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PGC
NEWSLETTER
12th
March 2014
THOUGHT OF THE DAY
“Turn your face toward the sun
and the shadows will fall behind you.”
ECONOMICS NEWS
• India's external sector position improved significantly by
December 2013. The latest balance of payments data,
indicates India's current account deficit (CAD).
• After appreciating for five consecutive trading sessions,
the rupee weakened on Tuesday due to dollar demand
from importers and defence-related payments.
CORPORATE LAW UPDATES
• The Sahara group’s problems continue, with rating agency
CARE cutting its ‘BBB’ ranking for Sahara Hospitality
Ltd’s (SHL) long-term bank facility to ‘BBB-’, due to sub-
optimal financial and operational performance.
• After an over seven-year probe into alleged money-
pooling through 'art funds', SEBI today let off Bajaj
Capital and two other entities as they were not found to be
running illicit 'collective investment schemes'.
RBI / TAX LAW UPDATES
• The central bank may soon start to buy the US currency to
prevent the rupee from strengthening to a point where it
starts hurting the economy.
• IT/ILT : Where assessee appointed foreign agents for
securing export orders, Explanation added to section
9(1)(vii) by Finance Act, 2010 with effect from 1-6-1976 was
not applicable in view of fact that agents had their offices
situated in foreign country and they did not provide any
managerial services to assessee.
MARKET UPDATES
SENSEX
21,924.18 97.76
CNX NIFTY
6,534.65 22.75
DOLLAR/ RUPEE
61.06 0.1
MCX SILVER
46440.0 -0.19
MCX GOLD
30,.0 -16.0
MCX CRUDE OIL
6085.0 -0.82
Dow Jones Industrial
Average
16,351.25 -67.43
Nasdaq Composite
4307.19 -27.26