| Professional
News |
| INCOME
TAX |
| Use double indexation to reduce tax
outgo on debt fund returns Article |
|
Delhi : Many investors park
their surplus fund in fixed maturity plans (FMPs) and other
debt funds in March every year to take advantage of the double
indexation benefit and to bring down the tax liability on
returns. This year, these investors are also expecting capital
appreciation on these investments as they are hopeful of a
series of policy rate cuts by the Reserve Bank of India
(RBI)."Investors take advantage of double indexation by
investing in March of year 1 (FY 2012-13) and then selling in
April of year 3 (FY 2014-15). This virtually brings down the
tax impact to a very low level if not to zilch. This means
whole yield on such investments becomes tax free," says
Jignesh Shah, executive director, Sarasin Alpen.
|
| Another batch of 30,000 tax notices
on its way |
|
Delhi : After sending
letters to 70,000 high-value spenders who did not file their
income tax returns, the tax department is all set to send
another 30,000 notices this week. This may be the final batch
of such letters in the current assessment year ending March
31.“Letters will be sent to 30,000 permanent account number
(PAN) holders who carried out high-value financial
transactions last year, but did not file income tax returns,”
said a finance ministry official.The official added though
this would be the last batch of letters this year, more PAN
card holders would receive such notices from the income tax
department next year.
|
| VALUE ADDED
TAX |
| West Bengal budget raises value added
tax |
|
West Bengal : Increasing
taxes in a major way for the first time since coming to power,
the Trinamool Congress government in West Bengal today
presented a Budget document for 2013-14. However, despite
taking steps to raise more money, the net revenue deficit
increased significantly to Rs 13,308 crore in the revised
estimates for 2012-13, against the projection of Rs 6,858
crore in the Budget estimate presented last year. For 2013-14,
the net revenue deficit is projected to be contained at Rs
3,488 crore.Due to reforms in tax collection, the state is
expected to marginally surpass its tax collection target to Rs
32,000 crore, against the budget estimate of Rs 31,222 crore
last year, said Amit Mitra, finance minister. This year,
revenue is expected to grow 24 per cent, to Rs 39,783
crore.
|
| SEBI |
| Rajya Sabha clears Sebi amendment
Bill |
|
Delhi : The Rajya Sabha on
Monday passed the Securities and Exchange Board of India
(Amendment) Bill, 2013. The Sebi amendment Bill seeks to
consider retired high court judges for the post of presiding
officer of the Securities Appellate Tribunal (SAT), a
statutory body that hears appeals against Sebi orders.
Currently, only a serving or retired Supreme Court judge or
the chief justice of a high court can be appointed SAT chief.
Finance Minister P Chidambaram told the House that the present
criterion has made it impossible for the government to fill
the post. The post has been lying vacant for over a year now.
The government has also moved an ordinance seeking to broaden
the criterion, which would enable a retired high court judge
with seven years of experience to be appointed SAT
chief.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| CCI revamp on cards for better
problem-solving |
|
Delhi : In order to
facilitate faster decisions on key infrastructure projects
that are stuck for various reasons, the government will soon
undertake a restructuring exercise of the secretariat of the
recently created Cabinet Committee on Investment (CCI).
Sources said the government is looking at tweaking the
functioning of the committee’s secretariat on the lines of an
inter-ministerial group (IMG) in order to better resolve
outstanding issues.The decision to reinforce the CCI is under
works after receiving adverse feedback from industry and its
own analysis of the internal workings, sources said.“I will be
deeply dissatisfied if the CCI continues to function as it is
doing now and does not come up with concrete and quick
solutions over next two months,” said a top functionary of the
government, hinting at the the restructuring of CCI.
