Newsletter dated 12th February,2015
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The newsletter provides updates on economic, RBI, tax law, and market issues. It notes that the Export-Import Bank of India has entered an agreement to provide a $22.5 million line of credit to Gambia for an electrification project. It also discusses the need to prioritize infrastructure investment to achieve collective growth objectives. Several RBI and tax law circulars and notifications are summarized, including updates to an anti-terrorism sanctions list and drawback rules. Market indexes are reported along with a historical event of Japan's first television broadcast of a baseball game.
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![PGC NEWSLETTER 1
PGC
NEWSLETTER
12th
February, 2015
THOUGHT OF THE DAY
“Leadership is the capacity to translate vision into reality”
ECONOMIC UPDATES
Export-Import Bank of India has entered into an Agreement with the
Government of the Republic of Gambia for making available Exim Bank's
Line of Credit of USD 22.50 million to the Government of the Republic of
Gambiafor the purpose of financing electrification expansion project.(Ref-
RBI//2014-15/464 A.P. (DIR Series) Circular No.75)
The Minister of State for Finance Shri Jayant Sinha shares his words that
A Very High Priority Needs to be given to Investment Including
Investment in Infrastructure to Achieve G-20's Collective Growth
Objectiveand emphasized on improving the public investment processes.
RBI/TAX LAW UPDATES
VideRBI Notification ref RBI/2014-15/465 DNBR (PD).CC.No.020/
03.10.42/2014-15 dated February 11, 2015 notified to all NBFCs
regarding Implementation of Section 51-A of UAPA, 1967- Updates of the
UNSCR 1267(1999)/1989(2011) Committee’s Al Qaida Sanctions List.
The Reserve Bank of India with the responsibility of regulating and
supervising the Non-Banking Financial Companiesissued FAQ on
Systemically Important Core Investment Companies (CICs-ND-SI)dated
February 11, 2015.
Circular No 02/2015 F. No. 385/03/2015-IT(B) dated February 10, 2015
issued by CBDT, The Board has decided that no interest under section
234A of the Act is chargeable on the amount of self-assessment tax paid by
the assessee before the due date of filing of return of income.
Notification No. 21/2015 - Customs (N.T.) dated the 10th February, 2015
issued by CBEC Seeks to make certain changes in AIR Drawback Schedule.
Notification No. 20/2015 - Customs (N.T.) dated the 10th February, 2015
issued by CBEC Seeks to amend Drawback Rules 1995.
In CCE, Panchkula vs. M/s. Krishna Cylinders [2015 (1) TMI 1197 –
CESTAT NEW DELHI], it was held that No penalty could be imposed
when the amount of Service tax has been paid along with interest before
issuance of Show Cause Notice.
HISTORICAL EVENT
Japan makes its first television broadcast–a baseball game.
MARKET UPDATES
SENSEX
28,510.34 -23.63
CNX NIFTY
8,623.35 -4.05
DOLLAR/ RUPEE
62.42 0.16.
MCX SILVER
37,147.00 -250.00
MCX GOLD
26,615.00 -50.00
MCX CRUDE OIL
3,100.00 25.00
Dow Jones Industrial
average
17,862.14 -6.62
Nasdaq Composite
4,801.18 13.54
http://www.proglobalcorp.com](https://image.slidesharecdn.com/pgcnewsletterdated12thfebruary2015-150212020812-conversion-gate01/85/Newsletter-dated-12th-February-2015-1-320.jpg)
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Newsletter dated 9th February,2015
The newsletter provides economic, corporate, and market updates. It discusses the Confederation of Indian Industry urging faster implementation of the Goods and Services Tax Bill. It also mentions Hindustan Unilever citing a slowdown in spending among urban consumers. Additionally, the government is expected to disclose names of about 60 Indians and entities involved in black money accounts. The newsletter also discusses SEBI identifying parameters to take action against companies with weak fundamentals and rising stock prices. It notes KKR India plans to invest Rs. 600 crore in two Indian companies. Finally, it provides closing figures for key stock market indexes.
Newsletter dated 6th February,2015
The newsletter provides updates on corporate, regulatory, tax, and market news. Key points include:
1) The MCA issued a circular to constitute a committee to improve monitoring of corporate social responsibility policies.
2) The FMC issued guidelines for commodity exchanges to implement anti-money laundering provisions.
3) The RBI issued several circulars including guidelines for a countercyclical capital buffer and permitting repo transactions of government securities.
