PGC NEWSLETTER

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PGC NEWSLETTER

  1. 1. PGC NEWSLETTER 19th February 2014 THOUGHT OF THE DAY “THE BEST THING ABOUT THE FUTURE IS THAT IT COMES ONE DAY AT A TIME” ECONOMICS NEWS • With only Rs 35,000 crore budgeted towards oil subsidy, food, fertilizer and oil ministries may have to mobilise resources via bonds, special banking arrangements. • Budget for 2014-15, since the Plan expenditure is not to be retained at the Rs 5.55 lakh crore pegged in the Vote-onaccount. SEBI / COMPANIES UPDATES SEBI filed an affidavit in the Supreme Court on Tuesday rejecting Sahara's claim that it had refunded around Rs 24,000 crore by way of dues to investors. • Any actions taken by SEBI under the government ordinance against capital market manipulations, will remain "valid and the consequent effects of the same will continue". RBI / TAX LAW UPDATES • SENSEX 20,686.60 52.39 CNX NIFTY 6140.85 13.75 The next government might have to raise tax rates or look for other sources to raise revenues when it presents the full • MARKET UPDATES ITAT stayed tax demand of Rs. 3,700 crores against Vodafone DOLLAR/ RUPEE 62.2 -0.02 MCX SILVER 47574.0 -0.94 MCX GOLD 30,115.00 -109.00 MCX CRUDE OIL 6390.0 0.93 Dow Jones Industrial Average 16130.40 23.99 Nasdaq Composite 4272.78 28.75 as it appeared to have a strong case in favour. • HC slams ITAT for setting aside order of CIT(A) without considering merits of case. PGC NEWSLETTER19th February 2014 1

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