The document provides economic, corporate, regulatory, and market updates. It notes that India saw a large increase in foreign direct investment in April and that the National Stock Exchange will introduce an overnight liquid transaction facility for mutual funds. It also mentions that Reliance General Insurance has started a new vertical focused on small and medium enterprises. Various regulatory bodies like SEBI and RBI provided updates on compliance windows, appellate orders, and a new management information system.

1. THOUGHT OF THE DAY
“One way to get the most out of life is to look upon it as an
adventure…”
ECONOMIC UPDATES
 From early next month, those with undisclosed income and assets abroad
are likely to get a window to declare these without facing prosecution. The
proposed compliance window under the Undisclosed Foreign Assets and
Income Act, popularly called the black money Act, is likely to be in place
for three-five months.
 Foreign direct investment inflows into India surged 112% in April to $3.6
billion from $1.7 billion in the year-ago period. The increase was 71% over
the inflows in the previous month.
SEBI/CORPORATE UPDATES
 NSE will introduce an overnight liquid transaction facility on its web-
based Mutual Fund platform, from tomorrow. The facility will enable
traders, especially small investors, to even for a single night in liquid
funds. A similar product was introduced last month by BSE. The exchange
has seen daily transactions worth Rs 400-500 crore in the product so far.
 Reliance General Insurance has started a new vertical for SME (Small and
Medium Enterprises). The company is looking to take the assistance of
technology to have packaged products to meet their specific needs.
Oficials expect the business to form 20-25% of their overall portfolio.
RBI/TAX LAW UPDATES
 Vide CBEC Notification F. No. 279/Misc 53/2003-ITJ dated June 19, 2015
issued instructions to Chief Commissioners of Income Tax regarding issue
of appellate order within 15 days of the last hearing.
 Vide CBEC Notification F.No. 296/236/2014-CX-9 (Pt-II) dated June 17,
2015 CBEC had decided to build a Management Information System
(MIS) for CBEC so that various critical information relating to key result
areas are collected in a reliable, efficient and useful manner. The Board
had accepted the proposal to build the MIS in a phased manner as per the
detailed roadmap recommended by the Working Group constituted.
HISTORICAL EVENT
 Skylab astronauts splash down safely in the Pacific after a record 28 days
in space.
MARKET UPDATES
SENSEX
27,619.41 303.24
CNX NIFTY
8,323.10 94.35
DOLLAR/ RUPEE
63.56 -0.17
MCX SILVER
36,696.00 -196.00
MCX GOLD
26,992.00 -89.00
MCX CRUDE OIL
3,816.00 -76.00
Dow Jones Industrial
average
18,015.95 -99.89
Nasdaq Composite
5,117.00 -15.95
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