Pgc newsletter 4 th august, 2014

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Pgc newsletter 4 th august, 2014

  1. 1. PGC NEWSLETTER 4TH AUG, 2014 PGC NEWSLETTER 4TH Aug 2014 THOUGHT OF THE DAY “DON’T GET DEPRESSED IF EVERYTHING GOES WRONG. DON'T GET OVER CONFIDENT IF EVERYTHING GOES FINE. ALWAYS BE IN EQUILIBRIUM POSITION BECAUSE NOTHING IS PERMANENT." ECONOMIC UPDATES · Development has set up a committee headed by former University Grants Commission Chairman Hari Gautam to provide a blueprint for restructuring the higher education regulator as it addresses challenges of a growing sector. · Prime Minister Narendra Modi's upcoming visit to the US could be significant as India hopes to take trade talks forward when the World Trade Organization (WTO) meets in September after the summer break, signalling its commitment to the multilateral trading system SEBI/COMPANIES UPDATES · Syndicate Bank chief’s arrest RBI may review loan disbursals by lenders, The Central Bureau of Investigation (CBI) has arrested six people, including SK Jain, chairman and managing director of the state owned bank, in connection with a bribe-for-loan case. RBI may take measures to ensure that there is more transparency and accountability in sanctioning of loans. · The home ministry has called for re-imposition of the 74% foreign ownership cap in telecom companies on security grounds, a move that could pose challenges for Norway's Telenor Group and Russia's Sistema JSFC, which have both shown an interest in fully owning their local units after the previous government allowed 100% FDI last year. · L&T Infrastructure Finance is looking to raise roughly $1 billion in a private equity (PE) fund focused on investing in power, roads, ports and other projects, three people with direct knowledge of the matter said, with the sector set to pick up as the new government gets cracking on improving India's creaking facilities. RBI / TAX LAW UPDATES · Tax Audit reports been revised vide Notification No. 33/2014, F.No.133/1/2014-TPL dated 25th July, 2014 issued by Central Board of Direct Taxes, Ministry of Finance, Government of India. MARKET UPDATES SENSEX 25,573.86 93.02 CNX NIFTY 7,638.95 36.35 DOLLAR/ RUPEE 60.97 -0.22 MCX SILVER 44,404.0 -0.06 MCX GOLD 28,035.0 -19.0 MCX CRUDE OIL 5,997.0 0.39 Dow Jones Industrial Average 16,493.0 - 70 Nasdaq Composite 4,353.0 - 17 WWW.PROGLOBALCORP.COM

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