Newsletter dated 18th February,2015
This newsletter provides updates across various domains:
- India proposed a two-tier duty elimination structure for the Regional Comprehensive Economic Partnership trading bloc. Several companies also face investigations for evading service tax.
- Ecommerce company Snapdeal aims to surpass Flipkart's gross merchandise value by the end of the year. The Insurance Regulatory and Development Authority introduced transitional investment provisions for insurers.
- The Department of Economic Affairs launched an upgraded website for foreign direct investment approvals. Multiple Importer-Exporter Codes issued against a single PAN will be deactivated. Projects from various entities were notified for tax relief.
- Key market indices such as Sensex and Nifty witnessed gains while gold, silver,
Newsletter dated 26th February, 2015
The newsletter provides updates on economic, corporate, banking and market activities. It summarizes that the 14th Finance Commission recommendations will provide more fiscal autonomy to states and benefit citizens. It also notes that 211 special economic zone developers were given more time to execute their projects. Several regulatory bodies published new rules regarding dividend payments, additional information requirements and frequently asked questions on investment advisor regulations. The Ministry of External Affairs forwarded an update adding an entry to a sanction list. The RBI decided that overdrafts up to Rs. 5,000 in certain bank accounts will qualify for priority sector advances. Market indexes such as Sensex, Nifty and commodity prices including gold, silver and crude oil are also listed.
Newsletter dated 19th February,2015
The newsletter provides updates on the Indian economy, markets, and regulations. It notes that Indian Railways revenue increased 12.43% and that India and Myanmar held a trade committee meeting to enhance bilateral ties. It also discusses Tata Consulting Services partnering with a fintech startup incubator, SEBI fining several companies for non-compliance, RBI issuing gold import guidelines, and the Jain community being recognized as a minority for credit purposes. Market indexes such as Sensex and Nifty declined slightly while silver, gold, and crude oil prices increased and US indexes such as Dow Jones and Nasdaq saw mixed performance.
Newsletter dated 23rd February, 2015
The newsletter provides economic, corporate, and market updates. Foreign direct investment in India doubled to $2.16 billion in December 2014 compared to the previous year. The Reserve Bank of India governor advocated for philanthropic giving to society. Bank of India plans to defer raising $750 million in foreign currency loans this fiscal year. The newsletter also provides updates on regulatory changes from the Securities and Exchange Board of India, Reserve Bank of India, and India's tax laws. Market indices such as the SENSEX and CNX NIFTY are included along with currency exchange rates and commodity prices.
Newsletter dated 21st January,2015
The newsletter provides updates on economic, corporate, tax, and market news. Key points include:
- The CBDT has granted officers more authority to expedite decisions on re-export of imported goods destined for other countries.
- The CBDT issued a notification requiring business trusts to file details of income distributed to unit holders by November 30 of the following financial year.
- The MCA issued new rules regarding the appointment and qualifications of company directors and corporate social responsibility policies.
- Sahara Group is seeking $2 billion in funding from Mirach Capital Group to post bail for its chairman Subrata Roy.
Newsletter dated 27th February,2015
The PGC newsletter provides economic, corporate, and market updates for February 27th, 2015. Key points include:
- The government approved new norms to appoint private sector candidates as managing directors and CEOs at public sector banks with flexible salary packages.
- The commerce ministry has asked to reduce gold import duties to encourage jewelry exports and manufacturing.
- The SIT investigating black money has asked RBI for financial transaction details from HSBC India from 2011-2012 and over the past 15 years.
- SEBI imposed fines totaling Rs. 86 crore on DLF and associates for failing to disclose sufficient information during its 2008 IPO.
FAQ ON FORMS under Indian Companies Act, 2013
Forms have become alphanumeric. Format are prescribed. Time limits are different for different forms. Things have become bit complicated. An attempt has been made to decode all the comlicacies
1 impact of companies act, 2013 on private companies
The document compares key provisions relating to private companies under the Companies Act of 1956 and the new Companies Act of 2013. It finds that the 2013 Act has significantly reduced exemptions and increased compliance requirements for private companies. Notable changes include restricting the maximum number of members to 200, prohibiting acceptance of unsecured loans from relatives of directors, and mandating appointment of key managerial personnel for companies with paid-up capital over Rs. 5 crores. Overall, private companies now have to comply with many provisions that previously only applied to public companies.
