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

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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.112/2016-CUSTOMS (N.T.), dated 18th August, 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 IIannexed hereto, into Indian currency or vice versa, shall, with effect from 02nd  September, 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
51.45
49.65
2.
Bahrain Dinar
184.10
171.80
3.
Canadian Dollar               
52.00
50.35
4.
Danish Kroner
10.25
9.85
5.
EURO
76.05
73.50
6.
Hong Kong Dollar
8.75
8.55
7.
Kuwait Dinar
229.65
214.85
8.
New Zealand Dollar
49.55
47.65
9.
Norwegian Kroner
8.20
7.90
10.
Pound Sterling
89.60
86.70
11.
Singapore Dollar
49.90
48.40
12.
South African Rand
4.70
4.40
13.
Saudi Arabian Riyal
18.50
17.30
14.
Swedish Kroner
7.95
7.70
15.
Swiss Franc
69.30
67.05
16.
UAE Dirham
18.85
17.65
17.
US Dollar
67.90
66.20
18.

Chinese Yuan
10.20
9.85

                                                                                                                               
 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
66.05
63.80
2.
Kenya Shilling
68.50
64.05

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Indian Postal Bank would be a game changer for the Banking & Financial system in the country: Secretary, DFS

Banks need to take advantage of such rapidly changing positive growth opportunities
“Launch of Indian Postal Bank is going to be a game changer for banking sector and the operationalisation of its 1.5 lakh branches would give a massive fillip to the Banking & Financial system in the country. Banks need to take advantage of such rapidly changing positive growth opportunities in the country and contribute further to development of nation” said Ms. Anjuli Chib Duggal ,Secretary, Department of Financial Services Government of India .. at the 69th AGM of Indian Bank Association ( IBA) in Mumbai.,

Speaking on the occasion she said that with so many additional Postal Bank branches on the ground and expansion of the network ‘Bank Mitras’e a significant boost would be given not only to the financial inclusion of the programmes of Government but also to the development of last mile Banking operations in the country. She said that other established Banking Institutions should take advantage of the same.

Ms Duggal said that Banks need to fore see technological changes and strengthen inter-institutional arrangement to take advantage of the growth and expansion opportunities being offered by the development of all the sectors. She exhorted the Banks to stream line the system of the recruitment of ‘Bank Mitras’ and consider giving more functional autonomy to the Bank Branches in such matters.

Ms. Duggal appreciated the work done by the IBA in supporting the growth at social securities of government of India. 

******** 

Banking sector in India should focus on supporting Growth - Arun Jaitley
“Banks in India need to give top Priority to support the growth possibilities in the country . The sector has, no doubt. performed very well in the context of a non supportive global economic environment, but , it needs to show more progress in the coming year” said Union Finance Minister, Shri Arun Jaitley.

Speaking at the 69th AGM of Indian Bank Association ( IBA) in Mumbai.,Union Finance Minister said that the government was making all possible efforts to boost economic growth along with social security in an unprecedented manner through the enactments of various enabling legislations and institutional cum administrative reforms. The decision making process is being made more efficient and responsive . Shri Jaitley said that the world now looks at India a country with a hugely positive outlook .The banking sector should take it as an opportunity for not only its own growth but also make deeper impact on Indias’ growth story.

Shri Jaitley said that Jan Dhan Yojana , a tool of financial inclusion, is being hailed as a path breaking banking effort by not only in India but also by most credible experts at global forums and the launch of GST has demonstrated to the world ,the will of the Indian Government to continue with high impact economic reforms in the country. He said that the deeper participation of Banks is necessary to ensure that process of socio economic growth gets a bigger push in both public and private sector.

Shri Jaitley complimented IBA for in being a partner in India’s growth story since independence . The event was attended by heads of various banks and top executives of Bank of counties besides Ms. Anjuli Chib Duggal, Secretary, Department of Financial Services Government of India .. 

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Want India to become a pensioned and an insured society – Arun Jaitley

LIC declares special Diamond Jubilee bonus on all eligible policies.
 Union Finance Minister Mr. Arun Jaitley today highlighted the need for strengthening social security apparatus in the country to make India a pensioned and an insured society.

Speaking at the Diamond Jubilee celebration event of the Life Insurance Corporation (LIC) of India in Mumbai today, Mr. Jaitley said the parameters of social security have to be significantly improved. “When we evolve from being a developing society to a developed society, the main challenge before India is how well it can look after its citizens in the event of a personal crisis” he said.

The Minister lamented that we still have not fully realized the importance of adequate social security. He said a proposal made in the budget aimed at creating a pensioned society had to be rolled back following unanimous opposition by workers’ unions. “The value of social security was not fully realized” he said adding “this resistance will soon fade away”.

Mr Jaitley stressed on the importance of low cost life insurance, low premium accident insurance policies, crop insurance scheme to protect farmers, health insurance scheme for poor and senior citizens, terming them as essential instruments of social security.

The Finance Minister said the LIC of India, with its unmatched branch network, deep penetration across the length and breadth of the country was most suited for expanding the social security net. “As the economy grows further, the need for deeper penetration and greater expansion of insurance will be felt. LIC and others will not only have greater relevance, but their business will also expand” he added.

Mr Arun Jaitley commended the LIC of India for maintaining its leadership position even in a competitive world. “In a competitive environment it is always the private sector which flourishes, as it is free from bureaucratic controls and can take market centric decisions, whereas State instrumentalities are bound by various processes and regulations. But LIC, which began in a monopoly environment, stands as a shining example of a state institution standing up to competition”.  

The Finance Minister said if LIC were a listed company it would be the most valuable company in India and among the biggest in the world itself. LIC’s ability to utilize its large corpus to finance various projects makes it a key player in India's growth story, Mr Jaitley added.

On the occasion of the Diamond Jubilee celebration LIC of India declared a special Diamond Jubilee bonus on all eligible life insurance policies. It also launched the new LIC Diamond Bima policy on the occasion.

Union Minister of State for Finance Mr. Arjun Ram Meghwal, Financial Secretary Ms. Anjuly Chib Duggal, Chairman LIC Mr. S K Roy, Managing Directors- Mr. V K Sharma and Ms. Usha Sangwan were among those present.

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