Newsletter dated 6th April,2015
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The Union Government has extended the deadline for implementing the National Food Security Act by six months. Only 11 states and UTs have implemented it so far. The Centre is overhauling environmental and forest regulations to ease business. IRDAI has launched a public awareness campaign about fraudulent insurance calls. A demand of Rs 570 crore has been raised against Cadbury India for allegedly evading excise duty. Flipkart is hiring another senior engineer from Google for its commerce division. Google has partnered with PwC to pursue Digital India projects and large enterprise deals.
Newsletter dated 6th April,2015
- 1. THOUGHT OF THE DAY “When one must, one can…” ECONOMIC UPDATES Union Government again has extended rolling out deadline for NFSA by six months. 11 states and Union Territories (UTs) have implemented National Food Security Act (NFSA) which was passed by Parliament in September 2013. Remaining 25 states/UTs have not implemented it yet. The Centre is all set to overhaul environmental and forest regulations, policies, and laws for ease of business. About 100 changes have already been effected through executive orders; new amendments involve structural and policy-level alterations. To guard people against fraudulent activities in the insurance business, sector regulator IRDAI has launched a massive public campaign to create awareness among policyholders about 'spurious' calls. SEBI/CORPORATE UPDATES A demand of about Rs 570 crore has been raised against confectionery giant Cadbury India Ltd for allegedly evading excise duty by fraudulently taking exemption for one of its ‘ghost’ production units. Flipkart, India's biggest online marketplace, is set to hire another top engineer from Google. Peeyush Ranjan, a senior engineering director at Google, will join Flipkart's commerce division led by Mukesh Bansal. Online search giant Google has entered into a strategic partnership with consulting firm PricewaterhouseCoopers to go after the Digital India projects and large enterprise deals. Google wants to push itself into large e-governance projects and improve the sales for its cloud services in India. RBI/TAX LAW UPDATES RBI has relaxed Know-Your-Customers (KYC) norms for Non-Banking Financial Companies (NBFCs). As per new norms, full KYC exercise will be required to be done at least every 10 years for low risk and at least every 8 years for medium risk individuals and entities. While for the high-risk individuals and entities, it should be done in at least every 2 years. Till March 31, close to 100 foreign institutional investors (FIIs) got notices from the Tax Department for a controversial Minimum Alternate Tax (MAT) of 20 per cent. The FIIs have, however, decided to challenge the tax demands, stating that MAT cannot be levied on FIIs as their income is defined as 'capital gains' under the I-T Act. MARKET UPDATES SENSEX 28,241.62 -18.52 CNX NIFTY 8,581.55 -4.70 DOLLAR/ RUPEE 62.18 -0.31 MCX SILVER 38,110.00 761.00 MCX GOLD 26,953.00 356.00 MCX CRUDE OIL 3,138.00 101.00 Dow Jones Industrial average 17,763.24 65.06 Nasdaq Composite 4,886.94 6.71 http://www.proglobalcorp.com