PGC NEWSLETTER 6TH AUG, 2014 1
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."
• 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
• 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
• 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.
25,849.49 - 58.52
7,726.05 - 20.50
61.29 - 0.44
MCX CRUDE OIL
Dow Jones Industrial
16,429.0 - 140.0
4,353.0 - 31.0