PGC Newsletter dated 11th October,2014

1. PGC NEWSLETTER 1
PGC NEWSLETTER 11th October, 2014
THOUGHT OF THE DAY “Follow your bliss and the universe will open doors where there were only walls.” ECONOMIC NEWS
 Punjab National Bank (PNB), on Friday, revised interest rates on single term deposit of Rs.1 crore to Rs.10 crore. As per its announcement, interest on such deposits for a maturity period of 7-14 days is being revised to 6 per cent from 4 per cent, 15-29 days 6 per cent (4.50 per cent); 30-45 days 6.25 per cent (6.50 per cent); 46-90 days 7 per cent (7.25 per cent) and 271 days to less than one year 8.50 per cent (8.75 per cent).
 The National Commodity & Derivatives Exchange (NCDEX) has decided to levy higher charges for open interest (OI), from Wednesday.
SEBI/CORPORATE UPDATES
 It is time to scrap the archaic insurance laws of the country as these have become major impediments for the growth of industry. The Indian government should empower the regulator IRDA as a single entity that is responsible and accountable for the performance of insurance sector, asserted insurance industry veteran and founder-Chairman of the Shriram Group R. Thyagarajan.
 Stressing on a need for better governance practices at listed companies, U K Sinha, chairman of the SEBI, on Friday said AGMs cannot be 'chai-samosa' parties. The SEBI chief also asserted the onus needs to be put more on the promoters or the top executives, rather than companies as a whole, when it came to penalties.
 SEBI has issued order Under section 12A of the Securities Contracts (Regulations) Act, 1956 read with section 11 of the Securities and Exchange Board of India Act, 1992 In respect of the National Stock Exchange of India Limited vide no-WTM/PS/38/MRD/DSA/OCT/2014
RBI / TAX LAW UPDATES
 The division bench of the Bombay High Court, headed by Chief Justice Mohit Shah, held that there was no question of imposing transfer pricing regulation, and that Vodafone India Services Pvt. Ltd. (VISPL) was not liable to pay the additional tax amount of over Rs.3,000 crore.
 As per Notification of RBI vide no-RBI/2014-15/260 DPSS.CO.PD.No.659/02.10.002/2014-2015 dated October 10, 2014 to The Chairman and Managing Director / Chief Executive Officers and All Scheduled Commercial Banks including RRBs /Urban Co-operative Banks / State Co- operative Banks /District Central Co-operative Banks, - Clarifications regarding Usage of ATMs –Rationalization of number of free transactions have been provided.
MARKET UPDATES SENSEX
26,297.38-339.90 CNX NIFTY
7,859.95-100.60 DOLLAR/ RUPEE
61.330.27 MCX SILVER 38,549.00-66.00 MCX GOLD 26,973.0015.00 MCX CRUDE OIL 5,293.0029.00 Dow Jones Industrial average 16,544.10-115.15 Nasdaq Composite 4,276.24-102.10
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