Newsletter dated 6th April,2015

1. THOUGHT OF THE DAY
“When one must, one can…”
ECONOMIC UPDATES
 Union Government again has extended rolling out deadline for NFSA by
six months. 11 states and Union Territories (UTs) have implemented
National Food Security Act (NFSA) which was passed by Parliament in
September 2013. Remaining 25 states/UTs have not implemented it yet.
 The Centre is all set to overhaul environmental and forest regulations,
policies, and laws for ease of business. About 100 changes have already
been effected through executive orders; new amendments involve
structural and policy-level alterations.
 To guard people against fraudulent activities in the insurance business,
sector regulator IRDAI has launched a massive public campaign to create
awareness among policyholders about 'spurious' calls.
SEBI/CORPORATE UPDATES
 A demand of about Rs 570 crore has been raised against confectionery
giant Cadbury India Ltd for allegedly evading excise duty by fraudulently
taking exemption for one of its ‘ghost’ production units.
 Flipkart, India's biggest online marketplace, is set to hire another top
engineer from Google. Peeyush Ranjan, a senior engineering director at
Google, will join Flipkart's commerce division led by Mukesh Bansal.
 Online search giant Google has entered into a strategic partnership with
consulting firm PricewaterhouseCoopers to go after the Digital India
projects and large enterprise deals. Google wants to push itself into large
e-governance projects and improve the sales for its cloud services in India.
RBI/TAX LAW UPDATES
 RBI has relaxed Know-Your-Customers (KYC) norms for Non-Banking
Financial Companies (NBFCs). As per new norms, full KYC exercise will be
required to be done at least every 10 years for low risk and at least every 8
years for medium risk individuals and entities. While for the high-risk
individuals and entities, it should be done in at least every 2 years.
 Till March 31, close to 100 foreign institutional investors (FIIs) got notices
from the Tax Department for a controversial Minimum Alternate Tax
(MAT) of 20 per cent. The FIIs have, however, decided to challenge the tax
demands, stating that MAT cannot be levied on FIIs as their income is
defined as 'capital gains' under the I-T Act.
MARKET UPDATES
SENSEX
28,241.62 -18.52
CNX NIFTY
8,581.55 -4.70
DOLLAR/ RUPEE
62.18 -0.31
MCX SILVER
38,110.00 761.00
MCX GOLD
26,953.00 356.00
MCX CRUDE OIL
3,138.00 101.00
Dow Jones Industrial
average
17,763.24 65.06
Nasdaq Composite
4,886.94 6.71
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