PGC NEWSLETTER 24th July 2014
THOUGHT OF THE DAY
“You can't win if nobody catches the ball in the outfield. You
are only as good as the team you have behind you."
· SEBI (Securities and Exchange Board of India) CIRCULAR/IMD/FIIC/17/2014-July 23,
2014 to enhance the investment limit in government securities available to all FPIs by
USD 5 billion by correspondingly reducing the amount available to long term FPIs from
USD 10 billion to USD 5 billion within the overall limit of USD 30 billion.
· The Union environment ministry has decided to consider group clearances for adjacent
mines of Coal India Limited (CIL), the near-monopolist in the sector, rather than
considering individual project proposals.
· L&T Finance Holdings (LTFH)'s June quarter results were in line with Street
expectations. The company posted consolidated net profit (excluding exceptional gains)
of Rs 167 crore, up 15.2 per cent over a year. Consensus Bloomberg estimates had pegged
it at Rs 163 crore.
· At least a fifth of debt fund managers in the mutual fund (MF) sector might lose their job
with the change in taxation for their segment in Union Budget 2014-15; The Budget has
proposed to increase the rate of tax on debt funds to a flat 20 per cent. Further, the
tenure for claiming long-term capital gains has been increased to 36 months from the
existing 12 months.
RBI/TAX LAW UPDATES
· RBI/2014-15/145 A. P. (DIR Series) Circular No. 13, Foreign investment in India by SEBI
registered Long term investors in Government dated Securities.
· RBI/2014-15/144 A. P. (DIR Series) Circular No. 12, Exim Bank's Line of Credit of USD
41.96 million to the Government of the Republic of Senegal.
· The TDS wing of Mumbai Income Tax Department has decided to submit a detailed
report to Central Board of Direct Taxes (CBDT) with its recommendations on various
issues dealt with taxpayers.
MCX CRUDE OIL
Dow Jones Industrial