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.
**********
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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