PGC NEWSLETTER 12th March 2014

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PGC NEWSLETTER 12th March 2014

  1. 1. 1 PGC NEWSLETTER 12th March 2014 THOUGHT OF THE DAY “Turn your face toward the sun and the shadows will fall behind you.” ECONOMICS NEWS • India's external sector position improved significantly by December 2013. The latest balance of payments data, indicates India's current account deficit (CAD). • After appreciating for five consecutive trading sessions, the rupee weakened on Tuesday due to dollar demand from importers and defence-related payments. CORPORATE LAW UPDATES • The Sahara group’s problems continue, with rating agency CARE cutting its ‘BBB’ ranking for Sahara Hospitality Ltd’s (SHL) long-term bank facility to ‘BBB-’, due to sub- optimal financial and operational performance. • After an over seven-year probe into alleged money- pooling through 'art funds', SEBI today let off Bajaj Capital and two other entities as they were not found to be running illicit 'collective investment schemes'. RBI / TAX LAW UPDATES • The central bank may soon start to buy the US currency to prevent the rupee from strengthening to a point where it starts hurting the economy. • IT/ILT : Where assessee appointed foreign agents for securing export orders, Explanation added to section 9(1)(vii) by Finance Act, 2010 with effect from 1-6-1976 was not applicable in view of fact that agents had their offices situated in foreign country and they did not provide any managerial services to assessee. MARKET UPDATES SENSEX 21,924.18 97.76 CNX NIFTY 6,534.65 22.75 DOLLAR/ RUPEE 61.06 0.1 MCX SILVER 46440.0 -0.19 MCX GOLD 30,.0 -16.0 MCX CRUDE OIL 6085.0 -0.82 Dow Jones Industrial Average 16,351.25 -67.43 Nasdaq Composite 4307.19 -27.26

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