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Rate of exchange of one unit of foreign currency equivalent to Indian rupees



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
51.50
49.75

2.
Bahrain Dinar
185.00
172.65

3.
Canadian Dollar 
53.10
51.45

4.
Danish Kroner
10.25
09.90

5.
EURO
76.25
73.70

6.
Hong Kong Dollar
8.80
8.55

7.
Kuwait Dinar
230.55
215.75

8.
New Zealand Dollar
49.45
47.75

9.
Norwegian Kroner
8.25
7.95

10.
Pound Sterling
91.40
87.15

11.
Singapore Dollar
50.80
49.20

12.
South African Rand
4.75
4.45

13.
Saudi Arabian Riyal
18.55
17.40

14.
Swedish Kroner
8.15
7.85

15.
Swiss Franc
70.50
68.25

16.
UAE Dirham
18.95
17.75

17.
US Dollar
68.20
66.55

18.
Chinese Yuan
10.25
09.95






1.
Japanese Yen
67.05
64.85

2.
Kenya Shilling
68.90
64.40


On the recommendations of Foreign Investment Promotion Board, the Government approves three FDI proposals involving FDI of Rs. 223.25 crore, and also approves one proposal listed as a tabled item involving an FDI of Rs. 420 crore.
Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its 236th Meeting held on 10th June 2016, the Government has approved three (03) FDI proposals involving FDI of Rs. 223.25 crore, and also approved one proposal listed as a tabled item involving an FDI of Rs. 420 crore.
The following three (03) proposals have been approved:
S. No
Item No
Name of the applicant
Gist of the proposal
Sector
FDI (Rs.  crore)
1
3
M/s Corona Remedies Private Limited
A Pharmaceutical company has sought approval for foreign investment of 19.51% by M/s Cydista Ltd., Mauritius by way of:
i. Subscription of compulsorily convertible preference shares of the value of Rs. 100 crore and
ii. Purchase of equity shares from existing shareholders of the value of Rs. 18 crore.
Pharma
118.00
2
11
M/s Ordain Health Care Global Pvt Ltd
Approval for the acquisition of certain intellectual property of Klar Sehen Private Limited to certain products, by way of a business transfer on a slump sale basis.
Pharma
77.05
3
14
M/s Macmillan Publishers International Ltd, UK
Approval has been sought for foreign investment of up to 100% in a new company (‘New Co.)’, proposed to be incorporated in India.

The following eight (08) proposals have been deferred:

S. No.
Item No
Name of the applicant
Gist of the proposal
Sector
1
2
M/s Oxigen Services Pvt Ltd
Approval has been sought  for  removal of clause no. 4,5,7,10 & 11 of FIPB Approval No 10(2012)/168(2011) because the activity of the company is 100% under Automatic Route. Therefore, the terms and conditions mentioned under aforesaid clauses are not applicable on the company.
NBFC
2
4
M/s You Broadband India Limited
 Post facto approval for acquisition of 9,79,875 equity shares of its downstream company M/s Digital Outsourcing Private Limited (DOPL) in lieu of issue of 20,58,759 equity shares to its resident shareholders by way of swap of shares.
Telecom
3
5
M/s Diabu Diamond Tools (India) Pvt.
Post facto approval has been sought  for conversion of Rs. 94,78,475/- payable to M/s. Diabu Diamantwerkzeuge Heinz Beuttner GmbH into 42,127 equity shares
Wholesale trading
4
6
IBM India Pvt Ltd
i. Merger of its 4 WoS into its another WoS, Sterling Commerce Solutions Private Limited which is an investing company.
ii. Post-facto approval for Telelogic India Private Limited to act as an investee company which is holding investments in IBM Business Consulting Services Private Limited till its merger into Sterling India
iii. Post facto approval for Network Solutions Private Limited for holding 2 shares in Telelogic India.
iv. Post facto approval for 4 WoS for acting as dormant companies, after transfer of software development business to their holding company, IBM India.
v. Post facto approval for 4 WoS  for acting as dormant companies, after transfer of software development business to their holding company, Telelogic India
Investing company
5
7
Samara Capital Partners Fund II Limited
i. Purchase of 100% of the shareholding of Adcock Ingram Healthcare Private Limited from Adcock Ingram Healthcare (Pty) Ltd and Adcock Ingram International (Pty) Ltd, and
ii. upon completion of the aforesaid acquisition of AIHPL by the applicant, approval from the FIPB for the downstream investment of Rs. 10 crore by AIHPL in Oaknet Life Sciences Private Limited (Oaknet), a brownfield pharmaceutical company
Pharma
6
10
DCNS
Approval has been sought by DCNS to set up a company in India (IndiaCo) for the purposes of conducting the business of undertaking design and industrialization studies, research and development activities and manufacturing and maintenance in relation to air independent propulsion systems for submarines.
Defence
7
12
M/s Tikona Digital Networks Pvt Ltd
Approval has been sought for the issuance of CCDs thereby increasing foreign equity to 76.73%
Telecom
8
13
Janalakshmi Financial Services Limited
Janalakshmi Financial Services Limited has sought an approval for swap of shares
NBFC

