| Professional
News |
| CUSTOMS |
| Dumping duty to continue on ductile
iron pipes from China |
|
Delhi : The Finance Ministry
has extended by a year – up to September 12, 2013 – the
validity of anti-dumping duty on ductile iron pipe imports
from China. This follows the request of the Designated
Authority in the Commerce Ministry in its sunset review of the
anti-dumping duty on DI pipe imports from China. Based on a
petition filed by domestic industry--Electrosteel Casting,
Lanco Ltd and Jindal Saw Ltd, the Authority had initiated a
sunset review on DI pipe imports from China. Ductile iron
pipe, popularly known as DI pipes, is used for transportation
of liquid objects up to long distances at high pressures. DI
pipes are used for transporting water or sewerage disposal and
gas besides domestic and industrial effluents.
|
| EXCISE |
| Rolling back excise on diesel to deal
Rs 6,000-cr blow |
|
Delhi : The government would
take a hit of about Rs 6,000 crore this year if it rolls back
the excise duty of Rs 1.5 per litre of diesel it levied on
Thursday. Under pressure from the Trinamool Congress, the
finance ministry is evaluating its options for a possible
reduction in the excise duty, without taking a major hit on
its overall revenue collection. Excise duty on diesel was
levied to neutralise the loss the exchequer would have borne
after an excise duty reduction of Rs 5.30 a litre on petrol,
said a finance ministry official.Officials said a roll-back of
the rise in excise on diesel without revising the duty on
petrol would lead to a loss of about Rs 6,000 in the remainder
of this year. The finance ministry is considering whether it
can lower the excise duty. Officials said if collections from
other taxation heads, as well as non-tax revenue, were in a
comfortable range, a reduction might not pinch much. The
ministry expects to collect Rs 1.2 lakh crore from basic and
special excise duties (excluding cess) on motor spirit and
high-speed diesel oil this year. Last year, it mopped up Rs
93,425 crore under that head, against a projection of about Rs
1 lakh crore. Collections were short of the target, as the
government had done away with the basic excise duty of Rs 2.6
per litre on diesel.
|
| SERVICE
TAX |
| Simplify indirect tax laws for easy
tax collection: CVC |
|
Delhi : The Central
Vigilance Commission today emphasised on simplification of
indirect tax laws - service and excise - to ensure that they
are not wrongly interpreted and facilitate in easy tax
collection. "Simplification of tax laws will be a welcome
step. As far as possible, make it simple so that it is not
subject to interpretation differently by different parties.
"For example, if two Commissioners interpret laws in different
ways then there will be problems. Similarly a tax payer and
his lawyer, they interpret it in different ways. Then there is
a question mark whether the law is currently effective or
requires any amendments," Vigilance Commissioner J M Garg said
while inaugurating a conference here.
|
| SEBI |
| Sebi to tighten buyback rules for
companies |
|
Delhi : The Securities and
Exchange Board of India (Sebi) plans to amend buyback norms to
nudge corporates into buying back a definite quantity of
shares. The changes will be applicable to buybacks done
through the open market purchase route. The new norms are
aimed at ensuring firms announce buyback plans with serious
intent. At present, there are only minimum and maximum number
of shares that a corporate needs to buy to satisfy the norms.
The companies misuse the guidelines to jack up the stock price
without actually buying back enough shares. Now, Sebi plans to
close this loophole. Under the new norms, a firm will not be
allowed to close its buyback offer until a definite quantity
of shares has been bought back.
|
| COMPANY
LAW |
| New norms for converting co-op
society into producer company |
|
Delhi : The Ministry of
Corporate Affairs has decided to impose conditions for
conversion of ordinary society into producer company. In a
circular on Wednesday, the Ministry said that if a
co-operative society is seeking conversion into a producer
company, the Registrar of Companies (ROCs) will seek a written
consent from the local co-operative department of the State
concerned, certifying the Society seeking to convert itself
into a Producer Company under the Companies Act, 1956.
a“Further, the ROCs must satisfy themselves fully that the
applicant society has indeed extended its activities outside
the State where it is registered as a co-operative society
under the local/State level law governing co-operative
societies which are not inter-State co-operative societies,”
the Ministry said.
|
| RBI |
| RBI mulling financial products to
check gold imports |
|
Delhi : Concerned over
rising gold imports, the Reserve Bank of India (RBI) has said
it is planning to come out with financial products on the
lines of gold Exchange Traded Funds (ETFs) to give options to
investors to take advantage of price movement in the precious
metal, reports PTI. "...We can provide people with financial
attraction of gold without them having physically own it. That
would in a sense reduce the pressure on imports. So ETFs are
one such," RBI Deputy Governor Subir Gokarn told reporters on
the sidelines of a PHD Chamber event. Exchange Traded Funds
(ETFs) allow people to buy or sell gold without physically
holding it.
