PGC NEWSLETTER 26th July 2014 1
PGC
NEWSLETTER
26th
July 2014
THOUGHT OF THE DAY
"It does not matter how slowly you go so ...
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PGC NEWSLETTER 26TH JULY 2014

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PGC NEWSLETTER 26TH JULY 2014

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PGC NEWSLETTER 26TH JULY 2014

  1. 1. PGC NEWSLETTER 26th July 2014 1 PGC NEWSLETTER 26th July 2014 THOUGHT OF THE DAY "It does not matter how slowly you go so long as you do not stop.” SEBI/COMPANIES UPDATES • Ministry of corporate affairs notifies that public companies having paid- up share capital of rupees one hundred crore or more and annual tumover of rupees one thousand crore or more which are engaged in multiple businesses and have appointed chief executive officer for each such business shall be the class of companies for the purposes of the second proviso to sub-section (1) of section 203 of the said act. • Tata Consultancy Services (TCS) is tapping the markets to raise Rs 4,000 crore through a commercial paper programme. ICRA has assigned an A1+ rating to the programme. • Company Law: Single Judge while sanctioning scheme of amalgamation is competent to issue direction under section 237(a) (ii) and then it is for Central Govt. to decide which authority would investigate. • Reserve Bank of India (RBI) - Banks will not be allowed to trade bonds issued by other lenders for infrastructure lending that would be exempted from mandatory reserve requirements under the guidelines issued. • The Reserve Bank of India (RBI) has fined 12 banks, including ICICI Bank, Axis Bank, Canara Bank and Corporation Bank, a total of Rs 1.5 crore in relation to the Deccan Chronicle Holdings Ltd (DCHL) loan default case. RBI / TAX LAW UPDATES • RBI/2014-15/147-A.P. (DIR Series) Circular No.14-Issue of Prepaid Forex Cards- authorized dealers/FFMCs selling pre-paid foreign currency cards for travel purposes are required to comply with the same rigorous standards of due diligence and KYC. • RBI/2014-15/146- DNBS (PD).CC.No 401/03.10.42/2014-15- Inter- Governmental Agreement (IGA) with United States of America (US) under Foreign Accounts Tax Compliance Act (FATCA)- Registration • GTA services are eligible for credit only upto factory gate if excise duty isn’t computed on transaction value. www.proglobalcorp.com MARKET UPDATES SENSEX 26,126.75 -145.10 CNX NIFTY 7,790.45 -40.15 DOLLAR/ RUPEE 60.11 -0.00 MCX SILVER 44280.0 494.0 MCX GOLD 27928.00 302.00 MCX CRUDE OIL 6147.00 -11.0 Dow Jones Industrial average 16,960.0 -123.23 Nasdaq Composite 4,449.0 -0.51

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