Newsletter dated 11th July, 2015

1. THOUGHT OF THE DAY
“Knowledge has to be improved, challenged, and increased
constantly, or it vanishes…”
ECONOMIC UPDATES
 Retirement fund body EPFO is considering a scheme for its subscribers so
that they are able to own a house by retirement. Ministry intends to
collaborate with PSU banks, Housing Finance Companies, State-owned
construction firms to build houses at prices to be fixed by the government.
The panel is expected to submit its report soon.
 The Government is planning to issue a comprehensive set of clarifications
on the FDI in retail e-commerce.
SEBI/CORPORATE UPDATES
 Vide DGFT Trade Notice No. 07/2015 DGFT Launches online payment
facility for application fees through Credit/ Debit Cards.
 The Institute of Cost Accountants of India is pleased to release 2nd series
of Frequently Asked Questions (FAQ-2) on Companies (Cost Records and
Audit) Rules 2014.
RBI/TAX LAW UPDATES
 Vide CBDT Notification D.O.No.279/M-88/2014-ITJ notified that despite
several instructions necessary due diligence and caution is not being
exercised while granting authorization for filing of appeals whereby CBDT
upset with frivolous filing of appeals by officials; reiterates its stance of
filing appeals in deserving cases.
 Manual scrutiny of Service Tax returns of select assessees who have paid
less than Rs 50 lakh of total tax during 2014-15 will start w.e.f. August 1.
 RBI issued FAQs on Liaison / Branch / Project Offices of foreign entities in
India.
 Vide Notification No. 32/2015-Customs (ADD) notified rate of exchange
applicable for the purposes of calculation of Anti-dumping duty on imports
of Phenol, originating in or exported from South Africa.
 Vide RBI Press Release: 2015-2016/109 released the data on Overseas
Direct Investment, both under Automatic Route and the Approval Route,
for the month of June 2015.
MARKET UPDATES
SENSEX
27,661.40 87.74
CNX NIFTY
8,360.55 32.00
DOLLAR/ RUPEE
63.40 0.01
MCX SILVER
35,630.00 302.00
MCX GOLD
26,050.00 -14.00
MCX CRUDE OIL
3,331.00 -30.00
Dow Jones Industrial
average
17,760.41 211.79
Nasdaq Composite
4,997.70 75.30
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