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  1. 1. PGC NEWSLETTER2nd April 2014 1 PGC NEWSLETTER 2nd April 2014 THOUGHT OF THE DAY “Quality means Doing Right When No One is Looking” ECONOMICS NEWS  The Reserve Bank will propose measures to reduce window dressing by banks, which tends to add to yearend liquidity pressures in the system.  Corporate India believes that the country's economy could resurge to grow 6.5% this year if a strong reform- minded government comes to power after the upcoming parliament elections. CORPORATE LAW UPDATES  SEBI issued Circular No. CIR/IMD/FIIC/6/2014, regarding commencement of Foreign Portfolio Investor ("FPI") regime.  SEBI issued Circular No. CIR/CFD/DIL/1/2014,regarding Format for Auditors’ Certificate required under Clause 24(i) of the Equity Listing Agreement. RBI / TAX LAW UPDATES  The Election Commission on Tuesday allowed the Reserve Bank of India (RBI) to issue new bank licences. The EC said the central bank might take "necessary action as deemed appropriate as permissible under provisions of the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, and/or any other relevant law(s).  The Reserve Bank of India (RBI) has revised its pricing pricing guidelines for Foreign Direct Investment (FDI), suggesting the valuation norms will now be on the basis of market price. MARKET UPDATES SENSEX 22,545.70 98.43 CNX NIFTY 6,748.45 25.60 DOLLAR/ RUPEE 59.66 -0.22 MCX SILVER 42641.00 -0.14 MCX GOLD 28,070.00 -10.0 MCX CRUDE OIL 5990.00 0.12 Dow Jones Industrial Average 16,327.0 0.5 Nasdaq Composit 4155.76 4.54
  2. 2. PGC NEWSLETTER2nd April 2014 2