Newsletter dated 18th June,2015

1. 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
 A new "smart and intelligent" database is being set up in the Income Tax
department to help check tax evasion, a menace that is spoiling
compliance culture. The database will immensely improve mining of data
as it will include all financial transactions of individuals and entities.
 Gearing up to roll out GST from April 1, 2016, the Finance Ministry today
set up two committees to suggest tax rates and look into IT preparedness
for the new indirect tax regime. Committee formed would recommend
possible tax rates under GST that would be consistent with the present
level of revenue collection of Centre and states.
 The government has cancelled approvals of 22 special economic zones,
including that of Tamilnadu Industrial Development Corporation and True
Developers, as no "satisfactory" progress was made to execute the projects.
SEBI/CORPORATE UPDATES
 General Motors and Fiat Chrysler Automobiles (FCA) have turned to
investment banks for help to deal with a stand-off as FCA seeks to force a
merger with its Detroit-based rival. GM signed a letter of engagement with
Goldman Sachs earlier this week seeking advice on FCA.
 MSME Minister Kalraj Mishra today asked banks to make available easy
finance for micro enterprises under the Prime Minister's Employment
Guarantee Programme (PMEGP).
 The security breach resulted in hacking of salary accounts of at least two
dozen Infosys employees in May highlights broader cybersecurity
challenges for domestic banks at a time when the number of online
transactions is growing rapidly, experts and company executives said. At
least Rs 2 lakh was siphoned off from half a dozen salary accounts of
Infosys employees hacked by a still unidentified person last month.
 Life Insurance Corp. of India, the nation's biggest institutional investor,
plans to keep stock purchases at last low levels of inflation will be
sustained, making high-yielding debt that much more valuable in coming
years. year's level while raising investments in bonds by about a fifth this
fiscal. The state-run insurer bets that low levels of inflation will be
sustained, making high-yielding debt that much more valuable in coming
years.
MARKET UPDATES
SENSEX
27,052.91 220.25
CNX NIFTY
8,146.40 54.85
DOLLAR/ RUPEE
63.86 -0.24.
MCX SILVER
36,982.00 104.00
MCX GOLD
26,936.00 56.00
MCX CRUDE OIL
3,798.00 3.00
Dow Jones Industrial
average
17,935.74 31.26
Nasdaq Composite
5,064.88 9.33
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