PGC NEWSLETTER25th March 2014 1
25th March 2014
THOUGHT OF THE DAY
“Life is like photography. You need the
negatives to develop”
• 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.
MCX CRUDE OIL
Dow Jones Industrial