PGC NEWSLETTER 1
PGC NEWSLETTER 4th November, 2014
THOUGHT OF THE DAY “Only be you strong, and very courageous, then you will make your way prosperous, and then you will have good success.” ECONOMIC NEWS
Public sector banks have lowered some of their term deposit rates by up to 100 basis points as credit growth remains sluggish and liquidity in money markets has improved (100 basis points = 1 percentage point).
Govt transfers Financial Services Secretary G S Sandhu; Appoints Gujarat IAS officer Hasmukh Adhia in his place.
MCA 21 portal recorded 15 lac plus filling in the month of October 2014, during which daily filing exceeded 100,000 on four occasions. It is a new record in terms of single month filling till date.
MCA has issued notification dated 3rd November, 2014 regarding The Company Law Board (Fees on Applications and Petitions) Amendment Rules, 2014
CCI Order against Indian Jute Mills Association (IJMA) and Gunny Trade Association (GTA) for Contravening Competition Law. The Competition Commission of India(CCI)has imposed a penalty of Rs. 7.68 Lakhs and Rs. 35.16 Thousands(@5% of the average of the turnover for the last 3 financial years)on Indian Jute Mills Association (IJMA) and Gunny Trade Association (GTA) respectively for contravening the provisions of section 3 of the Competition Act, 2002
RBI / TAX LAW UPDATES
RBI notification ref RBI/2014-15/293 DBR.BP.BC.No.46 /21.04.098/ 2014-15 dated November 3, 2014 issued to All Scheduled Commercial Banks (excluding RRBs) regarding Basel III Framework on Liquidity Standards – Monitoring tools for Intraday Liquidity Management.
The income-tax department could pass ex parte orders against overseas account holders who don't cooperate or appear before the authorities as it rushes to complete investigations in five months.
Central Board of Excise & Customs issued notification ref F. No. 206/05/2014- CX.6 Dated 03.11.2014 to The Chief Commissioners of Central Excise (All) regarding Splitting up of rebate claims so as to keep each individual claim below 5 lakhs to avoid pre-audit wherein Rebate sanctioning authorities may note that they may order pre-audit by clubbing such claims where such claims are artificially split and there is need for pre-audit. Such exercise of powers shall be discretionary and used more as an exception than rule.
MARKET UPDATES SENSEX
27,860.38-5.45 CNX NIFTY
8,324.151.95 DOLLAR/ RUPEE
61.410.04. MCX SILVER 35,961.00164.00 MCX GOLD 26,067.00-68.00 MCX CRUDE OIL 4,964.0033.00 Dow Jones Industrial average 17,366.24-24.28 Nasdaq Composite 4,638.918.17