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Newsletter dated 15th April,2015

Newsletter dated 15th April,2015

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Newsletter dated 15th April,2015

  1. 1. THOUGHT OF THE DAY “With self-discipline most anything is possible…” ECONOMIC UPDATES  Finance Minister Arun Jaitley today said the government will press ahead with Rs 40,000 crore tax demand on foreign institutional investors as FIIs lost a case against levy of tax on capital gains they made.  India's economic growth clip this year and, the International Monetary Fund (IMF) and the World Bank see India's growth rising to 7.5 per cent in 2015 from 7.2 per cent in the preceding year. SEBI/CORPORATE UPDATES  The government plans to auction 69 small and marginal oilfields of state- owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd to private companies, on a new revenue-sharing model. As many as 63 discovered oil and gas fields are being surrendered by ONGC and another six by OIL.  IRDA announces norms to regulate Insurance business in SEZs.  The Ministry of Labour & Employment has proposed to come out with a Labour Code on Wages by amalgamating the relevant provisions of the Minimum Wages Act 1948, The Payment of Wages Act 1936, The Payment of Bonus Act 1965, and The Equal Remuneration Act 1976.  Despite its earlier move to waive cabinet approval for projects of up to Rs 1,000 crore, the government has now asked departments to seek cabinet nod for new schemes, and policy initiatives. RBI/TAX LAW UPDATES  RBI debuts on social media with Twitter handle launch. To connect directly with the citizens, The Reserve Bank of India will send alerts about announcements from its Twitter handle, @RBI Official, and is also planning to have a Facebook page.  In case of Reliance Infratel Ltd. Vs. Commissioner of Service tax, Mumbai – II [2015 (4) TMI 129 – CESTAT MUMBAI] held that no service tax liability arise on loans & advances, if it is revealed in audited balance sheet. HISTORICAL EVENT  100th Boston Marathon won by Moses Tanui of Kenya in 2:09:15.9 MARKET UPDATES SENSEX 28,948.09 -94.84 CNX NIFTY 8,804.95 -29.05 DOLLAR/ RUPEE 62.42 0.1 MCX SILVER 36,292.00 -33.00 MCX GOLD 26,580.00 36.00 MCX CRUDE OIL 3,375.00 15.00 Dow Jones Industrial average 18,036.70 59.66 Nasdaq Composite 4,977.29 -10.96