TIOL Effect - CBEC Corrects Exchange Rate Notification
DDT 2764 13 01 2016 reported about the Board's mess up of the exchange rates notification - Exchange Rates-CBEC Messes Up Notification-Hindi better than English.
Instead of substituting Sl. No. 12 in the notification, the Board had substituted Sl. No. 9. This resulted in there being no exchange rate for Norwegian Kroner as Sl. No. 9 is replaced by Sl. No. 12 - South African Rand. Rand will have two sets of exchange rates. Utter confusion for importers, exporters and Customs Officers.
We pointed this out on 13.1.2016 and we are happy to report that the Board has rectified the mistake by issuing a corrigendum the very next day. This is the speed of light by Government standards. Kudos to the Board.
CBEC Corrigendum in F. No. 468/01/2016-Cus.V., Dated January 14, 2016