Pgc news letter 6 th august, 2014 (2)

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Pgc news letter 6 th august, 2014 (2)

  1. 1. PGC NEWSLETTER 6TH AUG, 2014 1 PGC NEWSLETTER 6TH Aug 2014 THOUGHT OF THE DAY “WHEN WE DON'T LEARN LESSONS AT THE RIGHT TIME, LIFE WILL TEACH US THE SAME LESSONS AT THE WRONG TIME." SEBI/COMPANIES UPDATES • Reliance Jio Infocomm, the telecom subsidiary of Reliance Industries, is set to launch a $1.5-billion (Rs 9,000 crore) debt issue abroad within weeks of Tata Steel raising over $1 billion. • The government today said last fiscal revenues worth over Rs 153 crore were available with the regional councils of the Institute of Chartered Accountants of India (ICAI), and councils of the Institute of Cost Accountants of India had about Rs 40 crore. • The proposed new indirect tax regime, Goods and Services Tax, is likely to be introduced shortly, GST is likely to be introduced shortly. Minister of State for Finance Nirmala Sitharaman said in the Rajya Sabha while answering a question on Central Sales Tax payment to Chhattisgarh. • S K Jain, suspended chairman and managing director (CMD) of Syndicate Bank, had allegedly prevented loans of over Rs 100 crore on Bhushan Steel and Prakash Industries from being declared as non-performing assets (NPAs). • The civil aviation ministry plans to review functioning of the Directorate General of Civil Aviation (DGCA) to ensure that the processes and norms followed by the aviation regulator are uniform and that the public is clear of its mandate. • P Balaji, managing director of Nokia India - now called Microsoft Devices Group - has resigned from the company. He will continue as an advisor to Microsoft Devices Group till October. • The country's largest two-wheeler maker Hero MotoCorp today reported 2.58% increase in net profit at Rs 562.76 crore for the first quarter ended June 30, 2014. RBI / TAX LAW UPDATES • RBI/2014-15/162 UBD.BPD. (PCB).Cir.No. 7/16.26.000/2014-15, Section 24 of the Banking Regulation Act, 1949 (AACS) Maintenance of Statutory Liquidity Ratio (SLR). • RBI/2014-15/161 DBOD.Ret.BC.29/12.02.001/2014-15, Section 24 of the Banking Regulation Act, 1949 - Maintenance of Statutory Liquidity Ratio (SLR). • RBI/2014-15/160 UBD. BPD (PCB). Cir.No. 5/14.01.062/2014-15, Know Your Customer (KYC) Norms /Anti-Money Laundering (AML) Standards / Combating of Financing of Terrorism (CFT) /Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 Obligation of banks - Amendment to Prevention of Money-laundering (Maintenance of Records) Rules 2013. MARKET UPDATES SENSEX 25,849.49 - 58.52 CNX NIFTY 7,726.05 - 20.50 DOLLAR/ RUPEE 61.29 - 0.44 MCX SILVER 43,619.0 0.54 MCX GOLD 28,295.0 181.0 MCX CRUDE OIL 5,998.0 0.82 Dow Jones Industrial Average 16,429.0 - 140.0 Nasdaq Composite 4,353.0 - 31.0 WWW.PROGLOBALCORP.COM

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