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Time frame for Traveller who returned to India to surrender foreign exchange

Question:

Is there any time-frame for a traveller who has returned to India to surrender foreign exchange?

Answer:

On return from a foreign trip, travellers are required to surrender unspent foreign exchange held in the form of currency notes and travellers cheques within 180 days of return.

However, they are free to retain foreign exchange up to USD 2,000, in the form of foreign currency notes or TCs for future use or credit to their Resident Foreign Currency (Domestic) [RFC (Domestic)] Accounts.



Ref: RBI

Quick Est. of Index of Industrial Production (IIP) May 2019 stands at 133.6

July 12, 2019: The Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 for the month of May 2019 stands at 133.6, which is 3.1 percent higher as compared to the level in the month of May 2018. The cumulative growth for the period April-May 2019 over the corresponding period of the previous year stands at 3.7 percent.

2. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of May 2019 stand at 111.0, 133.3 and 176.9 respectively, with the corresponding growth rates of 3.2 percent, 2.5 percent and 7.4 percent as compared to May 2018 (Statement I). The cumulative growth in these three sectors during April-May 2019 over the corresponding period of 2018 has been 4.1 percent, 3.2 percent and 6.7 percent respectively.

Consumer Price Index (CPI) for Rural, Urban & Combined for June 2019

July 12, 2019: The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation released CPI (Rural, Urban, Combined) on Base 2012=100 for the month of June 2019.

In addition to this, Consumer Food Price Index (CFPI) for all India Rural, Urban and Combined are also being released for June 2019.

All India Inflation rates (on point to point basis i.e. current month over same month of last year, i.e., June 2019 over June 2018), based on General Indices and CFPIs are given as follows:

All India Inflation rates (%) based on CPI (General) and CFPI

Index Numbers of Wholesale Price (WPI) in India for June 2019 stands at 121.5 (prov.)

July 15, 2019: The official Wholesale Price Index for 'All Commodities' (Base: 2011-12=100) for the month of June, 2019 rose by 0.2% to 121.5 (provisional) from 121.2 (provisional) for the previous month.

INFLATION

The annual rate of inflation, based on monthly WPI, stood at 2.02% (provisional) for the month of June, 2019 (over June, 2018) as compared to 2.45% (provisional) for the previous month and 5.68% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was 1.33% compared to a build up rate of 2.41% in the corresponding period of the previous year.

Issues reg. 3rd installment payment - Income Declaration Scheme 2016

Issues in respect of payment of third installment under the Income Declaration Scheme, 2016 - clarification on certain procedural issues under section 195 of the Income Disclosure Scheme, 2016 read with section 119 of the Income-tax Act, 1961.

Central Board of Direct Taxes (CBDT) Circular No. 15/2019 dated 12th July, 2019, reads as under —

Under the Income Declaration Scheme, 2016 (IDS), declarants were required to pay their determined liability towards tax, surcharge and penalty pertaining to the third installment as per the Form-2 issued by the Pr. CIT/CIT, by 30th September, 2017. In this regard, several references have been filed by the stakeholders with the Central Board of Direct Taxes (the Board) regarding difficulties faced by the declarants while effecting payment of third installment of IDS around 30th September, 2017 due to closure of banks on account of holidays due to which they couldn't effect payment of third installment within the stipulated time. Hence, a request has been made to the Board under section 119 of the Income-tax Act, 1961 (Act) read with section 195 of the IDS to grant appropriate relief in such cases.

Industry engaged in Food Stuffs to be a Public Utility Service (Industrial Disputes Act)

Ministry of Labour and Employment Notification dated the 9th July, 2019 (Date of publication of the notification in the official gazette: 9th July, 2019) —

S.O. 2439(E).—Whereas the Central Government is satisfied that the public interest requires that the services of the industry engaged in Food Stuffs, which is covered under item 6 of the First Schedule to the Industrial Disputes Act, 1947 (14 of 1947), to be a Public Utility Service for the purposes of the said Act;

10 Tips for a Successful US Visa Interview

If you want to visit the USA, then you have to apply for ESTA. But there are certain conditions related to it. ESTA is (Electronic System for Traveling Association) a computerized system that measures the eligibility of citizens who want to visit the US under the Visa Waiver Program (VWP). VWP allows the natives of other countries to enter the US for business purposes or tourism. They can visit the state for ninety days or less than that. Travelers must have a certified ESTA before planning their visit to the US.

Who needs ESTA? If you are a resident of a country with a VWP, and you are traveling by land to the US, then you don't require ESTA. But, if you are going to the US by sea or air, then you have to apply for ESTA. However, if you are a resident of a country without VWP, then you must have a visa, so ESTA is not needed. You can fill ESTA application form online. Following is a brief list of essential requirements necessary for ESTA:

How much foreign exchange can be brought in while visiting India?

A person coming into India from abroad can bring with him foreign exchange without any limit.

However, if the aggregate value of the foreign exchange in the form of currency notes, bank notes or travellers cheques brought in exceeds USD 10,000 or its equivalent and/or the value of foreign currency alone exceeds USD 5,000 or its equivalent, it should be declared to the Customs Authorities at the Airport in the Currency Declaration Form (CDF), on arrival in India.


Ref: RBI

How much Indian currency can be brought in while coming into India?

A resident of India, who has gone out of India on a temporary visit may bring into India at the time of his return from any place outside India (other than Nepal and Bhutan), currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25,000.

A person may bring into India from Nepal or Bhutan, currency notes of Government of India and Reserve Bank of India notes, in denomination not exceeding Rs. 100.

International Cooperation Scheme: Implementation by MSME Ministry

July 11, 2019: The Ministry of Micro, Small and Medium Enterprises (MSME) is implementing International Cooperation (IC) Scheme with the objective of enhancing the competency of MSMEs, capturing new markets for their products, exploring new technologies for improving manufacturing capacity, etc.

Financial assistance is provided under the Scheme on reimbursement basis to the eligible State /Central Government Organisations, Registered Industry Associations and Societies/Trusts associated with the promotion and development of MSME sector to visit/participate in international exhibitions / trade fairs/ buyer-seller meet etc. abroad and also for holding International conferences/ seminars/ workshops in India which are in the interest of MSME sector.

Impact of GST on Apparel Sector: Ministry of Textiles

July 11, 2019: GST rates for garments and made up articles is 5% of sale value not exceeding Rs. 1000 per piece and 12% for articles of sale value exceeding Rs. 1000 per piece. The GST rates are lesser than the pre-GST incidence of taxes on these goods. To reduce the cost of garment industry, GST rate on manmade fibre yarns has been reduced from 18% to 12%. Further, the refund of accumulated input tax credit on fabrics has also been allowed to reduce cost of fabrics which is a major input for garments.

As per the data of Directorate General of Commercial Intelligence and Statistics, export of textile and apparel including handicrafts has increased by 0.2% from USD 40.1 billion in 2014-15 to USD 40.4 billion in 2018-19. Increase in imports is primarily due to increase in imports of MMF and cotton textiles.