Newsletter dated 28th April, 2015

1. THOUGHT OF THE DAY
“A leader has the vision and conviction that a dream can be achieved. He
inspires the power and energy to get it done...”
ECONOMIC UPDATES
 Real estate developers and private equity funds which were planning to set
up Real Estate Investment Trusts (REITs) have shelved their plans fearing
that the Minimum Alternate Tax (MAT) would make these investment
vehicles unviable.
 India Ratings expects India's economy to expand 7.7% this fiscal year,
faster than the previous year's estimated expansion of 7.4%, because of a
pickup in private consumption.
 As the government woos Chinese firms to invest in manufacturing units
and businesses entities here as part of its "Make in India" policy, the Union
home ministry is working on balancing easier and faster security
clearances for Chinese FDI with tighter post-investment monitoring in
"sensitive" sectors.
SEBI/CORPORATE UPDATES
 After the Satyam Computer Services accounting scandal, the spotlight has
been turned on auditors again as at least three investor advisory services
have called for an examination of the auditors’ role in the ongoing fight
between United Spirits Ltd board and its chairman Vijay Mallya.
 The government has cancelled licences of nearly 9,000 NGOs for violation
of Foreign Contribution Regulation Act (FCRA).The cancellations came
after these NGOs failed to file tax returns for three consecutive years,
starting FY2010.
RBI/TAX LAW UPDATES
 The Reserve Bank of India has clarified that only nominee and
independent directors who are not whole-time board members of a firm
deemed as a 'wilful defaulter' would be excluded from being labelled as a
party to the default. However, promoters who are not whole-time directors
would still be covered under the classification of a wilful defaulter.
 The new format of Income Tax Return (ITR) forms that was withdrawn by
the government in the wake of complaints over providing details of foreign
trips and domestic bank accounts is being revised to make it simpler.
 The Government of India is implementing a scheme by name ‘NIRAMAYA’
through which the handicapped and mentally challenged persons are
covered for medical treatment upto Rs. 1 lakh.
MARKET UPDATES
SENSEX
27,233.71 56.72
CNX NIFTY
8,227.70 13.90
DOLLAR/ RUPEE
63.49 -0.07
MCX SILVER
37,063.00 -85.00
MCX GOLD
27,024.00 -59.00
MCX CRUDE OIL
3,638.00 -50.00
Dow Jones Industrial
average
18,037.97 -42.17
Nasdaq Composite
5,060.25 -31.84