| Professional
News |
| RBI |
| Reserve Bank of India becomes extra
vigilant about banks’ infrastructure
exposure |
|
Maharashtra : The Reserve
Bank of India is seeking detailed information on lenders'
exposure to the infrastructure sector, a measure aimed at
reducing sticky loans. According to some bankers, the
regulator has sought the information —the exposure to power
sector in particular — as part of its annual inspection of
banks. "They asked for the bank's exposure to infrastructure,"
a senior banker, who did not want to be named, said. "The
inspectors also made note of the bank's risk management system
to identify early signs of stress in loan accounts." The RBI
did not respond to ET's emailed query on the development. The
central bank is concerned as some companies in the power
sector are stuck in litigation. Also hurting corporates is the
ban on mining in some states, cancellation of environmental
clearances and delays in fresh approvals, structural issues in
sectors such as power, and obstacles to land acquisition.
|
| IRDA |
| Irda tweaks investment norms for
insurance companies |
|
Delhi : Irda today tweaked
norms for insurance companies to invest their funds in
different market instruments like government securities and
corporate debt to channelise long term savings in
infrastructure sector. Life insurance companies can now be
invested in central government securities which should not be
less than 25 per cent of the total corpus, Insurance
Regulatory Development Authority (Irda) said in a
notification. However, the total investment in central
government securities, state government securities and other
approved securities cannot be less than 50 per cent taken
together. At the same time, it has allowed life insurers to
invest in housing and infrastructure bonds, with ratings of
not less than AA by credit rating agencies. The total
investment in the category will not be less than 15 per cent.
|
| FDI
Policy |
| Cap on sectoral FDI may change with
reclassification of norms |
|
Delhi : With the Budget
talking about a new principle for classifying foreign
investment, there could be a change in the Foreign Direct
Investment (FDI) limits for various sectors.A senior Finance
Ministry official admitted there were some issues with the
policy guidelines on sectoral limits. For example, the
Consolidated FDI Policy (effective from April 10, 2012) talks
about a 26 per cent FDI cap/equity for the Defence industry.
But there is no mention of FII investment. Various tenders
invited by the Defence Ministry, however, refer to both FDI
and FII limit in the applicant company. “This creates
confusion and needs to be sorted out,” the official
added.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| NREGS net expands to include railway
works |
|
Delhi : The UPA government's
flagship social sector programme — the National Rural
Employment Guarantee Scheme (NREGS) — will now be able to
create permanent infrastructure assets, giving the
seven-year-old scheme providing livelihood to almost 5 crore
families annually an altogether new direction. The rural
development ministry has decided to include building railway
underpasses under the ambit of NREGS. An official announcement
is expected shortly. “We have allowed the construction of
railway underpasses in the list of permissible works as it is
in synergy with achieving the twin objectives of supplementing
agricultural income and providing more work,” said a senior
rural development ministry official.“We have expanded the
ambit of the scheme because of requests by the state
governments which complained of insufficient work like digging
of ponds,” the official added.
|
| Cabinet okays Bill to ensure
time-bound delivery of services |
|
Delhi : The Cabinet has
approved a Bill that promises time-bound delivery of services
such as passports, tax refunds, pensions and birth and death
certificates to the citizens, and stipulates a penalty of 250
per day against errant government officials. The Right of
Citizens for Time-Bound Delivery of Goods and Services and
Redressal of their Grievances Bill, 2011, approved by the
cabinet on Thursday, makes it mandatory for all government
departments and public authorities to publish Citizens'
Charter stating the time within which specific services will
be provided. Each department will also have to provide for a
grievance redressal mechanism for non-compliance of the
charter's provisions. The proposed legislation lays down a
penalty extending up to 50,000 against an official who fails
to provide the service.
