Search Result for : Foreign Exchange

Refinancing of External Commercial Borrowings

Dated 4th January, 2018 | Copy of | A.P. (DIR Series) Circular No.15 | RBI CIRCULAR ToAll Category-I Authorised Dealer Banks Refinancing of External Commercial Borrowings Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to paragraph 2 of the Statement on Developmental and Regulatory Policies issued along with the Fifth Bi-monthly Monetary Policy Statement for 2017-18. In terms of the extant provisions in paragraphs 2.15 and 2.16 (xiii) of Master Direction No.5 dated January 1, 2016 on “External Commercial Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised Dealers”, as amended from time to time, Indian corporates are permitted to refinance their existing External Commercial Borrowings (ECBs) at a lower all-in-cost. The overseas branches/subsidiaries ...

Export incentive Schemes under the FTP Are exports still incentivising under the GST regime?

By Ranjeet Mahtani and Suhasini Joshi The Government of India has always endeavoured to encourage and incentivise exports, and it has been an avowed policy to export goods and services and not taxes and duties. The Ministry of Commerce, Government of India has consistently formulated schemes aimed at diversifying Indian exports and creating a stable policy environment- Foreign Trade Policies (FTP). The FTP 2015-20 announced various schemes (some new and others modified existing schemes) as a step towards the Prime Minister’s much touted ‘Make in India’. On June 30th, 2017 the Directorate General of Foreign Trade (DGFT) issued a Trade Notice amending the scope, applicability and procedural aspects of some of the FTP schemes, in view of and to align with the new GST ...

Global gold demand declines 18% during Q1 of 2017: WGC

The Dollar Business Bureau The global demand for gold fell by 18% to 1,034 tonnes during the January-March period of 2017, primarily due to fewer inflows into the exchange-traded funds (ETFs) and slow central bank demand, as per the World Gold Council (WGC). The overall global demand for gold stood at 1,262 tonnes in the first quarter of 2016, as per the latest report on Gold Demand Trends by WGC.  “Demand is down but that is largely because Q1 last year was exceptionally high. Although we did not see the record-breaking surges in ETF inflows experienced in Q1 2016, we have seen good inflows nonetheless this quarter, with strong interest from European investors ahead of the Dutch and French elections,” said Alistair Hewitt, ...

Govt extends services export period under SEIS upto Mar 31, 2017

The Dollar Business Bureau The government has extended the period of services export for rewards under the Services Exports from India Scheme (SEIS) upto March 31, 2017. Currently, the services and rates of rewards were applicable only for services exports made between April 1, 2015 and March 31 2016. “The earlier notified period of services export rendered between 1-4-2015 to 31-03-2016, as per the list comprising rates and conditions for rewards under the SEIS notified vide Public Notice No.3/2015-20 dated April 1, 2015 as amended vide Public Notice no.42/2015-20 dated 26.10.2015, is extended upto 31.03.2017,” the Directorate General of Foreign Trade (DGFT) said in a notification on Friday. The list of services/rate is subject to review with effect from April 1, 2017, the notification ...

Chinas foreign exchange reserves stay above $3 trillion till March end

The Dollar Business Bureau China's foreign exchange reserves in March grew $3.96 billion to $3.009 trillion, compared to $3.005 trillion at the end of February. The March data indicated that the Chinese government’s recent initiatives including easing of capital outflows have given liberty to People's Bank of China to withdraw from foreign exchange intervention In January, China’s reserves nosedived below $3 trillion for the first instance in nearly six years. However, in February foreign reserves rebounded to their first increase in eight months. The March growth is also the first instance when the reserves increased for two consecutive months since April 2016.   Economists have however noted that this growth is rather temporary, especially in the backdrop of a decline in dollar value. China's ...

Industry heads in Hyderabad react to Budget 2017

The Dollar Business Bureau  Budget 2017-18 has given much to be happy about, in terms of striking a balance between fiscal consolidation and public spending. Amidst shrinking private investment, short-term negative effects of demonetisation, and dim global trade scenario, the Budget was a presentation of hope.  While SMEs have much to celebrate after Jaitley announced 25% tax for companies having a turnover of less than 50 crore, start-ups got their tax holiday extended from 3 out of 5 years (in 2016-17) to 3 out of 7 years (in 2017-18). In the government’s bid to digitalize the economy, it has also caped cash transactions at Rs. 3,00,000.  Overall, the budget refocused the government’s prime policy areas of fiscal consolidation, tax compliance, digitalization, rural upliftment, ...

Exim Bank's GoI supported Line of Credit of USD 4.22 million to the Government of the Republic of Burundi

Dated 5th January, 2017 | Copy of | RBI A.P.(DIR Series) Circular No.25 |  ToAll Category-I Authorised Dealer Banks Exim Bank’s GoI supported Line of Credit of USD 4.22million to the Government of the Republic of Burundi Export-Import Bank of India (Exim Bank) has entered into an Agreement dated February 14, 2014 with the Government of the Republic of Burundi for making available to the latter, a Government of India supported Line of Credit (LOC) of USD 4.22 million (USD Four million two hundred and twenty thousand) for the purpose of financing the farm mechanization in Burundi. The goods, machinery, equipment, and services including consultancy services from India for exports under this Agreement are those which are eligible for export under the Foreign Trade ...

CBEC Exchange Rates W.e.f. November 30th, 2016

Dated 29th, November 2016 | Copy of | Notification No. 143/2016-Customs (N.T.) | In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby makes the following amendments in the Notification of the Central Board of Excise and Customs No.138/2016-CUSTOMS (N.T.), dated 17th November, 2016, with effect from 30th November, 2016, namely:-In the SCHEDULE-I of the said Notification for serial No.12 and the entries relating thereto, the following shall be substituted, namely:- Sd/-(Kshitendra Verma)Under Secretary to the Govt. of India F.No.468/01/2016-Cus.VIssued by:Ministry of Finance(Department of Revenue)(Central Board of Excise and Customs)New Delhi