Newsletter dated 30th March,2015

1. PGC NEWSLETTER 1
PGC
NEWSLETTER
30th
March, 2015
THOUGHT OF THE DAY
“The empires of the future are empires of the mind…”
ECONOMIC NEWS
 To reduce risks in the banking sector and curb the rising bad loans, the
Reserve Bank of India (RBI) has proposed to reduce the exposure of a
bank to a business group to 25 per cent of its capital, down from the
existing level of 55 per cent.
 RBI to soon issue norms for Central Fraud Registry Says RBI Deputy
Governor S S Mundra. The proposed institution, which will enable quick
sharing of information on entities found to be defrauding banks, will work
under the supervision of RBI.
SEBI/ CORPORATE LAW UPDATES
 The government will unveil the new Foreign Trade Policy (FTP) on April 1,
aimed at giving fillip to exports with an objective to drive economic growth
and create more employment opportunities.
 A former member of the Securities and Exchange of India (SEBI), M S
Sahoo, has become a member of the Competition Commission of India
(CCI).
RBI / TAX LAW UPDATES
 Service Tax Return (ST-3) for October 2014 to March 2015 period will be
made available from 01.04.2015 for e-filing by the assesses in both offline
and online version. The last date for filing the returns for the said period is
25th April 2015. The assesse can file return online or use the offline utility
by downloading the latest version from http://acesdownload.nic.in/ or
from ‘DOWNLOADS’ Section of ACES website.
 RBI changes public deposit rules for NBFCs. The earlier revised regulatory
framework for NBFCs was issued in November 2014. An asset finance
company or a loan company or an investment company having a minimum
Net Owned Fund (NOF) as stipulated by RBI and complying with
prudential norms may accept or renew public deposits.
 CBDT issued Circular No 4/2015 dated March 26,2015 providing
Clarification regarding Explanation 5 to Clause (i) of sub section 1 of
section 9 of Income Tax Act, 1961 in respect of taxability of income
accruing or arising through transfer of capital asset situated in India.
MARKET UPDATES
SENSEX
27,740.55 281.91
CNX NIFTY
8,415.95 74.55
DOLLAR/ RUPEE
62.61 0.19
MCX SILVER
37,930.00 -465.00
MCX GOLD
26,419.00 -150.00
MCX CRUDE OIL
3,033.00 -119.00
Dow Jones Industrial
average
17,712.66 34.43
Nasdaq Composite
4,891.22 27.86
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