rates through notifications. The objective is to simplify the calculation of the value of imported and exported goods based on the exchange rate, as mandated by Section 14 of the Customs Act. The automated system will make it easier for importers and exporters to access the exchange rates online, facilitating trade operations.

The ERAM system is considered a significant step towards trade facilitation as it will provide advance online publication of exchange rates for the 22 currencies involved. This will enhance transparency and efficiency in the import and export process. The exchange rates will be available on the ICEGATE website twice a month, on the evening of the 1st and 3rd Thursdays, with the rates becoming effective from midnight the next day. Users will be directed to the ICEGATE website via a link on the CBIC website, where the published exchange rates can be viewed. This system aims to provide accurate and up-to-date exchange rate information to support financial decision-making in trading, investment, and international business.

The automated system of publishing currency exchange rates involves collecting real-time or near-real-time data from various financial markets and trading platforms, including forex brokers, banks, and global financial news services. By streamlining the data collection and processing, the system ensures that users have access to timely and reliable exchange rate information. This is crucial for financial decision-making in areas such as trading, investment, and international business transactions. The automation of these processes helps to manage APIs, data aggregation, and databases efficiently, making the operation of currency exchange rates smoother and more accurate.

The Exchange Rate Automation Module (ERAM) will cover 22 currencies, including the Australian Dollar, Qatari Riyal, Bahraini Dinar, Saudi Arabian Riyal, and Canadian Dollar, among others. These currencies are commonly used in international trade and commerce, making it essential to have accurate and readily available exchange rates. The system will also include currencies such as the EURO, Swiss Franc, US Dollar, Pound Sterling, and Japanese Yen, which are widely traded in the global financial markets. By providing comprehensive coverage of these currencies, the ERAM system aims to enhance the ease of doing business for importers and exporters.

The implementation of an automated system for publishing currency exchange rates reflects the government’s commitment to promoting ease of doing business and enhancing transparency in trade operations. By providing online access to exchange rates for 22 currencies, the CBIC aims to simplify the import and export process for businesses and facilitate trade activities. The availability of accurate and up-to-date exchange rate information will enable importers and exporters to make informed financial decisions and mitigate the risks associated with currency fluctuations. Overall, the introduction of the ERAM system is expected to streamline trade operations and support the growth of India’s international trade.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room June 28, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article MP Mubarak suggests publishing the names and GPAs of scholarship recipients, expresses gratitude for the Ministry of Education’s outstanding efforts
Next Article Doctors from QRCS in Gaza have performed 18,927 medical interventions since the start of the war.
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

Senkron Digital Showcases CyberPact Service at GISEC Global 2025
Gulf UAE May 12, 2025
Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World
Business Gulf UAE May 10, 2025
Barcelona Aims to Recover from European Heartbreak as They Face Real Madrid in La Liga, Chasing Their Third Title of the Season
Sports May 8, 2025
UAE with 47% and Qatar with 36% Surge in Viewing Minutes as TOD Unveils its Enhanced Streaming Experience TOD 2.0
Lifestyle May 5, 2025

You Might also Like

BusinessGulfUAE

Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World

May 10, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
Business

NTT DATA Business Solutions Expands Presence in UAE with Stronger Regional Leadership

March 28, 2025

Sustainable Moving Services: How Dubai’s Moving Companies Are Going Green

February 20, 2025
Tech

CNTXT and Oracle Strengthen AI Collaboration to Drive Innovation

February 14, 2025
Business

Smpl Fund I Invests $250,000 in Qora71, Supporting AI and Tech Entrepreneurs in MENA

February 4, 2025
BusinessCrypto

Forbes Lists Bitget Amongst The World’s Most Trustworthy Crypto Exchanges

February 1, 2025
BusinessMarkets

A Look Back at a Record-Breaking iFX EXPO Dubai 2025

February 1, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?