REGISTRATION OF CHARGES COMPANIES ACT, 2013
A company must register any charges on its assets or property with the Registrar of Companies (ROC) within 30 days of creating the charge. This includes charges on tangible or intangible assets located in or outside of India. The company must file Form CHG-1 or CHG-9 with the ROC depending on the type of charge. The ROC may allow registration of charges up to 300 days after creation with a condonation. Upon registration, the ROC will provide a certificate. The company must notify the ROC within 30 days of a charge being fully paid or satisfied. It must also notify the ROC of any receiver or manager appointments over charged assets. The company is required to maintain a register of charges in Form CH
Clauses for CA 2013
The document summarizes key changes to various sections of the Companies Act 2013 based on notifications issued. Some of the major changes include expanding the definition of related parties, increasing the limit of members for a private company to 200, allowing entrenchment provisions in articles of association, additional details to be provided in annual returns and directors' reports, restrictions on auditor services, increasing directorship limits and additional grounds for disqualification as director.
Annual compliances under company law
This document discusses various annual and ongoing compliance requirements for companies under Indian company law. It outlines requirements such as appointing a whole-time company secretary for companies with a paid-up capital of Rs. 2 crore or more, filing annual financial statements and returns within 30 days of the annual general meeting, maintaining various statutory registers, and event-based compliances for activities like changes to the board of directors or share capital. It emphasizes the importance of compliance and having a systematic approach to ensure all legal obligations are met, noting that failure to comply can result in penalties like companies being struck off the register for not filing returns or accounts for 5 consecutive years.
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1 impact of companies act, 2013 on private companies
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Newsletter dated 17th June, 2015
The document provides updates on various topics including education, the economy, corporate regulations, taxes, and financial markets. It notes that India's merchandise exports fell 20.2% in May due to weak global demand and lower oil prices. It also mentions that the Asian Development Bank plans to increase its lending to India to $10-12 billion from 2016-2018 due to expected economic reforms improving business. Finally, it provides closing figures for key indices such as the Sensex, Nifty, and stock exchanges in the US.
Newsletter dated 19th June, 2015
The document provides a daily thought and updates across various sectors including the economy, markets, and regulations. It mentions that formal education provides a living while self-education provides a fortune. It also notes that the government is looking to push smaller state-run company stake sales and that India will consider joining the Asia Infrastructure Investment Bank. Various regulatory bodies like SEBI, MCA, and RBI issued circulars on topics like company law, deposit repayment, submitting bank reports, and export credit lines.
Newsletter dated 3rd September,2015
The newsletter provides updates on corporate, regulatory, tax and market news. It notes that the deadline for filing cost audit reports was extended to September 30, 2015. It also mentions that the RBI will conduct a 12 day reverse repo auction of Rs. 400 billion and that Snapdeal acquired Reduce Data, a programmatic display advertising platform, to build a discovery platform for brands and sellers. Key stock market indexes such as the Sensex, Nifty and Dow Jones are also listed with their closing values and changes.
Newsletter dated 20th May,2015
The newsletter provides updates on corporate regulations from SEBI, tax law updates from RBI and CBEC, and market performance data. Key points include: new insider trading regulations could restrict how promoters pledge shares; service tax will increase to 14% from June 1st with new cess but education and SHE cess removed; CBEC provides instructions to not file legal appeals for amounts under 25 lakhs; amendments made to excise duty and CENVAT credit rules. Market indices such as Sensex, Nifty and commodity prices for gold, silver and crude oil are also listed.
Newsletter dated 11th June, 2015
This newsletter provides a summary of government, regulatory, and market updates from June 11th, 2015. Key points include:
- The Union Cabinet approved promulgating an ordinance to amend negotiable instruments law.
- Several notifications and circulars were issued by regulatory bodies like SEBI, RBI, CBDT, and CBEC regarding VAT refunds, customs duty exemptions, clarifications on TDS credit mismatches and condonation of delay in tax refund claims.
- Historically, Margaret Thatcher won her third term as Prime Minister.
- Domestic and global market indices like Sensex, Nifty, Dow Jones, and Nasdaq declined while the rupee strengthened against
Budget'15 Analysis- Service Tax
“Highlights - Budget 2015-16 - Service Tax" containing descriptions of entire amendments that took place through the Union Budget, 2015 in the field of Indirect taxes, formerly covering Service Tax.
