| Professional
News |
| INCOME
TAX |
| PC keeps some GAAR sops out of
Finance Bill |
|
Delhi : Finance minister P
Chidambaram has excluded some of the major relaxations in the
General Anti-Avoidance Rules (GAAR) he had announced in
January from the Finance Bill 2013-14 for greater flexibility
in modifying them.While approving the recommendations of the
Shome panel that reviewed GAAR to make it more acceptable to
investors, Chidambaram had said on January 14 that the
anti-tax avoidance rules will be applied on business
arrangements only if the tax benefit sought was R3 crore or
more.The minister had also agreed that GAAR will not be
invoked to deny tax benefit on investments made before August
30, 2010.Mauritius-based Foreign Institutional Investors
(FIIs), who hold listed securities in India, were thus assured
that they will not be asked to pay short term capital gains
tax of 15% when they sell such assets after GAAR comes into
force in April 2016.
|
| Your I-T returns may require
disclosure of all assets |
|
Delhi : Many high-networth
individuals (HNIs) have not been declaring all their assets to
avoid paying wealth tax. That bliss is set to end soon, with
the finance ministry planning to make it mandatory for
individuals and Hindu undivided families (HUFs) to report
assets and liabilities in income-tax (I-T) return forms.Senior
officials in the ministry said this could be notified soon.
"Last year, reporting of assets and liabilities was made
mandatory for individuals with foreign assets. This year, it
might be extended to Indian assets," said an official.The
official added the intention was mainly to get information
about those HNIs who had not been paying wealth tax. This
year, wealth tax collections are likely to be Rs 866 crore -
much less than the Budget estimate of Rs 1,244
crore.
|
| Maharashtra co-op sugar mills seek
I-T relief |
|
Maharashtra : Staring at
attachment of assets and sealing of bank accounts for failing
to pay income tax dues, cooperative sugar factories in
Maharashtra have sought a stay on the recovery of the dues.The
Federation of Cooperative Sugar Factories in Maharashtra, a
representative body of about 200 units, met the income tax
chief commissioner yesterday, urging the recovery of arrears
be deferred. It also requested the income tax department to
refrain from attaching assets and sealing bank accounts.A
total of 68 cooperative mills would have to pay 10 per cent of
the Rs 1,000 crore, which includes interest and penalty since
1992-93, to pay 10 per cent to the income tax
department.Cooperative factories said their financial woes
would worsen, as the state cooperation department had
projected a 20-25 per cent fall in sugar production this
crushing season, owing to a shortage of cane. So far this
year, the state has produced 6.7 million tonnes (mt) of sugar
by crushing 60.2 mt of cane.
|
| Misc. - Direct
Tax |
| Government may slash withholding tax
rate to 5% |
|
Delhi : The government is
looking to cut withholding tax rate for foreign investments in
all types of corporate bonds, as it eyes fresh measures to top
up the budget proposals when finance minister P Chidambaram
replies to the debate in parliament. Under current norms,
foreign investments in corporate bonds face 20% tax deduction.
A lower withholding tax of 5% is available only in select
infrastructure sectors. The high 20% withholding tax is
adjustable against the final tax liability of the investor,
but it is seen as an irritant by foreign investors.
|
| CUSTOMS |
| Tyre makers to FinMin, don’t hike
rubber import duty |
|
Delhi : Tyre makers have
urged Finance Minister P. Chidambaram to maintain the current
import duty structure on natural rubber imports. Any hike in
import duty on natural rubber will throttle growth of the
consuming sector (tyre & non-tyre) in India, Anant Goenka,
Chairman of Automotive Tyre Manufacturers’ Association (ATMA),
said in a letter to Chidambaram here. ATMA represents tyre
companies that account for 95 per cent of tyre industry in
terms of tonnage and turnover.Instead of clamping import
restrictions on a key raw material (like natural rubber), the
Government may consider encouraging natural rubber exports
whenever domestic natural rubber prices are lower than
international prices.
|
| SEBI |
| SEBI may allow listing of preference
shares to make fund-raising easier |
|
Delhi : Capital market
regulator Sebi will allow listing of preference shares on
stock exchanges to make it easier for banks and infrastructure
companies to raise funds. Preference shares are quasi-equity
instruments that have limited voting rights and give specific
dividend that is paid out before a company distributes
dividend to regular shareholders.Unlike equity and debt,
public issue and listing of preference shares are not covered
under existing rules. The Sebi board, which is meeting in
Delhi on Friday, is expected to approve changes that will pave
the way for listing of these securities, as well as permitting
infrastructure companies to raise long-term capital through
issuance of preference shares with life of over 20 years.
