Newsletter dated 17th October,2014

1. PGC NEWSLETTER 1
PGC NEWSLETTER 17th October, 2014
THOUGHT OF THE DAY “Optimism is the faith that leads to achievement.” ECONOMIC NEWS
 The RBI would issue guidelines for small finance banks in a few weeks as it pushed for financial inclusion backed by technology.
 The Bombay High Court has issued notice to the Reserve Bank of India in connection with a PIL which alleges that the non-performing assets (NPA) of nationalised banks swelled up from Rs 455 crore for the year ended March 2008 to Rs 9,190 crore in March 2012.
SEBI/CORPORATE UPDATES
 Universal account number to facilitate provident fund portability. Under the new system, employees simply have to log in and activate their UAN to receive SMS alerts and access updated passbooks, said an EPFO official.
 In a revamped National Solar Mission (NSM) programme, the Union Ministry of New and Renewable Energy (MNRE) has now come out with draft guidelines for setting up 3,000 MW of solar PV projects under Tranche-I.
 Sell shares of unlisted companies through off-market transfer. With a number of regional stock exchanges facing closure, this is perhaps the only option for investors.
 Employees Provident Fund Organisation seeks government nod to invest in shares.
RBI / TAX LAW UPDATES
 As per notification issued by RBI vide notification no-RBI/2014-15/266 A.P. (DIR Series) Circular No.36 dated October 16, 2014 to all Category - I Authorized Dealer Bank, Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) - Compounding of Contraventions under FEMA, 1999 has been issued.
 As per notification issued by RBI vide notification no-RBI/2014-15/265 DBOD.No.BP.BC.43/21.06.017/2014-15 dated October 16, 2014 Revisions to Basel II-Advanced Approaches of Operational Risk-TSA and AMA to The Chairman and Managing Director /Chief Executive Officer of All Scheduled Commercial Banks (Excluding RRBs and Local Area Banks).
 The Reserve Bank of India (RBI) has sent an advisory to banks cautioning them about the new trend of using forged or fake Bills of Entry to remit funds abroad, especially to tax havens such as Hong Kong. The apex bank has also started synchronising databases with the customs department to detect fraud.
MARKET UPDATES SENSEX
25,991.32-8.02 CNX NIFTY
7,749.000.80 DOLLAR/ RUPEE
61.61-0.24 MCX SILVER 38,798.00-74.00 MCX GOLD 27,480.0031.00 MCX CRUDE OIL 5,117.008.00 Dow Jones Industrial average 16,117.24-24.50 Nasdaq Composite 4,217.392.07
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