Newsletter dated 5th June, 2015

1. PGC NEWSLETTER 1
PGC
NEWSLETTER
5th
June, 2015
THOUGHT OF THE DAY
“ Your success and happiness lie in you...resolve to keep happy
and your joy and you shall form an invincible host against
difficulties ...”
SEBI/CORPORATE UPDATES
 The requirement of filing declaration by a company before
commencement of business or exercising its borrowing powers has
been dispensed with under the Companies (Amendment) Act, 2015.
Accordingly companies are no longer required to file e-form INC-21
with the Registrar through MCA portal.
 Vide Order ref F.NO-2/19/2011-CL-V dated 04.06.2015, The
Government constitutes Company Law Committee.
RBI/TAX LAW UPDATES
 Vide RBI Notification ref RBI/2014-15/626 DBS.CO.ARS.BC.8/
08.91.001/2014-15 dated June 2, 2015, it is clarified that Concurrent
Auditors, who are chartered accountants, of branches below the cut-off
point will submit LFAR only to the Chairman of the bank. The banks in
turn will consolidate/compile all such LFARs submitted by the
Concurrent Auditors and submit to Statutory Central Auditor as an
internal document of the bank.
 Vide Notification No. 45/2015 dated 22.05.2015, Amendment in
Notification No. GSR 853(E), dated 25-9-1989 with reference to
Section 90 of the Income-tax Act, 1961 - Double Taxation Agreement -
Agreement for avoidance of double taxation and prevention of fiscal
evasion with foreign countries – Denmark with respect to taxes on
income and on capital, and the protocol on provisions on clarification
of the convention which were both signed at copenhagen on 8th
march, 1989.
 Vide Circular No 184/03/2015-ST dated 03-06-2015 issued by CBEC
providing clarification on rate of service tax on restaurant service.
 India inks global pact on automatic exchange of financial information
to deal with problem of black money. Australia, Canada, Costa Rica,
Indonesia and New Zealand are the other five nations that signed the
Multilateral Competent Authority Agreement (MCAA) in Paris for
automatic exchange of financial account information.
MARKET UPDATES
SENSEX
26,801.17 -12.25
CNX NIFTY
8,124.30 -6.35
DOLLAR/ RUPEE
63.92 -0.09.
MCX SILVER
37,154.00 -18.00
MCX GOLD
26,861.00 23.00
MCX CRUDE OIL
3,721.00 1.00
Dow Jones Industrial
average
17,905.58 -170.69
Nasdaq Composite
5,059.12 -40.11
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