Whether the rate of exchange on 1st September could be adopted for purpose of conversion of foreign currency into local currency?

(ii) Third proviso to section 14 of the Customs Act, 1962 provides that the rate of exchange notified by the CBIC as prevalent on the date of presentation of bill of entry for warehousing is the applicable rate of exchange for conversion of foreign currency into local currency. Therefore, in the given case, rate of exchange that would be prevalent on date of presentation of bill of entry for warehousing i.e. 5th July and not the one prevalent on date of presentation of bill of entry for home consumption i.e., 1st September, would be adopted.