Amended Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified

Amended Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified

In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs(CBEC) hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance (Department of Revenue) No. 113/2014-CUSTOMS (N.T.) dated the 4th December, 2014 published in the Gazette Of India, Part-II, Section 3, Sub-Section (ii), Extraordinary vide number S.O.3066 (E) dated, the 4th December, 2014, namely:-

In the SCHEDULE-II of the said Notification, for Serial No. 1 and the entries relating thereto, the following shall be substituted, namely:-

Foreign Currency
Rate of exchange of one unit of foreign currency equivalent to Indian rupees


(For Imported Goods)
(For Export Goods)
Japanese Yen

These rates will be effective from 18th December, 2014
Government of India Signs Agreements with Germany worth Euro 625 Million for Financial Cooperation to Support “Green Energy Corridors (GEC)” Project under Indo German Bilateral Development Cooperation

The Government of India signed Note of Exchange with Government of Germany for financial cooperation to support “Green Energy Corridors (GEC)” project under Indo German bilateral Development Cooperation here yesterday evening. GEC project in power sector aims to create transmission infrastructure in the renewable energy potential rich states and facilitate evacuation of renewable energy (RE) into the national grid. Government of Germany in the year 2012 had indicated its willingness to support the GEC project with funds amounting to Euro 1 billion over a period of five years under the ambit of Indo-German bilateral development cooperation.

Government of Germany has committed funds amounting to Euro 500 million for GEC project this year. In this regard, the Note of Exchange, signed by the German Ambassador, was presented to Mr Rajiv Mehrishi, Finance Secretary, Government of India by Mr Heiko Warnken, Head of Development Cooperation, Embassy of Germany to India here yesterday. With this, the total commitment from Government of Germany for GEC project stands at Euro 750 million. In year 2013, Government of Germany had committed Euro 250 million.

On the occasion, three separate loan agreements were also signed for GEC project amounting to Euro 625 million. Mr Rajesh Khullar, Joint Secretary, Department of Economic Affairs, signed loan agreements with German Government’s Development Bank KfW, for loan of Euro 76 million to the Government of Tamil Nadu and a loan of Euro 49 million to Government of Rajasthan for intra-state transmission schemes. Power Grid Corporation of India Limited signed loan agreement for Euro 500 million with KfW for inter-state transmission schemes.

During the ceremony, Agreements were also signed by the Department of Economic Affairs with KfW for a grant amount of Euro 2 million to provide technical assistance to “Himachal Pradesh Forest Ecosystems Climate Proofing project” and also for a grant amount of Euro 2 million for extending technical assistance for the ongoing “Tamil Nadu Urban Infrastructure Development Fund project”.

Germany and KfW are longstanding partners of India. Since the 1950s, sectors like Energy, Protection of the Environment and Natural Resources and Sustainable economic Development have received KfW support.
Harsimrat Badal Launches ‘Fruits and Vegetable Availability Maps of India’ Report

The Minister of Food Processing Industries Smt. Harsimrat Kaur Badal today launched the first ever report focusing on the availability of fruits and vegetables pan India at the Yes Bank-MoFPI National Conference on Spurring financing & Investments in the Food Processing Sector.

Highlighting the importance of nurturing the Food Processing Industry, Smt Badal said, “I commend Yes Bank for coming up with this report and Fruits and Vegetables map; it can be used as a handbook of some of the best available data today on Fruits and Vegetable availability across the nation. Agricultural land is reducing but mouths to be fed are increasing so we must grow more, from less, to feed more – that is where food processing comes in, and if there is more availability, there will be less inflation. We need to aim for higher standards in food processing to guard the population against inflation.”

Smt. Badal underscored the need to prepare a National Food Grid. She said that the first step towards this Grid is this “Fruits & Vegetables Availability Maps of India Booklet” which puts forth an overview of the production and availability scenario of key food commodities in the country. The content of this booklet gives an insight of what is grown where as well as the surplus and deficit status of various commodities at the national as well as state level.

The Minister of State Sadhvi Niranjan Jyoti said that the food processing sector is growing at an annual rate of 8.4 per cent and also provides great opportunities FDI. She said that last year this sector attracted an investment of USD 4 billion. The MoS suggested that seminars should be held in each districts to apprise people about the activities under the food processing sector.

