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  1. 1. PGC NEWSLETTER 28th February 2014 THOUGHT OF THE DAY “INSPIRATION IS EVERYWHERE” MARKET UPDATES ECONOMICS NEWS • Environment Minister M Veerappa Moily has cleared a Genetic Engineering Appraisal Committee (GEAC) decision to allow gene modification field trials for certain food crops. • India will have to import 84.4% of its energy demand in 2047 against 36% as of now, if the government and industry maintain a status quo on the policy and technology front across six major energy-consuming sectors in the country. CORPORATE LAW UPDATES • India's Tata Steel and ONGC have been named among the world's most admired companies by Fortune magazine in a list topped by technology giant Apple. • MCA notified Section 135 of companies act 2013, CSR rules and Companies shall incur on Corporate Social responsibility from 01-04-2014. RBI / TAX LAW UPDATES • • IT: In pursuance of power conferred by sub-section (3) of section 90 with effect from 1-4-2004, Notification No. 91/2008 dated 28-8-2008 issued by Central Government clarifying phrase 'may be taxed' in context of DTAAs, is clarificatory in nature and, thus, it will have retrospective effect from assessment year 2004-05. IT: To make reference under section 55A, Assessing Officer has to form an opinion that value claimed by assessee is less than fair market value. PGC NEWSLETTER27th February 2014 SENSEX 21,070.11 83.12 CNX NIFTY 6,258.80 20.00 DOLLAR/ RUPEE 62.09 0.13 MCX SILVER 46440.0 -0.19 MCX GOLD 30,073.0 -16.0 MCX CRUDE OIL 6352.0 0.05 Dow Jones Industrial Average 16,272.65 74.24 Nasdaq Composite 4318.93 26.87 1