PGC NEWSLETTER 29th July 2014
THOUGHT OF THE DAY
“There is no greater satisfactory feeling at the end
of the day, than that of knowing that we have done
· SEBI (Securities and Exchange Board of India) ORDER/WTM/SR/IVD/ID-I/28
/07/2014, Under Section 11, 11(4) and 11B of the SEBI Act, 1992 read with Regulation 11
of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities
Market) Regulations, 2003 in the matter of HSBC Mutual Fund Distributor.
· Union Bank of India has non-performing assets (NPAs) worth about Rs 3,350 crore from
20 defaulters. Replying to an RTI query, the bank, however, declined to share the names
of the defaulters citing "commercial confidence".
· Cairn Energy, which has withdrawn its petition challenging the validity of the 2012
retrospective amendment to the Income Tax Act, might not be able to approach the high-
level committee of the Central Board of Direct Taxes (CBDT) to be set up for scrutinizing
all “fresh cases” arising out of change in the law.
· To support the recently acquired hydro power assets from Jaypee Power Ventures Ltd
(JVPL), Reliance Power could look at Chinese banks for lending around Rs 9,500 crore.
RBI/TAX LAW UPDATES
· RBI/2014-15/153 A.P. (DIR Series) Circular, External Commercial Borrowing (ECB)
Policy — Review of all-in-cost ceiling.
· RBI/2014-15/149 Ref.No.IDMD/208/08.02.032/2013-14, Auction of Government of
India Dated Securities.
· RBI/2014-15/148 RPCD.RRB.RCB.AML.No.1288/07.51.018/2014-15, Anti-Money
Laundering (AML) / Combating of Financing of Terrorism (CFT) – Standards.
· RBI/2013-14/150 RPCD.CO.RRB.BC.No.17/03.05.33/2014-15, Additional Disclosures by
Regional Rural Banks in Notes to Account.
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MCX CRUDE OIL
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Dow Jones Industrial
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