Pgc newsletter dated 7th july, 2015
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The newsletter provides economic, regulatory and market updates from India and globally. It notes that the Indian government will provide immunity from prosecution for those declaring foreign assets through a special window and clarify tax treatment. It also summarizes new rules from the Employee Provident Fund Organization, Securities and Exchange Board of India, Directorate General of Foreign Trade, and Central Board of Direct Taxes. Market indexes are reported as closing lower for the day in India and the U.S.
Pgc newsletter dated 7th july, 2015
- 1. PGC NEWSLETTER 1 PGC NEWSLETTER 7th July, 2015 THOUGHT OF THE DAY “Things turn out best for the people who make the best of the way things turn out…” ECONOMIC UPDATES Holding out an olive branch, the government today said persons using special window to declare assets abroad will be given immunity from prosecution under FEMA, Prevention of Money Laundering Act and four other laws. Also, persons not being informed of prior information with government on their assets abroad will be dealt under the Income Tax Act and not under the stringent Black Money law. The Employees' Provident Fund Organisation (EPFO) has proposed that an employee be allowed to withdraw only 75% of the overall kitty, instead of 100% as permitted under the existing Employees' Provident Funds Scheme, 1952, in case of resignation from a job or for any other use before retirement. SEBI/CORPORATE UPDATES Vide SEBI Circular CIR/MRD/DP/13/2015 dated July 6, 2015 issued Cyber Security and Cyber Resilience framework of Stock Exchanges, Clearing Corporation and Depositories. The Supreme Court said that capital market regulator SEBI has power to regulate Global Depository Receipts (GDRs) sold by Indian companies backed by local shares, to foreign investors and listed on overseas exchanges. Vide DGFT PUBLIC NOTICE NO. 25 /(2015-2020) dated July 6, 2015 notified Enlistment under Appendix 2E- Agencies authorized to issue Certificate of Origin. RBI/TAX LAW UPDATES Vide CBDT Circular No. 13 released 32 clarifications on Tax Compliance in Q&A format for Undisclosed Foreign Income and Assets. Vide Notification No. 18/2015-Central Excise (N.T.) notified regarding Digitally signed invoices in Central Excise and Service Tax-Conditions, safeguards and procedures. HISTORICAL EVENT Japan opens its ports to trade with the West after 250 years of isolation. MARKET UPDATES SENSEX 28,249.32 36.13 CNX NIFTY 8,534.60 12.45 DOLLAR/ RUPEE 63.40 -0.04 MCX SILVER 35,966.00 -215.00 MCX GOLD 26,238.00 -90.00 MCX CRUDE OIL 3,370.00 -214.00 Dow Jones Industrial average 17,683.58 -46.53 Nasdaq Composite 4,991.94 -17.27 http://www.proglobalcorp.com