Newsletter dated 30th March,2015
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The newsletter provides updates on economic news, regulations from organizations like RBI, SEBI, and tax law changes. To reduce bank risks and bad loans, RBI has proposed reducing a bank's exposure to a business group from 55% to 25% of its capital. RBI will also soon issue norms for a Central Fraud Registry to enable quick sharing of fraud information. The government will unveil a new Foreign Trade Policy on April 1st to boost exports and economic growth. A former SEBI member has become a member of the Competition Commission of India. The newsletter also provides market updates and exchange rate information.
Newsletter dated 30th March,2015
- 1. PGC NEWSLETTER 1 PGC NEWSLETTER 30th March, 2015 THOUGHT OF THE DAY “The empires of the future are empires of the mind…” ECONOMIC NEWS To reduce risks in the banking sector and curb the rising bad loans, the Reserve Bank of India (RBI) has proposed to reduce the exposure of a bank to a business group to 25 per cent of its capital, down from the existing level of 55 per cent. RBI to soon issue norms for Central Fraud Registry Says RBI Deputy Governor S S Mundra. The proposed institution, which will enable quick sharing of information on entities found to be defrauding banks, will work under the supervision of RBI. SEBI/ CORPORATE LAW UPDATES The government will unveil the new Foreign Trade Policy (FTP) on April 1, aimed at giving fillip to exports with an objective to drive economic growth and create more employment opportunities. A former member of the Securities and Exchange of India (SEBI), M S Sahoo, has become a member of the Competition Commission of India (CCI). RBI / TAX LAW UPDATES Service Tax Return (ST-3) for October 2014 to March 2015 period will be made available from 01.04.2015 for e-filing by the assesses in both offline and online version. The last date for filing the returns for the said period is 25th April 2015. The assesse can file return online or use the offline utility by downloading the latest version from http://acesdownload.nic.in/ or from ‘DOWNLOADS’ Section of ACES website. RBI changes public deposit rules for NBFCs. The earlier revised regulatory framework for NBFCs was issued in November 2014. An asset finance company or a loan company or an investment company having a minimum Net Owned Fund (NOF) as stipulated by RBI and complying with prudential norms may accept or renew public deposits. CBDT issued Circular No 4/2015 dated March 26,2015 providing Clarification regarding Explanation 5 to Clause (i) of sub section 1 of section 9 of Income Tax Act, 1961 in respect of taxability of income accruing or arising through transfer of capital asset situated in India. MARKET UPDATES SENSEX 27,740.55 281.91 CNX NIFTY 8,415.95 74.55 DOLLAR/ RUPEE 62.61 0.19 MCX SILVER 37,930.00 -465.00 MCX GOLD 26,419.00 -150.00 MCX CRUDE OIL 3,033.00 -119.00 Dow Jones Industrial average 17,712.66 34.43 Nasdaq Composite 4,891.22 27.86 http://www.proglobalcorp.com