PGC NEWSLETTER 25th July 2014
THOUGHT OF THE DAY
“CHOOSE TO MAKE A DIFFERENCE INSTEAD OF CHOOSING TO BE
· The lack of mutually acceptable arbitrators has delayed the resolution of the two-and-a-
half-year-old dispute between Reliance Industries Ltd (RIL) and the Government of
India over the recovery of $2.376 billion worth of investment in the KG-D6 gas block in
India's largest natural gas basin.
· India's largest steel maker Tata Steel on Thursday raised Rs 9,000 crore ($1.5 billion) in
dollar denominated bonds in the international markets. This marks the beginning of the
company's efforts to refinancing over Rs 33,000-crore loan that it has to repay in the
next 18 months. Tata Steel plans to follow this round of fund-raising with an additional
$5.6 billion (Rs 33,600 crore) term loans in multiple currencies in the coming months.
· The Adani Group allegedly siphoned off loans taken from public sector banks while
importing equipment from South Korea and China, the directorate of revenue
intelligence (DRI) informed the Central Bureau of Investigation (CBI).
· Government Approves 19 Proposals of Foreign Direct Investment (FDI) Amounting to
about Rs. 2326.72 Crore.
RBI/TAX LAW UPDATES
· For the convenience of the taxpayers, the Income Tax Department has decided to keep
the offices open for accepting the returns of income during normal office hours on 26th
July and 27th July, 2014, being Saturday and Sunday. This direction has been issued by
the Central Board of Direct Taxes (CBDT) in exercise of powers conferred under Section
119 of the Income Tax Act, 1961.
· Indirect tax collections recorded a 13.5 per cent growth in June this year to stand at Rs
44,356 crore, compared with Rs 39,085 crore in the corresponding month last year.
MCX CRUDE OIL
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