PGC Newsletter dated 07th October,2014
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The newsletter provides updates on the Indian and global economy, corporate governance, and markets. It notes that credit ratings agencies in India are becoming healthier as the economy revives. Surveys show confidence in the Indian economy has risen since the new government took over. However, the World Bank trimmed its growth forecast for East Asia. On the corporate front, governance failures have contributed to financial crises. The coal ministry is seeking an opinion on dealing with issues from a Supreme Court decision reallocating coal mines. Market indices declined, while the rupee fell against the dollar.
PGC Newsletter dated 07th October,2014
- 1. PGC NEWSLETTER 1 PGC NEWSLETTER 7th October, 2014 THOUGHT OF THE DAY “Determination, Patience and Courage are the only things needed to improve any situation.” ECONOMIC NEWS Credit ratio for rating agencies like Crisil, Care getting healthier as economy revives India Inc’s confidence in the economy has risen after the Narendra Modi government took over, show surveys by both the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (FICCI). The World Bank has trimmed its growth forecast for developing East Asian economies this year to 6.9 per cent and urged governments to improve conditions for investment and exports. CORPORATE UPDATES The International Organization of Securities Commissions (IOSCO) said that corporate governance failures have been cited as contributors to the financial crisis and more recently to the Libor scandals. The coal ministry has sought the opinion of attorney general on whether the government needs to bring out an ordinance to deal with the issues arising from the Supreme Court decision to deallocate coal mines. Prime Minister Narendra Modi on Monday asked the Election Commission to take serious note of reports that the Congress government in Haryana has allegedly legitimised a land deal between Robert Vadra and realty major DLF. More than a year after RBI has made Forensic Audit compulsory for major banks loans that run into trouble, only 12 such reports have been filled by such auditors. RBI / TAX LAW UPDATES Assessment in case of search could be initiated even if no undisclosed income was unearthed during search. Freight and clearance charges not includible in value of C&F agent's services. M/s Bharat Sanchar Nigam Limited Versus CCE, Jaipur - 2014 (10) TMI 139 - CESTAT NEW DELHI - Service Tax, Rejection of refund claim - adjustment of unconfirmed demand with refund - there was no legal authority to adjust the amount as the same cannot be held to be a confirmed demand for the reasons recorded - Tri - Service Tax MARKET UPDATES SENSEX 26,459.18-108.81 CNX NIFTY 7906.30-39.25 DOLLAR/ RUPEE 61.32-0.3 MCX SILVER 38,625.00137.00 MCX GOLD 26,692.00-29.00 MCX CRUDE OIL 5,557.001.00 Dow Jones Industrial average 16,991.91-17.78 Nasdaq Composite 4,454.80-20.82 http://www.proglobalcorp.com