PGC NEWSLETTER 5th March 2014
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  • 1. PGC NEWSLETTER 5TH MARCH, 2014 THOUGHT OF THE DAY “GREATNESS ON THE OUTSIDE BEGINS WITHIN” ECONOMICS NEWS • • Commerce and industry minister Anand Sharma on Tuesday accused the United States of protectionist trade policies while asserting that India's trade and intellectual property rights are compliant with the respective multilateral regimes. As part of its strategy to curb offshore tax evasion and promote foreign investment, India has recently operationalised seven new Income Tax Overseas Units (ITOUs) in countries like Germany, USA and France. CORPORATE UPDATES • • Sahara Chief Subrata Roy was today ordered to remain in custody for a week in Delhi by the Supreme Court which was unhappy over the proposal his group on the refund of investors’ money as it has not come up with any concrete proposal. The Serious Fraud Investigation Office (SFIO) hasn’t named Claus Heckerott, Adidas India managing director,and Shahin Padath in the list of the accused in a complaint filed on the Rs 1,477-crore Reebok India fraud case filed with a Gurgaon court. RBI / TAX LAW UPDATES • • RBI: Raghuram Rajan breaks into big league; joins Janet Yellen, Mario Draghi, Kuroda, Stanley Fischer & Mark Carney. IT: Where addition pertaining to expenses had been deleted on merit, there was no reason to re-open assessment. MARKET UPDATES SENSEX 21,263.04 53.31 CNX NIFTY 6,315.30 17.35 DOLLAR/ RUPEE 61.86 0 MCX SILVER 46655.00 -0.23 MCX GOLD 30,120.00 -40.00 MCX CRUDE OIL 6408.00 0.22 Dow Jones Industrial Average 16,395.88 227.85 Nasdaq Composite 4351.97 74.67 1