PGC Newsletter dated 7th January,2015
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The newsletter provides economic, regulatory, and market updates from India. It discusses the deferment of a proposed strike by bank unions demanding a 23% wage hike. It also mentions the Sensex dropping 855 points due to political turmoil in Greece and falling oil prices. Regulatory updates include allowing 100% FDI in medical device manufacturing and clarifications from RBI on an export credit line to Liberia. Market indicators such as the Sensex, rupee, gold and oil prices are reported to be down on the day.
PGC Newsletter dated 7th January,2015
- 1. PGC NEWSLETTER 1 PGC NEWSLETTER 7th January, 2015 THOUGHT OF THE DAY “Faith is the bird that feels the light when the dawn is still dark...” ECONOMIC UPDATES Employee unions of public sector banks on Tuesday deferred their proposed one-day strike on January 7. United Forum of Bank Unions (UFBU) is demanding a 23 percent wage hike, but the Indian Banks' Association (IBA), the apex body of management, is willing to give about 11 percent raise in salaries. In its worst ever crash in over six years, benchmark Sensex today tanked 855 points as stock markets globally went into a tailspin amid political turmoil in Greece and oil price cracking below USD 50-mark. SEBI/CORPORATE UPDATES Govt. permits 100% FDI via automatic in manufacturing of medical devices. Govt. releases chart indicating sector-specific FDI policy for industrial and other sectors. DoT is believed to have sought a for 15-yr tax holiday for domestic mobile manufacturing, lower VAT tax of four to five per cent compared to 8.8-15 per cent VAT levied across the country. . The department has sought extension of section 35 AD of Income Tax Act on mobile phone, tablets and their accessories producers which allows 150 per cent deduction of capital investments for calculating tax. Public Notice 80 / (RE-2013)/2009-2014 Dated the 06 January, 2015 issued by DGFT regarding Online IEC applications: Postponement of the date of operationalisation of Public Notice No. 76 dated the 27th of November, 2014. RBI / TAX LAW UPDATES Vide Notification issued by RBI, ref RBI//2014-15/388 A.P. (DIR Series) Circular No.57 dated January 06, 2015, clarifications regarding Exim Bank's Line of Credit of USD 144 million to the Government of the Republic of Liberia. RBI issued Notification ref RBI/2014-15/387 A.P. (DIR Series) Circular No. 56 dated January 6, 2015 To All Authorised Dealer Category - I Banks regarding Non-resident guarantee for non-fund based facilities entered between two resident entities. MARKET UPDATES SENSEX 26,884.27 -103.19 CNX NIFTY 8,095.35 -32.00 DOLLAR/ RUPEE 63.44 -0.14. MCX SILVER 37,610.00 -304.00 MCX GOLD 27,310.00 -84.00 MCX CRUDE OIL 3,020.00 -49.00 Dow Jones Industrial average 17,371.64 -130.01 Nasdaq Composite 4,592.74 -59.84 http://www.proglobalcorp.com