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PGC NEWSLETTER 24th March 2014

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  • 1. PGC NEWSLETTER 24th March 2014 1 PGC NEWSLETTER 24th March 2014 THOUGHT OF THE DAY “You cannot always wait for the perfect time. Sometimes you must dare to jump.” ECONOMICS NEWS • Forensic audit is emerging as a big- ticket business for accounting firms. Two developments are responsible. One, some high- profile frauds in the limelight over recent months. Two, changes in the approach of regulators, allied to provisions in the new Companies Act, which put more accountability on both independent directors and auditors. • Foreign investors have poured in a whopping Rs 9,600crore in the stock market so far this month, mainly on the hopes of a stable government in general elections starting next month. CORPORATE LAW UPDATES • Rejecting US allegations related to intellectual property rights (IPR), India today said that it is ready to discuss the matter at WTO as it has not breached any international agreement. • With talks underway for an Indo-US agreement to combat possible tax evasion by Americans through Indian entities, Securities and Exchange Board of India plans to issue new guidelines for FATCA compliance in this regard next fiscal. RBI / TAX LAW UPDATE • RBI: The Reserve Bank of India today released on its website for public comments, the Report of the Committee to recommend Data Format for Furnishing of Credit Information to Credit Information Companies (CICs). • IT: Whether assessee carrying on business of liquor had not maintained sale vouchers, rejection of assessee's account books and trading results by invoking provisions of section 145(3) was justified and Commissioner (Appeals) had rightly applied average gross profit rate in instant case. MARKET UPDATES SENSEX 21,999.50 244.18 CNX NIFTY 6,567.50 72.60 DOLLAR/ RUPEE 60.69 -0.23 MCX SILVER 44326.0 -0.72 MCX GOLD 29,541.00 -201.00 MCX CRUDE OIL 6054.0 -1.11 Dow Jones Industrial Average 16,302.77 -28.28 Nasdaq Composite 4276.79 -42.50

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