1. PGC NEWSLETTER7th April 2014 1
PGC
NEWSLETTER
7th April 2014
THOUGHT OF THE DAY
“Learn from the past, set vivid, detailed
goals for the future”
ECONOMICS NEWS
 The plan of Selex ES Ltd, a fully-owned subsidiary of the controversial
Italian defence, aerospace and security firm Finmeccanica, to set up a
joint venture with an Indian partner has received the external affairs
ministry's 'no-objection' from the 'political angle'.
 The Reserve Bank is likely to order banks to scrap penalty on pre-
payment of all retail and small corporate loans and do away with fines
for failure to maintain minimum balance if the recent 'nudge' does not
work, said a person familiar with the plan.
CORPORATE LAW UPDATES
 The Looking to pool ideas for investor awareness initiatives, Sebi has invited
students to develop mobile applications for entertainment-based financial
education with the best app set to get Rs 3 lakh prize money.
 Indian Mutual Fund houses will have to make disclosures about average
assets under management on a monthly basis from this month.
RBI / TAX LAW UPDATE
 IT: Where assessee to run its milk parlour put up structure on leasehold
land and in next year because of non renewal of agreement entered
between assessee and land owner said structure was demolished,
expenditure incurred on construction of structure was allowable as
revenue expenditure.
 IT: RBI has issued notification regarding amendments in Foreign
Exchange (Compounding Proceedings) Rules, 2000 vide A.P. (DIR
Series) Circular No.117 and Obligation of banks under Prevention of
Money Laundering Act (PMLA), 2002 vide
DBOD.AML.BC.No.103/14.01.001/2013-14
MARKET UPDATES
SENSEX
22,320.43 -39.07
CNX NIFTY
6,686.85 -7.50
DOLLAR/ RUPEE
60.03 -0.07
MCX SILVER
42953.0 -0.04
MCX GOLD
28303.0 0.16
MCX CRUDE OIL
6068.0 -0.21
Dow Jones Industrial
Average
16,412.71 -159.84
Nasdaq Composite
4127.73 -110.01