Newsletter dated 4th May, 2015

1. THOUGHT OF THE DAY
"Motivation is the art of getting people to do what you want them to do
because they want to do it…"
ECONOMIC UPDATES
 Government collected over Rs 6,96,200 crore revenue under the direct
taxes kitty in the just concluded financial year 2014-15. The achieved
collections are about Rs 9,000 crore or 14 per cent short of the projected
target of Rs 7,05,000 crore.
 Government plans mega launch of insurance and pension schemes. On the
lines of Jan Dhan mega rollout, Prime Minister Narendra Modi will launch
on May 9 social security insurance and pension schemes in Kolkata, while
other ministers will unveil them in different cities.
SEBI/CORPORATE UPDATES
 The Securities Appellate Tribunal (SAT) has served a notice to Insurance
Regulatory and Development Authority of India (IRDAI) in adjudication of
a case relating to SBI Life. Insurer has sought relief against a decision of
IRDAI asking it to refund Rs 275 cr to all its Dhanraksha Plus
policyholders.
 Vide MCA Notification F No. 01/13/2013 CL-V (Part-I) hereby notified The
Companies (Incorporation) Amendment Rules, 2015.
 The Cabinet is set to discuss this week a Bill to exempt the factories that
employ up to 40 workers from 14 labour laws.
RBI/TAX LAW UPDATES
 Finance Bill, 2015 approved by the Lok Sabha last week, The amended
provision introduces 50% penalty for intentional defaults from April 2011
to the time the Bill gets presidential ascent. For wilful defaults or fraud
beyond this period, the penalty, however, would be 100% of the tax dues.
 Vide NOTIFICATION NO. 12/2015-Central Excise (N.T.) dated April 30,
2015 notified that credit of Education Cess and Secondary and Higher
Education Cess paid on inputs or capital goods received in the factory of
manufacture of final product on or after the 1st day of March, 2015 can be
utilized for payment of the duty of excise leviable under the First Schedule
to the Excise Tariff Act.
 Vide Notification No. 5 / 2015-20 dated 1st May, 2015 notified under the
provisions of FTP 2015-20 that duty Free Import Authorisation Scheme
shall not be available for import of raw sugar.
 Vide Public Notice No. 9 /2015-2020 dated May 1, 2015 the Director
General of Foreign Trade hereby allocated a quantity of (i) 10,000 MTs
(Ten thousand metric tons) of white sugar to EU under CXL quota and to
USA under Tariff Rate Quota.
MARKET UPDATES
SENSEX
27,337.78 326.47
CNX NIFTY
8,282.30 101.85
DOLLAR/ RUPEE
63.42 0.11
MCX SILVER
36,550.00 35.00
MCX GOLD
26,625.00 -91.00
MCX CRUDE OIL
3,754.00 -36.00
Dow Jones Industrial
average
18,024.06 183.54
Nasdaq Composite
5,005.39 63.97
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