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

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), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.49/2014-CUSTOMS (N.T.), dated the 3rd July, 2014 vide number S.O.1684 (E), dated the 3rd July, 2014, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs(CBEC) 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 18th July, 2014 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 57.05 55.70 2. Bahrain Dinar 164.30 155.25 3. Canadian Dollar                56.75 55.40 4. Danish Kroner 11.10 10.75 5. EURO 82.40 80.45 6. Hong Kong Dollar 7.85 7.70 7. Kuwait Dinar 219.80 207.20 8. New Zealand Dollar 52.95 51.65 9. Norwegian Kroner 9.85 9.55 10. Pound Sterling 104.40 102.10 11. Singapore Dollar 49.05 47.95 12. South African Rand 5.80 5.50 13. Saudi Arabian Riyal 16.50 15.60 14. Swedish Kroner 8.95 8.70 15. Swiss Franc 68.00 66.15 16. UAE Dirham 16.85 15.95 17. US Dollar 60.70 59.70                                                             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 60.05 58.55 2. Kenya Shilling 70.70 66.60 ***** DSM/ka

Trade Deficit with China

Trade Deficit with China

The details of import-export and trade deficit with China during the last three years are given below:- Value in USD Million Year Import Export Total Trade Trade Deficit I II III IV V 2011-12 55,313.58 18,076.55 73,390.13 (-)37,237.03 2012-13 52,248.33 13,534.88 65,783.21 (-)38,713.45 2013-14 51,049.01 14,829.31 65,878.32 (-)36,219.70 (Source; DGCI&S) Given the strength of China’s Manufacturing sector Chinese export to India relies strongly on manufactured items addressing the demand of fast expanding sectors like telecom and power in India along with other low priced products. Subsides provided by Chinese Government to their manufacturing sectors contribute towards the low input costs of Chinese manufactured products. The comparatively less developed manufacturing sector in India and greater reliance on primary products in our trade basket is proving to be an impediment. The limited market access afforded to Indian products in China is also a contributing factor to the growing trade deficit. With a view to reducing trade deficit with China, efforts are being made to diversify the trade basket with emphasis on manufactured goods. The Government is also pursuing market access issues to tackle non-tariff barriers in the Chinese market at different fora. At the Ministerial level, there is a India-China Joint Group on Economic Relations, Trade Science and Technology (JEG) where trade related issues are taken up regularly. The next meeting of the 10th JEG is scheduled to be held in China in this year. Also, Indian exporters are encouraged to participate in major trade fairs in China to show-case Indian products in the Chinese market and increase engagement with Chinese companies. Participation of Indian exporters in trade fairs educates the Chinese importers about niche Indian products. Business to Business relations are encouraged through schemes such as Market Access Initiative (MAI)/Market Development Assistance (MDA). Trade deficit can be reduced to sustainable levels through more exports from India to China as well as by China’s investing in building manufacturing capacities in India. In 2013, three MoUs were signed on products such as bovine meat, fishery products, pharma and an agreement was signed on feed and feed ingredients. During the recent visit to China in June, 2014, an MoU on Industrial parks has been signed. These measures are expected to boost exports and reduce trade deficit to some extent. The information was given by the Minister of State (Independent Charge) of the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Rajya Sabha today

Steps Taken to Boost Exports

Steps Taken to Boost Exports

The Government has taken note that in 2012-13, the export had decreased and import had increased in comparison to 2011-12. However in 2013-14 and in the current months of this financial year, the exports have shown an increasing trend.  Exports, adversely affected by global financial crisis and economic slowdown, are slowly indicating signs of revival.  The trade details are given below:                                                                                                                              Year Exports Imports 2011-12 306.0 489.3 2012-13 300.4 490.7 2013-14 313.5 450.6 2013-14 (April-June,2013) 73.3 121.6 2014-15 (April-June,2014) (P) 80.1 113.2 (Value in US$ Billion) Source: DGCI&S, Kolkata                                       (P): Provisional In order to boost exports and enable this sector to bear the brunt of global economic slowdown, Government has taken  a number of measures, which,  inter alia,  include the following:                                             i.            Two percent Interest Subvention Scheme,  which was available for certain export sectors viz. Handicrafts, Carpet, Handlooms, SMEs, Readymade Garments, Processed Agriculture Products and Toys, was  widened to include 134 tariff lines of Engineering Sector w.e.f 1st January, 2013.                                          ii.            Government enhanced the rate of Interest Subvention from 2% to 3 % with effect from 1.8.2013.                                         iii.            As part of product diversification and market diversification strategy, 47 new items were added to Market Linked Focus Product Scheme (MLFPS) and 122 new items were added to the Focus Product Scheme (FPS). Government also notified 153 hi-tech products on 10.7.2013 under Focus Product Scheme making them eligible for duty script at the rate of 2 %.                                         iv.            Apart from above, various other measures were also taken to increase exports as part of the Annual Supplement to the Foreign Trade Policy (2009-14) announced on 18.4.2013. As a result exports of Engineering Goods, Textiles, Chemicals, Handicrafts, Carpets, Readymade garments have increased in 2013-14 as compared to 2012-13. The information was given by the Minister of State (Independent Charge) of the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Rajya Sabha today. ******