The document provides summaries of various economic, regulatory, and market updates from different sources. It notes that the Reserve Bank of India prescribed new fraud provisioning norms for banks. It also notes that the Indian government's indirect tax collections exceeded revised estimates, providing fiscal relief. Finally, it provides brief summaries of recent actions from regulatory bodies like SEBI and the RBI, as well as updates on stock market indexes and commodity prices.

1. THOUGHT OF THE DAY
"Big thinking precedes great achievement…"
ECONOMIC UPDATES
 Seeking to check fraud in banks, Reserve Bank prescribed a uniform
provisioning norm for all cases of fraud. However, where there has been
delay in reporting the fraud to the RBI, the entire provisioning is required
to be made at once, the central bank's notification added.
 The Centre, struggling to rein in its fiscal deficit at 4.1 per cent of gross
domestic product (GDP) in 2014-15, has received good news on the
indirect tax front: Collections under this head exceeded the revised
estimate (RE) by Rs 4,000 crore.
SEBI/CORPORATE UPDATES
 The Central Government hereby delegates to the Regional Directors at
Mumbai, Kolkata, Chennai, Noida, Ahmedabad Hyderabad and Shillong,
the powers and functions vested in it regarding place of keeping and
inspection of registers returns etc.
 SEBI has proposed including 'systematically important' non-bank financial
companies (NBFCs) and some registered family trusts in the qualified
institutional buyers (QIB) category. The existing QIBs include public
financial institutions like scheduled commercial banks, MFs, foreign
institutional investor and venture capital funds.
 Flipkart has announced appointment of former Yahoo executive Hari
Vasudev as senior VP for engineering senior executives, beefing up its
management to retain leadership in India's online retail market.
RBI/TAX LAW UPDATES
 Vide Notification NO. 32/2015 dated March 31, 2015 CBDT has notified 10
income computation and disclosure standards (ICDS), with effect from
April 1, 2015, which will bring greater consistency in the application of
accounting principles, say accountancy and tax experts.
 Directorate of Income Tax (O & MS) is the nodal agency for setting up of
Aayakar Sewa Kendras (ASKs), has a target of setting up of 5 Aayakar Sewa
Kendras during the Financial Year 2015-16- regarding providing taxpayer
services.
 Notification No. 18/ 2015 - Central Excise dated April 1st, 2015 issued
clarification regarding implementation of Post Export EPCG Scheme
under FTP.
MARKET UPDATES
SENSEX
28,260.14 302.65
CNX NIFTY
8,586.25 95.25
DOLLAR/ RUPEE
62.50 -0.18
MCX SILVER
37,315.00 -585.00
MCX GOLD
26,454.00 250.00
MCX CRUDE OIL
3,054.00 -64.00
Dow Jones Industrial
average
17,763.24 65.06
Nasdaq Composite
4,886.94 6.71
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