WORLD BUSINESS UPDATES 18th July 2014

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WORLD BUSINESS UPDATES 18th July 2014

  1. 1. PGC NEWSLETTER 18th July 2014 PGC NEWSLETTER 18th July 2014 THOUGHT OF THE DAY “Life is easier than you’d think; all that is necessary is to accept the impossible, do without the indispensable, and bear the intolerable.” SEBI/COMPANIES UPDATES · The Securities and Exchange Board of India (Sebi) issued draft rules for setting up infrastructure investment trusts in an attempt to channel more investments into the infrastructure sector. The draft rules come on the heels of the finance minister's announcement in the recent Union Budget that infrastructure investment trusts (InvITs) would have a similar tax-efficient pass through status for PPP and other infrastructure projects. · General Circular No. 30/2014 No. 1/32/2013- CL-V (Pt) GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS-Clarifications on matters relating to Related Party Transactions. · SEBI issues draft norms for setting up infrastructure investment trusts to gain more investments-Sebi has proposed that infrastructure investment trusts would be able to invest in infrastructure projects, either directly or through an SPV. In the case of PPP projects, such investments would only be through SPV. RBI/TAX LAW UPDATES · RBI/2014-15/132 A.P. (DIR Series) Circular No.5, Liberalized Remittance Scheme (LRS) for resident individuals-Increase in the limit from USD 75,000 to USD 125,000. · The Reserve Bank of India (RBI) has set a minimum paid-up capital of Rs.100 crore for those who wish to set up payments and small banks. Releasing the draft guidelines for licensing of these banks. It has prescribed a lock-in period of five years for promoters’ holding. · CBDT forms six-member panel to reduce income tax disputes, With Rs 4 lakh crore locked up in litigations, the Finance Ministry today set up a committee consisting of officials from Central Board of Direct Taxes. · RBI/2014-15/130 DGBA.CDD. No. 293/15.02.001/2014-15 Public Provident Fund Scheme, 1968 and Senior Citizen Savings Scheme, 2004- Amendments in Rules. MARKET UPDATES SENSEX 25,529.00 -31.18 CNX NIFTY 7,623.00 -17.30 DOLLAR/ RUPEE 60.32 -0.14 MCX SILVER 45,375.00 -204.00 MCX GOLD 28,119.00 -80.00 MCX CRUDE OIL 6,252.00 31.00 Dow Jones Industrial Average 16,977.00 -161 Nasdaq Composite 4,363.00 -63 WWW.PROGLOBALCORP.COM

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