Sharing his thoughts at the conference, Shri Suresh Prabhu, Railways Minister said, “We must bring more investment and finance into the Food Processing industry to give the sector a fillip. There must be an integrated approach to boosting agri-growth. We are also working on developing a multi-modal transport system in India, which will help transportation of food produce across the country, thereby enabling better price discovery for farmers and agriculturists.”
Union Home Minister hopes for cancellation of bail granted to Zaki ur-Rehman Lakhvi

The Union Home Minister, Shri Rajnath Singh hoped that Pakistan government will appeal in a higher court so that the bail granted to Zaki ur-Rehman Lakhvi is cancelled. He said that there might have been some laxity on the part of the concerned prosecuting authorities. Shri Rajnath Singh termed the bail as ‘very unfortunate’.

Shri Rajnath Singh informed the media that India had provided all relevant evidence to Pakistan. He demanded that India’s most wanted terrorists including Hafiz Saeed should be handed over to India. Replying to a question on threat from Hafiz Saeed, the Home Minister said that India is not scared of any threats.

Shri Rajnath Singh said that not only the people of Pakistan, but Indians are equally hurt over the killings of so many innocent children in Peshawar.
Member of U.S. House of Representatives calls on Union Home Minister

The Visiting Member of the U.S. Congress Representative, Ms. Tulsi Gabbard called on the Union Home Minister, Shri Rajnath Singh here today. The sole Hindu member of the U.S. Congress and a Democrat from Hawaii, discussed broad range of issues with the Union Home Minister, including terrorism and cyber security. The two leaders jointly condemned the brutal killing of school children in Peshawar.
Ms. Tulsi Gabbard informed Shri Rajnath Singh about the positive environment in US for the new government in India and mentioned that the two countries have greater potential for mutual cooperation in the field of security.
Shri Bandaru Dattatreya Chairs Parliamentary Consultative Committee Meeting

The Minister of State for Labour and Employment (Independent Charge) Shri Bandaru Dattatreya has chaired Parliamentary Consultative Committee meeting attached to his Ministry here yesterday. The agenda of the meeting was “Discussion on ESIC”.

On the Occasion, the Minister said that the number of insured person covered under the ESI Scheme is 1.95 crores. The number of beneficiaries covered under the Scheme has gone upto 7.58 crores. He said that the ESIC has disbursed Rs. 598.69 crores as benefits in cash in the year 2013-14. The number of Cash Benefits payments has gone upto 30.94 lakhs during the year 2013-14. Almost all cases of cash payments are now being made through ECS in the field offices. Contribution income of ESIC during 2013-14 has increase to Rs. 9632.54 crores and revenue recovery of Rs. 186.07 crores has been made, the Minister added.

Shri Dattatreya informed that the medical care under the Scheme is administered by the State governments except in Delhi. The Corporation also directly runs 36 hospitals as on 31.10.2014. During the year 2013-14, an expenditure of Rs. 4859.90 crores was incurred on Medical Benefit. The ceiling on medical expenditure to be reimbursed to the States has been raised from Rs. 1500/- per year to Rs. 2000/- per IP per year, he said.

The Labour and Employment Minister informed that the Inspection Scheme of ESIC has been integrated with Shram Suvidha Portal of the Ministry of Labour and Employment wherein 13 Central Acts, DGMs and EPF Act are aligned. It aims to achieve the objective of simplifying business regulations and bringing in transparency and accountability in labour inspections.

The Director General of ESIC, Shri A.K. Agarwal gave a brief presentation covering all the aspects such as Medical Benefits, Cash Benefits, Contribution, Expenditure on Medical Care, Recovery of Arrears, Setting up of Model Hospitals & ESIC Hospitals, covering of more and more workers in the different States.

The Members of the Committee praised the steps taken by the ESIC for the benefits of the workers and discussed various issues concern ESIC including increasing the benefits to the workers in all areas. They suggested that the contributed money should be spent for the betterment of the workers health. Members also suggested that the good quality medicines and Super Speciality treatment should be given to Insured Persons.

Members of the Parliament, Shri N.K. Premachandran, Shri Sankar Prasad Datta, Shri Manohar Untwal, Shri Prahlad Singh Patel, Shri Dushyant Singh and Shri M.K. Raghavan from Lok Sabha were present on the occasion. The Secretary, Ministry of Labour and Employment, Ms. Gauri Kumar and other senior officers of Ministry and ESIC were also present in the meeting.
Amended Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified Amended Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified Reviewed by Ajit Kumar on 8:06 PM Rating: 5

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