PGC Newsletter dated 10th October,2014
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The newsletter provides updates on economic news, corporate updates from SEBI, RBI and tax law updates, and market performance. The IMF warns that the risk of economic shocks from advanced economies hitting emerging markets like India has doubled since the financial crisis of 2008. The Indian government is considering a plan to set up a special zone in Mumbai with tax benefits for diamond import and trading to develop it as a rival trading hub to Antwerp and Dubai. SEBI and RBI have issued several circulars providing clarifications on topics like government debt investment limits, filing periods, and guidelines on foreign currency accounts. The stock markets declined with key indices like Sensex and Nifty falling.
PGC Newsletter dated 10th October,2014
- 1. PGC NEWSLETTER 1 PGC NEWSLETTER 10th October, 2014 THOUGHT OF THE DAY “One of the most important keys to Success is having the discipline to do what you know you should do, even when you don’t feel like doing it.” ECONOMIC NEWS The Global Financial Stability Report released by the International Monetary Fund (IMF) here on Wednesday warns that the risk of shocks emerging from advanced economies hitting emerging economies, including India, has doubled since the collapse of Lehman Brothers in 2008, triggering a global financial crisis. The government is discussing a plan to set up a special zone with tax benefits for diamond import and trading in Mumbai, to try and develop the country's financial capital as a rival to Antwerp and Dubai, which are currently trading hubs for the precious stone. SEBI/CORPORATE UPDATES This is to inform that the e-form DIR-3C, i.e., replacing e-form DIN-3 has been Introduced by MCA for filing. As per circular issued by SEBI vide CIRCULAR No. CIR/IMD/FIIC/19/2014 dated October 09, 2014 Clarification on Government Debt Investment Limits have been provided to All Foreign Portfolio Investors through their Designated Depository Participants , The Depositories (NSDL and CDSL). In light of peak filing period, View Public Documents (VPD) service would be disabled between: 13th Oct 2014 - 18th Oct 2014 (09:00 AM - 09:00 PM ). Stakeholders are requested to plan accordingly. Around 4,600 investors in two Sahara group companies have come forward to claim refunds from the Securities and Exchange Board of India (SEBI), which had asked those who had purchased bonds issued by the entities to claim their money. RBI / TAX LAW UPDATES As per notification issued by RBI vide notification no-RBI/2014-15/257 A. P. (DIR Series) Circular No.35 dated October 9, 2014 to all Authorised Dealer Category - I Banks, it has been brought to the notice regarding Memorandum of Instructions for Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-resident Exchange Houses. The income tax (I-T) department has allowed profit-linked tax deductions to new Special Economic Zone (SEZ) units upon transfer of technical manpower up to 50 per cent from an existing unit — a further relaxation from 20 per cent allowed earlier in July this year. This will provide a major tax relief to software and IT-enabled services companies operating from such units. MARKET UPDATES SENSEX 26,385.49 -251.79 CNX NIFTY 7,886.20 -74.35 DOLLAR/ RUPEE 61.14 0.07 MCX SILVER 38,420.00 -195.00 MCX GOLD 26,948.00 -10.00 MCX CRUDE OIL 5,141.00 -123.00 Dow Jones Industrial average 16,659.25 -334.97 Nasdaq Composite 4,378.34 -90.26 http://www.proglobalcorp.com