Newsletter dated 20th March,2015
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Major private banks have decided to increase charges and penalties for non-maintenance of average monthly balances, with fees of Rs. 100 more in metros and Rs. 50 more in semi-urban areas. The government is taking steps like lowering excise duties and supporting exports to improve automobile industry production growth. Several corporate and SEBI updates were provided, including amendments to rules on share capital and debentures as well as the management and administration rules. The IPO of Inox Wind saw a 59% subscription on the second day of its share sale. Market indexes such as Sensex, Nifty, and commodity prices including gold, silver, and crude oil were reported.
Newsletter dated 20th March,2015
- 1. THOUGHT OF THE DAY "Success in life is a function of your willingness to accept change…" ECONOMIC UPDATES All major private lenders - ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank - have decided to increase charges and penalties and will charge Rs 100 more for non-maintenance of average monthly balance in metros and Rs 50 more in semi-urban areas. The Government by Lowering Excise Duty on Industry is taking steps to improve the production growth rate of Automobile Industry through policies like the JNNURM and support for improving exports. SEBI/CORPORATE UPDATES The Central government hereby makes the rules further to amend The Companies (Share Capital and Debentures) Amendment Rules, 2015 whereby for the word, letters and figures "Form no. SH- 14", the word, letters and figures "Form SH-13 shall be substituted. Vide MCA Notification dated March 19, 20I5 notified The Companies (Management and Administration) Amendment Rules, 2015. The over Rs 700-crore initial public offer (IPO) of Inox Wind, an integrated wind energy firm, saw a subscription of 59 per cent on the second day of the share sale today. The Central government hereby makes the rules further to amend The Companies (Meetings of Board and its Powers) Amendment Rules, 2015. RBI/TAX LAW UPDATES Notification No. 32/2015-CUSTOMS (N.T.) dated 19.03.2015 issued by CBEC, whereby Rate of exchange of conversion of each of the foreign currency with effect from 20th March, 2015 has been notified. The Central Board of Direct Taxes (CBDT) will issue New tax residence norms which may not cover foreign firms’ global income to ensure that non-resident companies holding a board meeting or two in India do not get any tax demands on their global income. Commissioner gets discretionary powers to discontinue manual TDS certificates under Uttarakhand VAT (Notification no- 100/2015/181(120)/XXVII (8)/08 dated 20.01.2015) MARKET UPDATES SENSEX 28,386.80 -82.87 CNX NIFTY 8,602.05 -32.60 DOLLAR/ RUPEE 62.48 -0.04 MCX SILVER 36,275.00 -96.00 MCX GOLD 25,923.00 -39.00 MCX CRUDE OIL 2,875.00 13.00 Dow Jones Industrial average 17,949.03 -117.16 Nasdaq Composite 4,992.38 9.55 http://www.proglobalcorp.com