Moody's raised India's credit rating outlook to positive from stable, indicating potential for an upgrade in the next 12-18 months due to economic reforms under the Modi government. The government plans to launch a scheme in May encouraging temples to deposit gold with banks in exchange for interest, which could provide around 3,000 tons to help address India's trade deficit. SEBI increased the limit for USD-INR currency derivative contracts beyond which proof of exposure is needed by foreign portfolio investors.

1. THOUGHT OF THE DAY
“Education is the most powerful weapon which you can use to change
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ECONOMIC UPDATES
 Moody's raised India's credit rating outlook to positive from stable,
marking a robust endorsement of policy initiatives by the Narendra Modi
government aimed at reviving growth and putting it ahead of other
economies. A rating upgrade could be possible in the next 12-18 months.
 The government is planning to launch a scheme in May that would
encourage temples to deposit their gold with banks in return for interest
payments and has estimated at about 3,000 tonnes to help tackle India's
chronic trade imbalance.
SEBI/CORPORATE UPDATES
 MCA has passed Assessment Order ref 3/170/2014-CL-II dated 01.04.2015
under sub-section (3) of section 396 of the Companies Act, 1956 read with
rule 12-A of the Companies (Central Government's) General Rules and
Forms, 1956 in the matter of proposed amalgamation of National Spot
Exchange Limited (dissolved company) with its holding company,
Financial Technologies (India) Limited (transferee company).
 Vide circular ref CIR/MRD/DP/ 04 /2015 dated April 08, 2015,SEBI hikes
limit for USD-INR currency derivative contract beyond which proof of
exposure is to be established by FPIs.
RBI/TAX LAW UPDATES
 Circular ref F.No.401/57/2014- Cus III dated 09-04-2015 issued by CBEC
Regarding 4% SAD refund claim to importers in terms of notification No.
102/2007- Customs dated 14.09.2007 at the Customs stations where
imports are made. However, the number of such claims shall be limited to
one in a particular month.
 Vide Circular No 6 of 2015 dated 09.04.2015 issued by CBDT, CBDT
clarifies that no capital gain arises on roll over of Mutual Funds under
Fixed Maturity Plans as per SEBI norms.
 Vide Circular No 5/2015 dated 09.04.2015 issued by CBDT, it is clarified
that Self-assessment tax paid before due date of filing of wealth tax return
isn't subject to interest.
MARKET UPDATES
SENSEX
28,785.51 -91.40
CNX NIFTY
8,747.90 -30.40
DOLLAR/ RUPEE
62.36 0.11
MCX SILVER
37,510.00 227.00
MCX GOLD
26,553.00 32.00
MCX CRUDE OIL
3,176.00 -39.00
Dow Jones Industrial
average
17,958.73 56.22
Nasdaq Composite
4,974.57 23.74
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