Newsletter dated 6th July, 2015

1. PGC NEWSLETTER 1
PGC
NEWSLETTER
6th
July, 2015
THOUGHT OF THE DAY
“Success comes from knowing that you did your best to
become the best that you are capable of becoming…”
ECONOMIC UPDATES
 The government is mulling social audit of all factories to check whether
workers are getting conducive working conditions, continuing with its
strategy of extracting benefits for employees as part of strategy to build
support for labour reforms.
 Fair Trade Regulator CCI is in an advanced stage of taking a final decision
on cartelisation allegations made against five carriers, including market
leaders IndiGo and Jet Airways, with respect to introduction of fuel
surcharge for cargo transportation.
SEBI/CORPORATE UPDATES
 MCA notified that Version of Forms DPT-3, 4LLP, CRA-2, MSC-3 and FC-1
are modified w.e.f 7th July 2015. You are requested to plan accordingly.
 Regulator SEBI and Stock Exchanges Coming down heavily on companies
where auditors have flagged serious lapses, have asked at least 75 listed
firms, including Kingfisher Airlines and its parent UB Holdings, to restate
their FINANCIAL accounts after addressing these issues. The companies
that fail to submit a compliance report to the exchanges would face penal
action by the regulators, a senior official said.
 ITC’s lifestyle retailing business has decided to take on the e-commerce
threat with a two-pronged omni-channel strategy. The firm plans to open
retail stores, to launch separate product line for e-commerce channels.
RBI/TAX LAW UPDATES
 Vide RBI Press Release 2015-2016/50 The Reserve Bank of India will
conduct 4 day variable rate reverse repo auction for a notified amount of
Rs. 40,000 crore today. The auction will be conducted between 4.00 pm
and 4.30 pm.
 High Court has exempted tax on rental income of education trust.
 In Case of OIL& Natural Gas Corporation vs. CIT (Supreme
Court), Civil Appeal no. 730/2007, Dated 01.07.2015 Court decided that
Central Govt. agencies in agreement with foreign companies are not
entitled to exemption of surtax.
MARKET UPDATES
SENSEX
27,876.72 -216.07
CNX NIFTY
8,428.10 -56.80
DOLLAR/ RUPEE
63.40 -0.07
MCX SILVER
35,857.00 -302.00
MCX GOLD
26,306.00 -46.00
MCX CRUDE OIL
3,487.00 -33.00
Dow Jones Industrial
average
17,730.11 -27.80
Nasdaq Composite
5,009.21 -3.91
http://www.proglobalcorp.com