|
| SEZs back on govt radar after
exports’ uptick |
|
Delhi : Special economic
zones that had slipped down the government's priority list are
back in favour as desperate government looks for ways to
revive exports. The upcoming foreign trade policy is likely to
extend sops such as focus market scheme and focus product
scheme to make SEZs attractive.So far, these incentives were
available only to domestic tariff areas or DTA, an area
outside the SEZs. "SEZs are generally not a part of the
foreign trade policy. However, in these times of sagging
exports we are planning to announce a set of incentives like
extending focus market scheme and focus product scheme to
boost exports and make SEZs attractive," said a commerce
ministry official.Focus market scheme helps offset high
freight cost and other externalities to select international
markets to enhance India's export competitiveness in these
markets.
|
| Finance & Money
Markets |
| FII debt ceiling in FY14 may be hiked
to $100 bn |
|
Delhi : Faced with a
widening current account deficit (CAD), the government is
toying with the idea of increasing the foreign investment
limit in gilts and corporate bonds by $10 billion each, taking
the overall limit close to $100 billion. A finance ministry
official told FE that any hike in the ceiling for investments
by foreign institutional investors (FIIs) in the debt market,
from the current cap of $75 billion, would be decided in
consultation with the Reserve Bank of India (RBI). The
increase in limits are expected to take place in a phased
manner, the first in May-June and another towards the end of
2013. The CAD is a serious problem for the government and, as
Moody’s has pointed out,
|
| Debt pvt placements mop up Rs.2.32
lakh cr in Apr-Dec ’13 |
|
Delhi : The first nine
months of the current fiscal saw a mobilisation of R2.32 lakh
crore through debt (bonds) on a private placement basis, an
increase of 29% over R1.80 lakh crore mobilised in the
corresponding period of the previous year, according to a
report by Prime Database. This was mobilised by 195
institutions and corporates. The biggest mobilisation was made
through All-India Financial Institutions/Banks category at
R1.28 lakh crore, according to Prime Database. This was in
comparison to R1.16 lakh crore in the corresponding period of
the previous year, representing an increase of 10%.
|
| Loan-to-deposit ratio at all-time
high of 78% |
|
Maharashtra : With the loan
growth in the system continuing to outstrip the deposit
accumulation, the loan-to-deposit ratio in the fortnight ended
February 22 moved to an all-time high of 78.1 per cent from
77.6 per cent in the previous fortnight. Deposits have risen
at a slow pace for over a year now, even as loan growth has
tapered off averaging at 16 per cent y-o-y. In the fortnight
to February 22, deposits grew at 12.73 per cent y-o-y to Rs
65,61,051 crore, whereas towards the end of 2011, the growth
was averaging at 18 per cent.On a year-to-date (YTD) basis,
loans and deposits grew 9 per cent and 7.3 per cent,
respectively.
|
| Sebi renews efforts with Irda for
allowing insurance firms in SLB |
|
Maharashtra : The Securities
and Exchange Board of India (Sebi) will soon make another
attempt to convince the Insurance Regulatory and Development
Authority (Irda) for allowing insurance companies in the stock
lending and borrowing (SLB) mechanism. According to persons
familiar with the development, Sebi has decided to give
another shot to the long-pending demand of the market after TS
Vijayan was named Irda chairman last month. Sources say that
the capital market regulator is quite optimistic this time as
Vijayan — who was associated with LIC for over three decades —
is well verse with the insurance sector and its demands
related to capital market operations.
|
| Commodities |
| Efforts to increase export of
agricultural commodities |
|
Delhi : Government tody said
it is making all efforts to increase export of agricultural
commodities, including wheat, rice, vegetables, meat and
marine products, and India has emerged as the second highest
exporter in this sector. "The picture being painted that there
has been a fall in export of agricultural products is
incorrect. Processed agricultural products, vegetables and
fruits are being exported as part of India's foreign trade
policy," Commerce and Industry Minister Anand Sharma told the
Lok Sabha during Question Hour. He emphasised that government
is giving a 5 per cent export incentive to this sector. "It is
under Open General Licence and there are no barriers," Sharma
said. The minister claimed that government is making all
efforts to increase export of agricultural products and India
is now the second highest exporter in this sector.