|
| Finance & Money
Markets |
| India Inc takes foreign route to
raise funds by issuing bonds |
|
Maharashtra : Falling
treasury yields in the international market and widening of
the investor base have resulted in Indian companies mopping $4
billion (Rs 21,850 crore) by issuing bonds in the foreign
market in 2013. Corporations such as Bharti Airtel, Tata
Communications and Reliance Industries and lenders like ICICI
Bank and HDFC Bank have raised funds from abroad so far this
year.The momentum is expected to continue, as market
participants expect Indian companies to raise another $10
billion by the end of 2013. However, issue arrangers feel
companies should rush their issuances, as they see US treasury
yields rising over the next six months.In 2012, Indian
companies raised about $10 billion by way of international
bonds, estimate issue arrangers. “In 2013, the issuances by
Indian issuers could be 50 per cent higher than 2012,” said
Jujhar Singh, managing director and head of debt capital
markets, South Asia, Standard Chartered Bank.
|
| Tax exemption for securitisation
trusts to boost MFs |
|
Maharashtra : With the
Budget provisions to exempt securitisation trusts from
taxation, mutual fund houses are likely to enter into
securitisation deals after staying away from it since last
year, say industry experts. Mutual fund houses have kept off
securitisation deals in the recent past after tax claims had
been raised by the tax department on such deals last year.
"The Budget has brought clarity to the tax provisions relating
to securitisation. This will help MFs to enter into
securitisation deals. MFs were otherwise staying away from the
space due to tax claims," IDBI MF Managing Director and Chief
Executive Debasish Mallick told PTI today. He also said with
this clarity, securitisation deals are likely to come back to
the pre-tax claims period. This year's Budget has provisions
to exempt securitisation trusts from taxes.
|
| Combined F&O volumes on exchanges
at 10-month low |
|
Maharashtra : Combined
F&O volumes on the exchanges touched a 10-month low at
R1.4 lakh crore in February. Data suggest that the reduction
in volumes is primarily due to the dip in the BSE F&O
volumes. There has also been a slight dip in Nifty futures
volumes because of the shift in volumes to the SGX
platform.Experts attribute the reduction in BSE F&O
volumes to reduced market making and a possible reduction in
incentives. Average daily F&O turnover on the BSE in
February dipped to R11,473 crore from R40,150 crore in
December 2012. The exchange clocked volumes of more than
R40,000 crore in July, August, December last year and in
January this year. “The incentive scheme is very much on.
While the futures turnover is intact, the options turnover has
taken a hit,” said a broker familiar with the BSE incentive
schemes.
|
| Post-Budget
2013-2014 |
| Sub-Rs.10 lakh SUVs may escape hike
in excise duty |
|
Delhi : Sports utility
vehicles (SUVs) under R10 lakh may be spared the 3% excise
duty hike announced in the Union Budget. The price cap is
being proposed to maintain demand for rural and
commercially-focused SUVs such as the Mahindra Bolero, Tata
Sumo, Chevrolet Tavera and Force Trax in a slowing economy,
and is being considered by the finance ministry on the request
of the auto industry and the ministry of heavy industries.Some
urban middle-class SUV choices like the Mahindra Scorpio,
Renault Duster (petrol) and the upcoming Ford EcoSport too may
escape the duty hike. In his Budget, finance minister P
Chidambaram had increased the excise duty on SUVs from 27% to
30% “since they occupy greater road and parking space and
ought to bear a higher tax”.While ruling out any roll-back,
the finance ministry had asked the auto industry to figure out
a way to separate SUVs used by the middle class from premium
models.
|
| Commodities |
| Investors dump gold ETPs, seek growth
assets: BlackRock |
|
Delhi : Investors pulled
$5.6 billion from gold exchange-traded products (ETPs) in
February after poor performance by the yellow metal, but
appetite for riskier, growth-oriented industrial metals ETPs
remained intact. In February, the gold price dropped for the
fifth month in a row, with the S&P GSCI Gold Index off
5.04 per cent. The world's largest gold-backed ETP had its
biggest monthly outflow since inception as investors sought
better returns.The exodus from gold pulled down the entire
commodities ETP complex, global data from BlackRock showed, as
the gold segment accounts for some 70 per cent of total
commodity ETP investments.Some $5.1 billion left commodities
ETPs as inflows to industrial metals and broad basket
commodity ETPs failed to offset the gold meltdown.
