Header Ads

Exchange Rate of Foreign Currency Relating to imported and Export Goods Notified



Exchange Rate of Foreign Currency Relating to imported and Export Goods Notified

            In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Central Board of Excise& Customs (CBEC) No.112/2015-CUSTOMS (N.T.), dated 19th November, 2015, except as respects things done or omitted to be done before such supersession, the Central Board of Excise & Customs (CBEC) hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 4th December, 2015, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

SCHEDULE-I

Sl.No.
Foreign Currency
Rate of exchange of one unit of foreign currency equivalent to Indian rupees
(1)    
(2)
(3)


               (a)
                (b)


(For Imported Goods)
  (For Export Goods)
1.
Australian Dollar
49.45
48.00
2.
Bahrain Dinar
183.05
171.75
3.
Canadian Dollar 
             
50. 55
49.45
4.
Danish Kroner
9.60
9.35
5.
EURO
71.65
69.85
6.
Hong Kong Dollar
8.70
8.55
7.
Kuwait Dinar
226.00
212.70
8.
New Zealand Dollar
45.05
43.70
9.
Norwegian Kroner
7.80
7.60
10.
Pound Sterling
100.70
98.50
11.
Singapore Dollar
47.80
46.80
12.
South African Rand
4.75
4.50
13.
Saudi Arabian Riyal
18.30
17.30
14.
Swedish Kroner
7.75
7.60
15.
Swiss Franc
66.25
64.60
16.
UAE Dirham
18.70
17.70
17.
US Dollar
67.25
66.25


SCHEDULE-II

                                      Sl.No.
Foreign Currency
Rate of exchange of 100 units of foreign currency equivalent to Indian rupees
(1)    
(2)
(3)


(a)
(b)


(For Imported Goods)
  (For Export Goods)
1.
Japanese Yen
54.75
53.50
2.
Kenya Shilling
67.20
63.45

*****

Cooperation amongst countries and sharing of information is the key to unearth illicit money stashed in safe havens: Jayant Sinha, MOS(Finance)
Shri Jayant Sinha, Minister of State for Finance inaugurated the 6th Meeting of the AEOI Group of the Global Forum on Transparency and Exchange of Information for Tax Purposes here today.

In his Keynote Address, Shri Sinha emphasised that cooperation amongst countries and sharing of information is the key to unearth illicit money stashed in safe havens. He lauded the work done by the Global Forum and the AEOI Group in fostering a climate of increased cooperation amongst tax jurisdictions, which he said has resulted in dramatic improvements in transparency.

Earlier, Shri A.K. Jain, Chairman, Central Board of Direct Taxes (CBDT), delivered the Welcome Address and termed the process of exchange of information as a “game changer for tax administrations”.

Ms. Monica Bhatia, Head of the Secretariat of the Global Forum and Mr. David Pitaro, Chair of the AEOI Group, heaped lavish praise on India’s role in strengthening the mechanism of the exchange of information. They acknowledged India’s contribution to the Global Forum and thanked India for hosting this meeting.

An important development on the sidelines of the meeting today was the signing of the Multilateral Competent Authority Agreement (MCAA) by Andorra, thus becoming the 75th country to have signed it. India had signed the MCAA on 3rd June, 2015.

The AEOI Group, which has 64 member countries presently, is mandated to develop a methodology to review the implementation of the new global standard on automatic exchange of information, i.e., the Common Reporting Standard (CRS). This review is carried-out in a transparent manner with all Global Forum members participating in the process on an equal footing. During the 2-day meeting, one of the key areas of work would be the specific reviews of the confidentiality and data safeguards procedures of certain tax jurisdictions.


No comments

Powered by Blogger.