PGC NEWSLETTER 11th March 2014

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  • 1. 1 PGC NEWSLETTER 11th March 2014 THOUGHT OF THE DAY “Don’t wait for the perfect moment Take the moment and make it perfect” ECONOMICS NEWS • India's revenue from Africa can potentially grow four-fold to $160 billion by 2025 through greater presence in sectors such as IT, agriculture, infrastructure, pharmaceuticals and consumer goods, according to a McKinsey report released Monday. • The Reserve Bank of India was net seller of dollars for the first time in four months since Raghuram Rajan took over as the governor. CORPORATE LAW UPDATES • Corporate affairs ministry sends notices to auditors in NSEL, FTIL case • The Delhi Electricity Regulatory Commission has worked out a plan to allow the city's three private discoms recovery of dues totalling Rs 8,000 crore over eight years beginning 2014-15. RBI / TAX LAW UPDATES • Consideration paid by Indian customers or end users to assessee, a foreign company, for transfer of right to use software/computer programme in respect of copyright falls within mischief of 'royalty'. • Where TPO selected a company as comparable on basis of information obtained under section 133(6), non- furnishing of such information to assessee would vitiate selection of that company. MARKET UPDATES SENSEX 21,856.28 -78.55 CNX NIFTY 6,513.95 -23.30 DOLLAR/ RUPEE 60.63 -1.21 MCX SILVER 45854.0 -0.27 MCX GOLD 29,986.00 -137.00 MCX CRUDE OIL 6135.0 -0.71 Dow Jones Industrial Average 16,418.68 -0.21 Nasdaq Composite 4334.45 -1.77