Newsletter dated 22nd May,2015

1. THOUGHT OF THE DAY
“The more we do, the more we can do…”
ECONOMIC UPDATES
 RBI Deputy Governor Harun R Khan said in a meeting today that Reserve
Bank of India in consultation with the Government of India, is working on
simplifying, liberalising and rationalising the procedures relating to
foreign exchange regulations, including the foreign direct investment.
 The finance ministry on Thursday issued the draft scheme of proposed
rules for computation of arm's length price for international and specified
domestic transactions between related entities undertaken on or after
April 1, 2014.
SEBI/CORPORATE UPDATES
 With an eye on booming e-commerce, the State Bank of India on Thursday
tied-up with two of the biggest online retail and payment solution
companies, Snapdeal and PayPal respectively.
 The $17-billion automotives-to-software Mahindra Group (M&M) is
buying a 33% stake in Japanese conglomerate Mitsubishi's tractors and
agricultural equipment division for $25 million, making the Indian major's
first foray in the manufacturing sector in the world's third largest
economy.
RBI/TAX LAW UPDATES
 Former chief economic adviser Ashok Lahiri has been named as a member
of the panel, which will "expeditiously" suggest ways to resolve the dispute.
Proud member of Chartered accountants, CA Girish Ahuja is the third
member of the panel, whose term will be one year.
 Vide Notification No. 19/2015-Customs (ADD) Seeks to levy definitive
anti-dumping duty on imports of Sodium Citrate, originating in or
exported from China PR for a period of five years.
 Vide Notification RBI/2014-15/603 A. P. (DIR Series) Circular No. 102
decided to increase the limit of trade transactions from the existing Rs.
5,00,000/- (Rupees Five Lakh only) per transaction to Rs. 15,00,000/-
(Rupees Fifteen Lakh only) per transaction, with immediate effect.
 Vide Notification RBI/2014-15/606 DBR.No.BP.BC.94/21.04.048/2014-15
notified Prudential Norms on Income Recognition, Asset Classification
and Provisioning pertaining to Advances – Spread over of shortfall.
MARKET UPDATES
SENSEX
28,006.05 196.70
CNX NIFTY
8,469.55 48.55
DOLLAR/ RUPEE
63.64 -0.19
MCX SILVER
39,255.00 89.00
MCX GOLD
27,189.00 81.00
MCX CRUDE OIL
3,871.00 10.00
Dow Jones Industrial
average
18,285.74 0.34
Nasdaq Composite
5,090.79 19.05
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