1. PGC NEWSLETTER 23RD AUG, 2014 1
PGC
NEWSLETTER
23rd
Aug 2014
THOUGHT OF THE DAY
“SOMETIMES YOU HAVE TO SHUT UP, SWALLOW YOUR PRIDE & ACCEPT THAT
YOU’RE WRONG. IT’S NOT GIVING UP.IT’S CALLED GROWING UP.”
SEBI/COMPANIES UPDATES
• The Securities & Exchange Board of India (SEBI) has barred Delhi-based PACL, its
promoters and directors from raising any money from investors, effectively shutting
down one of India's largest collective investment schemes (CIS), with a corpus of nearly
Rs 50,0000 crore. The securities market regulator has directed PACL to refund investors
their money along with interest within three months.
• The Bombay high court on Friday granted bail of Rs 5 lakh to MCX promoter Jignesh
Shah arrested on May 7 in the Rs 5,000 crore National Spot Exchange Ltd, a
commodities exchange scam.
• Ericsson's Telcordia seeks government nod for full control of India unit, US-based
Telcordia Technologies, now part of Ericsson, has sought approval from the Foreign
Investment Promotion Board (FIPB) to increase stake in its Indian entity to 100 per cent
from 74 per cent.
• Low-cost airline SpiceJet is under the scanner of the income tax (I-T) department for
suspected violations of TDS (tax deducted at source) and non-distribution of Form-16 to
its employees.
RBI / TAX LAW UPDATES
• RBI/ 2014-15/191 DBOD.AML.No.2868/14.06.001/2014-15, Implementation of Section
51-A of UAPA, 1967 – Updates of the UNSCR 1988(2011) Taliban Sanctions List.
• RBI/2014-15/190 DPSS.PD.CO. No.371/02.14.003/2014-2015, Security Issues and Risk
mitigation measures related to Card Not Present (CNP) transactions.
• RBI/2014-15/189 DBOD.CID.BC.34 /20.16.042/2014-15, Grant of ‘Certificate of
Registration’ – For carrying on the business of Credit Information – CRIF High Mark
Credit Information Services Private Limited.
• RBI/2014-15/187 DGBA.CDD.No.867/15.02.005/2014-15, Amendment to Public
Provident Fund Scheme, 1968.
• RBI shuts overseas payment gateway for credit card transactions within India.
• The income tax department will extend the advance ruling facility to the resident tax
payers from the current year, K V Chowdary, chairman of the Central Board of Direct
Taxes (CBDT).
MARKET UPDATES
SENSEX
26,419.55 59.44
CNX NIFTY
7,913.20 22.10
DOLLAR/ RUPEE
60.47 - 0.21
MCX SILVER
41,970.0 - 0.27
MCX GOLD
27,806.0 59.0
MCX CRUDE OIL
5,680.0 - 1.13
Dow Jones Industrial
Average
17,001.0 - 38.0
Nasdaq Composite
4,539.0 7.0
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