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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.144/2015-CUSTOMS (N.T.), dated 17th December, 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 08th January, 2016, 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
47.70
46.50

2.
Bahrain Dinar
182.95
172.40

3.
Canadian Dollar 
             
48. 00
46.95

4.
Danish Kroner
9.85
9.55

5.
EURO
73.35
71.55

6.
Hong Kong Dollar
8.70
8.55

7.
Kuwait Dinar
226.45
213.95

8.
New Zealand Dollar
45.00
43.80

9.
Norwegian Kroner
7.60
7.40

10.
Pound Sterling
98.95
96.80

1
Singapore Dollar
47.15
46.10

12.
South African Rand
4.30
4.10

13.
Saudi Arabian Riyal
18.35
17.35

14.
Swedish Kroner
7.90
7.70

15.
Swiss Franc
67.60
65.90

16.
UAE Dirham
18.75
17.70

17.
US Dollar
67.45
66.40

18.

Chinese Yuan
10.25
10.05


 SCHEDULE-II

s.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
57.30
56.05
2.
Kenya Shilling
67.40
63.65

***************
FM: Indian economy has emerged as one of the fastest growing economies in the world with its GDP growth accelerated at 7.3 percent in 2014-15; Economy is firmly on the path of economic revival 
The Union Finance Minister Shri Arun Jaitley said that Indian economy has emerged as one of the fastest growing economies in the world with its GDP growth accelerated at 7.3 percent in 2014-15 compared to 6.9 per cent growth in 2013-14 and 5.1 per cent in 2012-13, indicating that the economy is firmly on the path of economic revival. The Finance Minister Shri Jaitley was making the Opening Remarks during his fourth Pre-Budget Consultative Meeting with the representatives of IT (Hardware & Software) Sector today in New Delhi.

Highlighting the contribution and importance of IT Sector, the Finance Minister said that the Government’s ‘Make in India” programme has included the electronic systems and IT & BPM (Business Process Management) sectors among the 25 key sectors. He said that the Governments recognizes this Sector’s potential and the Information Technology sector is a key pillar in various flagship initiatives like digital India, Make in India, Skill India as well as Start-up India among others.

The participants expressed their gratitude and congratulated the Government for the measures undertaken in the previous year which facilitated their market performance and enabled them to revive and improve their growth .They expressed full confidence in India being the next big player in the manufacturing field in the world. They further said that Manufacturing will be the major driving force of our economic growth and they will be able to achieve the committed target of creation of job opportunities.

Various suggestions were received during the aforesaid Consultative Meeting. Major recommendations were to continue with measures to facilitate the exports, facilitating ease of doing business, measures for simplifying and rationalizing tax procedures. Other suggestions included the provision of Place of Effective Management (POEM) to be deferred by couple of years as this short period can be a hurdle for industrial growth. There was also suggestion that the scope of POEM need to be rationalized and made applicable to overseas shell companies. It was suggested that GST be implemented at the earliest.

On the proposal of sunset clause in case of SEZ companies, the tax relief to the eligible development activities and the sales activities by a SEZ unit may be extended till March 2019, as it will be unfair to deny the tax benefits to such SEZ developers who have planned large investments in setting-up SEZ infrastructure. Other suggestions were reduction of corporate tax, specific time bound policy to revive the mobile industry, incentive to pollution free industries and vehicles, TRIPS Plus (Agreement on Trade-Related Aspects of Intellectual Property Rights ) commitment need to be relooked, directive to make all State and Inter-State duties and procedures online among others. There is also need to create duty differential benefits for Indian (IT hardware) manufacturers especially in case of mobile and tablets.

It was also suggested to reduce Minimum Alternate Tax (MAT) and utilization period under MAT be increased from 10 years to 15 years.

Along with the Finance Minister Shri Arun Jaitley, the aforesaid Pre-Budget Consultative Meeting with the representatives of IT (Hardware & Software) Sector was also attended among others by Shri R.N. Watal, Finance Secretary, Shri Shaktikanta Das, Secretary, DEA, Dr. Hasmukh Adhia, Revenue Secretary, Ms Anjuli Chib Duggal, Secretary, Financial Services and Dr. Arvind Subramanian, Chief Economic Adviser (CEA). The representatives of the IT (Hardware & Software) Sector present during the meeting included Shri Ramadas Kamath, Infosys, Shri P.V.Srinivasan, WIPRO, Shri Anil Chanana, CFO, HCL, Shri Pauroos D Karkaria,TCS, Shri R. Chandrashekhar, Chief Economist, NASSCOM, Ms Nisha Tompson, Founder, Datameet, Shri Vinod Sharma, Chairman, Electronics and Computer Software Export Promotion Council, Shri Nitin Kunkolienker, Vice President, Manufactures Association for Information Technology (IT), Shri Rajoo Goel, ELCINA Electronic Industries Association of India, Shri Hari Om Rai, Co-Chairman Task Force on Mobile Phone Manufacturing, Shri Suraj Saharan Ajit Pai, COO,Delhivery, Shri Sumandro, the Centre for Internet & Society and Shri Vikas Jain, Member, Task Force on Mobile Phone Manufacturing among others
*****

