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.
