Newsletter dated 6th May, 2015

1. THOUGHT OF THE DAY
“Leadership is the activity of influencing people to cooperate toward
some goal which they come to find desirable…"
ECONOMIC UPDATES
 RBI is likely to cut interest rates by 25 bps in its June 2 policy review as the
CPI inflation expected to stay below the 6% target set by the central bank.
 Minister of State for Environment and Forest Prakash Javadekar shares
his words that The central government received over 1,000 proposals
seeking forest clearances for various projects in the last three years but
only one-third of them were granted final approval.
SEBI/CORPORATE UPDATES
 The Supreme Court on Tuesday issued notice to the Centre on a PIL,
challenging the eligibility criteria including cut-off age of 55 years affixed
by the government for direct selection of top executives in five public
sector banks— Bank of Baroda, Bank of India, Canara Bank, IDBI Bank
and Punjab National Bank.
 The Institute of Cost Accountants of India is pleased to release the
Practitioners’ Kit for the Members.
 The Presidents of the Institute of Chartered Accountants of India (ICAI),
The Institute of Company Secretaries of India (ICSI) and the Institute of
Cost and Works Accountants of India (ICWAI) independently confirmed
that the coordination committee of the three bodies will meet to decide on
the modalities of framing multidisciplinary partnerships (MDPs) under the
relatively new LLP structure.
RBI/TAX LAW UPDATES
 Vide RBI Notification RBI/2014-15/585 DCBR.BPD (PCB) Cir.No.8/
12.05.001/2014-15 dated May 5, 2015 Government of India, Ministry of
Finance intends to roll out Pradhan Mantri Jeevan Jyoti Bima Yojana
(PMJJBY) Scheme and Pradhan Mantri Suraksha Bima Yojana (PMSBY)
from June 1st, 2015.
 Vide CBEC Notification F.No.267/29/2015-CX-8 dated May 5, 2015
issued clarification regarding Cenvat Credit in transit sale through dealer.
 Vide CIRCULAR No.8 of 2015-16 dated May 1,2015 Issued by DVAT all
Assessing Authorities are hereby directed that the default assessment
under CST Act shall only be carried out on the basis of CST Form 9 and
due verification of the details of the central forms declared therein.
 Vide DGFT Public Notice No. 10 /2015-2020 dated May 5, 2015 Ministry
of Commerce and Industry notified the Implementation of the procedure
for export of certified organic products.
MARKET UPDATES
SENSEX
26,889.22 -550.92
CNX NIFTY
8,149.85 -174.95
DOLLAR/ RUPEE
63.44 0.02
MCX SILVER
38,137.00 179.00
MCX GOLD
27,023.00 143.00
MCX CRUDE OIL
3,918.00 61.00
Dow Jones Industrial
average
17,928.20 -142.20
Nasdaq Composite
4,939.33 -77.60
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