MUDRA (SIDBI) Bank to undertake refinance operations and provide support services with focus on portal management and also data analysis; MFIs can now become Member Lending Institutions (MLIs) with MUDRA (SIDBI) Bank for refinance and with NCGTC for Credit Guarantee. 
The Union Cabinet had yesterday i.e. 6th January, 2016 approved creation of a Credit Guarantee Fund (CGF) for Micro Units Development Refinance Agency (MUDRA) loans and for converting MUDRA Ltd. into MUDRA Small Industries Development Bank of India (SIDBI) Bank as a wholly owned subsidiary of SIDBI.

Now the MUDRA (SIDBI) Bank will undertake refinance operations and provide support services with focus on portal management and also data analysis etc. The MUDRA (SIDBI) Bank can take -up any other role as may be assigned to it by Government.

MFIs can now become Member Lending Institutions (MLIs) with MUDRA (SIDBI) Bank for refinance and with NCGTC for credit guarantee. This membership is predicated on the fulfilment of certain criteria such as size, experience, an assessment of internal systems, processes and procedures, CRAR and other norms, capacity assessment rating, etc.

On an ongoing basis, the cost of guarantee is linked to rating and recovery performance, to incentivize all MFIs, who join up as MLIs to continue good performance.

MUDRA loans amounting to Rs 71,312 crore have been disbursed to 1.73 crore borrowers as on 1st January, 2016. 
*******

eNPS-Online Subscriber Registration and Contribution Facility under NPS developed 
In light of the Prime Minister’s “Digital India” campaign on promoting e-governance for providing last mile connectivity through extensive use of ICT (Information and Communications Technology) platforms, Pension Fund Regulatory Development Authority (PFRDA) has been pursuing the development and operationalization of online transaction facilities for the prospective as well as existing subscribers of NPS. Towards this end, an online platform for registration of subscribers and receipt of contribution under National Pension System (eNPS) through NPS Trust at www.npstrust.org.in has been developed. Through this platform, a prospective subscriber can register for NPS; contribute to his/her Permanent Retirement Account. Further, the subscribers who already have an NPS account can make contributions through eNPS directly.

A prospective subscriber can visit NPS Trust website www.npstrust.org.in and select NPS Online menu to register and contribute to NPS.

While registering, a Subscriber will provide his/her name & Permanent Account Number (PAN) details which will be validated online with the Income Tax Department. Subscriber will then select the Bank (through which KYC verification to be done), fill up the personal details and upload photograph & signature. After filling up of details, the Subscriber will make contribution through net banking from the account of the selected Bank. Once payment is made, PRAN will be provided online to the Subscriber. The details submitted by the subscriber will be sent through CRA system to the selected Bank for KYC verification. After verification of KYC by the Bank, the PRAN will become active and operational. Subscriber will be required to print the form, paste photograph, affix signature and submit the physical form to CRA within a specified period while continuing contributing online.

Subscriber can make subsequent contribution online through net banking /debit card/credit card at any time and the same will be credited in the subscriber’s PRAN account on T+2 basis.

The complete information about eNPS is available in PFRDA website www.pfrda.org.in and also on NPS Trust websitewww.npstrust.org.in.

Presently, ten banks viz. Allahabad Bank, Bank of India, Bank of Maharashtra, Oriental Bank of Commerce, South Indian Bank, State Bank of Travancore, State Bank of Hyderabad, State Bank of Patiala, Tamilnadu Mercantile Bank and United Bank of India have provided the facility of online KYC verification. PFRDA has advised all other Bank POPs to join the eNPS platform and provide online verification of KYC for the customers of their Banks willing to open NPS account online.

Through this facility, it is expected that the subscriber will have multiple advantages like seamless on boarding experience where he need not visit a Point of Presence and can register from anywhere through an internet connection, contribution with minimum cost of transaction and reduction in errors resulting from various manual activities.

Currently, NPS has more than 1.13 Crore subscribers with total Asset under Management (AUM) of more than Rs. 1.08 lakh crore. 


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