PGC NEWSLETTER 1

PGC

NEWSLETTER 30

th

March, 2015

THOUGHT OF THE DAY

“The empires of the future are empires of the mind…”

ECONOMIC NEWS

To reduce risks in the banking sector and curb the rising bad loans, the

Reserve Bank of India (RBI) has proposed to reduce the exposure of a

bank to a business group to 25 per cent of its capital, down from the

existing level of 55 per cent.

RBI to soon issue norms for Central Fraud Registry Says RBI Deputy

Governor S S Mundra. The proposed institution, which will enable quick

sharing of information on entities found to be defrauding banks, will work

under the supervision of RBI.

SEBI/ CORPORATE LAW UPDATES

The government will unveil the new Foreign Trade Policy (FTP) on April 1,

aimed at giving fillip to exports with an objective to drive economic growth

and create more employment opportunities.

A former member of the Securities and Exchange of India (SEBI), M S

Sahoo, has become a member of the Competition Commission of India

(CCI).

RBI / TAX LAW UPDATES

Service Tax Return (ST-3) for October 2014 to March 2015 period will be

made available from 01.04.2015 for e-filing by the assesses in both offline

and online version. The last date for filing the returns for the said period is

25th April 2015. The assesse can file return online or use the offline utility

by downloading the latest version from http://acesdownload.nic.in/ or

from ‘DOWNLOADS’ Section of ACES website.

RBI changes public deposit rules for NBFCs. The earlier revised regulatory

framework for NBFCs was issued in November 2014. An asset finance

company or a loan company or an investment company having a minimum

Net Owned Fund (NOF) as stipulated by RBI and complying with

prudential norms may accept or renew public deposits.

CBDT issued Circular No 4/2015 dated March 26,2015 providing

Clarification regarding Explanation 5 to Clause (i) of sub section 1 of

section 9 of Income Tax Act, 1961 in respect of taxability of income

accruing or arising through transfer of capital asset situated in India.

MARKET UPDATES

SENSEX

27,740.55 281.91

CNX NIFTY

8,415.95 74.55

DOLLAR/ RUPEE

62.61 0.19

MCX SILVER

37,930.00 -465.00

MCX GOLD

26,419.00 -150.00

MCX CRUDE OIL

3,033.00 -119.00

Dow Jones Industrial

average

17,712.66 34.43

Nasdaq Composite

4,891.22 27.86

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