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COVID-19 - Global tally rises to 1.17 lakh - Over 30 lakh in US; 2.2 lakh in India; 6.88 lakh in Russia & 3 lakh in PeruNHAI to go for assessment audit & rank roads for qualityUdhav Govt decides to permit hotels to reopen with 33% capacity from July 8GST - When appeal is provided under statute, writ remedy cannot be invoked by making High Court as middle authority between respondent CTO and appellate authority: HCIndia, China agree to disengage troops in Eastern LadakhGovt denies any move to merge CBDT & CBICNon-payment of consideration within 180 days and ITC reversal in GST (See 'THE INSIGHT' in Taxongo.com)Unlocking of economy - 30% firms operating at 70% capacity utilisation: SurveyKerala Customs seizes gold cargo worth Rs 13 CroreAvailability of ITC in respect of duty/tax paid after July 2017 for past transactions under CEA, 1944/FA, 1994/CA, 1962ST - Assessee collects, processes & stores data of MNREGA beneficiaries on behalf of a State Govt entity - such activity entails discharge of sovereign function & no service tax can be demanded thereon: CESTATTaxability of Trusts and InstitutionsSpike in COIVD-19 cases in Gujarat - Ahmedabad Pr CCIT office hunkers down to provide logistics & other support to patients in DepartmentCX - Valuation - Approach of Revenue by disintegrating the wholesale package and determining the value of individual components under separate provisions of the same Act is not permissible: CESTATCOVID-19 impact on Start-ups - 12% down shutters; 70% adversely hurtCX - Construction service was availed for construction of own manufacturing premises - credit admissible: CESTAT140 in race to develop vaccine for Coronavirus; COVAXIN gets official nodCus - Transaction value of imported goods cannot be rejected without showing any contemporaneous evidence of higher price - charges of undervaluation are unsustainable where no evidence exists to show that assessee & overseas buyers are related parties: CESTATProf Raghavan favours use of CSR funds for R&DReceipt of cash gift through banking channels is per se insufficient to establish creditworthiness of donor or genuineness of such gift: HCProvisions of Section 2(22)(e) cannot be invoked where assessee-company maintains running transactions with its subsidiary: ITATExpenses incurred on repair & annual maintenance of computers are revenue expenses & are eligible for deduction: ITATCOVID-19 - Recovery Rate - Five States report over 80% + 9 States between 70-80 per cent + India’s averages about 60.77 per centGenetic risk score to be reliable tool in diagnosing type-1 diabetes in India

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION-3, SUB-SECTION (ii)]

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
NEW DELHI

NOTIFICATION NO

55/2020-CUSTOMS (N.T.), Dated: July 02, 2020

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No.53/2020-Customs (N.T.), dated 18th June, 2020 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and 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 3rd July, 2020, 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

Sl. No.
Foreign Currency
Rate of exchange of one unit of foreign currency equivalent to Indian rupees
(1)
(1)
(3)
(a)
(b)
(For Imported Goods)
(For Exported Goods)
1.
Australian Dollar
53.45
51.15
2.
Bahraini Dinar
206.70
193.70
3.
Canadian Dollar
56.50
54.60
4.
Chinese Yuan
10.85
10.55
5.
Danish Kroner
11.60
11.20
6.
EURO
86.60
83.55
7.
Hong Kong Dollar
9.90
9.55
8.
Kuwaiti Dinar
253.60
237.75
9.
New Zealand Dollar
50.35
48.05
10.
Norwegian Kroner
8.10
7.80
11.
Pound Sterling
96.00
92.75
12.
Qatari Riyal
21.25
19.95
13.
Saudi Arabian Riyal
20.80
19.50
14.
Singapore Dollar
55.10
53.30
15.
South African Rand
4.60
4.30
16.
Swedish Kroner
8.25
8.00
17.
Swiss Franc
81.40
78.35
18.
Turkish Lira
11.35
10.70
19.
UAE Dirham
21.25
19.95
20.
US Dollar
76.40
74.70

SCHEDULE-II

Sl. No.
Foreign Currency
Rate of exchange of 100 units of foreign currency equivalent to Indian rupees
(1)
(1)
(3)
(a)
(b)
(For Imported Goods)
(For Exported Goods)
1.
Japanese Yen
71.60
69.00
2.
Korean Won
6.50
6.10

[F.No. 468/01/2020-Cus.V]

(Radhakrishnan Ananth)
Deputy Secretary to the Govt. of India