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What's New...
CBEC Clarifications on Double Benefit of Zero Duty EPCG
and SHIS
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Corrects Three
Customs Notifications
DGFT Notice on Handling
Double Benefit Cases
Guidelines for Certifying
Common Service Provider under Para 5.02(b) of FTP
No Refund of Terminal Excise
Duty under Deemed Exports in Exemption Cases
IGCR Amended – Security
Condition Re-introduced in Excise Rules
No Service Tax on Upfront
Payments for Govt Industrial Plots
Board Not Happy with Slow
Speed in Case Withdrawals
Calcium Nitrate with Mixture
of other Compounds in Chapter 31 under Fertilisers, Calcium Nitrate as Single
Products in Ch. 28
Vegetable Oils Import Duty Cut by 5%
Ø 12.5% to 7.5%
Ø 20% to 15%
·
Potatoes Duty Slashed to 10% from 30% for 68 Days
·
Wheat Duty Cut by 15% to 10% Till 29 Feb 2016
DGFT Notifies 2901 Products for MEIS Benefits
·
575 Products MEIS Rates Raised by One Percent
Raw Materials Concession for Aircraft Servicing
Withdrawn, Only Manufacturing as End Use
Customs Clearance Facilitation Committee of Officials
Setup at Land Customs Stations and ICDs for Speedy Clearance
No Immunity from Prosecution if No Payment made under Settlement
Commission Orders
Rupee Falls against South African Rand by 30 Paise
Polybutadiene Rubber from Korea, Russia, South Africa, Iran and
Singapore in Anti-dumping Investigation on Reliance Complaint
· Reliance as Sole Producer of PBR Stands to Get Monopoly
· Normal Value Constructed to Arrive Dumping Margin, PBR
Price not Available
· SBR from EU, Korea and Thai Already under Anti-dumping
Investigation on Reliance Complaint Eight Months Ago
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NBR from Korea in Anti-dumping Net since 2009, will
Suffer $85 per MT till Sept 2020
Marble and Granite Import Shifted to Free List from
License Control
· MIP of $200 for Rough Marble and Travertine
· Granite Slab MIP Cut to $50 from $80 per sqm
· Finished Marble Slabs MIP Cut to $40 from $60 per sqm
· Import Licence to Marble Units Dispensed with
· Sri Lanka, Bangladesh and Nepal to Gain Duty
Preferential of 20% on Finished Goods under FTA
Service Tax Certificate for Transportation of Goods by
Rail for Availing Cenvat Credit
India Loses Appeal in Solar Case with US at WTO
· Held that Measures for Preference to Domestic Industry
Violates WTO Rules
· Move to Compliance Panel Next Step as India Drags Case
India to Challenge US Solar Subsidies at WTO
WTO Ruling Forces India to Open Chicken Leg Import from
US
· US Wants $450mn Annual Compensation for Lost Sale
· Standards Changed to Absence of Low Pathogen Bacteria from
High Pathogen but US Still Unhappy, Wants Ban Lifted on Low Risk Countries
like US
US Takes China to WTO on Agro Subsidies, says Max 8.5% Binding
Violated
· Bali Agreement on No Disputes and Stand Still on Agri Subsidies Violated
EOUs Allowed to Supply to DTA with Excise Duty against
Duty Free Advance Authorisation
Free Sale and Commerce Certificate can be Issued to Merchant
Exporters under Para 2.37 of HoP if Detail is
Provided
Tractor Trailers said to Reduce Congestion at Gate by
90%
·
Parking Fee of Rs. 60 per
20ft Container to Apply
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38th Edition of
Big’s Easy Reference Customs Tariff
2016-2017
ISBN: 81-86234-54-3, Rs. 1920/-
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Rupee Gains 15 Paise
against Dollar to Rs. 67.75 w.e.f.
16 Sept 2016
[Customs
Notification No. 121 (Non Tariff) dated 15th
Sept 2016]
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.
119/2016-CUSTOMS (N.T.), dated the 1st September, 2016, except as respects
things done or omitted to be done before such supersession, 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 16th September, 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.
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Schedule-I
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SNo.
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Foreign Currency
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Rate of exchange of one unit of foreign currency equivalent to
Indian rupees
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(1)
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(2)
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(3)
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(a)
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(b)
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(For Imported Goods)
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(For Export Goods)
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1.
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Australian Dollar
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50.80
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49.05
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2.
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Bahrain Dinar
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183.70
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171.40
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3.
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Canadian Dollar
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51.40
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49.85
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4.
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Danish Kroner
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10.30
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9.90
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5.
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EURO
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76.55
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74.00
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6.
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Hong Kong Dollar
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8.75
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8.50
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7.
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Kuwait Dinar
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229.55
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214.75
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8.
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New Zealand Dollar
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49.60
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47.70
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9.
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Norwegian Kroner
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8.25
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7.95
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10.
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Pound Sterling
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90.25
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87.20
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11.
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Singapore Dollar
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49.80
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48.20
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12.
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South African Rand
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5.10*
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4.75*
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13.
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Saudi Arabian Riyal
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18.45
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17.25
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14.
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Swedish Kroner
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8.00
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7.70
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15.
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Swiss Franc
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70.00
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67.55
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16.
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UAE Dirham
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18.80
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17.65
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17.
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US Dollar
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67.75
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66.05
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18.
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Chinese Yuan
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10.20
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9.85
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Schedule-II
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SNo.
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Foreign Currency
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Rate of exchange of 100 units of foreign currency equivalent to
Indian rupees
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(1)
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(2)
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(3)
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(a)
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(b)
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(For Imported Goods)
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(For Export Goods)
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1.
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Japanese Yen
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66.55
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64.35
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2.
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Kenya Shilling
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68.35
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63.90
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[F.No.468/01/2016-Cus.V]
*w.e.f.
23.09.2016
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