PGC Newsletter dated 10th October,2014

1. PGC NEWSLETTER 1
PGC
NEWSLETTER
10th
October, 2014
THOUGHT OF THE DAY
“One of the most important keys to Success is having the discipline to do
what you know you should do, even when you don’t feel like doing it.”
ECONOMIC NEWS
 The Global Financial Stability Report released by the International Monetary
Fund (IMF) here on Wednesday warns that the risk of shocks emerging from
advanced economies hitting emerging economies, including India, has doubled
since the collapse of Lehman Brothers in 2008, triggering a global financial
crisis.
 The government is discussing a plan to set up a special zone with tax benefits
for diamond import and trading in Mumbai, to try and develop the country's
financial capital as a rival to Antwerp and Dubai, which are currently trading
hubs for the precious stone.
SEBI/CORPORATE UPDATES
 This is to inform that the e-form DIR-3C, i.e., replacing e-form DIN-3 has been
Introduced by MCA for filing.
 As per circular issued by SEBI vide CIRCULAR No. CIR/IMD/FIIC/19/2014
dated October 09, 2014 Clarification on Government Debt Investment Limits
have been provided to All Foreign Portfolio Investors through their Designated
Depository Participants , The Depositories (NSDL and CDSL).
 In light of peak filing period, View Public Documents (VPD) service would be
disabled between: 13th Oct 2014 - 18th Oct 2014 (09:00 AM - 09:00 PM ).
Stakeholders are requested to plan accordingly.
 Around 4,600 investors in two Sahara group companies have come forward to
claim refunds from the Securities and Exchange Board of India (SEBI), which
had asked those who had purchased bonds issued by the entities to claim their
money.
RBI / TAX LAW UPDATES
 As per notification issued by RBI vide notification no-RBI/2014-15/257 A. P.
(DIR Series) Circular No.35 dated October 9, 2014 to all Authorised Dealer
Category - I Banks, it has been brought to the notice regarding Memorandum
of Instructions for Opening and Maintenance of Rupee / Foreign Currency
Vostro Accounts of Non-resident Exchange Houses.
 The income tax (I-T) department has allowed profit-linked tax deductions to
new Special Economic Zone (SEZ) units upon transfer of technical manpower
up to 50 per cent from an existing unit — a further relaxation from 20 per cent
allowed earlier in July this year. This will provide a major tax relief to software
and IT-enabled services companies operating from such units.
MARKET UPDATES
SENSEX
26,385.49 -251.79
CNX NIFTY
7,886.20 -74.35
DOLLAR/ RUPEE
61.14 0.07
MCX SILVER
38,420.00 -195.00
MCX GOLD
26,948.00 -10.00
MCX CRUDE OIL
5,141.00 -123.00
Dow Jones Industrial
average
16,659.25 -334.97
Nasdaq Composite
4,378.34 -90.26
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