Newsletter dated 18th March, 2015

1. THOUGHT OF THE DAY
“The leader must know, must know that he knows, and must be able
to make it abundantly clear to those around him that he knows”
ECONOMIC UPDATES
 Export-Import Bank of India (Exim Bank) has entered into an Agreement
dated September 2, 2014 with the Banco Exterior De Cuba, for making
available to the latter, a Line of Credit of USD 5.0492 million (USD Five
Million and Forty Nine Thousand two hundred) for financing the
modernization of injectable product plant in the Republic of Cuba.(
RBI/2014-15/502 A.P. (DIR Series) Circular No.84)
 In a bid to unearth black money and illicit assets stashed abroad, The
Cabinet approved Undisclosed Foreign Income and Assets (Imposition of
New Tax) Bill, 2015, with stringent provisions for prosecution of such
offences with rigorous imprisonment of up to 10 years.
SEBI/CORPORATE UPDATES
 The CBI is to examine a senior official of the Reliance Industries Ltd in
connection with its investigations into the corporate espionage case.
Besides, the agency is also expected to examine Rajendra Chitale, partner
of Chitale and Associates as part of its investigations into the alleged sale
of ‘classified’ documents to major corporate groups of the country.
 IndiGo, India's largest airline by domestic market share, is preparing to
launch an initial public offer (IPO) of at least $400 million or Rs 2,500
crore in first quarter (April-June) of the next financial year (2015-16).
 The Government proposes to disinvest stake of oil Public Sector
Undertakings (PSUs) to meet the revenue target. The Cabinet Committee
on Economic Affairs (CCEA) in its meeting held on 10th September, 2014
has approved the sale of 5% paid-up equity capital in ONGC out of the
Government of India’s shareholding of 68.94%.
RBI/TAX LAW UPDATES
 As part of the roll-out of proposed Goods and Services Tax (GST) regime,
the CST is being phased out and has been reduced to 2 per cent, from the
earlier 4 per cent. Government approved Rs. 33,000 crore CST
compensation to states/UTs.
 Bombay High Court while dismissing a public interest litigation said that
The Centre and Reserve Bank of India are competent to look into the non-
performing assets of nationalised banks.
MARKET UPDATES
SENSEX
28,641.50 -94.88
CNX NIFTY
8,695.60 -27.70
DOLLAR/ RUPEE
62.7 -0.03
MCX SILVER
35,252.00 -104.00
MCX GOLD
25,592.00 -25.00
MCX CRUDE OIL
2,683.00 -76.00
Dow Jones Industrial
average
17,849.08 -128.34
Nasdaq Composite
4,937.44 7.93
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