The document provides economic, regulatory, and market updates from India. It mentions that the Indian government will allow investing 5-15% of employees' provident fund contributions in equity funds. It also notes new tax rules for provident funds and an upcoming meeting between the finance minister and industry on tax forms. Additionally, it lists recent changes and notifications from regulatory bodies like SEBI, RBI, and ICSI, along with introductions of historical events and current market indexes.

1. THOUGHT OF THE DAY
"If your actions inspire others to dream more, learn more, do more and
become more, you are a leader…"
ECONOMIC UPDATES
 In a major boost to India's capital markets, the Union labour ministry has
allowed investing 5-15 per cent of Employees' Provident Fund
Organisation (EPFO)'s incremental corpus of about Rs 6 lakh crore in
equity-related instruments, in the form of exchange-traded funds.
 From June 1, workers' retirement savings exceeding Rs 30,000 will be
taxed at 10.3% or the maximum marginal rate of 30.6% if they leave the
employees' provident fund before completing five years of service
 Finance minister Arun Jaitley will meet industry chambers to get feedback
from business on the new tax return forms that came in for criticism over
disclosures related to foreign travel and domestic bank accounts.
SEBI/CORPORATE UPDATES
 ICSI issues Secretarial Standards approved by the Central Government to
be effective from July 1, 2015.
 Changes in the Reserve Bank of India (RBI) Act, to come into effect once
the Finance Bill is passed, the central bank will only be left with powers to
regulate repurchase and reverse repurchase rates for money, commercial
papers, and corporate bonds and debentures held by banks.
RBI/TAX LAW UPDATES
 With most states on board, the government proposes to take up for
consideration and passage of Constitution Amendment bill in the Lok
Sabha today to roll out the Goods and Services Tax (GST).
 Vide Notification RBI/2014-15/571 DCM(CC) No. G-13/4553/03.39.01/
2014-15 dated April 23, 2015 simplified procedure for opening of Currency
Chests.
 Vide Notification RBI/2014-15/573 FIDD.CO.Plan.BC.54/04.09.01/2014-
15 dated April 23, 2015 notified that Categories of the priority sector:
Medium Enterprises, Social Infrastructure and Renewable Energy will
form part of priority sector, in addition to the existing categories.
HISTORICAL EVENT
 The IBM Personal Computer is introduced in 1981.
MARKET UPDATES
SENSEX
27,549.78 -184.30
CNX NIFTY
8,332.05 -66.25
DOLLAR/ RUPEE
63.4 0.08
MCX SILVER
36,060.00 -51.00
MCX GOLD
26,870.00 -30.00
MCX CRUDE OIL
3,657.00 -31.00
Dow Jones Industrial
average
18,058.69 20.42
Nasdaq Composite
5,056.06 20.89
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