PGC NEWSLETTER7th April 2014 1
PGC
NEWSLETTER
7th April 2014
THOUGHT OF THE DAY
“Learn from the past, set vivid, detailed
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PGC Newsletter 7,April 2014

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PGC Newsletter 7,April 2014

  1. 1. PGC NEWSLETTER7th April 2014 1 PGC NEWSLETTER 7th April 2014 THOUGHT OF THE DAY “Learn from the past, set vivid, detailed goals for the future” ECONOMICS NEWS  The plan of Selex ES Ltd, a fully-owned subsidiary of the controversial Italian defence, aerospace and security firm Finmeccanica, to set up a joint venture with an Indian partner has received the external affairs ministry's 'no-objection' from the 'political angle'.  The Reserve Bank is likely to order banks to scrap penalty on pre- payment of all retail and small corporate loans and do away with fines for failure to maintain minimum balance if the recent 'nudge' does not work, said a person familiar with the plan. CORPORATE LAW UPDATES  The Looking to pool ideas for investor awareness initiatives, Sebi has invited students to develop mobile applications for entertainment-based financial education with the best app set to get Rs 3 lakh prize money.  Indian Mutual Fund houses will have to make disclosures about average assets under management on a monthly basis from this month. RBI / TAX LAW UPDATE  IT: Where assessee to run its milk parlour put up structure on leasehold land and in next year because of non renewal of agreement entered between assessee and land owner said structure was demolished, expenditure incurred on construction of structure was allowable as revenue expenditure.  IT: RBI has issued notification regarding amendments in Foreign Exchange (Compounding Proceedings) Rules, 2000 vide A.P. (DIR Series) Circular No.117 and Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 vide DBOD.AML.BC.No.103/14.01.001/2013-14 MARKET UPDATES SENSEX 22,320.43 -39.07 CNX NIFTY 6,686.85 -7.50 DOLLAR/ RUPEE 60.03 -0.07 MCX SILVER 42953.0 -0.04 MCX GOLD 28303.0 0.16 MCX CRUDE OIL 6068.0 -0.21 Dow Jones Industrial Average 16,412.71 -159.84 Nasdaq Composite 4127.73 -110.01

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