The newsletter provides updates on corporate law, income tax, foreign exchange management regulations, and disinvestment plans. It also includes notices from the Reserve Bank of India on penal charges for minimum balance requirements, special deposit scheme interest rates, and customer rights. Market updates at the end report declines in the Sensex, Nifty, dollar, and commodity prices of silver, gold, crude oil, and US indexes.

1. PGC NEWSLETTER 1
PGC NEWSLETTER 15th December, 2014
THOUGHT OF THE DAY “Nothing is impossible, the word itself says 'I'm possible...” CORPORATE LAW UPDATES
 A Luxembourg judge has charged a former PricewaterhouseCoopers employee suspected of leaking documents about secret corporate tax deals with theft and giving away business secrets, the Luxembourg public prosecutor's office said on Saturday.
 Kingfisher Airlines chairperson and managing director Vijay Mallya has sought exemption from appearance before a magistrate in Mumbai in connection with a cheating case filed by the service tax commissioner against the airline for failing to pay Rs 33 crore, due since 2011, to the central government.
 A Parliamentary committee has rapped the income tax department for the rising uncollected tax demand and “lack of sustained efforts” on its part to recover the pending amount, which rose to Rs 4.86 lakh crore in 2012-13 from Rs 4.08 lakh crore in 2011-12.
 A major reshuffle has been effected in the CBDT, with the board's Chairperson Anita Kapur deciding to assume exclusive charge of Income-Tax department investigations in order to personally spearhead ongoing probes into cases of tax evasion and blackmoney.
 Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Fifth Amendment) Regulations, 2014 - 326/RB-2014 - Dated 12-11-2014 - Foreign Exchange Management
 The government has identified Satluj Jal Vidyut Nigam (SJVN) and manganese-ore miner MOIL as possible candidates for 10 per cent disinvestment in the current fiscal which could together fetch over Rs 1,200 crore to the exchequer.
RBI / TAX LAW UPDATES
 RBI issued Notification, vide ref No- RBI/2014-15/349,DCBR.BPD (PCB/RCB) Cir. No. 3/12.05.001/2014-15 dated December 12, 2014 regarding Levy of Penal Charges on Non-maintenance of Minimum Balances in Savings Bank Accounts.
 RBI releases charter giving more rights to bank customers.
 RBI issued Notification, vide ref No- RBI/2014-15/350, IDMD (DGBA).CDD.No.2600/15.01.001/2014-15 dated December 12, 2014regarding Special Deposit Scheme 1975 – Payment of interest for the calendar year 2014.
 Notification No. 33/2014-Customs dated the 11th December, 2014 Grants issued by Customs -Tariff regarding exemption from the duties of Customs to goods imported for donation for the relief and rehabilitation of people affected by the floods in the State of Jammu and Kashmir.
MARKET UPDATES SENSEX
27,307.65-43.03 CNX NIFTY
8,217.20-6.90 DOLLAR/ RUPEE
62.570.27. MCX SILVER 38,645.00-77.00 MCX GOLD 27,083.00-126.00 MCX CRUDE OIL 3,635.00-181.00 Dow Jones Industrial average 17,280.83-315.51 Nasdaq Composite 4,653.60-54.57
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