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."
· 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
· 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 –
· 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.
MCX CRUDE OIL
Dow Jones Industrial