|
| RBI |
| Loan growth above RBI projection;
deposits fall |
|
Maharashtra : Bank deposits
grew a sluggish 12.73 per cent on year-on-year basis till
February 22, while loans rose 16.25 per cent during the same
period, latest data from the Reserve Bank of India (RBI)
showed.During the fortnight, the banks disbursed new credit of
about Rs 26,000 crore, while they lost deposits of about Rs
10,000 crore. The central bank has projected 16 per cent
credit growth and 15 per cent deposit growth for this
financial year.Falling deposit growth has forced banks to
raise the deposit rates to attract depositors, who are
otherwise investing in gold and real estate, seeking better
returns.
|
| IRDA |
| IRDA revamps traditional life
insurance policies |
|
Maharashtra : Traditional
life insurance products will now come with enhanced benefits
for policyholders as the insurance regulator has issued final
guidelines for makeover of these products. The Insurance
Regulatory Development Authority of India (IRDA) guidelines,
which have been notified by the Government, cap commissions,
and provide for minimum sum assured and guaranteed surrender
value on traditional products sold by life insurers. This
could impact insurance companies’ margins. The guidelines are
expected to improve transparency and curb mis-selling of the
traditional products.To ensure that life insurance products
are of longer duration, the new guidelines have increased the
minimum premium paying term of the policy to five
years.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Free trade pact with Asean likely to
be signed in August |
|
Tamil Nadu : The Free Trade
Agreement between India and the Asean (Association of South
East Asian Nations) is all set to become a more comprehensive
one. A pact on trade in services, as well as investment, is
going to be signed in the next few months.Avinash P. Joshi,
Director, Union Ministry of Commerce and Industry, said
negotiations between the Indian Government and Asean (Brunei,
Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines,
Singapore, Thailand and Vietnam) are over and an agreement to
this effect would be signed in August.“We hope this would open
up a huge opportunity in the services and investment relations
with these countries,” he said. Besides, pointing out that the
trade with these countries in the first nine months of the
current financial year has clocked over $55 billion, he said
this is expected to go past $80 billion by the end of the
year.
|
| Ministers’ group meets, but no
decision on spectrum auction |
|
Delhi : The meeting of
Empowered Group of Ministers (EGoM) on Wednesday ended without
any decision on the next round of auction. Kapil Sibal,
Minister for Communications and IT, said that the issue will
be referred back to the Supreme Court for further direction.
TWO KEY DECISIONSThe EGoM was required to take two crucial
decisions with regard to future rounds of spectrum auctions:
firstly, whether the base price should be further reduced for
GSM spectrum and secondly, whether spectrum in the 900 MHz
band should be put up for auction.
|
| Finance & Money
Markets |
| Re logs best gain in a week on dollar
sale |
|
Maharashtra : Tracking
upward movement in local stocks, the rupee on Wednesday
bounced back by 20 paise, its biggest gain in a week, to close
at 54.72 amid fresh dollar selling by exporters and some
custodian banks.Sustained foreign funds inflows of Rs 500
crore in stocks also helped the rupee recovery while the late
recovery in the dollar abroad later put some pressure on the
rupee, a forex dealer said. At the Interbank Foreign Exchange
market on Wednesday, the rupee started on a firm note at 54.74
a dollar from the previous close of 54.92.Bonds remains up
Government securities (G-sec) remained up due to consistent
demand from banks and companies. The 8.15 per cent G-sec
maturing in 2022 rose to Rs 101.86 from Rs 101.79 yesterday,
while its yield edged down to 7.86 per cent from 7.87 per
cent. The 8.20 per cent G-sec maturing in 2025 shot up to Rs
101.96 from Rs 101.85, while its yield inched down by 7.95 per
cent from 7.96 per cent.
|
| M&M to auction 4% stake in
Mahindra Holidays today |
|
Tamil Nadu : Mahindra &
Mahindra, the promoter of Mahindra Holidays & Resorts
India, has announced its intention to sell an aggregate of 34
lakh shares of Rs 10 each of the latter through the separate
window provided by the stock exchanges on March 7.The parent
company’s announcement to offer 4.02 per cent stake in
Mahindra Holidays through offer-for-sale (OFS) route would
bring down its holding in the group company to 78.67 per
cent.The floor price for Thursday’s OFS is fixed at Rs 270 a
share, marginally less than Wednesday’s closing price of Rs
276.35. The decision is to meet the SEBI norm on public
shareholding in listed companies of a minimum of 25 per cent
which the companies should meet by June. However, the
announcement by M&M has come as a surprise since it was
only on January 21 the board of Mahindra Holidays had approved
the issuance of equity shares through an institutional
placement programme.
