Newsletter dated 22nd April, 2015

1. THOUGHT OF THE DAY
“Management is doing things right; leadership is doing the right things”
ECONOMIC UPDATES
 Bank credit is expected to grow by 14-16 per cent this financial year, on
gradual pick-up in infrastructure activity, higher working capital needs
and the retail segment. Bank executives and analysts said the real
momentum will only be in the second half (October 2015-March 2016).
 Government Decided to Fix Interest Rates at 8.7% for GPF (General
Provident Fund) and other Similar Funds. The rate of interest is applicable
to the above funds w.e.f. 1st April, 2015 and until further orders.
 The Reserve Bank of India (RBI) is working on a proposal submitted by
the National Payment Corporation (NPCI) to connect all cash deposit
machines through the National Financial Switch (NFS).
SEBI/CORPORATE UPDATES
 Bajaj Finance is planning to raise around Rs 1,800 crore from institutional
investors and its promoter, Bajaj Finserv, to boost the non-bank finance
company's capital base as it sees opportunities to expand its loan business.
 Vide Notification No. SEBI-NRO/ OIAE/ GN/2015-16/ 002 issued by
SEBI, Securities and Exchange Board of India (Employees' Service)
(Second Amendment) Regulations, 2015 has been issued whereby
employee are asked to make a declaration of his assets and liabilities.
RBI/TAX LAW UPDATES
 The Income Tax Department was today awarded 'Prime Minister's award
for excellence in Public Administration' for 'Easy Tax Compliance through
Quality Service'. These include integrated e-governance initiatives -- Tax
Information Network (TIN), the e-filing portal, Centralised Processing Cell
(CPC-TDS) for processing of TDS statements, Centralised Processing
Centre(CPC) for processing of income tax returns and the Refund Banker.
 E-TDS/TCS File Validation Utility (FVU) version 2.142 from FY 2007-08
to FY 2009-10 and 4.6 from FY 2010-11 and onwards released. This
version of FVU will be applicable with effect from April 21, 2015.
 Facing criticism over the new ITR forms that seek details on bank accounts
and foreign travel, Finance Minister Arun Jaitley will soon meet tax
officials for the second time to make the filing of returns simpler for
individual taxpayers.
MARKET UPDATES
SENSEX
27,755.41 79.37
CNX NIFTY
8,391.85 14.10
DOLLAR/ RUPEE
62.74 -0.13
MCX SILVER
36,126.00 -31.0
MCX GOLD
26,883.00 -53.00
MCX CRUDE OIL
3,537.00 -56.00
Dow Jones Industrial
average
17,949.59 -85.34
Nasdaq Composite
5,014.10 19.50
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