PGC Newsletter dated 16th October,2014
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The newsletter provides updates on economic news, corporate updates, RBI/tax law updates, and market performance. Key economic news includes the RBI potentially intervening in government bond markets to influence policy. The deadline for a company law settlement scheme was extended and guidelines for small finance banks will be issued soon. Tax authorities sped up refunds for those affected by floods in Jammu and Kashmir. Market indices such as Sensex and Nifty saw modest declines while gold and silver prices increased.
PGC Newsletter dated 16th October,2014
- 1. PGC NEWSLETTER 1 PGC NEWSLETTER 16th October, 2014 THOUGHT OF THE DAY “The power of imagination makes us infinite.” ECONOMIC NEWS As market forces test Reserve Bank of India Governor Raghuram Rajan's resolve to hold interest rates high in his fight against inflation, the central bank may be shifting its strategy to intervening in the government bond market instead of the forward currency market to keep its policy relevant. The RBI would issue guidelines for small finance banks in a few weeks as it pushed for financial inclusion backed by technology. SEBI/CORPORATE UPDATES Last date for Company Law Settlement scheme has been extended upto 15th November, 2014. The Pension Fund Regulatory and Development Authority (PFRDA) is seeking to bring various superannuation funds under its ambit, while it wants more deliberation on regulation of pension products offered by insurance companies and mutual fund (MF) houses. All private companies have walked out of the bidding process for two ultra- mega power projects in Odisha and Tamil Nadu, leaving state-run generation utility NTPC as the sole contender for the plants entailing an investment of about Rs 50,000 crore. Government notifies revised Kisan Vikas Patra rules. With reference to general circular no-41/2014 dated 15th October, 2014, MCA has provided clarifications under Sec164 (2) of the Companies Act, 2013 under Company Law Settlement Scheme, 2014 (CLSS-2014). RBI / TAX LAW UPDATES The Central Board of Excise and Customs has implemented the cadre restructuring of the Indirect Taxes formations, with effect from 15th October 2014. CBDT speeds up refund claims of taxpayers of J&K due to devastation caused by floods. Kerala Govt. hikes tax rates under VAT Act and General Sales Tax Act amends Kerala Finance Act, 2008. MARKET UPDATES SENSEX 26,353.013.68 CNX NIFTY 7,857.95-6.05 DOLLAR/ RUPEE 61.580.15 MCX SILVER 38,778.00442.00 MCX GOLD 27,434.00182.00 MCX CRUDE OIL 5,107.00-112.00 Dow Jones Industrial average 16,141.74-173.45 Nasdaq Composite 4,215.32-11.85 http://www.proglobalcorp.com