|
| INTERNATIONAL
BUSINESS |
| Time Warner to spin off its magazine
unit |
|
Time Warner Inc plans to spin off its
division that publishes titles like Time, Fortune and People
into a separate company, ending weeks of merger negotiations
with Meredith Corp. Time Warner said on Wednesday that the
process to separate Time Inc into an independent public
company will likely take place by the end of the year.In a
separate statement, Meredith said it had been in talks to
combine Time Inc's titles that focus on lifestyle and
entertainment including People and InStyle with Meredith's
titles such as Everyday Living with Rachael Ray and Better
Homes and Gardens into a new publicly traded company.“We
respect Time Warner's decision and certainly remain open to
continuing a dialogue on how our companies might work together
on future opportunities,” Meredith Corp CEO Stephen Lacy said
in a statement.Morningstar analyst Michael Corty did not rule
out a future deal between the two companies. “Clearly, Time
Warner did not get the right price from Meredith. I don't
think this 100 per cent eliminates some kind of combination
with Meredith in the future,” he said.
|
| Banking |
| RBI to clarify doubts on new bank
licences |
Maharashtra : The Reserve
Bank of India (RBI) today said it would clarify the issues
raised by banking aspirants regarding the final norms on new
bank licences. The clarifications would be put up on the
central bank’s website, rbi.org.in. “RBI has been receiving
queries from intending applicants, seeking clarifications on
the guidelines on licensing new banks in the private sector,”
the banking regulator said today. “Considering the
clarifications sought would be of wider interest and use for
all intending applicants, the Reserve Bank has decided to post
the clarifications on its website. The identity of those who
raise queries would be kept confidential,” it added.The
central bank has asked prospective applicants to mail their
queries by April 10.After issuing a discussion paper on new
bank licences in August 2010 and the draft guidelines for
these a year later, RBI had released the final norms last
month.
|
| Government to take penal action
against PSU banks’ auditors |
|
Delhi : The government will
take action against auditors of public sector banks found
responsible for the anomaly in the Centre's farm loan waiver
scheme, according to a senior official. Erring auditors will
be barred from taking up any more assignments with state-run
banks, the finance ministry official said. "They will be black
listed and will not be allowed to audit any public sector firm
for at least three years." The Comptroller and Auditor General
(CAG), the country's chief auditor, had on Tuesday said 8.5%
of the 80,299 farmer accounts audited were found to be
ineligible for the Agricultural Debt Waiver and Debt Relief
Scheme. The scheme, floated in 2008, wiped off debt
aggregating Rs 52,260 crore for the 37.3 million farmers it
covered. In its report, the CAG had suggested that bank
executives, internal auditors and central statutory auditors
who certified the information for passing the claims should be
made accountable for the lapses.
