The newsletter provides updates on regulatory changes from SEBI, RBI, tax laws and the markets. Key points include: new norms from RBI that may reduce profits and increase NPAs for NBFCs; SEBI targeting insider trading by company executives and auditors; and the Income Tax Appellate Tribunal clarifying that payments under consent decrees can be claimed as business expenses. Implementation of the nationwide Goods and Services Tax remains elusive as states disagree over items to be excluded. Market indices such as Sensex and Nifty saw modest gains while the rupee weakened against the dollar.

1. PGC NEWSLETTER 1
PGC NEWSLETTER 12th November, 2014
THOUGHT OF THE DAY “Education is an ornament in prosperity and a refuge in adversity.” SEBI/CORPORATE UPDATES
 The Reserve Bank of India's (RBI) new norms for NBFCs may reduce the risk they pose to the financial system, but it will reduce profitability and increase non-performing assets (NPAs) of the industry with only 20% of the NBFCs adopting 90-day NPA recognition norm.
 New insider trading norms to target honchos, auditors; bar likely on derivatives trade
 SAT admits DLF promoters' plea against SEBI order. SAT will hear the appeal of DLF and its promoters together on December 10
RBI / TAX LAW UPDATES
 I-T offices to remain open on Nov 15, 2014 for conducting admin work to implement restructuring of jurisdictions.
 CBDT reconstitutes DRP at Chennai and Ahmedabad
 As the government works towards implementing the Goods and Services Tax (GST) from 2016, consensus between the Centre and states on crucial issues remains elusive. States have already said that petroleum, alcohol, tobacco should be excluded from GST.
 The Income Tax Appellate Tribunal (ITAT) has clarified that money paid under the consent decree mechanism to settle disputes is permissible as normal business expenditure and cannot be equated to penalty levied for breaching law.
 NOTIFICATION NO. 61/2014 dated 10th November, 2014 issued by MINISTRY OF FINANCE, DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) regarding INCOME-TAX (11TH AMENDMENT) RULES, 2014. - 61/2014
 Circular No. 16 Of 2014-15 Issued By Department Of Trade And Taxes vide ref No.F.7(420)/VAT/Policy/2011/PF/482-488 whereby FILING OF ONLINE RETURN FOR 2ND QUARTER OF 2014-15 IN FORM DVAT-16 , DVAT-17 AND DVAT-48 ALONG WITH REQUIRED ANNEXURE /ENCLOSURES EXTENDED TO 17/11/2014.
MARKET UPDATES SENSEX
28,101.47191.41 CNX NIFTY
8,404.4541.80 DOLLAR/ RUPEE
61.54-0.03. MCX SILVER 34,791.0046.00 MCX GOLD 25,850.0054.00 MCX CRUDE OIL 4,768.00-15.00 Dow Jones Industrial average 17,614.901.16 Nasdaq Composite 4,660.568.94
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