CBEC Exchange Rates W.e.f. July 7th, 2016
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.87/2016-CUSTOMS (N.T.), dated 16th June, 2016, 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 07th July, 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 andexport goods. SCHEDULE-I S. No. Foreign ...
RBI to continue currency intervention: Rajan
The Dollar Business Bureau To reduce volatility in the exchange rates, the Reserve Bank of India (RBI) will continue to use currency intervention, Raghuram Rajan, Governor of RBI said on Monday. While addressing the gathering at the Inaugural Kotak Family Distinguished Lecture organised at Columbia Law School, New York (USA), Rajan said that the country will interfere in the foreign exchange market when there is a risk in the global markets with excess capital coming into India. The governor stated that the currency would not change or move as a result of capital inflows but it would be more concentrated on the underlying principles of trade and services. He informed that the foreign exchange reserves of India surged to a record high of $360 ...
