The document provides a daily summary of economic, corporate, and market updates from India. It warns against outsourcing core credit processing activities as it could lead to bad loans. It also reports that PSU banks have reported over 2,100 fraud cases involving Rs. 11,022 crore this fiscal year. Additionally, it provides closing figures for key indices like Sensex, Nifty and exchange rates for the dollar and rupee.

1. THOUGHT OF THE DAY
“Start by doing what's necessary; then do what's possible; and
suddenly you are doing the impossible…”
ECONOMIC UPDATES
 The Reserve Bank on Monday warned lenders against outsourcing their
credit processing activities to third-party entities as it is most core activity
of a banker. As a reason behind that If credit processing is also
outsourced will lead to a kind of situation hinting at the mounting bad
loans in the banking system.
 PSU banks have reported over 2,100 fraud cases involving a sum of Rs
11,022 crore in the first nine months of the ongoing fiscal, with PNB
reporting the maximum number of such instances.
 OIN (Open Invention Network) launched in 2005, a community
promoting open source innovation and patent non-aggression in Linux, is
reaching out to Indian companies to join its shared patent pool.
SEBI/CORPORATE UPDATES
 Open Ended Equity Linked Savings Scheme filed with SEBI, along with a
Due Diligence Certificate from the Asset Management Company (AMC).
Investment in this scheme would be subject to statutory lock-in period of
3 years from the date of allotment to be eligible for income tax benefit.
 The Supreme Court on Monday gave Sahara group three months to
submit final proposal to raise funds to repay investors' money raised by
the company in 2008 and 2009.
RBI/TAX LAW UPDATES
 Vide Notification RBI/2014-15/509 A.P. (DIR Series) Circular No. 86
dated March 23, 2015 notified that Export-Import Bank of India (Exim
Bank) has entered into an Agreement with the Myanma Foreign Trade
Bank of Union of Myanmar, for making available to the latter, a Line of
Credit (LOC) of USD 198.96 million for financing 18 irrigation projects in
Republic of Union of Myanmar.
 Pending filing of income-tax return for the previous financial year
(FY14/assessment year 2014-15), still have a chance to do so by March 31
otherwise the tax authorities could impose a fine of R5,000. If any person
owe tax, need to pay a penal interest of 1% per month on the amount due
even if file the return by March 31.
MARKET UPDATES
SENSEX
28,340.27 148.25
CNX NIFTY
8,595.05 44.15
DOLLAR/ RUPEE
62.19 -0.09
MCX SILVER
37,686.00 -95.00
MCX GOLD
26,185.00 -13.00
MCX CRUDE OIL
2,946.00 16.00
Dow Jones Industrial
average
18,116.04 -11.61
Nasdaq Composite
5,010.97 -15.45
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