Newsletter dated 20th August, 2015

Newsletter dated 20th August, 2015

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  PGC NEWSLETTER 1 PGC NEWSLETTER 20th August,2015 THOUGHT OF THE DAY “The starting point of all achievement is desire…” ECONOMIC UPDATES  Government is considering two-rate structure; key services to be taxed at lower rate in GST regime.  RBI granted payment bank licences to 11 firms. This includes telecom companies Vodafone and Airtel; non-banking financial company Cholamandalam Distribution Services Ltd; large conglomerates Reliance Industries and Aditya Birla Nuvo; and individuals Vijay Shekhar Sharma, founder of Paytm, and Dilip Shanghvi, Managing Director of Sun Pharmaceuticals. SEBI/CORPORATE UPDATES  Vide Master Circular IRDAI/LIFE/CIR/MISC/147/08/2015 dated August 13, 2015 issued guidelines relating to insurance advertisements.  The Securities and Exchange Board of India has charged A R Sankaranarayanan, a former independent director of Manappuram Finance for alleged violation of insider trading rules. RBI/TAX LAW UPDATES  Vide CBDT Notification No. 76/2015-Customs (N.T.) dated August 18, 2015 notified Customs Baggage Declaration (Amendment) Regulations, 2015.  Government has notified 'Challan No. ITNS 284' for depositing taxes under Black Money Act.  Vide Notification No. 5959/Leg. A2/2015/Law dated 29th July, 2015 notified that now Kerala VAT shall also be levied on goods sold by multi- level marketing entities.  Vide Notification No. F. No. 450/179/2009-Cus IV (Pt) dated August 19, 2015 issued detailed guidelines on processing, validation and certification under the Authorized Economic Operator (AEO) Programme.  Vide CBEC Notification No 43/2015-Cus (ADD), dated 18-08-2015 Government Seeks to extend notification No, 82/2011- Customs dated 25th August, 2011 for a further period of one year. MARKET UPDATES SENSEX 27,918.83 -12.81 CNX NIFTY 8,478.65 -16.50 DOLLAR/ RUPEE 65.02 -0.08 MCX SILVER 35,930.00 403.00 MCX GOLD 25,438.00 242.00 MCX CRUDE OIL 2,702.00 -8.00 Dow Jones Industrial average 17,348.73 -162.61 Nasdaq Composite 5,019.05 -40.30 http://www.proglobalcorp.com