1. PGC NEWSLETTER 25TH AUG, 2014 1
PGC
NEWSLETTER
25th
Aug 2014
THOUGHT OF THE DAY
“IT’S YOUR PLACE IN THE WORLD. IT’S YOUR LIFE. GO ON AND DO ALL YOU
CAN WITH IT AND MAKE IT THE LIFE YOU WANT TO LIVE.”
SEBI/COMPANIES UPDATES
• Government-owned and loss-making Air India (AI) has terminated from service 194
cabin crew and 11 pilots over the past year, primarily for unauthorized absence.
• The Central Bureau of Investigation (CBI) said on Monday it would close a coal scam
case against billionaire Kumar Mangalam Birla and a former top bureaucrat that
surfaced in 2012 after a government auditor's report.
• Reliance Industries Limited (RIL's) decision to source 1.5 million tonnes of ethane a year
from the US to feed its crackers in India could save the company a whopping Rs 2,000
crore annually.
• To send across a strong message to manipulators, capital market regulator Sebi is
mulling over ways for more stringent enforcement actions in cases of high- profile and
glaring violations of insider trading norms.
RBI / TAX LAW UPDATES
• The income tax department will extend the advance ruling facility to the resident tax
payers from the current year. Till now this facility was only available to the non-resident
tax payers. The scheme of advance rulings was introduced by the Finance Act, 1993,
under the scheme the power of giving advance rulings has been entrusted to an
independent adjudicatory body.
• CBDT: Rs 90,000 Cr of undisclosed income detected in 2013-14The main sectors in
which undisclosed income was detected were power, mobile phone trading, real estate,
iron and steel and chemicals.
• The Reserve Bank has said about 36 per cent of the overall 4.1 per cent bad assets in the
system have been created by six sectors of the economy - infrastructure, metals, textiles,
chemicals, engineering and mining. The central bank, in its annual report for FY2013-14,
said gross non-performing assets in the system have grown to
4.1 per cent in FY'14 from 3.4 per cent a year ago.
• RBI shuts overseas payment gateway for credit card transactions within India The
Reserve Bank of India moved to close a loophole, saying that the rules need to be
followed with respect to e-commerce credit card transactions "essentially taking place
between two residents in India".
MARKET UPDATES
SENSEX
26,603.92 184.37
CNX NIFTY
7,959.85 45.65
DOLLAR/ RUPEE
60.46 - 0.02
MCX SILVER
41,867.0 - 0.24
MCX GOLD
27,717.0 - 96.0
MCX CRUDE OIL
5,688.0 0.14
Dow Jones Industrial
Average
17,001.0 - 38.0
Nasdaq Composite
4,539.0 7.0
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