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 Central Board of
Excise & Customs No.81/2015-CUSTOMS (N.T.), dated 20th August,
2015, except as respects things done or omitted to be done before such
supersession, the Central Board of Excise & Customs 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 4th September, 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
|
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
|
47.30
|
45.90
|
||
|
2.
|
Bahrain Dinar
|
180.85
|
170.90
|
||
|
3.
|
Canadian
Dollar
|
50.55
|
49.45
|
||
|
4.
|
Danish Kroner
|
10.10
|
9.85
|
||
|
5.
|
EURO
|
75.35
|
73.55
|
||
|
6.
|
Hong Kong Dollar
|
8.65
|
8.50
|
||
|
7.
|
Kuwait Dinar
|
225.70
|
213.25
|
||
|
8.
|
New Zealand Dollar
|
42.75
|
41.60
|
||
|
9.
|
Norwegian Kroner
|
8.15
|
7.90
|
||
|
10.
|
Pound Sterling
|
102.60
|
100.35
|
||
|
11.
|
Singapore Dollar
|
47.30
|
46.35
|
||
|
12.
|
South African Rand
|
5.10
|
4.80
|
||
|
13.
|
Saudi Arabian Riyal
|
18.20
|
17.20
|
||
|
14.
|
Swedish Kroner
|
7.95
|
7.75
|
||
|
15.
|
Swiss Franc
|
69.25
|
67.50
|
||
|
16.
|
UAE Dirham
|
18.55
|
17.55
|
||
|
17.
|
US Dollar
|
66.85
|
65.80
|
||
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
|
55.60
|
54.35
|
|
2.
|
Kenya Shilling
|
65.25
|
61.60
|
******************
During his Ongoing Visit to Ankara, Turkey to Attend G-20 Finance
Ministers and Central Bank Governors’ Meeting on 4th and 5th September 2015,
the Finance Minister will also Participate in the Joint Meeting of G-20 Finance
and Labour Ministers and in the First Meeting of the Governing Council of Brics
Contingent Reserve Arrangement (CRA);
Among Others, Review of Ongoing Global Economic Developments, Growth
Prospects, Investment and Infrastructure, International Financial Architecture
and International Tax Issues Are High on Agenda During the Finance Minister’s
Visit
During his ongoing visit to
Ankara, Turkey to attend G-20 Finance Ministers and Central Bank Governors’
Meeting on 4th and 5th September 2015,
the Union Finance Minister Shri Arun Jaitley will also participate in the
Joint meeting of G-20 Finance and Labour Ministers as well as in the First
Meeting of the Governing Council of BRICS Contingent Reserve Arrangement
(CRA).The main purpose of these meetings is to review ongoing global economic
developments, growth prospects, investment and infrastructure, international
financial architecture and international tax issues among others.
The recent devaluation of major
currencies followed by currency depreciations in a large number of Asian
Emerging markets raises the risk of competitive devaluations. Competitive
currency devaluations, at a time when global demand is sluggish, is a major
threat to stability in the global economy. The attempt in Ankara would be to
analyse the situation and consider collaborative measures like developing the
global safety nets to protect countries from negative spillovers arising from
domestic actions.
Finance Ministers of G-20 countries
will also review the progress on the G-20/OECD High Level Principles on SME
financing and the establishment of the private sector-led World SME Forum, a
new initiative to serve as a global body to drive the contributions of SMEs to
growth and employment. G-20 Finance ministers will also deliberate on country specific
investment strategies that identify measures to improve and promote investment
in infrastructure.
The Joint meeting of G-20 Finance and
Labour ministers will address issues of employment and growth, inequalities,
declining ratio of labour income in GDP, youth unemployment and skilled labour
mobility.
The Finance Minister Shri Arun Jaitley
will also attend the First Meeting of the Governing Council of BRICS
Contingent Reserve Arrangement (CRA). CRA has been conceived as an additional
safety net by the BRICS nations to meet the short-term liquidity needs that may
arise in face of volatile capital flows. The total corpus of CRA is USD
100 bn.
