Newsletter dated 31st March, 2015

1. THOUGHT OF THE DAY
“A leader has the vision and conviction that a dream can be achieved. He
inspires the power and energy to get it done”
ECONOMIC UPDATES
 A PIL in Hyderabad high court has sought that Accounts of major political
parties must be audited by the Comptroller and Auditor General himself
and with the same stringent parameters with which he audits government
accounts to curb the use of black money during election campaigns.
 The government will unveil the new Foreign Trade Policy (FTP) on April 1,
aimed at giving fillip to exports with an objective to drive economic growth
and create more employment opportunities. The FTP will be aligned with
Make in India, Digital India, ease of doing business.
SEBI/CORPORATE UPDATES
 MCA General Circular No. O5/2O15 clarified that amounts received by
private companies from their members, directors or their relatives prior to
1st April, 2Ol4 shall not be treated as 'deposits' under the Companies Act,
2013 and Companies (Acceptance of Deposits) Rules, 2014 subject to the
condition that relevant private company shall disclose, in the notes to its
financial statement.
 Tiger Global Management sold a 3.4% stake in classifieds website Justdial
for Rs 300 crore, reducing its holding in one of its earliest portfolio firms
in the country to about 9%.
 Despite a SEBI deadline to appoint women directors coming to end, nearly
400 listed companies are yet to comply with the guideline. Listed
companies are required to have at least one woman director before April 1
and recently, SEBI indicated that there would not be any further relaxation
on the deadline.
RBI/TAX LAW UPDATES
 The Karnataka government will not relax the value added tax (VAT) for
any e-commerce company or online marketplace.
 Vide Notification RBI/2014-15/522 DBR.No.BP.BC.79/21.04.048/2014-15
dated March 30, 2015 RBI decided, as a counter-cyclical measure, to allow
banks to utilise up to 50% of counter-cyclical buffer/floating provisions
held by them as at the end of December 31, 2014, for making specific
provisions for non-performing assets (NPAs).
MARKET UPDATES
SENSEX
28,085.80 109.94
CNX NIFTY
8,529.10 36.80
DOLLAR/ RUPEE
62.6 -0.08
MCX SILVER
37,211.00 -255.00
MCX GOLD
26,214.00 -56.00
MCX CRUDE OIL
3,029.00 12.00
Dow Jones Industrial
average
17,976.31 263.65
Nasdaq Composite
4,947.44 56.22
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