|
| Malaysia palm oil reserves
drop |
|
Delhi : Palm oil stockpiles
in Malaysia, the world's second-largest producer, contracted
for a second month in February as production declined more
than expected to the lowest level in 10 months, according to
official data. Inventories shrank 5.2% to 2.44 million tonne,
the Malaysian Palm Oil Board said on Monday, matching the
median estimate in a Bloomberg survey published March 5 and
18% higher than a year ago. Output fell 19% to 1.3 million
tonne, the lowest level since April and more than the 13% drop
estimated in the survey. Exports retreated 14% to 1.4 million
tonne, according to data from the board.
|
| Crude oil falls as China industrial
growth slows |
|
Delhi : Crude oil dropped on
Monday as China's industrial production trailed estimates and
after Saudi Arabian crude output climbed from a 20-month low
last month. Futures in New York fell as much as 0.5% after
Chinese government data showed the world's second-biggest
oilconsuming nation started the year with the weakest
industrial growth since 2009. Saudi Arabia's crude production
increased, according to an official with knowledge of the
country's oil policy. Iran said the prospects for resolving a
dispute over its nuclear program have improved.
|
| Hedge Funds cut wagers on commodity
rally to ’09 Low |
|
Delhi : Hedge funds cut bets
on a commodity rally to a fouryear low on signs of surplus
supply in everything from coffee to zinc before Goldman Sachs
said prices had fallen too far and investors should buy.
Speculators reduced net-long positions across 18 US futures
and options in the week ended March 5 by 9.2% to 405,885
contracts, the lowest since March 2009, US Commodity Futures
Trading Commission data show. They are the most bearish on
copper in four years, and are also betting on declines for
coffee, hogs, sugar, soyabean oil, wheat and natural
gas.
|
| MERGER &
ACQUISITION |
| PE investments in SMEs decline
51% |
|
Tamil Nadu : Private equity
(PE) investments in India's small and medium enterprise (SME)
sector fell to $151 million in January-February 2013, from
$306.27 million in the year-ago period - a decline of 51 per
cent. Experts say in the current environment, PEs would look
at bigger companies where the perceived risk is lower.
Besides, funds focussed on SMEs are facing difficulty in
raising money from investors owing to the prevailing negative
sentiment. While the trend is expected to continue for two
more years, enterprises that can show differentiation and
uniqueness would be able to attract money from PE funds, they
added.The data, compiled by Venture Intelligence, a
Chennai-based research firm which tracks PE and venture
capital flows into India, showed that in the first two months
of 2013, only 18 deals were reported, compared to 28 deals in
the year-ago period.
|
|
![]() |
| Economy |
| India |
| Recovery in EU pushes February exports up
4.25% |
| CLSA's Wood reduces position on
India |
| ‘Services sector and tax reforms key to
growth’ |
| February car sales crash by 26 pc, biggest fall
in more than 12 years |
| Indian CEO Survey |
| Economy to grow by 7-8 per cent in next five
years |
| Baddi drug firms face closure
threat |
| Investments by Indian cos fall 49% to $1.66 bn in
Feb |
| |
| International |
| EU Hits China With Anti-Subsidy Tariffs for
Second Time |
| Greece's ailing economy contracted by 5.7 per
cent in the fourth quarter of 2012 |
| BoJ nominee vows swift action as orders data
disappoint |
| Britain urged to split banks if rules
fail |
| Dubai faces debt wall with uncertain support:
Moody's |
| India-Australia free trade pact can deepen
ties |
| Bernanke provokes mystery over Fed stimulus
exit |
| Brazil central bank seen raising rates to 8% this
yr |
| OECD says growth outlook improving, led by
U.S. |
| Kremlin aide may run central
bank |
| EU chiefs seeking to stave off euro crisis turn
to Cyprus |
| Cheapest Treasuries since 2011 are alluring to
Gundlach |
| Mexico mulls allowing foreign stakes in
telecom |
| |
| Markets
Today |
| NSE |
5,914.10
|
-0.48%
|
| BSE |
19,564.92
|
-0.41%
|
| NASDAQ |
3,252.87
|
0.26%
|
| |
|
|
| USD |
54.13
|
|
| EURO |
70.44
|
|
| JPY(100) |
56.34
|
|
| GBP |
80.52
|
|
|
| |
| Corporate
Watch |
| Van Heusen eyes diversified portfolio to
beat slowdown blues |
|
Delhi : Around the globe, Van
Heusen is a brand that is patronised by average office goers.
