News Update

DRI nabs Dubai-bound pax with FC worth Rs 1.93 croresCX - Too late for Revenue to complain that there is non-compliance by Settlement Commission with mandatory provisions of law: High CourtI-T - Tax Recovery Officer cannot summarily assume powers under Indian Contract Act, 1872, to suo motu declare a transaction of sale to be void & without approaching civil court: HCI-T - Expenses incurred for purely business purposes not being incurred on employees, would not attract Fringe Benefit Tax: HCCX - General practice amongst masses to not consider trading as an 'exempted service' till amendment was made in CCR - assessee had no malafide intention to avail undue benefit: CESTATCJI impeachment - Opposition Parties finally do it; hands over Notice to Vice PresidentBRICS discusses constitution of Working Group on illicit financial flowsCBDT shifts DGHRD office to Jawaharlal Nehru StadiumCBIC clarifies that remnant fuels (HSD/LDO) (after ship breaking) are classifiable under Chapter 27 and free from import policy restrictionsI-T - Mere projection of profit statement found in loose sheets from taxpayer's premises, is no basis for levying penalty in his hands: ITATGoM on Transport recommends uniform road tax structureCX - Assessee taking credit on rejected goods, recyling same and paying duty on clearance alleging that credit has been availed irregularly is unsubstantiated no question of double duty : CESTATGovt seeks feedback to Draft Coastal Regulation ZoneI-T - Payments made to founder or relative of trust, if credited to trust's account immediately without taking any undue benefit from it, will not upset exemption benefit u/s 11: ITATFC to individually assess needs of each State: NK SinghCX Mere reiteration of order of penalty imposed by original authority, who had jurisdiction, by first appellate authority, who lacked jurisdiction, does not cause grievance to appellant at that stage: CESTATGoM on Transport recommends uniform road tax and national permits for buses and taxisJustice Loya death case - SC dismisses pleasChennai Customs nabs pax coming from Dubai with gold worth Rs 2.5 Cr + also seizes 7.5 kg of seahorses during vehicle checkGovt to give new award to certain ranks of Civil servantsVAT - Reimbursement received by dealer for supply of spare parts to its customers under warranty period, are not liable to VAT under Maharashtra VAT Act: HCIT - Where Revenue detects massive tax evasion through bogus bills, it cannot wash hands of it through mere additions: ITATIT - Failure to explain scientific method in determining the amount of performance bonus payable to employees can lead to its disallowance : ITATST - Demand of differential amount of service tax alleging that entire amount collected by PCO operator is subject to levy of service tax cannot sustain for period prior to 01.03.2011: CESTATIndia almost ready with Rs 600 Crore Chandrayaan-2Govt launches Study in India Portal for foreign studentsAfter issuance of SCN, write to noticees about availing window of Settlement Commission for early settlement of disputes - CBIC instructs fieldCBDT Diktat on Misconduct - But, Mr Prime Minister, Actual High-handedness lies in Revenue Target Fixation!

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION-3, SUB-SECTION (II)]

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
NEW DELHI

NOTIFICATION NO

33/2018-Customs (N.T.), Dated: April 19, 2018

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.31/2018-CUSTOMS (N.T.), dated 5th April, 2018 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and 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 20th April, 2018, 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
52.3 5
50.40
2. Bahrain Dinar
180.45
169.00
3. Canadian Dollar
53.05
51.30
4. Chinese Yuan
10.70
10.35
5. Danish Kroner
11.15
10.70
6. EURO
82.85
80.10
7. Hong Kong Dollar
8.50
8.25
8. Kuwait Dinar
227.10
212.35
9. New Zealand Dollar
49.20
47.30
10. Norwegian Kroner
8.65
8.35
11. Pound Sterling
95.00
92.00
12. Qatari Riyal
18.60
17.60
13. Saudi Arabian Riyal
18.15
17.00
14. Singapore Dollar
51.10
49.45
15. South African Rand
5.70
5.35
16. Swedish Kroner
8.00
7.70
17. Swiss Franc
69.10
66.85
18. UAE Dirham
18.55
17.35
19. US Dollar
66.70
65.00

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
62.35
60.25
2. Kenyan Shilling
64.90
60.65

[F.No. 468/01/2018-Cus.V]

(Mohit Tewari)
Under Secretary to the Govt. of India