The following two (02) proposals have been rejected:

S. No.
Item No
Name of the applicant
Gist of the proposal
Sector
1
1
M/s Flag Telecom Singapore Pte Limited, Singapore
An indirect wholly owned subsidiary of Reliance Communications (RCOM), India has sought approval for setting up a 100% subsidiary telecom company, which is yet to be incorporated.
Telecom
2
8
Star Den Media Services Private Limited
Approval has been sought  for changing its business activities from providing the services to broadcasters for placement of television channels to acting as an Investing company only
Proposed-Investing company

The following one (01) proposal was filed as a proposal, it was examined as a downstream intimation as per request of the applicant. Appropriate directions were issued to FIPB Secretariat by the Board after such examination. This proposal will be categorized as an intimation.
S. No
Item No
Name of the applicant
Gist of the proposal
Sector
1
9
M/s Bayer Vapi Private Limited
Post facto approval for share transfer of 3,08,166 equity shares (0.87% of the total capital) of INR 10 each fully paid up for cash at a consideration of INR 3,569.50 per share among two promoters of M/s Bayer CropScience Limited (BCSL) through a Block Deal Transaction.
Manufacturing

            The following one (01) proposal was listed as a tabled item:

S. No
Name of the applicant
Gist of the proposal
Sector
FDI (Rs crore)
1
Advanced Enzyme Technologies Ltd
The proposal of Advanced Enzyme Technologies Ltd for investment proposed to be made by FIIs/NRIs/FPIs/QFIs/AIFs/FVCIs pursuant to fresh issue and offer for sale by certain NRIs, foreign company, and resident shareholders was considered in the 234th meeting held on 29.4.16, wherein foreign equity of 60.39% and aggregate consideration of Rs. 60 crore was approved. However, the applicant conveyed that the maximum total issue size shall be Rs. 480 crore and not Rs. 60 crore.  Therefore, the matter was placed before the Board, which recommended that the information be taken on record, and the Government, accordingly, approved the same.
Pharma
420


Income Computation and Disclosure Standards (ICDS) notified under Section 145 (2) of the Income -tax Act, 1961 to be applicable from 1stApril, 2016 
Vide Notification No. SO 892 (E) dated 31st March, 2015, the Central Government notified 10 Income Computation and Disclosure Standards (ICDS). These ICDS are applicable from 1.4.2015 i.e. previous year 2015-16 (Assessment Year 2016-17). Subsequent to notification of the ICDS, a number of representations were received which were examined by an Expert Committee. The Committee has recommended amendments to the notified ICDS and also issuance of clarification in respect of certain points raised by the stakeholders.

The revision of ICDS/issue of clarifications as recommended by the Committee, is under consideration. The revision of the Tax Audit Report is also being made for ensuring the compliance with the provisions of ICDS and for capturing the disclosures mandated by the ICDS.

Some of the tax payers might have filed their return of income and obtained Tax Audit Report without incorporating the compliance with the ICDS and related disclosures in the absence of the revised Tax Audit Report. Considering these facts, it has been decided that the ICDS shall be applicable from 1.4.2016 i.e. previous year 2016-17 (Assessment Year 2017-18). The notification to this effect will be issued shortly. 



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