However, in India, it is at the premium end of the apparel
segment. The brand from Madura Fashion and Lifestyle is
shedding its formal tag fordiversified portfolio including
women apparel range, footwear and even a sportswear line. To
complement this diversified portfolio, the company has
integrated its supply chain to ensure that it reaches the
retail shelf in the shortest time period.Vinay A. Bhopatkar,
Brand Head, Van Heusen, “This (fiscal) year overall has been
under pressure as footfalls have dropped for most players. We
are building a buffer against slowdown with a diversified
portfolio to create consumer interest.”
|
| New models, youth focus help Japanese car
maker Toyota gain ground in India |
|
Maharashtra : In February this
year, Japanese car maker Toyota achieved something it hadn't
managed before: it sped past Tata Motors to become the fourth
largest car maker in the country.Though Tata Motors'
production cut in February may have helped Toyota indirectly,
and analysts may term the achievement as some kind of a blip,
one can't deny the fact that the car maker managed to cross
the market share of over 5% through robust, new offerings over
the past couple of years, which even its competitors like
Ford, GM India, Honda, who were here before Toyota, didn't
achieve.The company has not only grown its volumes and market
share, but it has done so profitably unlike its many peers or
rivals.
|
| Sistema Shyam Teleservices wins airwaves in
8 circles for Rs 3,639 crore |
|
Delhi : The Indian arm of Russian
conglomerate Sistema, the sole bidder in the second round of
spectrum auctions, won airwaves in eight circles for Rs 3,639
crore, but will make its first payment for these radio
frequencies after three years. Though the Centre managed to
sell only 40 per cent of the airwaves on offer, telecom
secretary R Chandresekhar described the auctions as a success
since it has helped 'establish the market value of CDMA
spectrum'. 'In value terms, we have sold 56 per cent of the
airwaves. I think the sale process has put pressure on Sistema
to focus on areas which they think are important and viable
and hence they may have bid for only eight circles,' he
added.
|
| PE firm Kohlberg Kravis Roberts leads race
to buy stake in Alliance Tire Group |
|
Maharashtra : Private equity firm
Kohlberg Kravis Roberts (KKR) has emerged as the frontrunner
to acquire Warburg Pincus' majority stake in Alliance Tire
Group (ATG) -- a so-called off-highway tyre company which
sells to the agriculture and construction sector -- in a deal
which has seen intense interest from the private equity
community. If completed, this would be KKR's second buyout in
India after a gap of seven years. In 2006, it paid $900
million to acquire the Indian business of Flextronics, a
Singapore-based contract manufacturer.
|
| GVK to sell 51% of Hancock’s Coal
Infrastructure to Aurizon |
|
Andhra Pradesh : GVK Group said
Australia's largest rail-freight company Aurizon has agreed to
buy 51% in its Hancock Coal Infrastructure, which owns GVK
Hancock's rail and port projects there, for an undisclosed
sum. GVK had bought a 79% stake each in Alpha Coal and Alpha
West Coal Mines, and a 100% stake in Kevin's Corner Coal
Mines, in Queensland, Australia from Hancock Coal for $1.26
billion (about .`6,850 crore). Though GVK announced plans to
investment at least $10 billion to develop its Australian
assets, an over-stretched balance sheet has forced it look at
selling stakes in its key assets.
