Exchange Rate Notification No.18/2022 – Customs (N.T.)


In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No.13/2022-Customs(N.T.), dated 3rd March, 2022 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 18th March, 2022, 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

56.85

54.50

2.

Bahraini Dinar

208.15

195.50

3.

Canadian Dollar               

61.05

58.95

4.

Chinese Yuan

12.15

11.80

5.

Danish Kroner

11.45

11.10

6.

EURO

85.45

82.40

7.

Hong Kong Dollar

9.90

9.55

8.

Kuwaiti Dinar

258.50

242.20

9.

New Zealand Dollar

53.40

51.05

10.

Norwegian Kroner

8.70

8.40

11.

Pound Sterling

101.70

98.25

12.

Qatari Riyal

21.55

20.10

13.

Saudi Arabian Riyal

20.90

19.65

14.

Singapore Dollar

56.95

55.10

15.

South African Rand

5.25

4.95

16.

Swedish Kroner

8.20

7.90

17.

Swiss Franc

82.50

79.30

18.

Turkish Lira

5.35

5.05

19.

UAE Dirham

21.35

20.05

20.

US Dollar

76.90

75.20




                                                                   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

65.20

62.90

2.

Korean Won

6.45

6.05




****


RM/KMN






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Draft notification issued to formalize the movement of Non-Transport ( personal) vehicles registered in other countries when entering or plying in the territory of India.


The Ministry of Road Transport and Highways has issued a draft notification – Inter-Country Non-Transport ( personal)  Vehicle Rules, 2022  dated 16.03.2022. These rules propose to formalize the movement of Non-Transport ( personal)  vehicles registered in other countries when entering or plying in the territory of India.


The following documents shall be carried in the vehicle(s) operating under Inter-Country Non-Transport Vehicle Rules during the duration of stay in the country, namely:–


(i)         A valid registration certificate;


(ii)        A valid driving license or international driving permit, whichever is applicable;


(iii)       A valid insurance policy;


(iv)       A valid pollution under control certificate (if applicable in the origin country);


In case the documents referred to above are in a language other than English, then an authorized English translation, duly authenticated by the issuing authority, shall be carried along with the original documents.


Motor vehicles registered in any country other than India shall not be permitted to transport local passengers and goods within the territory of India.


Motor vehicles registered in any country other than India shall be required to comply with rules and regulations made under Section 118 of Motor Vehicles Act, 1988 of India.


Click here to view the Gazette Notification


***


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Tariff Notification No. 17/2022-CUSTOMS (N.T.) in respect of Fixation of Tariff Value for Edible Oils, Brass Scrap, Areca Nut, Gold and Silver


In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient to do so, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001, namely:-


In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following Tables shall be substituted, namely: –


TABLE-1














Sl. No.

Chapter/ heading/ sub-heading/tariff item

Description of goods

Tariff value


(US $Per Metric Tonne)

(1)

(2)

(3)

(4)

1

1511 10 00

Crude Palm Oil

1449

2

1511 90 10

RBD Palm Oil

1496

3

1511 90 90

Others – Palm Oil

1473

4

1511 10 00

Crude Palmolein

1502

5

1511 90 20

RBD Palmolein

1505

6

1511 90 90

Others – Palmolein

1504

7

1507 10 00

Crude Soya bean Oil

1537

8

7404 00 22

Brass Scrap (all grades)

5926






TABLE-2








Sl. No.

Chapter/ heading/ sub-heading/tariff item

Description of goods

Tariff value


(US $)

(1)

(2)

(3)

(4)



1.

71 or 98

Gold, in any form, in respect of which the benefit of entries at serial number 356 of the Notification No. 50/2017-Customs dated 30.06.2017 is availed

629 per 10 grams



2.

71 or 98

Silver, in any form, in respect of which the benefit of entries at serial number 357 of the Notification No. 50/2017-Customs dated 30.06.2017 is availed

825 per kilogram
















3.

71

(i) Silver, in any form, other than medallions and silver coins having silver content not below 99.9% or semi-manufactured forms of silver falling under sub-heading 7106 92;




(ii) Medallions and silver coins having silver


content not below 99.9% or semi-manufactured forms of silver falling under sub-heading 7106 92, other than imports of such goods through post, courier or baggage.




Explanation. – For the purposes of this entry, silver in any form shall not include foreign


currency coins, jewellery made of silver or


articles made of silver.

825 per kilogram







4.

71

(i) Gold   bars, other   than   tola   bars, bearing manufacturer’s or refiner’s engraved serial number and weight expressed in metric units;


(ii) Gold coins having gold content not below 99.5% and gold findings, other than imports of such goods through post, courier or baggage.


Explanation. – For the purposes of this entry, “gold findings” means a small component such as hook, clasp, clamp, pin, catch, screw back used to hold the whole or a part of a piece of Jewellery in place.

629 per 10 grams




TABLE-3







Sl. No.

Chapter/ heading/ sub-heading/tariff item

Description of goods

Tariff value


(US $ Per Metric Tonne)

(1)

(2)

(3)

(4)

1

080280

Areca nuts

5589 (i.e., no change)”




   This notification shall come into force with effect from the 16th day of March, 2022.


Note: – The principal notification was published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide Notification No. 36/2001–Customs (N.T.), dated the 3rd August, 2001, vide number S. O. 748 (E), dated the 3rd August, 2001 and was last amended vide Notification No. 15/2022-Customs (N.T.), dated the 08th March, 2022, e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 1024 (E), dated 08th March, 2022.




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Notification issued for rigid vehicles and trailers for having maximum of three decks to transport two wheelers


The Ministry of Road Transport and Highways has issued a notification on  25th February 2022 to amend Rule 93 of the Central Motor Vehicles Rules 1989, whereby rigid vehicles and trailers can have a maximum of three decks to transport two wheelers, with the load body not projecting over the driver’s cabin.


This will enhance the carriage capacity of two wheelers by 40-50%.


click here to see the details


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Canada – Pre-merger notification transaction-size threshold to remain at $93M in 2022

The Competition Bureau confirmed today that in 2022 the pre-merger notification threshold relating to transaction size will remain unchanged following a decision by the Minister of Innovation, Science and Industry to maintain the current threshold of $93 million set in 2021.

February 8, 2022 – GATINEAU, QC – Competition Bureau

The Competition Bureau confirmed today that in 2022 the pre-merger notification threshold relating to transaction size will remain unchanged following a decision by the Minister of Innovation, Science and Industry to maintain the current threshold of $93 million set in 2021.

Under the Competition Act mergers of all sizes and in all sectors of the economy are subject to review by the Commissioner of Competition. The Competition Bureau must generally be given advance notice of proposed transactions when the target’s assets in Canada or revenues from sales in or from Canada generated from those assets exceed $93 million, and when the combined Canadian assets or revenues of the parties and their respective affiliates in, from or into Canada exceed $400 million.

The Commissioner reviews these notifiable transactions to determine if they are likely to prevent or lessen competition substantially. 

The Competition Bureau is an independent law enforcement agency that protects and promotes competition for the benefit of Canadian consumers and businesses. Competition drives lower prices and innovation while fueling economic growth.