Swiss Pranks - CBEC caught unawares - Government hikes Exchange Rates
Effective Date | Exchange Rate for 1 Swiss Franc for goods imported into India |
05 12 2014 | 64.25 |
19 12 2014 | 65.95 |
02 01 2015 | 64.40 |
16 01 2015 | 61.40 |
THE exchange rates notified by the CBEC for Swiss Francs for import in December and January are like this:
When the CBEC reduced the rate by three rupees last Friday, a turbulent turmoil was shaking the financial markets of the world the previous day.
The Swiss Franc is considered to be one of the safest investments in the world (after all they have all the black money there). The Swiss National Bank (SNB) on Thursday (14th January 2015) scrapped its policy of limiting the rise of the currency. And the Swiss Franc went through the roof, sending shock waves across the global financial capitals. A Franc which was 60.97 rupees on 14th January became 72.65 on the 15th - a 20% change on a single day. Of course it has stabilised there for the last five days. Currencies don't move this way and holders of Swiss Francs found themselves richer by 20% in a single day and several brokerage firms across Europe went broke.
Our Central Board of Excise and Customs (CBEC) was blissfully unaware of the economic turmoil that was shaking economies, when they announced the exchange rate of Franc as 61.40 on 16.1.2015, when it was being traded at nearly 73 rupees.
Fortunately the Board got scent of this news yesterday and they revised the Exchange rates of the Swiss Franc as: Rs. 72.15 for imported goods and Rs. 70.35 for Export Goods. And these rates are effective from today.
Francly, are our Revenue officers capable of being in touch with the money markets of the world? It took them five days to realise the effect of the Swiss Franc.
Notification No. ., Dated: January 19, 2015