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.1/2017-CUSTOMS (N.T.), dated 05th January, 2017, 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 20th January, 2017, 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
|
52.35
|
50.40
|
|
|
2.
|
Bahrain Dinar
|
187.35
|
174.90
|
|
|
3.
|
Canadian Dollar
|
52.25
|
50.70
|
|
|
4.
|
Danish Kroner
|
9.95
|
9.60
|
|
|
5.
|
EURO
|
73.75
|
71.45
|
|
|
6.
|
Hong Kong Dollar
|
8.90
|
8.70
|
|
|
7.
|
Kuwait Dinar
|
230.85
|
216.20
|
|
|
8.
|
New Zealand
Dollar
|
49.55
|
47.85
|
|
|
9.
|
Norwegian
Kroner
|
8.20
|
7.90
|
|
|
10.
|
Pound Sterling
|
85.15
|
82.40
|
|
|
11.
|
Singapore
Dollar
|
48.55
|
47.05
|
|
|
12.
|
South African
Rand
|
5.20
|
4.85
|
|
|
13.
|
Saudi Arabian
Riyal
|
18.80
|
17.60
|
|
|
14.
|
Swedish Kroner
|
7.75
|
7.50
|
|
|
15.
|
Swiss Franc
|
68.90
|
66.55
|
|
|
16.
|
UAE Dirham
|
19.20
|
18.00
|
|
|
17.
|
US Dollar
|
69.10
|
67.40
|
|
|
18.
|
Chinese Yuan
|
10.10
|
9.80
|
|
|
19.
|
Qatari Riyal
|
19.20
|
18.15
| |
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
|
60.55
|
58.60
|
|
|
2.
|
Kenya Shilling
|
67.90
|
63.55
| |
****
Government Approves Six (6) Proposals of Foreign Direct Investment (FDI)
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 242nd Meeting held on 29th December 2016, the Government has approved six FDI proposals as per details enclosed.
The following six (06) proposals have been approved:
S. No
|
Item No
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
FDI (Rs. crore)
|
|
|
1
|
1
|
M/s Sanofi-Synthelabo (India) Pvt. Ltd.(SSIPL)
|
Approval has been sought for: (i) SSIPL to acquire
the consumer health care (CHC) business of M/s Boehringer Ingelheim
India Private Limited (BI) as a going concern on a slump sale basis;
and (ii) The non-compete covenants that have been agreed by Boehringer
Ingelheim International GmbH (BII) as part of the global transaction
with Sanofi France.
|
Pharma
|
Nil
|
|
2
|
2
|
M/s Boehringer Ingelheim India Pvt. Ltd. (BI India)
|
Approval has been sought for: (i) Acquisition of the
animal health business of Sanofi in India which includes, inter alia,
certain assets of SSIPL and (ii) The non-compete covenants set out in
the Global AH Agreement to be implemented in India.
|
Pharma
|
156.5
|
|
3
|
4
|
M/s A. Menarini India Private Limited
|
Approval has been sought for: (i) Issue of shares to
existing foreign investor M/s A. Menarini Asia Pacific Pte Limited,
Singapore against receipt/capital infusion of Rs. 80 crore in the
Investee Company. (ii) Transfer of one share from Resident Indian Mr.
Anandh Balasundaram to M/s A. Menarini Asia Pacific Holdings Pte
Limited and (iii) Transfer of 0.076% shares from M/s A. Menarini
Australia Pty Limited to A. Menarini Asia Pacific Pte Limited
|
Pharma
|
80.00
|
|
4
|
10
|
M/s Recipharm Participation B.V. Netherlands
|
Approval has been sought for: a) 100 %
foreign direct investment in a proposed Recipharm Group Indian Investing
Company (to be incorporated) and b)100 % investment in an existing
pharmaceutical manufacturing company Dagny Pharma Private Limited
through the aforesaid Recipharm Group Indian Investing Company
|
Investing Company/ Pharma
|
950.00
|
|
5
|
12
|
Star Den Media Services Private Limited
|
Approval has been sought for: (a) discontinuing its
current business of providing support services to broadcasters in
relation to TV channel distribution business, and thus (B) continue to
act only as investing company.
|
Investing Company
|
Nil
|
|
6
|
15
|
M/s Idea Cellular Infrastructure Services Limited
|
M/s Idea Cellular Infrastructure Services Limited
(ICISL) is a wholly owned subsidiary of IDEA, which has become a
foreign owned company with more that 50% foreign investment.
