The newsletter provides economic, corporate, RBI, tax, and market updates. It notes that 25 coal blocks may be put up for auction, with 24 for power and 1 for steel. It also notes that an Aditya Birla executive said cash was routed through local operators for unnamed persons. Infosys will provide expertise to build smart cities. The corporate ministry will notify most remaining company law sections by year-end. RBI cut its repo rate by 25 basis points and eased forex hedging norms for exporters and importers. The Sensex rose over 500 points while the rupee fell against the dollar.

1. PGC NEWSLETTER 1
PGC
NEWSLETTER
15th
January,2015
THOUGHT OF THE DAY
“The greatest revolution of our generation is the discovery that human
beings, by changing the inner attitudes of their minds, can change the
outer aspects of their lives...”
ECONOMIC UPDATES
 25 coal blocks may be put on auction today for state-run companies.
While 24 of these blocks are likely to be reserved for the power sector, one
will be earmarked for a state-run steel plant.
 A top financial executive of the Aditya Birla Management Corporation Pvt
Ltd (ABMCPL), a company of the Aditya Birla Group which is under the
scanner in connection with the Hindalco coal blocks case, has told Income
Tax (IT) investigators that company officials regularly routed large
amounts of cash through “angadias” or “local hawala operators” and made
payments to “unidentified persons.”
SEBI/CORPORATE UPDATES
 Infosys to offer expertise to urban development ministry in building smart
citiesInfosys chief executive Vishal Sikka said after meeting Prime Minister
Narendra Modi in the national capital.
 The corporate affairs ministry is rolling out a three-stage plan for
implementation of the remaining 40% provisions of the new Companies
Act and it wants to notify most of the remaining sections by the end of this
year to facilitate transition to new law.
RBI/TAX LAW UPDATES
 Vide Press Release: 2014-2015/1486 dated 15 Jan 2015, Statement by Dr.
Raghuram G Rajan, Governor on Monetary Policy has been given whereby
RBI slashes repo rate by 25 bps to 7.75 per cent with immediate effect
 RBI Notification ref RBI/2014-15/401 A.P. (DIR Series) Circular No.58
dated January 14, 2015, issued regarding Risk Management and Inter
Bank Dealings: Hedging under Past Performance Route- Liberalisation of
Documentation Requirements in the OTC market and hence Eases Forex
Hedging Norms for Exporters, Importers.
 Kindly note that the due date for filing form e-704 has been extended up to
30th January 2015 from 15th January 2015.
HISTORICAL EVENT
1943 - World's largest office building, the Pentagon is completed
MARKET UPDATES
SENSEX
27,939.98 593.16
CNX NIFTY
8,454.75 177.20
DOLLAR/ RUPEE
61.77 -0.43
MCX SILVER
37,365.00 -565.00
MCX GOLD
26776.00 -425.00
MCX CRUDE OIL
2,968.00 105.00
Dow Jones Industrial
average
17,427.09 -186.59
Nasdaq Composite
4,639.32 -22.18
http://www.proglobalcorp.com