The CBIC Exchange Rate Automation Module (ERAM) will go live on July 4, 2024.

CBIC Exchange Rate Automation Module: By making exchange rates for 22 different currencies available online, ERAM will improve trade facilitation for importers and exporters.

A circular for the introduction of the Exchange Rate Automation Module (ERAM) has been released by the Central Board of Indirect Taxes and Customs (CBIC). Commencing on July 4, 2024, the current human procedure of determining and publishing the exchange rate will be replaced with an automated system.

The exchange rates of 22 currencies will now be published online ahead of time for convenience of use by all importers and exporters, making ERAM a major step towards trade facilitation. Twice a month, on the evenings of the first and third Thursdays, these exchange rates would be posted on the ICEGATE website. They would take effect at midnight of the following day. A thorough explanation of the procedure can be found in Circular 07/2024-Customs, which was issued on June 25, 2024.

The current method of informing users of exchange rates via a notification will be replaced by this automated approach. The CBIC website will have a link that directs users to the ICEGATE website, where the rates that have been published are available for viewing. In order to allow users to view the rates from a prior day, the published exchange rates will be kept in the system and made available on ICEGATE for future use.

The use of ERAM is a step in the direction of the improved digitalization of Customs processes that CBIC has been steadily advancing.