Newsletter dated 21st March, 2015

1. THOUGHT OF THE DAY
“Change your thoughts and you change your world…”
ECONOMIC UPDATES
 The Comptroller and Auditor General of India in an audit report on direct
taxes tabled in Parliament that Over 94 per cent of the country's
uncollected tax demand of Rs 5.75 lakh crore is difficult to recover.
 In order to fulfil the commitment made by the Government to the people
of India through the Parliament, the Undisclosed Foreign Income and
Assets (Imposition of Tax) Bill, 2015 has been introduced in the
Parliament on 20.03.2015. The Bill provides for separate taxation of any
undisclosed income in relation to foreign income and assets.
SEBI/CORPORATE UPDATES
 The Government proposes to set up Micro Units Development and
Refinance Agency (MUDRA) Bank for granting loans to small
entrepreneurs and an amount of Rs.3,000 crore would be provided to the
MUDRA Bank from the budget to create a Credit Guarantee corpus for
guaranteeing loans being provided to the micro enterprises.
 The Government has introduced Tonnage Tax System (TTS) for taxation
of income derived from shipping activities by an Indian Company.
 After days of intense negotiations, Holcim, Lafarge merger is back on
track after revised terms the two agreed Lafarge shareholders would now
receive nine Holcim shares for every 10 shares in the French company.
RBI/TAX LAW UPDATES
 Vide Notification RBI/2014-15/507 FMRD.DIRD.06/14.03.007/2014-15
dated March 20, 2015 provided an option for T+2 settlements for
secondary market OTC trades in government securities undertaken by
Foreign Portfolio Investors and reported on NDS-OM.
 The Government has proposed new tax accounting standards related to
income computation and disclosures by businesses to ensure consistency
as well as clarity on taxation issue.
 Vide Notification RBI/2014-15/508 DBR.No.BP.BC.78/21.04.048/2014-
15 dated March 20, 2015 specified disclosure requirements relating to
sale of non-performing assets (NPAs) to Securitisation Companies(SCs)/
Reconstruction Companies(RCs).
MARKET UPDATES
SENSEX
28,261.08 -208.59
CNX NIFTY
8,570.90 -63.75
DOLLAR/ RUPEE
62.46 -0.06
MCX SILVER
37,809.00 1438.00
MCX GOLD
26,170.00 208.00
MCX CRUDE OIL
2,944.00 82.00
Dow Jones Industrial
average
18,127.65 168.62
Nasdaq Composite
5,026.42 34.04
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