Newsletter dated 26th March, 2015

1. THOUGHT OF THE DAY
“The first step toward change is awareness. The second step is
acceptance…”
ECONOMIC UPDATES
 RBI issued Guidelines for Relief Measures by Banks in Areas Affected by
Natural Calamities and are enclosed for implementation by banks.
(Notification RBI/2014-15/512 FIDD.No.FSD.BC.52/05.10.001/2014-15)
 The Government has cleared 10 foreign direct investment (FDI) proposals
entailing Rs 2,857 crore to set up a Joint Venture (JV) with 51% equity
participation for undertaking of single brand retail trading under the
brand name Wacoal.
SEBI/CORPORATE UPDATES
 Women Director-Countdown Begins - Institute of Company
Secretaries of India is preparing a Panel of Female Company Secretaries
for appointment of Woman Director on the Board of Listed Companies
and the same would be hosted on the institute’s websites.
 The service tax department has sent notice to Securities and Exchange
Board of India (SEBI) for tax dues amounting Rs. 600 crore since April
2012.The department is also looking at the services provided by other
regulators including the RBI and IRDAI.
RBI/TAX LAW UPDATES
 Vide Notification RBI/2014-15/516 DGBA. GAD.No. 4285/ 42.01.029/
2014-15 dated March 25, 2015 advised the procedure to be followed for
reporting and accounting of collection of Direct Taxes (CBDT) and Indirect
Taxes (CBEC) and transactions of Departmentalized Ministries at the
branches of bank for the Financial Year 2013-14.
 Vide Notification RBI/2014-15/515 DGBA. GAD.No. 4318/ 42.01.029/
2014-15 RBI has decided that all agency banks shall keep the counters of
their designated branches conducting government business open for full
day on March 30, 2015, and till 8.00 p.m. on March 31, 2015.
 Foreign Exchange Department shall not issue the instructions to the APs
who are Indian Agents under Money Transfer Service Scheme, on the
captioned subject separately and the instructions issued by Department of
Banking Regulation, Central Office and RBI mutatis mutandis be
applicable to all APs.(RBI/2014-15/514 A.P. (DIR Series) Circular No. 88)
MARKET UPDATES
SENSEX
27,835.00 -276.83
CNX NIFTY
8,462.40 -68.40
DOLLAR/ RUPEE
62.71 0.37
MCX SILVER
38,444.00 286.00
MCX GOLD
26,650.00 167.00
MCX CRUDE OIL
3,251.00 157.00
Dow Jones Industrial
average
17,718.54 -292.60
Nasdaq Composite
4,876.52 -118.21
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