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(CBEC) No.36/2016-CUSTOMS (N.T.), dated 03rd March, 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 18th 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
51.60
50.30
2.
Bahrain Dinar
182.85
172.35
3.
Canadian Dollar 
51. 65
50.60
4.
Danish Kroner
10.20
9.95
5.
EURO
76.05
74.20
6.
Hong Kong Dollar
8.70
8.55
7.
Kuwait Dinar
229.00
216.35
8.
New Zealand Dollar
46.00
44.65
9.
Norwegian Kroner
8.00
7.80
10.
Pound Sterling
96.60
94.45
11.
Singapore Dollar
49.50
48.45
12.
South African Rand
4.40
4.15
13.
Saudi Arabian Riyal
18.35
17.35
14.
Swedish Kroner
8.25
8.05
15.
Swiss Franc
69.35
67.60
16.
UAE Dirham
18.75
17.70
17.
US Dollar
67.45
66.40
18.
Chinese Yuan
10.40
10.20

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
60.15
58.80
2.
Kenya Shilling
67.90
64.10


*****

Circular for Modification of Instruction with Fresh Guidelines and Procedures for dealing with Revenue Audit objections issued

The guidelines and procedure for attending to objections raised in the course of audit of assessment work by the Comptroller and Auditor General of India (Revenue Audit) are laid down in the Instruction No of 2006 issued by the Central Board of Direct Taxes (CBDT).  The Instruction inter-alia mandates the initiation of remedial action in case the Revenue Audit Objection is not accepted by the Department.  

The Board has considered the effect of such remedial action and its ultimate fate in appeal and decided to modify the existing instruction for dealing with remedial action on Revenue Audit objections that are not accepted by the Department.  A Circular (Circular No. 8/2016) has been issued today deleting para 4 and para 5 of the Instruction and replacing them with fresh guidelines and procedures for dealing with Revenue Audit objections. 

The modified Instruction will avoid creation of un-collectible demand and reduce litigation with the assessee in such cases where the Department itself finds the Revenue Audit objection not acceptable. It is another step in the direction of a non-adversarial tax regime. 

The Circular is available on the website of the Income Tax Department at www.incimetaxindia.gov.in.


*****
India Signs USD 35 Million Loan Agreement with the World Bank for Madhya Pradesh Citizen Access to Responsive Services Project
An agreement for IDA Credit of USD 35 Million from World bank for “Madhya Pradesh Citizen Access to Responsive Services Project” was signed here today by Shri Raj Kumar, Joint Secretary (MI), Department of Economic Affairs, Ministry of Finance on behalf of the Government of India and Mr. Onno Ruhl, Country Director, World Bank (India) on behalf of the World Bank. The Implementing Entity Agreement was signed by Mr. M. Selvendran, ED (State Agency for Public Services), Department of Public Services management, MP on behalf of the Government of Madhya Pradesh, and Mr. Onno Ruhl, Country Director (India) on behalf of the World Bank.

The project size is USD 50 million, of which USD 35 million will be financed by the Bank, and the remaining amount will be funded out of State Budget. The project duration is 5 years.

The objective of the project is to improve access and quality of public services in Madhya Pradesh through implementation of the 2010 Public Service Delivery Guarantee Act. The project is expected to deliver key results in terms of improving access to services and citizen outreach, simplification of Government services, performance management and strengthening the capacity of implementing agencies. The project has been designed as a result based financing programme, under which funds will be released on achievement of agreed results. 

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