The newsletter provides updates on economics, corporate law, RBI and tax law, and markets. Key points include: - The Reserve Bank of India is expected to keep interest rates unchanged after retail inflation eased. - Several sections of the new Companies Act, 2013 come into force, including mandatory auditor rotation. - RBI has recommended reducing government holdings in public sector banks for better corporate governance. - A tax deduction for derivative losses was allowed because the transaction involved two client codes that were later rectified. - Domestic and global market indices are reported, mostly showing slight declines.

1. PGC NEWSLETTER1st April 2014 1
PGC
NEWSLETTER
1st April 2014
THOUGHT OF THE DAY
“The way to get started is to quit talking and begin
doing”
ECONOMICS NEWS
• The Reserve Bank of India is expected to keep its policy interest rate
unchanged on Tuesday after retail inflation, which has become its
preferred price gauge, eased to a 25-month low in February.
CORPORATE LAW UPDATES
• The new Companies Act, 2013, will come into force from today.
60%percent law applicable from today.
• Scheme of arrangement between parent company and resulting
company was of demerger which amounts to reconstruction as per
article 20(d) of Schedule-I of Gujarat Stamp Act, 1958 and applicant
was required to pay for change of ownership as per section 2(g) and
article 20(d) of Schedule-I of Stamp Act.
• The government on Monday issued the rules governing the audit
applicable from today contains mandatory rotation of auditors.
RBI / TAX LAW UPDATE
• RBI: RBI has recommended the Centre reduce its holdings in public
sector banks. This, it says, is essential for robust corporate governance
practices, considering these lenders’ deteriorating asset quality and
rating downgrades.
• IT: Derivative losses weren't bogus merely because transaction involved
two client codes which was rectified by NSE.
MARKET UPDATES
SENSEX
22,365.66 -20.61
CNX NIFTY
6,694.70 -9.50
DOLLAR/ RUPEE
59.91 -1.02
MCX SILVER
42648.0 -0.37
MCX GOLD
28,400.0 -136.0
MCX CRUDE OIL
6097.0 -0.38
Dow Jones Industrial
Average
16,457.66 134.60
Nasdaq Composite
4198.99 43.23