Newsletter dated 13th May, 2015

1. PGC NEWSLETTER 1
PGC
NEWSLETTER
13th
May, 2015
THOUGHT OF THE DAY
“A warm smile is the universal language of kindness...”
ECONOMIC UPDATES
 HSBC downgraded Indian stocks to "underweight" from "overweight",
citing slowing earnings growth, little room for rate cuts and potential
negative impact from an unusual weather due to El Nino. India
remains one of the most over-owned market in Asia and the bank says
the potential for more equity outflows has increased because foreign
positions look stretched.
 Finance Minister Arun Jaitley in a written reply to a question in the
Rajya Sabha said the Supreme Court-appointed Special Investigating
Team (SIT) on black money had recommended capturing of foreign
travel details for risk profiling. Such information can help in
developing risk profiles for detection of evasion of tax, he said, adding
that these details are not required in ITR-1 or ITR-4S which are filed
by majority of individual taxpayers.
SEBI/CORPORATE UPDATES
 Vide Guidelines Ref: IRDA/NL/ETASS/RIN/103/05/2015 dated May
11, 2015, IRDA issues guidelines for conducting re-insurance and co-
insurance transactions in electronic platform.
 Kumar Mangalam Birla led Aditya Birla Retail Ltd (ABRL) acquired
Jubilant Industries’ hypermarket business in a slump sale all cash deal.
RBI/TAX LAW UPDATES
 The Reserve Bank today made a case for more clarity on taxing the
sunshine e-commerce sector, which has been seeing high valuations
and frenetic activities, saying doing so will help bolster their finances.
RBI says states could tax e-retailers like Amazon India to shore up
revenue on release of State Finances: A Study of Budgets of 2014-15.
(Press Release : 2014-2015/2385)
 The Reserve Bank today made a case for more clarity on taxing the
sunshine e-commerce sector, which has been seeing high valuations
and frenetic activities, saying doing so will help bolster their finances.
RBI says states could tax e-retailers like Amazon India to shore up
revenue on release of State Finances: A Study of Budgets of 2014-15.
(Press Release : 2014-2015/2385)
MARKET UPDATES
SENSEX
27,009.78 132.30
CNX NIFTY
8,169.75 42.80
DOLLAR/ RUPEE
64.15 0.3.
MCX SILVER
38,381.00 17.00
MCX GOLD
27,142.00 -25.00
MCX CRUDE OIL
3,942.00 55.00
Dow Jones Industrial
average
18,068.23 -36.94
Nasdaq Composite
4,976.19 -17.38
http://www.proglobalcorp.com