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July 7, 2016 Government constituted a Committee headed by Dr. Shankar Acharya (former Chief Economic Adviser) to examine the desirability and feasibility of having ‘a new financial year’; The Committee to submit its Report by 31st December, 2016 July 7, 2016 On the recommendations of Foreign Investment Promotion Board, the Government approves three FDI proposals involving FDI of ₹ 223.25 crore, and also approves one proposal listed as a tabled item involving an FDI of ₹ 420 crore July 6, 2016 Income Computation and Disclosure Standards (ICDS) notified under Section 145 (2) of the Income -tax Act, 1961 to be applicable from 1stApril, 2016 July 6, 2016 Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified July 6, 2016 Shri Santosh Kumar Gangwar takes over as the New Minister of State for Finance July 6, 2016 Shri Arjun Ram Meghwal takes over as New Minister of State for Finance and Corporate Affairs July 5, 2016 The Union Finance Minister Shri Arun Jaitley chairs the 15th Meeting of the Financial Stability and Development Council (FSDC) July 5, 2016 Cabinet approves increase of foreign investment in M/s. Axis Bank Limited July 5, 2016 Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, others – Palm Oil, Crude Palmolein, RBD Palmolein, others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold and Silver notified July 5, 2016 CBEC issues a Circular on recovery of confirmed demands during the pendency of stay application of duty July 5, 2016 RBI Reference Rate for US $ July 5, 2016 India maintains its supremacy over China in Pharmaceuticals July 5, 2016 Auction for Sale (Re-issue) of Government Stocks July 4, 2016 Shri Sudarshan Sen takes charge as new Executive Director at RBI July 4, 2016 Bilateral meeting between Commerce and Industry Minister and Sri Lankan Minister of Development Strategies and International Trade July 4, 2016 RBI Reference Rate for US $ July 1, 2016 Income Declaration Scheme: Government assures complete confidentiality Scheme not be extended beyond September 30 : Revenue Secretary July 1, 2016 In-principle agreement reached on all pending issues on Double Taxation Avoidance Agreement between India and Cyprus July 1, 2016 RBI Reference Rate for US $ July 1, 2016 Commerce Secretary Level Inter-Governmental Committee(IGC) reviews the status of bilateral trade

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