Accordingly, ICISL is also deemed to have foreign investment in excess
of 50% as a mirror image of its parent company. The proposal is to
take on record the increase of foreign investment in ICISL beyond 50%
and allow foreign investment in ICISL up to 67.5%.
|
Telecom
|
Nil
|
The following eight (06) proposals have been deferred:
|
S. No.
|
Item No
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
|
1
|
6
|
M/s Gland Pharma Limited
|
M/s Gland Pharma Limited, a brownfield pharmaceutical
Indian company, is seeking approval for its initial acquisition of up
to 86.08% by M/s Shanghai Fosun Pharmaceutical (Group) Company
Limited, a public listed company incorporated in China through its
subsidiaries outside India namely M/s Fosun Pharma Industrial Pte.
Ltd. , M/s Fosun Industrial Co Limited, Ample Up Limited, M/s Lustrous
Star Limited and M/s Regal Gesture Limited and subsequently, Fosun
also has the contractual right to acquire 100% shares of Gland Pharma
from the other shareholders of the Company in one or more tranches.
|
Pharma
|
|
2
|
11
|
M/s Flag Telecom Singapore Pte Limited
|
M/s Flag Telecom Singapore Pte Limited, Singapore an
indirect wholly owned subsidiary of Reliance Communications (RCOM),
India has sought approval to acquire 100% shares of M/s Reliance
Global Cloud Xchange Limited which has been recently incorporated in
June 2016 by Indian residents.
|
Telecom
|
|
3
|
13
|
M/s Crest Premedia Solutions Pvt. Ltd
|
M/s Crest Premedia Solutions Pvt. Ltd. (CPSPL) has
sought approval for issuance of equity shares to the non-resident
shareholders of M/s Springer SBM Holding Ltd., a Mauritius Company
under a Scheme of Amalgamation. SBM Holding will amalgamate into
CPSPL, which is part of the Springer Group of companies.
|
IT and ITES
|
|
4
|
14
|
M/s Scientific Publishing Services Pvt Ltd
|
Approval has been sought by M/s Scientific
Publishing Services Private Limited (SPSPL) for issuance of equity
shares to the non-resident shareholders of M/s Springer SBM Services
Limited, a Mauritius Company under a Scheme of Amalgamation of SBM
Services with SPSPL, pursuant to approval of the High Court.
|
IT and ITES
|
|
5
|
16
|
M/s You Broadband India Limited
|
M/s You Broadband India Limited has sought 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
|
|
6
|
17
|
Netmagic Solutions Pvt. Ltd
|
Approval has been sought by Netmagic Solutions Private
Limited for the increase in the shareholding of NTT Communications
Corporation, Japan in the company from 81.63% to 100%.
|
Telecom
|
The following three (03) proposals have been rejected:
|
S. No.
|
Item No
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
|
1
|
3
|
M/s Tandberg Technology India Pvt. Ltd
|
Post facto approval for pre-incorporation expenses
of Rs. 80, 16,720/- by its parent company and foreign investor M/s
Tandberg Telecom AS, Norway (foreign investor). The company has
allotted shares against Rs. 77,34,819/- of pre-incorporation expenses
to M/s Tandberg Telecom AS, Norway and Rs 2, 81, 874/- was directly
paid to ALMT Legal and it was not accounted in the books of account
of the company in the respective Financial year statement. These
payments were made in December 2007.
|
IT and ITES
|
|
2
|
5
|
M/s AMP Solar India Private Limited
|
Approval has been sought by M/s AMP Solar India
Private Limited, a foreign owned company, for setting up an investing
company in India and further investment by the Indian investing
company into other Indian investing companies, which, in turn would
undertake investment in project SPVs, to be established from time to
time.
|
Investing company
|
|
3
|
9
|
M/s Bashundhara Paper Mills India Private Limited
|
Approval has been sought to allow the foreign
investor M/s Bashundhara Paper Mills Limited, Bangladesh against the
initial subscription of 99.99% shares in the MoA and proposes to
undertake Cash and Carry Whole sale Trading/Wholesale Trading of
paper napkins, tissue rolls, hygiene products and other related
products.
|
Wholesale Trading
|
The following two (02) proposals do not lie before FIPB:
|
S. No.
|
Item No
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
|
1
|
7
|
Standard Chartered (I) Modeling & Analytics Centre Pvt. Ltd
|
Approval has been sought for sale of 26% shares,
currently held by Standard Chartered Investments and Loans (India)
Limited to Standard Chartered Bank, UK, thereby making it a WoS of
the Standard chartered bank, UK
|
Research and Analytics
|
|
2
|
8
|
M/s Menon Bearings Limited
|
Approval has been sought by M/s Menon Bearings
Limited to enter into the activities of defence production.
Currently, the company is involved in automobile related
manufacturing.
|
Defence
|
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