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PGC NEWSLETTER 19th March 2014


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PGC NEWSLETTER 19th March 2014

  1. 1. PGC NEWSLETTER19th March 2014 1 PGC NEWSLETTER 19th March 2014 THOUGHT OF THE DAY “If you want to achieve greatness stop asking for permission” ECONOMICS NEWS • Business sentiment among Asia's top companies edged up in the first quarter, as solid improvement in the Philippines and South Korea outweighed weakness in China, India and Australia amid persistent concerns over the global economy. • With the government focusing on improving infrastructure and allied services, the urban sector is likely to contribute nearly 70-75 per cent of the GDP by 2020, according to a Barclays report. CORPORATE LAW UPDATES • The Securities Appellate Tribunal ( SAT) has asked the capital markets regulator SEBI to file the impact of the recent rule change in consent mechanism on an insider- trading case involving petrochemical company Reliance Industries Limited ( RIL). • SEBI will soon decide whether public financial institutions such as banks and insurance companies which are also trading members on stock exchanges can continue to be classified as ‘ public’ shareholders in bourses. RBI / TAX LAW UPDATE • RBI: Industrial houses aspiring to set up banks could be in for some disappointment, as the Reserve Bank of India ( RBI) is in no mood to oblige any of them. • IT:Where assessee, engaged in manufacture and sale of pharmaceutical products, provided loans to AEs, interest on said loans had to be charged on basis of LIBOR plus specific percentage points, as approved by RBI. MARKET UPDATES SENSEX 21,821.33 -11.28 CNX NIFTY 6,519.60 2.95 DOLLAR/ RUPEE 61.15 -0.05 MCX SILVER 45869.0 0.06 MCX GOLD 30,188.0 -17.0 MCX CRUDE OIL 6079.0 0.03 Dow Jones Industrial Average 16,336.19 88.97 Nasdaq Composite 4333.31 53.36