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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 supersession of the notification of the Central Board of Excise and Customs No.29/2016-CUSTOMS (N.T.), dated 18th February, 2016, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and  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 04th March, 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
49.95
48.55
2.
Bahrain Dinar
184.35
173.70
3.
Canadian Dollar 
50. 85
49.80
4.
Danish Kroner
9.95
9.70
5.
EURO
74.10
72.30
6.
Hong Kong Dollar
8.75
8.60
7.
Kuwait Dinar
230.75
218.05
8.
New Zealand Dollar
45.70
44.35
9.
Norwegian Kroner
7.90
7.70
10.
Pound Sterling
96.05
93.90
11.
Singapore Dollar
48.90
47.90
12.
South African Rand
4.45
4.20
13.
Saudi Arabian Riyal
18.50
17.50
14.
Swedish Kroner
7.95
7.75
15.
Swiss Franc
68.50
66.80
16.
UAE Dirham
18.90
17.85
17.
US Dollar
68.00
66.95
18.
Chinese Yuan
10.45
10.20


 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
59.90
58.55
2.
Kenya Shilling
68.40
64.65




*****
CBDT issues Revised Guidelines for stay of demand at the First Appeal Stage; Decision of the Board to provide significant relief to the taxpayers in matters relating to grant of stay and recovery of demand by reducing arbitrariness in the disposal of stay petitions where the tax demand is contested at the First Appellate stage.
With a view to streamline the process of grant of stay of demand when the case of the taxpayer is pending before Commissioner (Appeals) and to standardize the quantum of lump-sum payment required to be made by the assessee as a pre-condition for stay of demand disputed, the Central Board of Direct Taxes (CBDT) has issued fresh guidelines to the field authorities of the Income Tax Department.

Under the revised guidelines, where the outstanding demand is disputed before Commissioner (Appeals), the assessing officer shall grant stay of demand till disposal of first appeal on payment of 15% of the disputed demand. In case, any deviation from the standard pre-payment of 15% is proposed by the Assessing Officer, he shall refer the matter to the administrative Principal Commissioner or Commissioner, who after considering all relevant facts shall decide the quantum/ proportion of demand to be paid by the assessee as lump sum payment for granting a stay of the balance demand. In a case, where stay of demand is granted by the Assessing Officer on payment of 15% of the disputed demand and the assessee is still aggrieved, he may approach the jurisdictional administrative Principal Commissioner or Commissioner for a review of the decision of the assessing officer.

This decision of the Board is expected to provide significant relief to the taxpayers in matters relating to grant of stay and recovery of demand by reducing arbitrariness in the disposal of stay petitions where the tax demand is contested at the First Appellate stage.

            The Office Memorandum dated 29.02.2016 issued in this regard is available on the website of the Department www.incometaxindia.gov.in.

***********
CBDT clarifies various provisions of the Income-tax Act for reducing litigation and easing burden of compliance

The Central Board of Direct Taxes (CBDT) has taken a number of decisions to clarify the applicability of various provisions of the Income-tax Act with the objective of easing the burden of compliance and reducing litigation.

It has been clarified through Circular No. 1/2016 that under Section 80IA, the eligible assessee has the option of choosing the initial year from which the deduction can be claimed. Once the assessee has exercised the option of choosing the initial year, he shall be entitled to the deduction under the section from such year if he fulfills the conditions prescribed in the section.

On the issue of consideration received on buyback of shares between the period 01.04.2000 to 31.05.2013, it has been clarified that such consideration will be taxed as capital gains in the hands of the recipient. Such amount will, therefore, not be treated as dividend (Circular No.3/2016). No fresh notice will be issued by the Department on this matter.

Circular No. 6 has been issued enunciating the principles regarding treatment of income derived from transfer of shares and securities as capital gains or business income. The Circular clarifies the situations in which the surplus generated on sale of shares and securities will be treated as business income or capital gains.

A letter has been issue to all Principal Chief Commissioners of Income Tax/ Directors General of Income Tax for removal of difficulties in payment of taxes in Joint Development Agreement cases. CBDT has issued directions that the jurisdictional tax authorities may allow the taxpayer concerned to pay the taxes due on such capital gains in three equal annual installments, subject to levy of interest as per provisions of the Act.

The Circulars are available on the website of the Department at www.incometaxindia.gov.in.

**********
Two days’ “Retreat for Banks and Financial Institutions” called “GYAN SANGAM” to be held in State Bank Academy, Gurgaon on 4th and 5th March, 2016; Retreat to take forward the Government’s commitment to Reforms in the Banking and Financial Sector

Two days’ “Retreat for Banks and Financial Institutions” called ज्ञान संगम” “Gyan Sangam”would at held on 4th and 5th March, 2016 at State Bank Academy, Gurgaon (Haryana.).  The Opening Address will be made by the Minister of State for Finance, Shri Jayant Sinha on March 4, 2016 which will be followed by the Key Note Address by the Governor, Reserve Bank of India, Dr. Raghuram Rajan. This is second Gyan Sangam. First one was held last year in January, 2015 at Pune. Participants in this Bankers’ Retreat include Ms Anjuli Chib Duggal,, Secretary, Department of Financial Services (DFS), Regulators, Officers of the Ministry of Finance, top Management of all Public Sector Banks (PSBs), Insurance Companies and Financial Institutions (FIs).

This retreat has been held to take forward the Government’s commitment to reforms in the banking and financial sector.  The growth and change in the financial sector ought to be in tune with the development in the real sector.

The idea of organising such a retreat is to provide an informal academic environment, which can bring out the creative best of the minds of professionals and regulators.   

The Chief Executives of these organisations, from their years of experience in the business, have many ideas about the reforms in banking sector. The objective of this Retreat is to arrive at a common understanding among the professionals, Regulators and the Government on the reform, required in the Public sector Banks (PSBs) in the current economic situations.
Two days programme is annexed.

The participants have been divided into five Working Groups. The Groups have been formed keeping in view the outcomes related to access, efficiency, stability, profitability/value creation. Working Groups include one each on Restructuring,(M/A), NPA Management and Recovery, Technology, digital and Financial Inclusion, Credit Growth and Risk Management.


These Groups would hold discussions and finalise their reports and present them before the Finance Minister Shri Arun Jaitley on second day,5th March, 2016.

The two-day conference will end with a Press Conference on March 5, 2016.



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