The newsletter provides updates on economics, corporate law, RBI regulations, tax law, and financial markets. Two developments are fueling increased demand for forensic audits: several high-profile fraud cases and new regulations holding auditors and directors more accountable. Foreign investors have poured $9.6 billion into Indian stock markets this month on hopes of a stable government after upcoming elections. While rejecting US claims about intellectual property rights, India says it has not breached any international agreements and is willing to discuss the matter at the WTO. The Securities and Exchange Board of India plans new guidelines next fiscal year regarding an impending Indo-US agreement to prevent tax evasion by Americans through Indian entities.

1. PGC NEWSLETTER 24th March 2014 1
PGC
NEWSLETTER
24th March 2014
THOUGHT OF THE DAY
“You cannot always wait for the perfect
time. Sometimes you must dare to jump.”
ECONOMICS NEWS
• Forensic audit is emerging as a big- ticket business for accounting firms.
Two developments are responsible. One, some high- profile frauds in
the limelight over recent months. Two, changes in the approach of
regulators, allied to provisions in the new Companies Act, which put
more accountability on both independent directors and auditors.
• Foreign investors have poured in a whopping Rs 9,600crore in the
stock market so far this month, mainly on the hopes of a stable
government in general elections starting next month.
CORPORATE LAW UPDATES
• Rejecting US allegations related to intellectual property rights (IPR),
India today said that it is ready to discuss the matter at WTO as it has
not breached any international agreement.
• With talks underway for an Indo-US agreement to combat possible tax
evasion by Americans through Indian entities, Securities and Exchange
Board of India plans to issue new guidelines for FATCA compliance in
this regard next fiscal.
RBI / TAX LAW UPDATE
• RBI: The Reserve Bank of India today released on its website for public
comments, the Report of the Committee to recommend Data Format for
Furnishing of Credit Information to Credit Information Companies
(CICs).
• IT: Whether assessee carrying on business of liquor had not maintained
sale vouchers, rejection of assessee's account books and trading results
by invoking provisions of section 145(3) was justified and
Commissioner (Appeals) had rightly applied average gross profit rate in
instant case.
MARKET UPDATES
SENSEX
21,999.50 244.18
CNX NIFTY
6,567.50 72.60
DOLLAR/ RUPEE
60.69 -0.23
MCX SILVER
44326.0 -0.72
MCX GOLD
29,541.00 -201.00
MCX CRUDE OIL
6054.0 -1.11
Dow Jones Industrial
Average
16,302.77 -28.28
Nasdaq Composite
4276.79 -42.50