CBEC DETERMINES THE CONVERSION RATE OF FOREIGN CURRENCY FOR IMPORT & EXPORT VALUATION

Notification No.: 23/2013 - Customs (N.T.)

Date: 21/02/2013

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 22^nd February, 2013 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

S.No.	Foreign Currency	Rate of exchange of one unit of foreign currency equivalent to Indian rupees
(1)	(2)	(3)
		(For Imported Goods)	(For Export Goods)
1.	Australian Dollar	56.65	55.25
2.	Bahrain Dinar	148.55	140.20
3.	Canadian Dollar	54.75	53.25
4.	Danish Kroner	9.90	9.55
5.	EURO	73.40	71.60
6.	Hong Kong Dollar	7.10	6.95
7.	Kenya Shilling	64.15	60.20
8.	Kuwait Dinar	198.40	186.85
9.	New Zealand Dollar	46.50	45.30
10.	Norwegian Kroner	9.95	9.65
11.	Pound Sterling	85.20	83.15
12.	Singapore Dollar	44.45	43.30
13.	South African Rand	6.30	5.95
14.	Saudi Arabian Riyal	14.95	14.10
15.	Swedish Kroner	8.70	8.45
16.	Swiss Franc	59.50	58.00
17.	UAE Dirham	15.25	14.40
18.	US Dollar	54.90	53.90

  

SCHEDULE-II

S.No.	Foreign Currency	Rate of exchange of 100 units of foreign currency equivalent to Indian rupees
(1)	(2)	(3)
		(For Imported Goods)	(For Export Goods)
1.	Japanese Yen	58.55	57.05

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, 

Delhi-110001

Mobile No. +91-9873082769

Website: www.caaga.co.in 

TDS RETURNS UNDER DIGITAL SIGNATURE OPTIONAL- NEW FORMS RULE TO CLAIM REFUNDS

Notification No.:11/2013

Date: 19^th February, 2013

Certain changes with regard to the compliance to be made in respect of TDS and TCS, has been made vide CBDT notification No. 11/2013 dated 19.02.2012. A summary of the same is as follows:-

1.   All statements to be furnished in Form nos. 24Q, 27Q and 26Q shall be furnished electronically with option to furnish it under a digital signature;

2.   Deductor can file statement in the new Form 26B to claim refund of the sum paid to the Central Government under Chapter XVII-B, provided:

a)   The credit of such sum has not been claimed by the deductor;

b)   No demand is outstanding against deductor.

    3.      Following forms have been substituted with new forms :

Ø  Form 15G – Declaration to be given for claiming certain receipts without TDS

Ø  Form 15H – Declaration to be given by an Individual, who is above 60 years of age, for claiming certain receipts without TDS

Ø  Form 16 – Certificate of tax deduction from salary

Ø  Form 16A – Certificate for tax deduction from any other payment

Ø  Form 27C – Declaration to be given for obtaining goods without collection of tax

Ø  Form 27D – Certificate for tax collected at source

Ø  Form 27EQ – Quarterly statement for tax collected at source

Ø  Form 27Q – Quarterly statement for tax deducted at source

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, 

Delhi-110001

Mobile No. +91-9873082769
Website: www.caaga.co.in 

MAIN PROVISIONS OF RAJIV GANDHI EQUITY SAVINGS SCHEME

Finance Minister Mr. P Chidambaram has launched an equity scheme called Rajiv Gandhi Equity Savings Scheme, or RGESS, is an attempt to lure new investors to the stock market.

The main provisions of this scheme are as under:

Ø  The gross total income should be less than or equal to Rs. 10 lakhs. 

Ø  Person has never invested in equities before through a Demat account or in derivatives, then only he is eligible to invest in RGESS. It means tax benefits are available to first-time investors in stock market. 

Ø  Any individual can invest up to Rs. 50000 in RGESS and can claim the Deduction U/S 80CCG of 50% of investment amount. 

Ø There would be a lock-in period of three years, but Govt. has allowed some flexibility to exit after a year of investment. 

Ø  To be able to invest in RGESS, one need to open a Demat Account and submit Form A, which is a declaration that an individual has never invested in equities. 

Ø  Individual can either buy shares of companies that are part of the BSE 100 or National Stock Exchange (NSE) CNX 100 through a stock broker or on your own. Or you can buy RGESS MF schemes. 

Ø Individual can buy Exchange Traded Funds or ETFs that are available on the BSE or the NSE that track either the Sensex or Nifty indices.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, 

Delhi-110001

Mobile No. +91-9873082769

Website: www.caaga.co.in 

NEFT - INTRODUCTION OF CONTINUOUS RELEASE OF CREDIT MESSAGES

Notification No.:RBI/2012-13/417

Date: 18/02/2013

Please refer to our circular DPSS. CO. EPPD No. 840/ 04.03.01/ 2012-13 dated November 26, 2012 on the captioned subject.

It has now been decided to implement the feature of continuous release of credit messages in the National Electronic Funds Transfer (NEFT) system with effect from Saturday, 9th March 2013. The required changes in the NEFT processing software at the National Clearing Centre, Mumbai will be implemented after the EOD on March 08, 2013 (Friday). Any change requirement in the SFMS/NEFT setup at banks’ end will be communicated in due course to all the member banks by IDRBT.

As indicated in the above circular, the feature of continuous release of credit messages is being introduced with the objective of providing maximum time to beneficiary/destination banks to process the inward NEFT transactions, thereby facilitating more efficient handling of growing transaction volumes in the system.

Further, the feature also envisages the optimum use of network resources and processing capacity by spreading the release of messages throughout the one hour time window between the two batch settlements.

Some clarifications regarding the sequencing of message flow under the new feature as well as start of day and end of day operations, and handling of rescheduled and return messages, is provided in the Annex.

Banks are advised to carefully monitor very high value transactions originated from their end as also the availability of funds in their settlement accounts. 

As clearly indicated in the NEFT Procedural Guidelines messages once sent by the originating bank are irrevocable.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, 

Delhi-110001

Mobile No. +91-9873082769

Website: www.caaga.co.in

CBEC APPOINTS BADDI DISTRICT SOLAN HIMACHAL PRADESH AS AN INLAND CONTAINER DEPOT (ICD)

Notification No.: 22/ 2013-Customs

Date: 20/02/2013

In exercise of powers conferred under Customs Act, 1962 Central Govt.  Vide Notification No. 12/97-Customs (N.T.), dated the 2^nd April, 1997 appoints various places in different States as Inland Container Depots for different purposes.

Through Notification No. 22/ 2013 Baddi District Solan in Himachal Pradesh has been appointed as an Inland Container Depot for the purpose of Unloading of imported goods and loading of export goods.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, 

Delhi-110001

Mobile No. +91-9873082769

Website: www.caaga.co.in