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 super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.116/2014-CUSTOMS (N.T.), dated the 18th December, 2014 vide number S.O.3240 (E), dated the 18th December, 2014, except as respects things done or omitted to be done before such super session, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 2nd January, 2015 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

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To Fund Infrastucture Development Programme, Government Increases Basic Excise Duty on Petrol and Diesel (Both Branded and Unbranded) by Rs. 2 Per Litre; Duties to Come into effect from 2nd January, 2015

In order to fund the ambitious infrastructure development programme of the Government, particularly the building of 15000 kms of roads, during current and next financial year, the Government has decided to increase basic excise duty on petrol and diesel (both branded and unbranded) by Rs. 2 per litre. Allocation of these resources to the road sector will also spur economic activity and employment generation arising from the road construction sector. These increased rates of basic excise duty will be effective from 2ndJanuary, 2015 (that is from midnight of 1st and 2nd January, 2015). There will be no change in other excise duty rates applicable to these commodities.