Currently, the Central Board of Indirect Taxes and Customs (CBIC) notifies exchange rates for 20 currencies for the purpose of valuation of imported and exported goods and it has been now decided to include two more currencies Won and Lira in the list.
"Under Section 14 of the Customs Act, 1962, the CBIC notifies the Rate of Exchange for the purpose of conversion of foreign exchange to Indian Rupees (INR) and vice versa for assessment of imports and exports," the Ministry of Finance said in a statement.
Bilateral trade between India-South Korea grew to $16.36 billion during 2017-18 from $12.59 billion in 2016-17. South Korea is ranked 8th amongst India's trade partners in terms of imports last financial year.
Also, the Comprehensive Economic Partnership Agreement (CEPA) with South Korea is likely to increase the trade flow between the two countries.
Bilateral trade between India and Turkey stood at $7.2 billion during 2017-18. More than 150 companies with Indian capital have registered businesses in Turkey in the form of joint-ventures, trade and representative offices, it said.
The initiative is also anticipated to help exporters claim the benefits of Merchandise Export Incentive Scheme easily, as the rates of TRY (Lira) and Won will be readily available on the realisation date of remittances.
Overall, it is expected to decrease the transaction cost and enhance the ease of doing business, thereby, benefiting the Indian, Korean and Turkish businesses, the Ministry said.