Exchange Rates

Reliance's Tax Advisor & ex-IRS Officer Sandeep Tandon dies of cancer Bad News for NDT-Delhi High Court decides to hear paternity suit against Tiwari filed by Rohit Shekhar, who claims that he is biological son of ND Tiwari Haryana Assembly okays Special Economic Zone (Amendment) Bill, 2010, which seeks to provide for refund of stamp duty on registration of land collected from developers of SEZs in the state before notification of SEZ Microsoft loses 106 million dollar Patent verdict Sensex hits 17500 Points in early trading FM says inflation may hit double digit in March Authority for Advance Ruling rules the payments made to ABB Research Ltd., Zurich towards the applicant's share of the cost incurred in respect of R&D activities are not liable to be taxed under the Income Tax Act, 1961 as business income in the absence of permanent establishment in India, having regard to Art.7 of the Tax Treaty- Nor can it be subjected to tax as royalty or fees for technical services under Article 12 of the Treaty-AIT-2010-94-AAR Tariff Value for import of Brass Scrap is 3801 and for poppy seeds 4256-Customs Non-Tariff Notification No. 20 No approval for procurement of service “Rental” of immovable property for office outside the Special Economic Zone/FTWZ can be given-SEZ Instruction No. 49 on Clarifications on FTWZ issues Consolidated list of default authorized operations which can be undertaken by the developer/approved co-developer by default from the date of notification-SEZ Instruction No.50 Himachal Government hikes VAT from 4 per cent to 5 per cent on all items, except edible oils and foodgrains Authority for Advance Ruling rules no capital gains accrued or arose at the time of conversion of partnership firm into a private limited company under Part IX of the Companies Act and therefore, notwithstanding the non-compliance with clause (d) of proviso to Section 47(xiii) of the Income Tax Act, by reason of premature transfer of shares, the said company is not liable to pay capital gains tax-AIT-2010-93-AAR Authority for Advance Ruling rules if the purchasers are non-residents other than the applicant, the applicant is liable to pay tax in India on the amount received by it for the support services rendered through the branch office in India-AIT-2010-92 -AAR Jurisdiction of Dispute Resolution Panel-Income Tax Order No.3 Employment of washing process in the manufacture of agglomerates etc from imported plastic waste and scrap-SEZ Instruction No.48 Haryana Government imposes surcharge ranging from 0.25 per cent to 0.7 per cent on VAT Service Tax Notification No. 17/2010 which exempts the taxable service providing packaged or canned software, intended for single use and packed accordingly amended-Service Tax Notification No.18 Procurement, Import and Export of Prohibited and Restricted Goods by SEZ Units-SEZ Instruction No. 47 Authority for Advance Ruling rules the amounts received/receivable by Technopromexport from NTPC under contract for Offshore supply of all plant and equipment including mandatory spares are not liable to tax in India under the provisions of the Income-tax Act, 1961 and DTAA between India and Russia-AIT-2010-79-AAR

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NOTIFICATION N. 17/2010-CUS(N.T.)

Dated : February 24, 2010

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 Government of India in the Ministry of Finance (Department of Revenue) No.09/2010-CUSTOMS (N.T.), dated the 27 th January, 2010 vide number S.O.195(E), dated the 27 th January,2010,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 1 st March, 2010 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)
		(a)	(b)
		(For Imported Goods)	(For Export Goods)
1.	Australian Dollar	42.20	40.90
2.	Canadian Dollar	44.95	43.65
3.	Danish Kroner	8.60	8.30
4.	EURO	63.75	62.05
5.	Hong Kong Dollar	6.00	5.90
6.	Norwegian Kroner	7.95	7.70
7.	Pound Sterling	72.65	70.75
8.	Swedish Kroner	6.55	6.35
9.	Swiss Franc	43.60	42.35
10.	Singapore Dollar	33.25	32.35
11.	US Dollar	46.65	45.70

SCHEDULE-II

S. 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	51.45	50.00

F.No.468/4/2010-Cus.V

(VIKAS)
Under Secretary to the Govt. of India