***************
Following the
Acceptance of the Recommendation of the Justice A.P.Shah Committee by the
Government, CBDT Advises its Field Authorities to keep in Abeyance, for the
Time being, the Pending Assessment Proceedings in Cases of FIIS/FPIS Involving
the Applicability of Minimum Alternate Tax (MAT) on FIIS/FPIS for the Period
Prior to 01.04.2015;
CBDT further Advised them not to Pursue the Recovery of Outstanding Demands , if any , in such cases
CBDT further Advised them not to Pursue the Recovery of Outstanding Demands , if any , in such cases
A Committee on Direct Tax Matters chaired by Justice A.P.Shah , was
constituted to examine the issue of applicability of Minimum Alternate Tax
(MAT) on FIIs/FPIs for the period prior to 01.04.2015. The Committee has
submitted its Final Report to the Government on 25.08.2015. The Committee has
recommended that Section 115JB of the Income Tax Act , 1961 (‘Act’) may be
amended to clarify the inapplicability of the provisions of Section 115JB to
FIIs/FPIs having no permanent establishment (PE)/place of business in India.
The Government has accepted the said recommendation and it has been decided to
carry-out the appropriate amendment in the Act so as to prescribe that MAT
provisions will not be applicable to FIIs/FPIs not having a place of business /
permanent establishment in India, for the period prior to 01.04.2015.
The field authorities are accordingly advised to take into consideration the above position and keep in abeyance, for the time being, the pending assessment proceedings in cases of FIIs/FPIs involving the above issue. They are further advised not to pursue the recovery of outstanding demands, if any, in such cases. An instruction to this effect has been issued by the Central Board of Direct Taxes (CBDT) here yesterday.
The field authorities are accordingly advised to take into consideration the above position and keep in abeyance, for the time being, the pending assessment proceedings in cases of FIIs/FPIs involving the above issue. They are further advised not to pursue the recovery of outstanding demands, if any, in such cases. An instruction to this effect has been issued by the Central Board of Direct Taxes (CBDT) here yesterday.
************
Union Finance
Minister Shri Arun Jaitley Leaves for Turkey to Attend G-20 Finance Ministers
and Central Bank Governors’ Meet
The Union Finance Minister Shri Arun Jaitley left for Turkey today to
participate in the two-day Conference of G-20 Finance Ministers and Central
Bank Governors. The two-day Meet will be held in Ankara,Turkey on 4th and 5th
September, 2015 wherein the Finance Ministers and Central Bank Governors of
G-20 countries will be participating. The Finance Minster will also hold
meetings with his counterparts from G-20 participating countries on the
sidelines of the aforesaid Meet.
The Finance Minister will leave for back home on 6th September, 2015 and will reach national capital early morning on 7th September, 2015.
The Finance Minister will leave for back home on 6th September, 2015 and will reach national capital early morning on 7th September, 2015.
********
CBDT Issues a Circular Clarifying Another Set of 27 Queries Relatinga to
Tax Compliance Provision Under Chapter VI of the Black Money Act
The Central Board of Direct Taxes (CBDT) has considered the queries
received from the public about the tax compliance provisions under Chapter-VI
of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of
Tax Act, 2015 (‘Black Money Act’) and issued a Circular here today clarifying
another set of 27 queries. The Circular
is available on the website of the Income-tax Department at
www.incometaxindia.gov.in. Earlier the Board had issued a Circular on 6th July,
2015 clarifying 32 queries regarding tax compliance provision under the said
Act..
The Black Money Act has introduced a tax compliance provision under
Chapter-VI of the Act. The Black Money (Undisclosed Foreign Income and Assets)
and Imposition of Tax Rules, 2015 (the Rules) were also notified vide
Notification no. G.S.R. 529 (E) dated 2nd July, 2015.
Post a Comment