1. PGC NEWSLETTER 1
PGC
NEWSLETTER
15th
May, 2015
THOUGHT OF THE DAY
“ Moderation is the key of lasting enjoyment ...”
ECONOMIC UPDATES
Cabinet clears Benami Transactions Bill; provides for severe penalties
and upto 7 years of sentence for offenders. The Benami Transactions
(Prohibition) (Amendment) Bill, 2015 provides for attachment and
confiscation of benami properties and also fine with imprisonment.
This is one more initiative to fight the menace of black money inside
the country.
RBI relaxes second factor authentication for contactless cards upto Rs
2,000. Beyond this transaction limit, the card has to be processed as a
contact payment and authentication with PIN will be mandatory.
(RBI/2014-15/601 DPSS.CO.PD.No.2163/ 02.14. 003/2014-2015
dated May 14, 2015)
SEBI/CORPORATE UPDATES
SEBI releases FAQs on 'Debenture Trustee'.
Vide ICSI clarifications on Secretarial Standards, it is clarified that
Secretarial Standards 1 and 2 would apply to meetings in respect of
which notices are issued after June 30, 2015.
Vide Judgement passed under Madras Bar Association Versus
Union Of India & Anr., Supreme Court upholds the constitutional
validity of National Company Law Tribunal
RBI/TAX LAW UPDATES
Vide Circular 8/2015 dated 14th May, 2015 issued by CBDT, CBDT
prescribes procedure to provide online response to outstanding tax
demands in case of e-filing of return.
Vide Notification ref RBI/2014-15/593 DCBR.BPD.(MSCB).Cir
No.1/13.05.000/2014-15 dated 14-05-2015, Guidelines on Sale of
financial assets to Securitization Company (SC)/ Reconstruction
Company (RC) - Reversal of excess provision on sale of NPAs to SC/RC
has been issued.
Vide RBI Circular ref RBI/2014-15/596A.P. (DIR Series) Circular No.
98 dated May 14, 2015, it is clarified that A2 form is to be filed at the
time of purchase of foreign exchange using rupee funds and hence is
not applicable while remitting FCNR (B) funds.
MARKET UPDATES
SENSEX
27,276.28 70.22
CNX NIFTY
8,247.90 23.70
DOLLAR/ RUPEE
63.56 -0.1.
MCX SILVER
39,675.00 -69.00
MCX GOLD
27,388.00 -46.00
MCX CRUDE OIL
3,797.00 21.00
Dow Jones Industrial
average
18,252.24 191.75
Nasdaq Composite
5,050.80 69.10
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