PGC Newsletter dated 8th January,2015

1. PGC NEWSLETTER 1
PGC
NEWSLETTER
8th
January, 2015
THOUGHT OF THE DAY
“Education is our passport to the future, for tomorrow belongs to the
people who prepare for it today...”
SEBI/CORPORATE UPDATES
 Kotak Bank shareholders approve merger of ING Vysya Bank.The proposal
was passed at an EGM on Thursday; the deal will see an exchange ratio of
725 shares of Kotak for every 1,000 of ING Vysya.
 The Enforcement Directorate (ED) has unearthed a mega scam of
fraudulent foreign remittances worth Rs 15,000 crore, involving a number
of dubious importers. The scam involves importers depositing fake bills of
entries (of imports) in banks and remittances are made to unknown people
outside India.
 Govt. notifies Jan 1, 2015 as date of enforcement of Labour laws
amendment Act
RBI/TAX LAW UPDATES
 Circular No. 993/17/2014-CX. Dated the 5th January, 2015 issued by
CBEC regarding Mandatory pre-deposit of duty or penalty for filing
appeal.
 Notification No. 02/2015-Customs issued by CBEC seeks to amend
Notification No.60/2011-Customs, dated the 14th July, 2011.
 RBI Circular ref RBI/2014-15/393 DCBR.BPD PCB Cir. No.10/12.05.001/
2014-15 dated January 7, 2015 to The Chief Executive Officer All Primary
(Urban) Co-operative Banks regarding Monitoring of Large Value Frauds
by the Board of Directors.
 RBI Notification ref RBI/2014-15/394 DGBA.GAD.No.H -2995/31.12.010/
2014-15 dated January 7, 2015 to The Chairman / Chief Executive Officer,
All agency banks regarding Payment of agency commission – Certification
of claims by external auditors.
 RBI Circular ref RBI/2014-15/389 DCBR.CO.BPD (RCB).Cir.No.09/ 14.01.
062/2014-15 dated January 07, 2015 to all The Chief Executive Officer, All
State / Central Cooperative Banks (StCBs/CCBs) regarding StCBs/CCBs-
Designated Director – Amendment to section 13(2) of Prevention of
Money Laundering Act (PMLA) 2002.
 RBI Notification ref RBI/2014-15/73 DBR.No.CID.BC.57/20.16.003/2014-
15 dated July 1, 2014 (Updated up to January 07, 2015) All Scheduled
Commercial Banks (excluding RRBs and LABs) and All India Notified
Financial Institutions Master Circular on Willful Defaulters.
MARKET UPDATES
SENSEX
27,203.38 294.56
CNX NIFTY
8,203.80 101.70
DOLLAR/ RUPEE
62.85 -0.33.
MCX SILVER
37,279.00 -483.00
MCX GOLD
26,906.00 -255.00
MCX CRUDE OIL
3,078.00 1.00
Dow Jones Industrial
average
17,584.52 212.88
Nasdaq Composite
4,650.47 57.73
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