Newsletter dated 13th April, 2015

1. THOUGHT OF THE DAY
“An investment in knowledge pays the best interest…”
ECONOMIC UPDATES
 The ministry of statistics and programme implementation (MOSPI) is to
come out speedily with back-years’ data of revised gross domestic product.
The data would be available from 1999-2000, much speedier than earlier.
 State Bank of India (SBI) on Sunday announced a further reduction of 10
basis points (one tenth of a percentage point) in its home loan rate. New
borrowers at SBI will get loans at 9.85% if there is a woman applicant, and
9.9% in all other cases.
SEBI/CORPORATE UPDATES
 The Corporate Laws & Corporate Governance Committee of the Institute
of Chartered Accountants of India has issued the Application Guide on the
provisions of the Schedule II to the Companies Act, 2013.
 One of the largest foreign banks in India has complained to capital market
regulator SEBI that some of the big brokerages, including a few controlled
by high-street banks, are doling out generous kickbacks to high net worth
individuals and ultra-rich clients in selling various financial products.
 The trial court of CBI, in India's largest accounting fraud at Satyam
Computer has construed that the two former partners of audit firm
PriceWaterhouse had 'connived' with the software outsourcer's founders in
fudging accounts, a claim the audit firm continues to contest.
RBI/TAX LAW UPDATES
 Cautioning public against a fraudulent bank account mobile app in the
name of RBI, The Reserve Bank clarified that it has not developed any
such application. Members of public are, therefore, advised to use the
application, if at all, at their own risk.
 The Central Board of Direct Taxes (CBDT) has issued the clarification with
regards to taxation on rollover of FMPs beyond 36 months will not attract
capital gains resulting a major relief to investors, A tax of 20 per cent will
be charged at the time of redemption of plans.
 The Reserve Bank of India plans to bar non-banking finance companies
from outsourcing core activities such as internal auditing of accounts or
sanctioning of loans; and proposed to bring other outsourced activities
within its regulatory ambit.
MARKET UPDATES
SENSEX
28,903.00 23.62
CNX NIFTY
8,785.35 5.15
DOLLAR/ RUPEE
62.38 0.06
MCX SILVER
36,660.00 -53.00
MCX GOLD
26,766.00 -15.00
MCX CRUDE OIL
3,241.00 21.00
Dow Jones Industrial
average
18,057.65 98.92
Nasdaq Composite
4,995.98 21.41
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