Newsletter dated 14th July, 2015
The document provides a summary of various economic, regulatory, and market updates. It notes that India's consumer price inflation rose to a nine-month high of 5.40% in June driven by higher food prices. It also discusses IRDAI exploring ways to promote online insurance and SEBI seeking clarification on Coffee Day Enterprise's proposed IPO. Key stock market indices such as Sensex and Nifty declined while gold and crude oil futures on MCX also fell for the day.
Newsletter dated 20th March,2015
Major private banks have decided to increase charges and penalties for non-maintenance of average monthly balances, with fees of Rs. 100 more in metros and Rs. 50 more in semi-urban areas. The government is taking steps like lowering excise duties and supporting exports to improve automobile industry production growth. Several corporate and SEBI updates were provided, including amendments to rules on share capital and debentures as well as the management and administration rules. The IPO of Inox Wind saw a 59% subscription on the second day of its share sale. Market indexes such as Sensex, Nifty, and commodity prices including gold, silver, and crude oil were reported.
PGC Newsletter dated 9th January,2015
The newsletter provides economic, regulatory, and market updates from India. It notes that the RBI has decided to raise the dollar reserve ratio for banks from 57% to 67% and that mutual funds launched 75 equity funds in 2014 raising Rs. 12,220 crore. It also summarizes new rules from the SEBI, RBI, and tax authorities including expanded gold loan limits from the RBI, and releases of market indexes and commodity prices on the date.
Indirect Tax - Atmanirbhar Bharat - Scheme.pdf
The document provides an overview and breakdown of the key aspects of India's ₹20 lakh crore economic stimulus package called the Atmanirbhar Bharat Abhiyaan. It summarizes the total funding amounts allocated under different categories like MSME support, direct tax measures, employee PF measures, and other relief. The package aims to make India's economy self-reliant by focusing on five pillars - economy, infrastructure, technology, demography and demand. It also outlines various reforms and relief measures announced between May 13-17 for different sectors severely impacted by the pandemic.
Newsletter dated 23rd May,2015
The document provides summaries of economic, regulatory, and market updates from India. It discusses key reforms the Indian government plans to implement, such as bankruptcy code and ease of business measures. It also summarizes changes to income tax return forms and pension schemes in India. Financial market indicators such as exchange rates and commodity prices are included at the end.
Newsletter dated 1st May, 2015
The document provides economic, corporate, and market updates from India. It summarizes that the government clarified rules for goods transiting to Nepal and Bhutan from third countries. It also notes that amendments were made to withdraw certain provisions from the Finance Bill and that the RBI allocated funds to SIDBI to attract private capital for startups. Market indexes such as the Sensex, Nifty, gold and oil prices are also mentioned.
Newsletter on daily professional updates- 27th September 2019
Knowledge is like money: to be of value it must circulate, and in circulating it can increase in quantity and, hopefully, in value.
Here is your Daily dose of professional updates in newsletter form- 27th September 2019
Newsletter dated 6th August, 2015
The newsletter provides updates on economic, regulatory, and market activities. Key points include:
- The Union Cabinet cleared amendments to arbitration laws to make the process faster and cheaper.
- RBI warned banks against underreporting non-performing assets and evergreening of accounts.
- SEBI notified new formats under takeover regulations and issued guidelines for alternative investment funds.
- Other highlights include DGFT notice on export benefits, a court case related to ICAI registration, and an extension for filing VAT returns in Delhi.
Newsletter dated 21st April, 2015
The document provides economic, regulatory, and market updates from India. It notes that the Finance Minister is seeking implementation of automatic exchange of financial account information globally to tackle black money. It also discusses RBI allowing banks to tie up with e-commerce companies, ICAI issuing clarifications on auditor reports under the Companies Act, and SEZ rules being simplified for inter-unit transfers. Additionally, it provides brief details on historical events, market indexes, and commodity prices.
Newsletter on daily professional updates- 16/01/2020
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Newsletter dated 27th May,2015
This newsletter provides economic, regulatory, and market updates. Key points include:
- The Finance Bill of 2015 was approved, bringing changes like new service tax rates and TDS on recurring deposits effective June 1.
- The Goods and Services Tax may be implemented as early as January 1, 2016, earlier than expected.
- Secretarial standards issued by ICSI will increase administrative burden for companies by requiring availability of documents at meetings.
- SEBI issued a master circular compiling all circulars issued up to April 15, 2015 for stock exchanges and clearing corporations.
- Market indices like Sensex and Nifty declined while gold, silver, and crude oil prices increased slightly.
