THOUGHT OF THE DAY

“A leader has the vision and conviction that a dream can beachieved. He inspires the power and energy to get it done…”

ECONOMIC UPDATES

According to the global financial services, India's current account deficit(CAD) is likely to widen in the June quarter to 1.8-2.0 per cent of GDPwhile for the current financial year, it is likely to remain under control,says a DBS report.

The Reserve Bank of India could deliver fireworks in its monetary policymeeting on Tuesday by cutting the repo rate by 25 basis points to 7 percent as inflation is likely to remain subdued on the back of average rainfalland lower commodity prices.

SEBI/CORPORATE UPDATES

The corporate affairs ministry is planning a makeover of India's SeriousFrauds Investigation Office (SFIO) since the agency has failed to conductany cutting-edge probes into corporate frauds. It is set to revamp SFIO toenable the agency to enlist services of external experts from the CentralBureau of Investigation, Enforcement Directorate and NationalInvestigative Agency, among others.

The National Stock Exchange (NSE) has extended concessions ontransaction charges for currency derivatives by two months till September30, a move that will help bring in more liquidity in the segment. It had,among others, given a discount of up to 59 per cent on such levies.

RBI/TAX LAW UPDATES

New I-T norms require firms to make more disclosures on foreign income.Companies will have to disclose details about foreign bank accounts,immovable property, capital assets and financial interest in any entity evenin cases where there is beneficial ownership.

Vide DVAT NOTIFICATION No. F. 3(11)/Fin(Rev-I)/2015-16/ds-vi/599dated July 30, 2015 notified amendments in the Third schedule appendedto the Delhi Value Added Tax, 2004 with effect from 1st August 2015.

Vide DVAT NOTIFICATION No. F. 12(2)/Fin(Rev-I)/2015-16/ds-vi/594dated July 30, 2015 notified that the rate of tax to be levied on theturnover of receipt of a proprietor of hotels shall be fifteen percent w.e.f.1st August 2015.

MARKET UPDATES

SENSEX28,193.22 78.66

CNX NIFTY8,550.20 17.35

DOLLAR/ RUPEE63.96 -0.17

MCX SILVER33,892.00 -133.00

MCX GOLD24,777.00 -36.00

MCX CRUDE OIL3,006.00 -32.00

Dow Jones Industrialaverage17,689.86 -56.12

Nasdaq Composite5,128.28 -0.50

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