The newsletter provides economic, regulatory and market updates from India and globally. It notes that the Indian government will provide immunity from prosecution for those declaring foreign assets through a special window and clarify tax treatment. It also summarizes new rules from the Employee Provident Fund Organization, Securities and Exchange Board of India, Directorate General of Foreign Trade, and Central Board of Direct Taxes. Market indexes are reported as closing lower for the day in India and the U.S.

1. PGC NEWSLETTER 1
PGC
NEWSLETTER
7th
July, 2015
THOUGHT OF THE DAY
“Things turn out best for the people who make the best of
the way things turn out…”
ECONOMIC UPDATES
 Holding out an olive branch, the government today said persons using
special window to declare assets abroad will be given immunity from
prosecution under FEMA, Prevention of Money Laundering Act and four
other laws. Also, persons not being informed of prior information with
government on their assets abroad will be dealt under the Income Tax Act
and not under the stringent Black Money law.
 The Employees' Provident Fund Organisation (EPFO) has proposed that
an employee be allowed to withdraw only 75% of the overall kitty, instead
of 100% as permitted under the existing Employees' Provident Funds
Scheme, 1952, in case of resignation from a job or for any other use before
retirement.
SEBI/CORPORATE UPDATES
 Vide SEBI Circular CIR/MRD/DP/13/2015 dated July 6, 2015 issued
Cyber Security and Cyber Resilience framework of Stock Exchanges,
Clearing Corporation and Depositories.
 The Supreme Court said that capital market regulator SEBI has power to
regulate Global Depository Receipts (GDRs) sold by Indian companies
backed by local shares, to foreign investors and listed on overseas
exchanges.
 Vide DGFT PUBLIC NOTICE NO. 25 /(2015-2020) dated July 6, 2015
notified Enlistment under Appendix 2E- Agencies authorized to issue
Certificate of Origin.
RBI/TAX LAW UPDATES
 Vide CBDT Circular No. 13 released 32 clarifications on Tax Compliance in
Q&A format for Undisclosed Foreign Income and Assets.
 Vide Notification No. 18/2015-Central Excise (N.T.) notified regarding
Digitally signed invoices in Central Excise and Service Tax-Conditions,
safeguards and procedures.
HISTORICAL EVENT
 Japan opens its ports to trade with the West after 250 years of isolation.
MARKET UPDATES
SENSEX
28,249.32 36.13
CNX NIFTY
8,534.60 12.45
DOLLAR/ RUPEE
63.40 -0.04
MCX SILVER
35,966.00 -215.00
MCX GOLD
26,238.00 -90.00
MCX CRUDE OIL
3,370.00 -214.00
Dow Jones Industrial
average
17,683.58 -46.53
Nasdaq Composite
4,991.94 -17.27
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