|
| Illiquid stocks may move to hourly
call auction system; shift will hit 1,800
stocks |
|
Maharashtra : Stocks like
ITDC, the hotel chain in which the Tata Group holds a sizeable
stake, Pilani Investment, the investment arm of BKBirla Group,
Westlife Development, which houses McDonald's India
franchisee, among others, may be taken out of the normal
trading counter in stock exchanges, with a new regulatory rule
kicking in from next month.In a move to curb share price
manipulation, capital market regulator Sebi will shift
illiquid stocks from the normal trading platform to 'call
auctions'
|
| NYSE Euronext to sell its 4.79% stake
in MCX |
|
Maharashtra : NYSE Euronext,
which operates the New York Stock Exchange, is selling its
4.79% stake in MCX, the country's largest commodity exchange.
The sale, likely to take place on Thursday, will be at a 3-5%
discount to Wednesday's closing price of Rs 1,058 a share,
said a person aware of the development. Goldman Sachs Fund is
expected to be the buyer, he added. The size of the deal would
be in the region of Rs 250 crore and comes after a one-year
lock in period since the listing of the bourse in March last
year. At this price, NYSE will make a small gain of 4-5% on
its investment of Rs 240 crore in MCX in 2008.
|
| Commodities |
| UK gold hallmarking is at lowest
since at least 2007 on price gain |
|
Delhi : UK gold hallmarking
dropped to the lowest since at least 2007 as higher local
prices helped curb demand. The country's four assay offices
hallmarked 246,993 items in February, down 14% from a year
earlier, according to data from the BirminghamBSE 0.00 %
office. That's the lowest on record for data going back to
January 2008, when monthly figures were first collated.
Britain's economy shrank 0.3% in the fourth quarter as exports
fell and an uncertain outlook depressed company investment,
government data showed on February 27.
|
| INTERNATIONAL
BUSINESS |
| Samsung gets a foot in at key Apple
supplier Sharp with $110 million
investment |
|
Samsung Electronics Co , with a $110 million
investment in cash-strapped Sharp Corp , will broaden its
supplier base, gain access to low-power thin screen technology
and get a foot in the door at one of Apple Inc's key Asian
display suppliers. The relatively low-cost deal will leave
Samsung with a 3 percent stake in Japan's TV pioneer, making
it a leading foreign shareholder alongside chipmaker Qualcomm
Inc , which in December agreed to invest as much as $120
million. Shares in Sharp, which was bailed out by its banks
last October, jumped on news of the lifeline.It is also a rare
cross-border technology deal between two rival countries and
the first time the South Korean TV maker has taken a stake in
a major Japanese rival. Japan's three big TV set makers,
Sharp, Sony Corp and Panasonic Corp , are struggling to
overcome losses as Samsung clobbers them in overseas
markets.
|
| Pension/Provident
Fund |
| EPFO may rope in World Bank to gauge
EPS deficit, take corrective measures |
|
Delhi : The Employees’
Provident Fund Organisation will soon seek assistance from
World Bank to assess the extent of deficit in the Employees
Pension Scheme (EPS), which was pegged at over R50,000 crore
in 2009-10 and is believed to have widened further. The EPFO
is considering raising the minimum mandated basic salary limit
to R15,000 per month from the present R6,500 and raising the
contribution for EPS by 0.66% to close to 9% to narrow the EPS
deficit, sources said, adding that a final decision would be
taken after assessment by World Bank. “We are seriously
concerned and we are going to find out what the actual deficit
is, and find remedial measures,” central PF commissioner Anil
Swarup told FE.
|
|
![]() |
| Economy |
| India |
| IT-ITES exports up 23% at Rs 4 lakh cr in FY13:
govt |
| India intends to be friendly to foreign
investors: Raghuram Rajan |
| About 30% people were below poverty line in
2009-10: Govt |
| Corporate sentiment cautiously positive;
employees can expect 12% hike this year:
Mercer |
| |
| International |
| Mark Carney could be handed powers to spur
economy |
| Euro area economy slumps 0.6% in
Q4 |
| Cameron Vows To 'Stick To Plan' On
Economy |
| EU finance ministers reach basic pact to cap
bankers’ bonus |
| |
| Markets
Today |
| NSE |
5,863.30
|
0.77%
|
| BSE |
19,413.54
|
0.84%
|
| NASDAQ |
3,222.37
|
-0.05%
|
| |
|
|
| USD |
54.59
|
|
| EURO |
71.01
|
|
| JPY(100) |
57.96
|
|
| GBP |
81.89
|
|
|
| |
| Corporate
Watch |
| Comma rescues AirAsia-Tata JV: Strategic
position in Press Note 6 ensures clearance
|
|
Delhi : The humble comma has come
to the rescue of a joint venture between the Tatas and
AirAsia. The Foreign Investment Promotion Board's (FIPB)
interpretation of the intent behind the placement of a comma
has ensured the clearance of the Rs80-crore venture between
AirAsia, Tata Sons and Telstra Tradeplace despite objections
from civil aviation ministry officials that the proposal was
not consistent with the foreign direct investment policy.