|
| For Wipro, oil is its black Gold; to bring
in $1 billion revenue |
|
Karnataka : Quite unlike any other
Indian software company, Wipro is finding that oil is indeed
its black gold. The energy and utilities space, which is not a
traditional bread-winner for IT services companies, is proving
to be so lucrative for Wipro that it is on the verge of
earning the Bangalorebased company $1 billion (Rs 5,400 crore)
in annual revenue. Wipro's energy and utilities vertical,
contributing around $900 million, or 15% of total sales, is
now the fastest-growing business unit thanks to the April 2011
acquisition of the oil and gas practice of US-based Scientific
Applications International Corp (SAIC) for about $150 million.
|
| |
| Tenders
& Assignment |
KARNATAKA COOPERATIVE MILK PRODUCERS’ FEDERATION
LTD ![]() |
Description :Engaging the
services of Chartered Accountants for pre-audit work
Last Date : 19/03/2013
Address :KMF Complex, Dr MH Marigowda
Road, D.R.College Post, Bangalore 29 Phone
:25536209 E-Mail :kmf@sify.com
|
Municipal Corporation-Bhilwara
Rajasthan ![]() |
|
Description :Supply of
Construction Materials.
Repair of Drain & floor.
Supply of Electric items.
Supply of Stationery items.
Printing of Stationery.
Photostat work.
Hiring of
Vehicle – jeep / car.
Contract for Repair of Road light.
Auction contract for Removal of Dead animal body – Bones
for year 2013-14.
Contract for Cleaning of Wards.
Providing of Electric light decoration & mic,
generator set.
Supply of Tent items.
Contract for
Dirty water.
Maintenance of Accounts through Chartered
accountants & double account system.
Auction contract
for Shop on hire basis.
Last Date :
20/03/2013
Address :Municipal
Corporation
Bhilwara Rajasthan
|
Samajik Suvidha Sangam ![]() |
|
Description :Empanel
chartered accountant firms initially for one year.
Last Date : 28/03/2013
Address :GOVERNMENT OF NCT OF
DELHI
B- Block, Vikas Bhawan, Upper Bela Road Civil Line,
Delhi- 110054
|
Sardar Sarovar Narmada Nigam Limited
![]() |
|
Description :Appointment Of
Chartered Accountants For Internal Audit Work.
Last Date : 31/03/2013
Address :Sardar Sarovar Narmada Nigam
Limite Gandhinagar Gujarat
|
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 : 02/04/2013
Address :City Power House,Hathi Bhata
Jaipur Road,Ajmer Phone :0145-262245
E-Mail :cao_ia@yahoo.in
|
| |
| Reminders |
| Tenders |
| 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 14/03/2013
|
| National Rural Health
Mission 15/03/2013
|
| Zilla Panchayat-Gadag -
Karnataka 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
|
| Karnataka State Pollution Control
Board 18/03/2013
|
| Zilla Panchayat-Koppal
Karnataka 18/03/2013
|
| Zilla Panchayat-Raichur
Karnataka 18/03/2013
|
| Jammu And Kashmir Rural Road Development
Agency 18/03/2013
|
| Rural Development And Panchayati Raj Department -
Athani 19/03/2013
|
| Rural Development And Panchayati Raj Department -
Saudatti taluk 19/03/2013
|
| Rural Development And Panchayati Raj Department -
Ramdurg Taluk 19/03/2013
|
| Rural Development And Panchayati Raj Department -
Raibag taluk 19/03/2013
|
| State Project Facilitation
Unit 19/03/2013
|
| Rural Development And Panchayati Raj Department -
Khanapur Taluk 19/03/2013
|
| |
| Notifications
& Circulars |
| RBI |
| Notification
No.RBI/2012-13/434 (Delhi) 11/03/2013
|
| Anti-Money Laundering (AML)/Combating of Financing of
Terrorism (CFT) - Standards |
| Notification
No.RBI/2012-13/433 (Delhi) 08/03/2013
|
| Frauds- Classification and Reporting |
| |
|
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