|
| |
| Reminders |
| Tenders |
| Municipal Corporation Of
Delhi 11/03/2013
|
| District Panchayat -
Rajnandgaon 11/03/2013
|
| Health And Family Welfare
Department 11/03/2013
|
| Urban Administration And
Development 12/03/2013
|
| Chhattisgarh State Co.operative Marketing
Federation Limited 12/03/2013
|
| Panchayat And Rural Development
Department 13/03/2013
|
| Assam Agricultural Competitiveness
Project 14/03/2013
|
| State Health
Society 14/03/2013
|
| Zilla Panchayat -
Haveri 14/03/2013
|
| Zilla Panchayat - Bagalkote -
Karnataka 14/03/2013
|
| National Rural Health
Mission 15/03/2013
|
| Municipal Council 15/03/2013
|
| Industrial Investment Bank Of India
Limited 15/03/2013
|
| Panchayat And Rural Development
Department 15/03/2013
|
| Rural Development
Department 15/03/2013
|
| Mahanadi Coalfields
Limited 15/03/2013
|
| |
| Notifications
& Circulars |
| CUSTOMS |
| Notification No.28/2013-Customs
(N.T.) (Delhi) 07/03/2013
|
| In exercise of the powers conferred by section 14 of the
Customs Act, 1962 (52 of 1962), and in super session of the
notification of the Government of India in the Ministry of
Finance (Department of Revenue) No.23/2013-CUSTOMS
(N.T.) |
| EXCISE |
| Notification No. 05/2013-Central Excise
(N.T.) (Delhi) 06/03/2013
|
| Seeks to further amendment in the notification of the
Government of India in the Ministry of Finance (Department of
Revenue) number 14/2002-Central Excise (N.T.), dated the 8th
March, 2002 |
| SERVICE
TAX |
| ORDER (Delhi) 06/03/2013
|
| In exercise of the powers conferred by sub-rule(4) of rule
7 of the Service Tax Rules, 1994, the Central Board of Excise
& Customs hereby extends the date of submission of the
Form ST-3 for the period from 1st July 2012 to 30th September
2012, from 25th March, 2013 to 15thApril, 2013. |
| RBI |
| Notification
No.RBI/2012-13/431 (Delhi) 07/03/2013
|
| KYC Norms/AML Measures/CFT/ Obligations of banks under
PMLA, 2002 – Primary (Urban) Co-operative Banks |
| Notification
No.RBI/2012-13/432 (Delhi) 07/03/2013
|
| Performance Audit Of Agricultural Debt Waiver And Debt
Relief Scheme, 2008 |
| |
|
![]() |
| Economy |
| India |
| FinMin discards sovereign wealth fund
proposal |
| Credit to services sector grows
7% |
| 'Entertainment & media set to touch Rs 91,700
cr' |
| Finmin expects only Rs.20,000 cr via spectrum
sale in FY14 |
| Double-digit growth without reforms dangerous:
Moody's |
| Financial details of government bodies to be
uploaded on web |
| An alarmed Board of Trade to meet on March
22 |
| |
| International |
| Government shutdown bill passes US
House |
| ECB holds rates, to stand firm on bond
buys |
| Dow ends at another record high, S&P up on
job picture |
| Where Have China’s Workers Gone? |
| |
| Markets
Today |
| NSE |
5,945.70
|
1.41%
|
| BSE |
19,680.20
|
1.37%
|
| NASDAQ |
3,050.39
|
0.00%
|
| |
|
|
| USD |
54.29
|
|
| EURO |
71.24
|
|
| JPY(100) |
56.74
|
|
| GBP |
81.63
|
|
|
| |
| Corporate
Watch |
| Long, turbulent flight ahead for AirAsia;
NOC from ministry toughest job |
|
Maharashtra : AirAsia could face a
host of bureaucratic obstacles to its flying plans in India as
a miffed civil aviation ministry may cite the airline's losses
on South-east Asian routes and lack of airport infrastructure
in India to delay or even deny key permissions.Some of the
country's leading airlines have also indicated their
opposition to AirAsia's aircraft purchase programme, saying
they could lobby with the ministry to scuttle the purchases if
they are large in number. AirAsia, the hugely successful
low-fare airline promoted by Malaysian billionaire Tony
Fernandes,
|
| Future Group’s Kishore Biyani to raise Rs
800 cr via insurance stake sale |
|
Maharashtra : Future Group's
KishoreBiyani is set to raise about Rs 800 crore by unlocking
value in two insurance joint ventures with Italy's Generali
Group. According to multiple sources, a formal announcement of
the first transaction is expected as early as next week.To
begin with, the Future Group will announce a deal in the life
insurance JV, where Mumbai-based non-banking finance company
Industrial Investment Trust (IITL) is picking up a 22.5% stake
for Rs 280-300 crore. IITL will also have the option of buying
an additional 1.5% stake within the next one year.Since 2007,
the Biyani-promoted Future Group has had two partnerships with
Generali - for life and general insurance.