Newsletter dated 17th August, 2015
The newsletter provides economic, regulatory, and market updates. It notes that the government will discuss the goods and services tax legislation further with opposition parties. The Securities and Exchange Board of India notified amendments to various regulations relating to capital raising and delisting of shares. Market indices such as the SENSEX and CNX NIFTY declined while silver and gold futures rose.
Newsletter dated 21st March, 2015
The document provides economic, regulatory, and market updates from India. It notes that over 94% of India's uncollected tax demand of Rs. 5.75 lakh crore will be difficult to recover. It also discusses the establishment of a MUDRA Bank to provide loans to small entrepreneurs and the introduction of a new tax bill for undisclosed foreign income and assets. Market indices such as the SENSEX and NIFTY are shown to be down on the day along with dollar to rupee exchange rate changes and commodity price movements for gold, silver, crude oil and more.
PGC Newsletter dated 15th January,2015
The newsletter provides economic, corporate, RBI, tax, and market updates. It notes that 25 coal blocks may be put up for auction, with 24 for power and 1 for steel. It also notes that an Aditya Birla executive said cash was routed through local operators for unnamed persons. Infosys will provide expertise to build smart cities. The corporate ministry will notify most remaining company law sections by year-end. RBI cut its repo rate by 25 basis points and eased forex hedging norms for exporters and importers. The Sensex rose over 500 points while the rupee fell against the dollar.
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Forms under COSMOS System
1. The document outlines 16 different types of returns that must be submitted by various categories of Non-Banking Financial Companies (NBFCs) to the Central Repository of Information on Large Credits (COSMOS) system on a quarterly, half-yearly, or annual basis.
2. It provides details such as the name and purpose of each return, the reference date for reporting, the reporting deadline, and the types of NBFCs that must file each return.
3. The returns require NBFCs to report information like their assets and liabilities, capital funds, risk assets, asset classification, statutory liquid assets, public deposits, securitized assets, and structural liquidity.
Reporting IDR quarterly format, distribution
1) The document outlines guidelines for listed entities that have issued Indian Depository Receipts (IDRs) regarding quarterly holding pattern disclosures, corporate governance reporting, and two-way fungibility of IDRs.
2) Listed entities must file quarterly IDR holding patterns within 15 days of the quarter end using a specified format. They must also submit comparative analyses of corporate governance provisions in home and foreign listing jurisdictions.
3) For two-way fungibility of IDRs, guidelines are provided for future IDR issuances allowing partial conversion after 1 year, and for existing listed IDRs requiring at least annual 25% conversion opportunities for holders.
Forms under Companies Act, 2013
This document lists various forms prescribed under the Companies Act, 2013 in India. It outlines the forms required for incorporation of companies, registration of charges, annual filings, appointment and resignation of directors and auditors, related party transactions, and other company law compliances. It also provides contact information for assistance in filing any of these forms. In total, it references over 50 forms across various chapters of the Companies Act that must be filed with the Registrar of Companies for compliance purposes.
FAQs on Annual Filings 2014-15
Proglobal Corp is a Delhi-based consulting firm offering secretarial, HR, legal, financial, and business management services to corporates worldwide. The document provides answers to frequently asked questions regarding annual filings for the 2014-2015 financial year under the Companies Act, including questions about filing forms for appointing auditors, board resolutions, and subsidiary details. It clarifies requirements and procedures for various annual compliance filings like form AOC-4, MGT-7, and MGT-14.
FAQs on Annual Filing
This document provides answers to frequently asked questions regarding annual filings for 2014-15. It addresses questions about forms like ADT-1, GNL-2, AOC-4, and MGT-14 that need to be filed for auditor appointments, financial statements, board resolutions, and other annual compliance requirements. Key points covered include what forms are required for auditor ratification versus appointment, what to fill in AOC-4 if the auditor is changed or there are many subsidiaries, and when shortened notice can be provided for annual filings.
Listing Regulations
The SEBI has notified new listing regulations that consolidate existing listing rules and align them with the Companies Act of 2013. The regulations replace all previous listing agreements and will be effective 90 days after publication. Two provisions regarding related party transactions and reclassification of promoters will apply immediately. The regulations divide content into substantive provisions and procedural schedules. Listed companies must sign a new shortened listing agreement within six months and the regulations apply to all listed securities on stock exchanges.
