Newsletter 11th November,2014

1. PGC NEWSLETTER 1
PGC NEWSLETTER 11th November, 2014
THOUGHT OF THE DAY “The goal of education is the advancement of knowledge and the dissemination of truth...” SEBI/CORPORATE UPDATES
 The apex body of chartered accountants, ICAI today said it is making efforts to expedite the next course of action with respect to a complaint filed against one of its member by Packwell Manufacturers.
 Coal scam: CBI says enough evidence to take cognizance against Birla, Parakh. SC appointed SPP, R S Cheema, submitted before the court that it can take cognisance on revised closure report filed by the agency on Oct 21.
 2G case: A special court on Monday issued non-bailable warrant (NBW) against Dravida Munnetra Kazhagam (DMK) MP Kanimozhi, facing trial in telecom spectrum case, for non-appearance, only to cancel it in less than an hour, after her counsel appeared before it and apologised. The court fixed Dec 19 for hearing final arguments as the counsel for the CBI and the accused sought time to advance the arguments
 The government is considering a proposal to reserve 20% of gold that importing bodies sell in the market for small jewellers, according to an official, a move seen creating a level playing field in the industry.
 NSEL investors' forum wants strong action by government.
RBI / TAX LAW UPDATES
 RBI notification ref RBI/2014-15/300 DNBR (PD) CC. No. 003 / 22. 10. 91 /2014-15 dated November 10, 2014 regarding Review of the Non-Banking Financial Company – Factors (Reserve Bank) Directions, 2012 wherein an NBFC for registering as NBFC-Factor shall ensure that its financial assets in the factoring business constitute at least 50 per cent of its total assets and its income derived from factoring business is not less than 50 per cent of its gross income.
 RBI has issued Revised Regulatory Framework for NBFC vide notification ref RBI/2014-15/299 DNBR (PD) CC.No. 002/03.10.001/2014-15 dated November 10, 2014 wherein RBI tightens norms for NBFCs.
 Five years after Germany gave New Delhi a list of Indians with secret bank accounts in the Alpine tax haven Liechtenstein, the first tribunal ruling has gone in favour of the government. ITAT rules against 3 ‘beneficiaries’ holding a/c in Alpine tax haven.
MARKET UPDATES SENSEX
27,935.7361.00 CNX NIFTY
8,362.5518.30 DOLLAR/ RUPEE
61.540.04. MCX SILVER 34,360.00-385.00 MCX GOLD 25,468.00-265.00 MCX CRUDE OIL 4,750.00-33.00 Dow Jones Industrial average 17,613.1439.81 Nasdaq Composite 4,651.6219.08
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