PGC NEWSLETTER 1

PGC

NEWSLETTER 14

th

May, 2015

THOUGHT OF THE DAY

“Success comes to the person who does today what you were thinking

about doing tomorrow...”

ECONOMIC UPDATES

The black money bill was passed by the Rajya Sabha on Wednesday.

Christened the Undisclosed Foreign Income and Assets (Imposition of

New Tax) Bill, 2015, it seeks to check the black money menace with

stringent provisions for those stashing illegal wealth abroad. The Bill

provides for separate taxation of any undisclosed income in relation to

foreign income and assets. Such income will henceforth not be taxed

under the Income-tax Act but under the stringent provisions of the

new legislation.

The pace of securitisation might be adversely affected in 2015-16 by the

new priority sector lending (PSL) rules, according to ICRA. Banks

would find it easier to meet PSL targets on their own. Certain loan

categories such as medium enterprises, social infrastructure and

renewable energy, qualify as PSL, according to the new rules.

SEBI/CORPORATE UPDATES

Rajya Sabha approved a bill to amend the Companies Act with an aim

of promoting ease of doing business. FM Arun Jaitley said that the law

will be reviewed further by an expert committee to be set up shortly to

see where the shoe still pinches.

Vide Notification ref Ref: IRDA/NL/CIR/ADV/105/05/2015 dated 13-

05-2015, IRDA directs insurers to submit new Non-life insurance

products in product filing (Non-life) Module.

Vide Consolidated FDI Policy Circular of 2015 ref D/o IPP F. No.

5(1)/2015-FC-1 dated 12th May, 2015, Government releases

consolidated FDI policy; retains 51% FDI in multi-brand retail. This

Circular will take effect from May 12, 2015.

Vide Circular ref CIR/MRD/DP/07/2015 dated May 13, 2015, issued by SEBI guidelines on Co-location / proximity hosting facility offered by stock exchanges have been issued.

RBI/TAX LAW UPDATES

Govt. has put in place appropriate regulatory mechanism to check illicit movement of money out of Country.

MARKET UPDATES

SENSEX

27,068.23 -182.87

CNX NIFTY

8,175.95 -59.50

DOLLAR/ RUPEE

63.88 -0.14.

MCX SILVER

39,480.00 1116.00

MCX GOLD

27,432.00 -96.00

MCX CRUDE OIL

3,860.00 -49.00

Dow Jones Industrial

average

18,060.49 -7.74

Nasdaq Composite

4,981.69 5.50

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