|
| Everstone Capital to buy 15% stake in
Hinduja Leyland Finance |
|
Maharashtra : Everstone Capital
will buy a 15% stake in Hinduja Leyland Finance as investments
in non-banking finance companies generate better than market
returns fuelled by good exposure to India's growing commercial
vehicle financing market. The private equity fund, promoted by
former Goldman Sachs bankers Sameer Sain and Atul Kapur, will
pay Rs 200 crore for the stake, valuing the vehicle financing
company at Rs 1,000 crore,
|
| EGoM allows Telenor to offset Rs
1,658-crore paid by Unitech Wireless |
|
Delhi : Reversing its earlier
stance, India will allow Norwegian telecom major Telenor to
offset the Rs 1,658 crore that had been paid by
UnitechWireless in 2008 to obtain mobile permit in all 22
regions. Telenor had a majority stake in Unitech Wireless. In
December, Telenor had paid 33% of its bid price, equivalent to
Rs 1,325 crore, 'under protest', after the telecom department
(DoT) rejected its demands to adjust the entry fee paid by
Unitech Wireless,
|
| |
| Tenders
& Assignment |
Indian Bank ![]() |
Description :Applications
invited from qualified Audit Firms for conducting forensic
audit in the Bank and to find out whether there is
any indication of further fraud Last Date
: 12/03/2013 Address
:Corporate Office,254-260 Avvai Shanmugam
Salai,Chennai 600 014 Phone :044 -
2813 4531 E-Mail :hoinspection@indianbank.co.in
|
Chhattisgarh State Co.operative Marketing
Federation Limited ![]() |
|
Description :Expression of
interest from interested chartered accountants for empanelment
& selection of concurrent auditors
Last
Date : 12/03/2013
Address
:Managing Director
Chhattisgarh State Co-operative
Marketing
Federation Limited Katela Bhawan,Civil
Lines,Raipur (CG)
Phone :0771-2445398
|
Panchayat And Rural Development
Department ![]() |
Description :Conduct Audit
of annual accounts and concurrent audit of all PRIs from
reputed chartered accountants firms Last Date
: 13/03/2013 Address :Room
No- 21-A, II Floor, Bwing Vindhyachal Bhawan, Bhopal
Phone :0755-2550651
E-Mail :mpsteps@mp.gov.in
|
Zilla Panchayat - Bagalkote -
Karnataka ![]() |
|
Description :Seeking
expression of Interest (EOI) from Chartered Accountant firms
to provide professionals support to Gram panchayats on
maintenance of Accounts in Double Entry System
Last Date : 14/03/2013
Address :Zilla Panchayat,Bagalkote -
Karnataka
Phone :08354-235571
|
National Rural Health Mission ![]() |
|
Description :Hiring services
of chartered accountant firm for statutory audit of state
health society and district health society
Last Date : 14/03/2013
Address :National Rural Health
Mission
Imphal - Manipur
|
Karnataka State Pollution Control
Board ![]() |
Description :Reputed
Chartered Accountants Registered at Charlered Accountants
institute of karnataka for Internal Audit of Account fo the
Board or the year 2013-2014, 2014-2015 & 2015-2016.
Last Date : 18/03/2013
Address :Karnataka State Pollution
Control Board Parlsara Bhawan, 1st to 6th Floor #49, church
street, Banglore- 660001 Phone
:25581383 E-Mail :ho@kspcb.gov.in
|
Zilla Panchayat-Raichur Karnataka ![]() |
|
Description :Seeking
Expression of Interest from Chartered Accountant Firms to
provide professionals support to Gram panchayats on
maintenance of accounts in Double Entry System.
Last Date : 18/03/2013
Address :Zilla Panchayath Raichur
Karnataka
Phone :08532-228448
|
State Project Facilitation Unit ![]() |
Description :Expression of
Interest for Consultancy Services for Statutory Auditor &
Internal Auditor. Last Date :
19/03/2013 Address :State Project
Facilitation Unit 3, Mahapalika Marg, Opp Metro, Mumbai-
400001 Phone :022-30233419
E-Mail :maharashtra.spfu.finance@gmail.com
|
Rural Development And Panchayati Raj Department -
Raibag taluk ![]() |
|
Description : Procurement of
Services of Chartered Accountants for Accounting in Grama
Panchayats in Raibag taluk in district.