Newsletter dated 28th August, 2015
The document is a newsletter from PGC that provides economic, market, and regulatory updates. It includes the following:
- The government will ask those holding unaccounted foreign funds to disclose expected income from foreign bank accounts over 10 years old if records are unavailable.
- The Reserve Bank of India has urged the government to speed up banking reforms to increase efficiency and reduce risks to the economy.
- The RBI increased the daily cash withdrawal limit at POS terminals to Rs. 2000 from Rs. 1000 for debit cards in rural areas.
- The CBDT laid down procedures for registration and reporting under the Income Tax Act for transactions with foreign parties.
Newsletter dated 20th August, 2015
The newsletter provides updates on the Indian economy, markets, and regulations. It notes that the government is considering a two-rate structure for goods and services tax (GST). It also announces that the Reserve Bank of India granted payment bank licenses to 11 companies, including telecom and pharmaceutical firms. Finally, it lists several regulatory announcements regarding insurance advertising, insider trading, customs duties, and taxes.
Newsletter dated 11th August, 2015
The document provides economic, regulatory, and market updates from multiple sources. It discusses the government ruling out an extension for black money holders to disclose tax evaded wealth abroad. It also discusses investigations into insurance companies for wrongly claiming tax credits and two companies receiving approval for initial public offerings to raise funds. Market indexes such as Sensex, Nifty, and Dow Jones are reported along with commodity prices.
Newsletter dated 4th August, 2015
The document provides various economic, corporate, and market updates. It notes that the RBI governor kept interest rates unchanged and the government will hold a talkathon on the new black money law. The FIPB cleared several FDI proposals. The Ministry of Commerce introduced composite FDI caps and SEBI sought clarifications from IndiGo on its proposed IPO. CBEC decided to create a GST Directorate and two court cases addressed interest-free loans and the validity of speed post notices. Market indices such as Sensex and Nifty closed lower while gold and silver prices also declined.
Newsletter dated 3rd August, 2015
The document provides a daily summary of thought, economic, SEBI/corporate, RBI/tax, and market updates. It notes that India's current account deficit is expected to widen but remain under control for the full year. The RBI may cut interest rates given subdued inflation. The corporate affairs ministry plans to revamp the Serious Frauds Investigation Office to enable it to obtain external expertise. New income tax norms require companies to disclose more details on foreign assets. Market indices such as Sensex and Nifty ended lower while the rupee weakened against the dollar.
Newsletter dated 1st August, 2015
The document provides economic, regulatory, and market updates from India. Key points include:
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- SEBI modified various forms like Form 20B, Form 23AC effective August 1st. SEBI also issued FAQs on delisting guidelines.
- The CBDT notified new ITR forms 3, 4, 5, 6 and 7 which will be effective from April 1st 2015. RBI will issue ₹10 coins commemorating International Yoga Day bearing the Rupee symbol and value.
- RBI reviewed provision of factoring services by banks
Newsletter dated 30th July,2015
The Cabinet approved a new Consumer Protection Bill that seeks to replace a 29-year old law and proposes setting up a regulatory authority with powers to recall defective products and initiate class action lawsuits. The FIPB approved seven foreign direct investment proposals totaling approximately Rs. 981.15 crore. SEBI passed orders against 91 entities and directors carrying out unregistered collective investment schemes. The government will finalize its intellectual property rights policy within the next 3-4 months and clarify rules on FDI in e-commerce. Taxpayers' identities who opt for advance pricing agreements will remain confidential under the Right to Information Act. The Union Cabinet approved amendments to the Constitution Bill to launch GST, fully compensating states for possible revenue losses over
Newsletter dated 29th July,2015
The document provides updates on the economy, markets, and corporate/regulatory news. It summarizes that India will seek a permanent solution on food stockholding at an upcoming WTO meeting in December and that the RBI may announce liquidity tightening measures. It also notes that SEBI cancelled Sahara Asset Management's mutual fund license and directed it not to take new subscriptions or penalize investors. Market indices such as the Sensex, Nifty, and Dow Jones are also provided.
Newsletter dated 21st July,2015
The document provides various economic, regulatory, and market updates from India. Key points include:
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- The government is seeking legal expert opinion on allowing foreign direct investment in Indian venture capital and private equity funds.
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Newsletter dated 18th July,2015
The document provides updates from various regulatory bodies in India including the Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI), and tax authorities. SEBI has conducted interviews to retain officials from the Forward Markets Commission after their merger. RBI and tax authorities have announced various changes to rules and regulations. Historical events and market updates are also included.
