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1. PGC NEWSLETTER 8TH SEPT, 2014 1
PGC NEWSLETTER 8th Sept 2014
THOUGHT OF THE DAY “I have been impressed with the urgency of doing.Knowing is not enough; we must apply. Being willing is not enough; we must do.” SEBI/COMPANIES UPDATES
 The Ministry of Corporate Affairs (MCA), which is implementing the Companies Act, has launched the scheme which offers immunity for thousands of entities that have defaulted on making statutory filings.
 Government provides clarity on CAG Audit provision in new Companies Act, To remove difficulties faced by stakeholders, the Corporate Affairs Ministry has made changes to provisions regarding appointment of auditors by CAG for 'deemed government companies' under the new companies law.
 The (SAT) Securities Appellate Tribunal on Monday stayed the payment of a Rs 1,849 crore penalty imposed by capital markets regulator Securities and Exchange Board of India (SEBI) on Satyam Computers founder and then chairman B Ramalinga Raju and four others.
 Bharat Heavy Electricals Limited's city-based Electronics Division has bagged an order from National Power Training Institute for design, engineering, testing, supply, installation and commissioning of Operator Training Simulator for 800MW Super Critical Power Plant, the company said today.
 Larsen & Toubro (L&T) has bagged contracts worth Rs 1,920 crore in its hydrocarbon business in the offshore and onshore segments.
RBI / TAX LAW UPDATES
 Central Board of Excise and Customs (CBEC) deliberated upon seeking information from municipal authorities, the telecom and insurance regulators, the RBI, Foreign Exchange Dealers Association of India, stock and commodity exchanges, Regional Transport Office (for tour operators, rent-a-car agencies) registrar of shops and establishments (for coaching classes and fashion designers) and IATA.
 Dehi HC today admits a WRIT challenging the CBDT notification in the matter of new TAR. Delhi High Court on Friday 5th Sep, listed for 8th September Monday Diary no. 162371/2014. W.P. (C) 5990/2014.Mahesh Kumar & Co. vs. UOI.
 The Kerala High Court has held that service tax can be levied on the fees and commissions charged by banks for converting overseas remittances into rupees, a ruling that is seen as a setback for exporters.
MARKET UPDATES SENSEX
27,259.34 232.64 CNX NIFTY
8,155.0 69.53 DOLLAR/ RUPEE
60.24 - 0.17 MCX SILVER
42,245.0 0.56 MCX GOLD
27,393.0 15.0 MCX CRUDE OIL
5,609.0 - 0.60 Dow Jones Industrial Average
17,137.0 67.0 Nasdaq Composite
4,583.0 21.0
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