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.
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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