The document provides economic, regulatory, and market updates from India. It notes that the government will not impose certain tax demands on entities based in countries with double taxation agreements with India. It also mentions that the RBI has implemented an early warning system to prevent financial frauds and that the PMO has asked to resolve issues holding up the formation of the National Company Law Tribunal. Additionally, it provides recent index values for the Sensex, Nifty, dollar/rupee exchange rate, and commodity prices for gold, silver, and crude oil.

1. THOUGHT OF THE DAY
“Let’s choose to see what we have in common…”
ECONOMIC UPDATES
 In a relief to foreign investors slapped with Rs 40,000 crore tax demands,
the government Wednesday said such levies would not be applicable to the
entities based in countries having double taxation avoidance pacts with
India, while others can approach the courts for reprieve.
 RBI has put in place an early warning system to prevent financial frauds.
Regional offices will be categorised into three tiers. Tier-I or metro offices
will comprise the four in Mumbai, New Delhi, Kolkata and Chennai.
SEBI/CORPORATE UPDATES
 The Prime Minister's Office has asked the corporate affairs ministry to
"resolve issues" that have held up the formation of the National Company
Law Tribunal (NCLT), as it impacts India's ranking in the World Bank's
ease of doing business index.
 Vide Notification No 1/2015/F.No.P.12011/1/2013-S.O. (E.S. Cell) dated
15.04.2015 issued by Ministry of Finance, Utility bills and Bank
Statements of clients acceptable as address proofs under Money
Laundering norms.
 Secretary in the Department of Industrial Policy and Promotion (DIPP)
Amitabh Kant said that in starting June, entrepreneurs would be able to
apply online for 26 services, including PAN and DIN numbers, through an
e-Biz portal, a move to improve ease of doing business.
RBI/TAX LAW UPDATES
 The government will soon launch a facility under which a PAN card will be
issued within 48 hours of applying. An online facility for issuance of PAN
is on the anvil under which an applicant can get a PAN card within 48
hours a senior official said.
 Taxpayers have been advised to re-check their new assessment ranges, or
tax office jurisdiction, as the tax department has carried out a large-scale
restructuring and jurisdictional change of its offices country-wide.
 Notification No. 16/2015- Customs (ADD) dated April 22, 2015 seeks to to
extend the validity of Notification No 36/2011- Customs (ADD) dated
18.04.2011 for a further period of one year.
MARKET UPDATES
SENSEX
27,733.41 -156.72
CNX NIFTY
8,399.00 -30.70
DOLLAR/ RUPEE
62.12 0.28
MCX SILVER
35,890.00 99.00
MCX GOLD
26,718.00 94.00
MCX CRUDE OIL
3,575.00 7.00
Dow Jones Industrial
average
18,038.27 88.68
Nasdaq Composite
5,035.17 21.07
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