Newsletter dated 14th March, 2015

1. THOUGHT OF THE DAY
"The task of the leader is to get his people from where they are to
where they have not been"
ECONOMIC UPDATES
 RBI decided that priority sector loans to Persons with Disabilities will be
eligible for classification under Weaker Sections category. (RBI/2014-
15/499 FIDD.CO.Plan.BC.51/04.09.01/2014-15)
 The Bombay high court refused any relief to a hospital run by Yash
Society, a charitable trust of the Birla group,that was seeking income tax
exemption on the grounds that it was running a philanthropic institution.
 Minister of State for Finance Jayant Sinha shares his words that The Non
Performing Assets (NPAs) of the banks in the country stood at Rs
3,00,611 crore as on December 2014.
RBI/TAX LAW UPDATES
 Vide RBI/2014-15/498 DBR.AML.BC.No.77/14.01.001/2014-15 dated
March 13, 2015 notified Know your Customer (KYC) guidelines -
prescribing norms for opening a bank account in respect of a sole
proprietary firm.
 Vide Notification No. 117 (RE-2013)/2009-2014 dated March 13th, 2015
notified that Two new Customs Ports, Kattupalli Port and APM
Terminals, Pipavav Port are being added to the list of 12 existing
ports/ICDs.
 RBI advised regarding Refund of overpayment of pension to the
Government Account – Recovery of excess/ wrong pension payments
made to the pensioners.(RBI/2014-2015/500 Ref.DGBA. GAD.No.H
4054/45.03.001/2014-15)
 Vide Notification No. 1/2015-Customs (SG) dated March 13th, 2015 Seeks
to levy definitive safeguard duty on import of saturated fatty alcohol, for a
period of two years and six months from the date of levy of provisional
safeguard duty.
 Vide Notification No. 07/2015-Customs (ADD) dated March 13th, 2015
Seeks to impose definitive anti-dumping duty on imports of Sheet Glass,
falling under tariff item 7004 20 11 or 7004 20 19 of the First Schedule to
the Customs Tariff Act, 1975 (51 of 1975), originating in or exported from
China PR for a period of five years (unless revoked, superseded or
amended earlier).
MARKET UPDATES
SENSEX
28,503.30 -427.11
CNX NIFTY
8,647.75 -128.25
DOLLAR/ RUPEE
62.97 0.45
MCX SILVER
35,564.00 239.00
MCX GOLD
25,909.00 254.00
MCX CRUDE OIL
2,865.00 -117.00
Dow Jones Industrial
average
17,749.31 -145.91
Nasdaq Composite
4,871.76 -21.53
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