Newsletter dated 2nd May, 2015

1. THOUGHT OF THE DAY
"The ones who are crazy enough to think they can change the world, are
the ones who do..."
ECONOMIC UPDATES
 Report by a parliamentary standing committee and other data show that
the ministry and its arms are failing to check industrial pollution in recent
years. The Central Pollution Control Board has a sanctioned strength of
539 officials but 105 of these slots, including 60 technical and scientific
staff positions, are vacant.
 Banks have firmed up the upper limit on withdrawals at micro automatic
teller machines (ATMs) at Rs 10,000 as part of rules governing small
transactions, especially under financial inclusion. They will levy an
interchange fee of Rs 2 for withdrawal up to Rs 2,000 per transaction. The
charge will rise to Rs 15 per withdrawal for amount between Rs 5,001 and
Rs 10,000.
SEBI/CORPORATE UPDATES
 Non-banking finance companies Bajaj Finance, Shriram Transport
Finance, Housing Development Finance Corporation, Shriram City Union,
and LIC Housing Finance have reduced corporate deposit rates by five to
40 basis points. Before the rate cut, schemes, including those from
Shriram Transport Finance, offered as much as 9.75% with two to five-year
maturities.
 Vide Circular ref CIR/IMD/DF/4/2015 dated April 30, 2015 issued by
SEBI, SEBI mandates display of 'Riskometer' in mutual fund schemes to
show level of risk.
 Vide Circular Ref IRDAI/F&I/CIR/INV/093/04/2015 dated 30-04-2015
issued by IRDA, IRDA allows insurers to withdraw deposits held in Gilt
Accounts under Insurance Act, 1938.
RBI/TAX LAW UPDATES
 Vide Notification No. 13 /2015--Central Excise (N.T.) seeks to amend the
Chewing Tobacco and Unmanufactured Tobacco Packing Machines
(Capacity Determination and Collection of Duty) Rules, 2010.
 Vide PUBLIC NOTICE NO. 7 /2015-2020 dated 1st May, 2015 issued by
Ministry of Commerce & Industry the Director General of Foreign Trade
hereby makes amendment in para 2.07 (a) (iv) of Handbook of Procedures
(2015-2020) which lists categories of importers or exporters exempted
from obtaining Importer-Exporter Code(IEC).
 Vide Notification NO. 30/2015-Custom dated April 30, 2015 notified
reduction in Custom duty on iron ore fines (below 58% Fe content).
HISTORICAL EVENT
 The Hudson Bay Company is founded in the year 1670.
MARKET UPDATES
SENSEX
27,011.31 -214.62
CNX NIFTY
8,181.50 -58.25
DOLLAR/ RUPEE
63.42 0.11
MCX SILVER
36,555.00 -1159.00
MCX GOLD
26,625.00 -91.00
MCX CRUDE OIL
3,754.00 -36.00
Dow Jones Industrial
average
18,024.06 183.54
Nasdaq Composite
5,005.39 63.97
http://www.proglobalcorp.com