The document provides various economic, regulatory, and market updates from India. It notes that finalizing a free trade agreement with India by the end of the year is a top priority for Australia, especially in services sectors. It also mentions that SEBI has allowed startups to list and raise funds through IPOs in India with easier norms and a faster six-day listing process. Lastly, it provides the latest figures for key indices such as Sensex, Nifty, currency exchange rates, and commodity prices.

1. THOUGHT OF THE DAY
“Efficiency is doing things right; effectiveness is doing the
right things…”
ECONOMIC UPDATES
 Finalisation of the free trade agreement with India by the end of this year
is the number one priority of Australia. Services sector, which is part of the
free trade pact, is important for both the countries and Australia can
contribute significantly in areas such as engineering, education,
healthcare, contracting, construction, design and architecture.
 IRDA has stipulated that foreign ownership in parent companies should be
brought down to 49% in a year.
SEBI/CORPORATE UPDATES
 MCA notified that Version of Forms INC-4, INC-1, INC-29 and Form 4LLP
are likely to be modified w.e.f 24th June 2015. You are requested to plan
accordingly.
 Vide SEBI PR No. 167/2015 issued Highlights of the decisions taken by the
board in the board meeting of the Securities and Exchange Board of India.
 SEBI allowed startups to list and raise funds with an easier set of norms
within India and has made investments cheque-free for all IPOs. Besides,
the regulator also fast-tracked the process of raising funds for companies
through IPOs by reducing the listing time by half to six days after the
public offer.
RBI/TAX LAW UPDATES
 Vide CBDT Notification No. 49/2015 dated June 22, 2015 Government
notified simplified ITR forms ITR 1, ITR 2, ITR 2A & ITR 4S for AY 2015-
16 and amended Rule 12. These forms will substitute the previously
notified ITR 1, 2 and 4S forms.
 Vide CBEC Notification F. No 27 5/721 2014-Cx.8A CBEC plans to create
awareness of settlement scheme by issuing letter to taxpayers creating
Awareness of the provisions relating to Settlement of Cases through
Settlement Commission, by informing the noticee about the said
provisions by a follow up letter after issuance of Show Cause Notice.
 Vide CBEC Notification F. No 275/65 12013-CX issued procedural
clarifications in respect of the issues relating to the "authorization" of the
Commissioners to represent the Union of India and Others in matters
before the High Court.
MARKET UPDATES
SENSEX
27,887.99 83.62
CNX NIFTY
8,403.30 21.75
DOLLAR/ RUPEE
63.61 0.09
MCX SILVER
36,100.00 162.00
MCX GOLD
26,620.00 23.00
MCX CRUDE OIL
3,904.00 -6.00
Dow Jones Industrial
average
18,144.07 24.29
Nasdaq Composite
5,160.09 6.12
http://www.proglobalcorp.com