PGC NEWSLETTER 25th March 2014

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PGC NEWSLETTER 25th March 2014

  1. 1. PGC NEWSLETTER25th March 2014 1 PGC NEWSLETTER 25th March 2014 THOUGHT OF THE DAY “Life is like photography. You need the negatives to develop” ECONOMICS NEWS • The Government of India has now vide their Office Memorandum (OM) No. 6-1/2011-NS.II, advised the rate of interest on various small savings schemes for the financial year 2014-15. Accordingly, the rates of interest on PPF, 1968 and SCSS, 2004 for the financial year 2014-15, effective from April 01, 2014. • The Comptroller and Auditor General has flagged the way the telecommunications department in 2005 merged the Chennai and Tamil Nadu telecom service areas, a decision that the national auditor says deprived the government at least . 2,400 crore of revenue and benefited Bharti Airtel and Aircel. CORPORATE LAW UPDATES • Global technology major Lenovo’s $2.3-billion deal with IBM to acquire the US-based company’s lowend server business has received approval from fair trade watchdog Competition Commission of India. • Mahindra Group’s logistics arm Mahindra Logistics has sold roughly 20% stake to local private equity fund Kedaara Capital for . 200 crore, valuing the company at around. 1,000 crore, three people with knowledge of the development said. “This stake sale to Kedaara is ahead of a planned initial public offer of the company” RBI / TAX LAW UPDATE • RBI: Pursuant to the amendment of the Banking Regulation Act, 1949, Reserve Bank to establish The Depositor Education and Awareness Fund (the Fund). • IT: Before initiating proceedings under section 158BD, satisfaction of AO is mandatory, but same is not required when Assessing Officer who initiated proceedings and Assessing Officer who made assessment, is the same person. MARKET UPDATES SENSEX 22,028.34 -27.14 CNX NIFTY 6,580.95 -2.55 DOLLAR/ RUPEE 60.53 -0.26 MCX SILVER 43962.00 0.03 MCX GOLD 29,238.00 79.00 MCX CRUDE OIL 6064.00 -0.36 Dow Jones Industrial Average 16,276.69 -26.08 Nasdaq Composite 4226.39 -50.40

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