Newsletter dated 28th August, 2015

1. PGC NEWSLETTER 1
PGC
NEWSLETTER
28th
August, 2015
THOUGHT OF THE DAY
" The strongest single factor in prosperity consciousness is
self-esteem; believing you can do it, believing you deserve it
and believing you will get it …"
ECONOMIC UPDATES
 In the second round of clarifications on the unaccounted money law next
week, the government is likely to ask those holding such funds to make
disclosures based on their income expectations from foreign bank accounts
more than 10 years old, in case of unavailability of records. This will be
part of about two dozen frequently asked questions (FAQs) the
Department of Revenue will issue on the Undisclosed Foreign Income and
Assets Act, popularly known as the black money Act, as well as on a three-
month compliance window under the law.
 The Reserve Bank of India (RBI) asks Government to speed up reforms in
banking system as any delay in reform of the banking system in the
country would lead to greater risk in the economy. There is a Need to
increase efficiency through greater entry and competition.
 Export Import Bank of India has urged exporters to maintain the quality of
Indian products and hedge against foreign exchange risk sufficiently,
instead of worrying about increasing competition from China as it has
devalued yuan to boost sagging exports.
RBI/TAX LAW UPDATES
 Vide Notification ref RBI/2015-16/164 DPSS.CO.PD.No.449/ 02.14. 00
3/2015-16 dated August 27, 2015 issued by RBI, RBI has enhanced the
limit for cash withdrawal at POS (for debit cards and open system prepaid
cards issued by banks in India) from Rs.1000/- to Rs.2000/- per day in
Tier III to VI centres with immediate effect. The per-day limit in Tier I and
II centres remains unchanged.
 Vide Notification ref RBI/2015-16/160 FIDD.MSME & NFS.BC.No.60 /
06.02.31/2015-16 dated August 27, 2015, RBI asks all banks to streamline
flow of credit to Micro and Small Enterprises (MSEs) for facilitating timely
and adequate credit flow during their ‘Life Cycle’.
 Vide Notification No. 3/2015 dated Aug 25,2015 issued by CBDT, CBDT
lays down procedure for registration and submission of report as per
clause (k) of sub-section (1) of section 285BA of Income-tax Act, 1961 read
with sub-rule (7) of rule 114G of Income-tax Rules, 1962.
MARKET UPDATES
SENSEX
26,641.73 410.54
CNX NIFTY
8,077.50 128.55
DOLLAR/ RUPEE
66.06 0.01
MCX SILVER
34,305.00 249.00
MCX GOLD
26,502.00 224.00
MCX CRUDE OIL
2,864.00 75.00
Dow Jones Industrial
average
16,654.77 369.26
Nasdaq Composite
4,812.71 115.17
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