THOUGHT OF THE DAY

“Management is doing things right; leadership is doing the right things”

ECONOMIC UPDATES

Bank credit is expected to grow by 14-16 per cent this financial year, ongradual pick-up in infrastructure activity, higher working capital needsand the retail segment. Bank executives and analysts said the realmomentum will only be in the second half (October 2015-March 2016).

Government Decided to Fix Interest Rates at 8.7% for GPF (GeneralProvident Fund) and other Similar Funds. The rate of interest is applicableto the above funds w.e.f. 1st April, 2015 and until further orders.

The Reserve Bank of India (RBI) is working on a proposal submitted bythe National Payment Corporation (NPCI) to connect all cash depositmachines through the National Financial Switch (NFS).

SEBI/CORPORATE UPDATES

Bajaj Finance is planning to raise around Rs 1,800 crore from institutionalinvestors and its promoter, Bajaj Finserv, to boost the non-bank financecompany's capital base as it sees opportunities to expand its loan business.

Vide Notification No. SEBI-NRO/ OIAE/ GN/2015-16/ 002 issued bySEBI, Securities and Exchange Board of India (Employees' Service)(Second Amendment) Regulations, 2015 has been issued wherebyemployee are asked to make a declaration of his assets and liabilities.

RBI/TAX LAW UPDATES

The Income Tax Department was today awarded 'Prime Minister's awardfor excellence in Public Administration' for 'Easy Tax Compliance throughQuality Service'. These include integrated e-governance initiatives -- TaxInformation Network (TIN), the e-filing portal, Centralised Processing Cell(CPC-TDS) for processing of TDS statements, Centralised ProcessingCentre(CPC) for processing of income tax returns and the Refund Banker.

E-TDS/TCS File Validation Utility (FVU) version 2.142 from FY 2007-08to FY 2009-10 and 4.6 from FY 2010-11 and onwards released. Thisversion of FVU will be applicable with effect from April 21, 2015.

Facing criticism over the new ITR forms that seek details on bank accountsand foreign travel, Finance Minister Arun Jaitley will soon meet taxofficials for the second time to make the filing of returns simpler forindividual taxpayers.

MARKET UPDATES

SENSEX27,755.41 79.37

CNX NIFTY8,391.85 14.10

DOLLAR/ RUPEE62.74 -0.13

MCX SILVER36,126.00 -31.0

MCX GOLD26,883.00 -53.00

MCX CRUDE OIL3,537.00 -56.00

Dow Jones Industrialaverage17,949.59 -85.34

Nasdaq Composite5,014.10 19.50

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