- A circular has been issued by the Central Board of Indirect Taxes and Customs (CBIC) for the launch of Exchange Rate Automation Module (ERAM).
- The current manual process will now be replaced by an automated system for collecting and publishing exchange rate information and will be effective from July 4, 2024.
- ERAM is a significant milestone in the direction of trade facilitation.
- Through this, exchange rates of 22 currencies will now be published online in advance for ease of doing business for all importers and exporters.
- These exchange rates will be made available on the ICEGATE website twice a month, i.e. on the evening of the first and third Thursday of the month and will be effective from midnight of the next day.
- This automated system will eliminate the present system of notifying exchange rates through notification.
- A link will be provided on the CBIC website to enable users to connect to the ICEGATE website and view the rates published there.
