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Question

What is the CBIC expected to introduce?
  • A new system of currency exchange
  • A new system of taxation
  • A new system of banking
  • A new system of publishing daily currency exchange rates
Answer- D
According to reports, the Central Board of Indirect Taxes and Customs (CBIC) is planning to introduce a new daily publishing system for currency exchange rates on the integrated customs portal, replacing the current fortnightly notification system.

The proposed change is expected to provide a more accurate reflection of daily fluctuations in exchange rates, thereby allowing importers and exporters to calculate customs duties with greater precision.