PGC Newsletter dated 16th December,2014

1. PGC NEWSLETTER 1
PGC NEWSLETTER 16th December, 2014
THOUGHT OF THE DAY “Optimism is essential to achievement and it is also the foundation of courage and true progress...” CORPORATE LAW UPDATES
 ICAI, the apex body of chartered accountants, will help Employees' Provident Fund Organisation (EPFO) to migrate to accrual accounting system.
 GST Bill set to be tabled as states' key demands met. Petro products may be out of GST for a few years; compensation for states will be included
 The CBI was today directed by a special court to record statements of former Prime Minister Manmohan Singh, who was holding charge as Coal Minister in 2005, and others in a coal blocks allocation scam case allegedly involving top industrialist Kumar Mangalam Birla.
 The Centre has given a final chance to cash-strapped SpiceJet to survive, asking the low cost carrier to raise funds within the next 10 days, possibly from promoter Sun Group chief Kalanithi Maran, or face closure.
RBI / TAX LAW UPDATES
 RBI issued Notification, vide ref No- RBI/2014–15/352, DPSS (CO) RTGS No. 1064 / 04.04.002 / 2014-15 dated December 15, 2014, regarding Extension of Business hours extended for RTGS transfers.
 RBI issued Notification, vide ref No- RBI/2014-15/351, IDMD.PDRD.No.7/03.64.00/2014-15 dated December 15, 2014 regarding Decrease in Held to Maturity (HTM) limits for Standalone PDs from 200% to 100% of the audited NOF of the PD as at the end of the preceding financial year.
 RBI notification ref RBI/2014-15/354 DBR. No. BP.BC. 53/21.04. 132/2014-15 dated December 15, 2014 issued regarding Flexible Structuring of Existing Long Term Project Loans to Infrastructure and Core Industries.
 NOTIFICATION No.F.3(352)/Policy/VAT/2013/585-596 Dated:15-12-2014 issued by Delhi Value Added Tax regarding Filing of Form DP-1 - F.3(352)/Policy/VAT/2013/585-596.
 Notification No. 114/2014- Cus (NT) dated. 15-12-2014 issued by Customs - Non Tariff seeks to Amend Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001.
MARKET UPDATES SENSEX
26,910.44-409.12 CNX NIFTY
8,101.65-117.95 DOLLAR/ RUPEE
63.490.54. MCX SILVER 37,389.00-926.00 MCX GOLD 27,095.00-225.00 MCX CRUDE OIL 3,534.00-64.00 Dow Jones Industrial average 17,180.84-99.99 Nasdaq Composite 4,605.16-48.44
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