Newsletter dated 6th June, 2015
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The PGC newsletter provides updates on economic, corporate, and market news. Key points include: - The government plans to overhaul annual targets for public sector banks to de-emphasize growth and discourage inflated loans and deposits. - SEBI signed an agreement with Belarus to promote cooperation between their securities markets and enhance investor protection. - SEBI issued a circular providing a database for share distinctive numbers, and DGFT amended rules for export status holders to freely export certain items up to an annual limit. - The government exempted excise duty on ethanol produced from molasses for oil companies and imposed anti-dumping duties on stainless steel imports from China, Korea, and Malaysia.
Newsletter dated 6th June, 2015
- 1. PGC NEWSLETTER 1 PGC NEWSLETTER 6th June, 2015 THOUGHT OF THE DAY “ Adopting the right attitude can convert a negative stress into a positive one ...” ECONOMIC UPDATES The government is set to overhaul annual targets for public sector banks this month, ending a focus on size that has long encouraged banks to inflate their loans and deposits at the year-end to hit growth objectives. CBDT suggests speedy prosecution to instill fear among tax evaders. SEBI signs Memorandum of Understanding on bilateral cooperation with the Ministry of Finance, Republic of Belarus. The MOU, inter alia, seeks to promote further development of economic links and cooperation between the two signatories, and aims at enhancing investor protection and creating conditions for an effective development of securities markets in the two countries. SEBI/CORPORATE UPDATES Vide Circular No. CIR/MRD/DP/10/2015 dated June 05, 2015, SEBI has issued Database for Distinctive Number (DN) of Shares. Vide Notification No: 9/2015-2020 dated-4th June 2015 issued by DGFT, Amendment in Para 3.24 (j) of Chapter 3 of FTP 2015-2020 whereby it is clarified that Status holders shall be entitled to export freely exportable items on free of cost basis for export promotion subject to an annual limit of Rs. 10 lakh or 2% of average annual export realisation during preceding three licensing years, whichever is lower. Vide Public Notice No. 19/2015-2020 dated June 05, 2015 issued by DGFT, DGFT extends last date for submitting applications for entitlement as PSIA. RBI/TAX LAW UPDATES Vide Notification No. 32 /2015-Central Excise dated 4th June, 2015 issued by CBEC, Government exempts excise duty on Ethanol produced from molasses for supplying to Oil Companies. Vide Notification No. 28/2015-Customs (ADD) dated 05th June, 2015 issued by CBEC, Seeks to levy definitive anti-dumping duty on imports of Hot Rolled Flat Products of Stainless Steel of ASTM Grade 304 with all its variants originating in, or exported from People’s Republic of China, the Republic of Korea and Malaysia for a period of five years. MARKET UPDATES SENSEX 26,768.49 -44.93 CNX NIFTY 8,114.70 -15.95 DOLLAR/ RUPEE 63.75 -0.26. MCX SILVER 37,010.00 -162.00 MCX GOLD 26,719.00 -119.00 MCX CRUDE OIL 3,749.00 29.00 Dow Jones Industrial average 17,849.46 -56.12 Nasdaq Composite 5,068.46 9.33 http://www.proglobalcorp.com