Newsletter dated 4th July, 2015

1. THOUGHT OF THE DAY
“Great things are done by a series of small things brought
together…”
ECONOMIC UPDATES
 In a bid to recover money from illegal mining activity, chartered
accountants appointed by the state government have submitted an audit
report of 82 mining leases out of 118 mining leases. A Directorate of Mines
and Geology official said that audit of the remaining mining leases would
be completed by July 15.
 The CBDT has signed a taxation rate agreement with BNP Paribas India
Solutions, the local arm of the European bank, as part of efforts to reduce
disputes with foreign companies over tax-related issues.
SEBI/CORPORATE UPDATES
 Barclays hired KPMG as its auditor after 120 years with PwC. Giant
accounting firm KPMG will take over the lucrative audit of Barclays’ books
from 2017. The bank is replacing its auditor as the industry moves.
 In a bid to make the process of approvals of mergers and acquisitions
speedier and simpler, the Competition Commission Of India has revised
its combinations regulations. A summary of every combination (merger
and acquisition) under review will be published on the website of CCI.
 Housing finance companies are planning to raise funds through the
external commercial borrowing (ECB) route to diversify their funding
requirements. HDFC to raise up to $500 mn; Tata Capital Housing and
Dewan Housing finance also set to raise money through ECB.
RBI/TAX LAW UPDATES
 Vide Notification RBI/2015-16/116 A.P. (DIR Series) Circular No.2 under
Foreign Exchange Management (Transfer or Issue of Security by a Person
Resident outside India) Regulations, 2000 prohibited investment in
companies engaged in tobacco related activities.
 Vide CBDT CIRCULAR NO. 12/2015 issued Explanatory notes on
Compliance Window under Black Money Act.
 Vide CBDT Notification No. 58/2015 /F. No. 133/33/2015-TPL
Government notified Black Money Rules and whereby releases 7 Forms
including 'Form 6' for declaration of undisclosed foreign assets.
MARKET UPDATES
SENSEX
28,092.79 146.99
CNX NIFTY
8,484.90 40.00
DOLLAR/ RUPEE
63.40 -0.07
MCX SILVER
36,158.00 285.00
MCX GOLD
26,344.00 149.00
MCX CRUDE OIL
3,520.00 -121.00
Dow Jones Industrial
average
17,730.11 -27.80
Nasdaq Composite
5,009.21 -3.91
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