The newsletter provides updates on the economy, markets, and regulations from the past month. It notes that over 35 foreign investors in India received notices about potential tax threats, and that a new e-IPO system will reduce the timeline for public offerings. It also mentions that Jet Airways shares fell after its majority owner pledged his stake, and that the RBI relaxed rules for foreign investment in telecom joint ventures. The newsletter concludes with market performance data and links to regulatory circulars on topics like export credits, customs procedures, and income tax clarification.

1. PGC NEWSLETTER 1
PGC
NEWSLETTER
14th
January,2015
THOUGHT OF THE DAY
“ Big thinking precedes great achievement ...”
ECONOMIC UPDATES
 Revenue officials in the Mumbai tax department issued show-cause notices
to more than 35 foreign portfolio investors (FPIs) last month, triggering
panic over fears of dented profit. Industry experts said there are around
8,000 FPIs in India, of which as many as 6,000 could face MAT threat.
 The new e-IPO mechanism proposed by market regulator Securities and
Exchange Board of India will make it easier for investors to participate in
initial public offerings (IPOs).Timeline will reduce to six working days
from the existing T+12 days
SEBI/CORPORATE UPDATES
 Jet Airways shares fall 4 per cent after Naresh Goyal pledges entire 51%
stake to PNB.
 Govt. takes ordinance route for competitive bidding for iron-ore mining
sites and other non-coal mining areas.
 The Reserve Bank of India (RBI) has for the Tata Group relaxed a
longstanding rule that bars local companies from paying more than the
'fair value' price to buy out its Japanese partner's stake in their telecom
joint venture on grounds it is important to attract foreign investment, in
what will be viewed as a positive signal at a time the government is trying
to boost India's allure to overseas investors.
RBI/TAX LAW UPDATES
 RBI updates master circular on ECBs and trade credits(RBI/2014-15/3
Master Circular No.12/2014-15).
 Circular No. 01/15-Customs dated 12/01/2015 ref no- F. No.
450/25/2013-Cus IV (Pt.) CBEC regardingMerging of Commercial invoice
and packing list.
 Circular No. 22 of 2014-15 dated 13-1-2015 issued by DVAT regarding
Modification of Circular No.18 of 2014-15 dated 24/11/2014.
 Instruction No. 1/2015 dated 13-01-2015 issued by Income Tax
Department providing Clarification regarding applicability of section
143(1D) of the Income-tax Act, 1961.
MARKET UPDATES
SENSEX
27,337.58 -88.15
CNX NIFTY
8,275.80 -23.60
DOLLAR/ RUPEE
62.2 0.04
MCX SILVER
37,670.00 -488.00
MCX GOLD
26960.00 -95.00
MCX CRUDE OIL
2,823.00 -3.00
Dow Jones Industrial
average
17,613.68 -27.16
Nasdaq Composite
4,661.50 -3.21
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