PGC Newsletter dated 26th December,2014

1. PGC NEWSLETTER 1
PGC
NEWSLETTER
26th
December, 2014
THOUGHT OF THE DAY
“An attitude of positive expectation is the mark of superior personality....”
ECONOMIC NEWS
 All Rajasthan Vat Consultants Association (ARVCA) (Incorporation under
process) has recently given by e-mail on 22.12.2014 Memorandum on VAT
issues faced by the Traders and Professionals in the State to Hon.
Commissioner of Commercial Taxes, Rajasthan.
 Finance Ministry today issued an e-book containing important decisions and
initiatives with a view to improving governance and bringing government closer
to the public.
 Finance ministry to reserve Wednesdays for redressal of tax related
grievances
SEBI/CORPORATE UPDATES
 MCA has issued Recent Initiatives of MCA on Good Governance.
 Auction process for 24 coal mines kicks off, government launches web portal.
 Amul will become a Rs 30,000-crore brand in the current fiscal making it “as
big, if not bigger than Hindustan Unilever Ltd (HUL)”, claims RS Sodhi,
managing director, Gujarat Co-operative Milk Marketing Federation (GCMMF).
 Tea industry fears hurdles to PPC implementation. The Plant Protection Code
(PPC) is a comprehensive document, developed by the Tea Board, which lays
down the manner in which chemicals are to be used safely in tea cultivation.
 Even as the solar power industry is expecting more favourable policy and
funding support in the upcoming Union Budget, Central Government’s
proposed spend to the tune of Rs.5,800 crore in solar sector is expected to
give a much-need fillip to the industry.
RBI / TAX LAW UPDATES
 In Tata Motors European Technical Centre Plc. V. Adit (2014), it was held
that TP norms would not put fetters on selection of foreign comparables if
Indian Cos didn't satisfy test of comparability.
 In Uttam Galva Steels Pvt. Ltd. Vs. CCE Raigad, it was held that Board’s
Circulars have prospective effect only and not retrospective effect
HISTORICAL EVENT
 On 26
th
December,1995,Paul Adams becomes South Africa's youngest Test
Cricket player,18 yrs 340 days
MARKET UPDATES
SENSEX
27,186.18 -22.43
CNX NIFTY
8,179.05 4.95
DOLLAR/ RUPEE
63.63 0.1.
MCX SILVER
36,481.00 58.00
MCX GOLD
26,793.00 209.00
MCX CRUDE OIL
3,567.00 -42.00
Dow Jones Industrial
average
18,030.21 6.04
Nasdaq Composite
4,773.47 8.05
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