Last
Date : 19/03/2013
Address
:Raibag taluk in Belgaum district,Belgaum - Karnataka
|
Rural Development And Panchayati Raj Department -
Athani ![]() |
|
Description :Procurement of
Services of Chartered Accountants for Accounting in Grama
Panchayats in taluk
Last Date :
19/03/2013
Address :Athani taluk in
Belgaum district,Athani - Karnataka
|
Rural Development And Panchayati Raj Department -
Ramdurg Taluk ![]() |
|
Description :Procurement of
Services of Chartered Accountants for Accounting in Grama
Panchayats in Ramdurg Taluk
Last Date
: 19/03/2013
Address
:Ramdurg taluk in Belgaum district,Belgaum -
Karnataka
|
Rural Development And Panchayati Raj Department -
Saudatti taluk ![]() |
|
Description :Procurement of
Services of Chartered Accountants for Accounting in Grama
Panchayats in Saudatti taluk in district
Last
Date : 19/03/2013
Address
:Saudatti taluk in Belgaum district
Karnataka
|
Rural Development And Panchayati Raj Department -
Khanapur Taluk ![]() |
|
Description :Procurement of
Services of Chartered Accountants for Accounting in Grama
Panchayats in Khanapur Taluk
Last Date
: 19/03/2013
Address :Rural
Development And Panchayati Raj Department,Belgaum - Karnataka
|
Department Of Education ![]() |
|
Description : Appointment of
Charted Accountant.
Last Date :
22/03/2013
Address :Department Of
Education
203/9 Nabi ullah Road Uttar Pradesh Lucknow
Phone :0522-2613776
|
Ajmer Vidyut Vitran Nigam Limited ![]() |
Description : Invited from
CA professional firms, forum / registered society / groups
formed by the retired personnel of power companies / erstwhile
RSEB as well as retired officials / officers of accountant
general to conduct internal revenue audit in subdivisions of
avvnl. Last Date : 31/03/2013
Address :City Power House,Hathi Bhata
Jaipur Road,Ajmer Phone :0 1 4 5 - 2
6 2 2 4 5 E-Mail :cao_ia@yahoo.in
|
Northern Coalfields Limited ![]() |
|
Description :Selection and
appointment of cost auditor - Expression of Interest for
Empanelment of Cost Accountant Firms for Statutory Cost Audit
in Northern Coalfields Limited for Cost Audit for Companies
(Cost Audit Report) Rules2011 for the year 2013-14
Last Date : 02/04/2013
Address :Northern Coalfields Ltd.,
HQ, Singrauli, District Sidhi - 486889 (MP)
Phone :07805-266808
|
Housing And Urban Development
Department ![]() |
Description :Request for
proposal for selection of CAG empanelled chartered accountant
firms for Implementation of double entry accrual based
accounting system in 103 urban local bodies of state
Last Date : 10/04/2013
Address :Housing and Urban
Development Department Of Odisha 1st Floor, State
Secretariat, Annex- B, Bhubaneswar- 751001
Phone :0674-2391395
E-Mail :pmuhud@gmail.com
|
| |
| Reminders |
| Tenders |
| Gujarat Water Resources Development Co
Limited 08/03/2013
|
| Panchayati Raj Engineering
Department 08/03/2013
|
| District Panchayat -
Rajnandgaon 11/03/2013
|
| Municipal Corporation Of
Delhi 11/03/2013
|
| Health And Family Welfare
Department 11/03/2013
|
| Urban Administration And
Development 12/03/2013
|
| Assam Agricultural Competitiveness
Project 14/03/2013
|
| State Health
Society 14/03/2013
|
| Zilla Panchayat -
Haveri 14/03/2013
|
| |
| Notifications
& Circulars |
| CUSTOMS |
| Circular No. 10 /
2013-Customs (Delhi) 06/03/2013
|
| Post Export EPCG duty credit scrip(s) Scheme and certain
other changes related to Foreign Trade Policy 2009-14 –
Reg. |
| Circular No.
11/2013-Customs (Delhi) 06/03/2013
|
| Setting up of Public/Private Bonded Warehouses for Gems
& Jewellery Sector |
| RBI |
| Notification
No.RBI/2012-13/430 (Delhi) 06/03/2013
|
| Performance Audit of Agricultural Debt Waiver and Debt
Relief Scheme, 2008 |
| |
|
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