|
| Nokia gives steep salary hikes to staff in
Chennai |
|
Tamil Nadu : In a deal that
signifies the growing importance of its Chennai facility to
its comeback plans, Finnish handset maker Nokia entered into a
wage pact that could see salaries of about one-third of its
employees going up 200%. Five sources ET spoke to said that
about 3,000 employees of the total 9,000 working at the
facility will now earn Rs 21,000 a month, up from the Rs 7,000
they were taking home earlier. Other employees will also
receive hikes of varying degrees.
|
| DoCoMo weighs options on 26% stake in Tata
Tele |
|
Delhi : Japanese telecom giant NTT
DoCoMo is assessing the developments in the Indian mobile
market before deciding the fate of its 26 per cent stake in
the joint venture with the Tatas in unlisted Tata Teleservices
Ltd. Chief Financial Officer Kazuto Tsubouchi said in Tokyo
that the firm was considering various options about the stake
and Tata Teleservices has been struggling to improve earnings
after failing to get a license for more bandwidth. Docomo will
also look at the Indian company's earnings and industry
consolidation before deciding what to do with the stake it
bought for $2.7 billion in 2009, Bloomberg quoted him as
saying recently. The CFO did not disclose how much of the
stake the firm wants to sell and by when.According to sources,
|
| Indian Hotels to have 200 hotels globally
by 2018-end |
|
Delhi : Tata group hospitality
major Indian Hotels Company (IHCL) said on Thursday that it
plans to open 83 new hotels globally to take tally to 200 by
the end of 2018.The company, which has 117 operational hotels,
said it will mainly follow an asset light and management
contract model for its future expansion.“We plan to have 200
hotels by the end of five years globally. As of now we have
117 hotels,” Indian Hotels Company Managing Director & CEO
Raymond N Bickson told PTI. He was speaking on the sidelines
of the launch of its 100th hotel in India at Gurgaon. The new
208-room hotel is under its upper upscale brand,
|
| IRCTC eyes e-commerce space; plans to sell
books, mobile phones |
|
Delhi : From food and online
tickets at present, to books, footwear and mobile phones in
future – the Indian Railways Catering and Tourism Corporation
(IRCTC) plans to spread its wings far and wide.“We are
discussing with existing firms in the e-commerce space to
thrash out the details. This will help us monetise our
registered user base of over two crore,” IRCTC Managing
Director R.K. Tandon told Business Line.The Railway Ministry’s
arm, which may also start selling furnishings and electronics,
will make sure that its online shopping plans do not affect
online ticketing traffic,
|
| Samsung group eyes Kochi port
project |
|
Kerala : Samsung C&T of Korea
has shown interest in developing a bulk cargo terminal at the
Kochi port.The company has responded to the expression of
interest floated by the port for redeveloping the old
Matttanchery Wharf as a public–private partnership project, a
port official confirmed.The project is estimated to cost
around Rs 800 crore.The selected bidder will design, develop,
finance and operate the project for 30 years.The official said
the objective of the expression of interest floated by the
port is to assess the market trend and response from potential
bidders.
|
| |
| Tenders
& Assignment |
Zilla Panchayat - yadgir ![]() |
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 : 12/03/2013
Address :Zilla Panchayats, Yadgir
Phone :08473-253750
E-Mail :ceoyadgir@gmail.com
|
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
|
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 -
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
|
Assam State Seed Certification Agency
![]() |
|
Description :From the
intending Registered C.A. Films for internal audit of Assam
State Seed Certification Agency (ASSCA ) for the period from
2011-12 and onwards.
Last Date :
25/03/2013
Address :Assam State Seed
Certification Agency
Ramkrishna Mission Road, Ulubari,
Guwahati-7
|
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
|
| |
|
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