Page 25 - Craftcil June 2024

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1.1 Further, on a given day, if it is noticed that exchange rate of a currency has fluctuated more than ± 5% vis-à-vis
the notified rate, the rate for that currency is re-notified with effect from the following day.
2. These notifications are based on the rates obtained from the State Bank of India (SBI) on a daily basis. The SBI
communicates 'card rates' which include 'Bill rates', 'TT rates' and 'TC rates' to CBIC everyday. While the Bill rates
are used in transactions related to Letters of Credit, the TT rates are used in telegraphic transfers and TC rates
for travelers' cheques. The rates notified by the Board are the Bill rates (for transaction up to Rs 10 lakh)
received from SBI, adjusted to the nearest five paise.
3. The existing process of notifying exchange rates is manual. Also, the rates so notified are manually incorporated
in the Indian Customs EDI System (ICES) by an officer designated for this purpose.
4. It has now been decided to automate the aforesaid process of issuing exchange rates, beginning with forwarding
of exchange rate data by SBI to ICEGATE through message exchange. The exchange rates received from SBI
shall be adjusted to the nearest five paise and integrated with ICES.
4.1 These exchange rates shall be published on ICEGATE website at 6:00 p.m. as per the existing frequency (as
stated in Para 1 and Para 1.1 above) and shall be accessible for public viewing on ICEGATE website i.e. https://
www.icegate.gov.in.
5. These rates, so published online, shall come into effect from midnight of the following day. For instance,
exchange rates published on the evening of 11th July 2024 shall come into force from 00:00 hrs of 12th July
2024 and shall remain in force till the next revision.

6. The published exchange rates will be stored and shall remain accessible on ICEGATE for future reference, so as
to enable a user to check the exchange rates for a previous date.

7. As a contingency plan for catering to any technical snag, the following procedure shall be followed for ensuring
uninterrupted accessibility of exchange rates at any given time:
(i) Nodal Officers have been appointed in the SBI, Board, ICD (Patparganj), Air Cargo Complex (Bengaluru) and
DG (Systems) to monitor and manually intervene, where needed.
(ii) Nodal Officer at ICD (Patparganj) shall continue to monitor the exchange rates in ICES as per the current
practice. If any issue is noticed or in case of any unforeseen exigencies, he shall inform the Nodal Officer in
DG (System) to take corrective action.

(iii) Where, on a due date when the rates are to be published, there is a failure in electronic transmission from
SBI or an incomplete message is received, the last updated rates shall remain in force for the following day
and the rates shall be revised the following day by 6:00 p.m. to apply from 00:00 hrs of the next day.

(iv) Where, on a due date when the rates are to be published, the exchange rates received from SBI fail to get
integrated on ICES by 6:00 p.m., the message received from SBI shall be discarded and the last updated
rates shall remain in force for the following day. The rates shall be revised the following day by 6:00 p.m. to
apply from 00:00 hrs of the next day.

(v) As soon as the situation indicated at (iii) or (iv) above is encountered, an automated email and SMS alert will
be sent to the Nodal Officers at ICD (Patparganj), Air Cargo Complex (Bengaluru), DG (System), SBI and the
Board for corrective action. If the issue remains unresolved for consecutive two days, the exchange rates
shall be updated on the System through manual intervention using the 'admin' interface by the Nodal
Officer at ICD (Patparganj).

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