Newsletter dated 17th July,2015
The document provides a daily summary of economic, corporate, regulatory and market updates from India. It includes:
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2) SEBI and RBI released several notifications and circulars related to merchant bankers, trade annulments, concurrent audits, foreign portfolio investments, and income recognition standards.
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Newsletter dated 16th July,2015
The document provides updates on the economy, markets, and regulations. It reports that the cabinet will consider removing distinctions between foreign investment types and increasing caps. The Central Information Commission ordered tax departments to disclose information on advance pricing agreements. SEBI may take action against companies that did not appoint women directors and notified new debt securities listing regulations. RBI set up a panel to review financial inclusion policies. The tax department also launched investigations into possible money laundering and converting black money into white.
Newsletter dated 13th July, 2015
The document provides updates on various topics including the economy, markets, and corporate and regulatory news. It notes that the Reserve Bank of India will support efforts to aggregate farm produce to facilitate credit flow to the agricultural sector. It also mentions that the Foreign Investment Promotion Board will consider 47 foreign investment proposals, including some related to pharmaceutical companies. Additionally, the Securities and Exchange Board of India plans to implement a new automated system to strengthen monitoring of insider trading and corporate governance issues.
Newsletter dated 10th July, 2015
The document provides economic, regulatory, and market updates from India. It notes that the Export-Import Bank of India has provided a $15.13 million line of credit to Djibouti for a cement project. It also mentions that India and the US signed an agreement to implement the Foreign Account Tax Compliance Act to promote tax transparency. Additionally, it outlines new reporting requirements for non-deposit taking NBFCs from the Reserve Bank of India, including submitting annual returns in specific formats based on asset size.
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Newsletter dated 12th February,2015
- 1. PGC NEWSLETTER 1 PGC NEWSLETTER 12th February, 2015 THOUGHT OF THE DAY “Leadership is the capacity to translate vision into reality” ECONOMIC UPDATES Export-Import Bank of India has entered into an Agreement with the Government of the Republic of Gambia for making available Exim Bank's Line of Credit of USD 22.50 million to the Government of the Republic of Gambiafor the purpose of financing electrification expansion project.(Ref- RBI//2014-15/464 A.P. (DIR Series) Circular No.75) The Minister of State for Finance Shri Jayant Sinha shares his words that A Very High Priority Needs to be given to Investment Including Investment in Infrastructure to Achieve G-20's Collective Growth Objectiveand emphasized on improving the public investment processes. RBI/TAX LAW UPDATES VideRBI Notification ref RBI/2014-15/465 DNBR (PD).CC.No.020/ 03.10.42/2014-15 dated February 11, 2015 notified to all NBFCs regarding Implementation of Section 51-A of UAPA, 1967- Updates of the UNSCR 1267(1999)/1989(2011) Committee’s Al Qaida Sanctions List. The Reserve Bank of India with the responsibility of regulating and supervising the Non-Banking Financial Companiesissued FAQ on Systemically Important Core Investment Companies (CICs-ND-SI)dated February 11, 2015. Circular No 02/2015 F. No. 385/03/2015-IT(B) dated February 10, 2015 issued by CBDT, The Board has decided that no interest under section 234A of the Act is chargeable on the amount of self-assessment tax paid by the assessee before the due date of filing of return of income. Notification No. 21/2015 - Customs (N.T.) dated the 10th February, 2015 issued by CBEC Seeks to make certain changes in AIR Drawback Schedule. Notification No. 20/2015 - Customs (N.T.) dated the 10th February, 2015 issued by CBEC Seeks to amend Drawback Rules 1995. In CCE, Panchkula vs. M/s. Krishna Cylinders [2015 (1) TMI 1197 – CESTAT NEW DELHI], it was held that No penalty could be imposed when the amount of Service tax has been paid along with interest before issuance of Show Cause Notice. HISTORICAL EVENT Japan makes its first television broadcast–a baseball game. MARKET UPDATES SENSEX 28,510.34 -23.63 CNX NIFTY 8,623.35 -4.05 DOLLAR/ RUPEE 62.42 0.16. MCX SILVER 37,147.00 -250.00 MCX GOLD 26,615.00 -50.00 MCX CRUDE OIL 3,100.00 25.00 Dow Jones Industrial average 17,862.14 -6.62 Nasdaq Composite 4,801.18 13.54 http://www.proglobalcorp.com