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Pgc newsletter 23 rd july 2014 (updated)
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Pgc newsletter 23 rd july 2014 (updated)

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  • 1. PGC NEWSLETTER 23rd July 2014 PGC NEWSLETTER 23rd July 2014 THOUGHT OF THE DAY “The more time you spend thinking about things that could make you happy, the less time you have to actually do the things you already know will make you happy." SEBI/COMPANIES UPDATES · A little more than a half of the provisions of Companies Act, 2013 (Act) came into force from 1st April 2014, several communications were received in the Ministry of Corporate Affairs from bodies such as industry associations, chambers of commerce and professional institutes drawing attention to certain practical difficulties concerning these provisions or seeking clarifications about the same. Pursuant to this Government have issued suitable circulars, statutory orders and amendments in the Rules. · Contributions to political parties are governed by Section 182 of the Companies Act, 2013. A company that is not a Government company and which is in existence for at least last three financial years may contribute up to 7.5% of its average net profits during the last three years to a political party/parties registered under the representation of Peoples Act, 1951. · Mahan Coal Ltd has downloaded from the internet an Intelligence Bureau (IB) report on environmental non-government organizations (NGOs), purportedly secret, and given it to the National Green Tribunal to claim it is being targeted as part of a "Western foreign policy" conspiracy hatched by "foreign masters. RBI/TAX LAW UPDATES · RBI/2013-14/143 DBOD. AML.No. 1422/14.01.001/2013-14, Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) Standards. · RBI/2014-15/141 A.P. (DIR Series) Circular No.11, Export of Goods and Services – Project Exports. · The Reserve Bank of India (RBI) announced a new framework on Tuesday for identifying and dealing with large banks in the country. · The Reserve Bank today relaxed the limit of loan that banks can sanction against the pledging of gold ornaments and jewellery. MARKET UPDATES SENSEX 26,102.45 77.76 CNX NIFTY 7,784.80 16.95 DOLLAR/ RUPEE 60.18 -0.08 MCX SILVER 45,105.00 -0.01 MCX GOLD 27,952.00 57.00 MCX CRUDE OIL 6,167.00 -0.24 Dow Jones Industrial Average 17,114.00 62 Nasdaq Composite 4,456.00 32 WWW.PROGLOBALCORP.COM