|
| RBI for no agency business to private
banks for three years |
|
Delhi : The government may
have unleashed reform measures to attract foreign investors
into retail and aviation, but it is quietly batting for the
state-run banks, denying private sector banks its lucrative
agency business. In a letter to the Reserve Bank of India
(RBI), the finance ministry has said that for the next three
years no private sector bank will get the agency business of
the centre and states, pegged at about Rs 20,000 crore. This
business could rise exponentially as the government shifts to
direct transfer of social benefits. The ministry has also
threatened to gradually stop the government business handled
by HDFC Bank, ICICI BankBSE -1.52 % and Axis BankBSE -1.85 %
if they fail to meet the specified conditions.
|
| IRDA |
| IRDA issues draft IPO norms for
general insurance companies |
|
Delhi : General insurance
companies will be allowed to tap the capital market only if
they have completed 10 years in business. Also, they need to
get prior approval from the insurance regulatory. “No general
insurance company shall approach SEBI (Securities and Exchange
Board of India) for public issue of shares and for any
subsequent issue, by whatsoever name called, under the ICDR
(Issue of Capital and Disclosure Requirements) regulations
without the specific previous written approval of the
authority concerned,’’ said the Insurance Regulatory and
Development Authority (IRDA) in its draft guidelines for IPO
(initial public offer) by general insurance companies. Titled
the “IRDA (Issuance of Capital by General Insurance Companies)
Regulations, 2012’’, these will come into force on the date of
their publication in the official gazette.
|
| FDI
Policy |
| 'No rollback on FDI in multi-brand
retail' |
|
Gujarat : Just a day after
the Trinamool Congress (TMC) withdrew its support over the
issues of foreign direct investment (FDI) in retail and rise
in diesel prices, Union Commerce Minister Anand Sharma on
Wednesday ruled out any possibility of a rollback over
allowing foreign direct investment (FDI) in multi-brand
retail. Sharma, speaking at a function here on Wednesday,
urged TMC Chief Mamata Banerjee, to “reflect and ponder” over
her decision.Yesterday, the Banerjee-led TMC announced its
withdrawal from the Congress-led UPA under protest over the
issue of FDI in multi-brand retail. All TMC ministers have
been asked to resign from their respective posts in the
government on Friday.
|
| Online shopping firms seek clarity
from DIPP on retail FDI norms |
|
Delhi : While the global
retail giants have got clarity on the FDI norms in single and
multi-brand retail, a host of online shopping firms and their
legal representatives have sought clarity from the department
of industrial policy and promotion (DIPP) on how these norms
will impact them. This is because the Press Note 1 of 2012
issued earlier in the year imposed FDI restrictions on
e-commerce firms engaging in e-retail in the
business-to-consumer space while allowing 100% FDI in those
engaging in business-to-business retailing. Now, the
e-commerce firms want to know whether they too can directly
avail the benefits of 51% FDI in multi-brand retail.
E-retailers also say that the new retail policy is silent on
the growing online retail trade which is not bound by
geographical boundaries which is applicable to offline
retailers.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| CCI wants insurance M&As in its
ambit |
|
Delhi : The competition
regulator has rejected the finance ministry's proposal to keep
the mergers and acquisitions of ailing insurance companies out
of its ambit, arguing that unlike in the case of banks there
is no threat of a run on these firms. While panic among
depositors of a bank can pose a threat to the lender,
insurance firms do not run this risk, a senior official of the
Competition Commission of India told ET. "There are no
immediate social ramifications of a failing insurance firm.
There is no reason to seek exemption for this sector," said
the official, who requested not to be named, adding that the
CCI has opposed the move in a reply to the Department of
Financial Services.
|
| Finance & Money
Markets |
| Impact investing gains ground in
India |
|
Maharashtra : Impact
investing, which focuses on social as well as financial
outcomes, is slowly gaining ground in India. With about a
dozen domestic and international funds operating in this
space, the segment has grown steadily over the past five
years. According to a recent study by the Planning Commission,
investments by these funds have crossed Rs 1,200 crore.“This
area of investing does see a substantial in-flow of new ideas,
but quality and scalable models that capital providers find
attractive are limited,” the planning commission report
said.
|
| Investments through P-Notes rise to
$26 bn |
|
Delhi : Investments by rich
entities abroad through participatory notes (P-Notes) in the
Indian markets rose to Rs 1,41,710 crore ($26 billion) in
August, the highest level since March, even as funds pumped
into equities fell for a consecutive month. According to
latest data released by market regulator Securities and
Exchange Board of India (Sebi), P-Note investments in Indian
markets (equity, debt and derivatives) have reached the
highest level since March, when the cumulative value of their
investments stood at Rs 1,65,832 crore.
|
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| Economy |
| India |
| EU-India trade drops |
| FinMin optimistic on fiscal
deficit |
| India-Pakistan commerce secretaries likely to
discuss new trade routes, air links, petro
trade |
| Expect dramatically faster environmental
approvals: Montek |
| Cash-rich PSUs can’t invest as govt delays
clearances |
| Number of Asia’s super-rich surpasses North
Americans for the first time |
| |
| International |
| Bank of Japan joins bond buying spree to bolster
economy |
| Deposit Flight From Europe Banks Eroding Common
Currency |
| |
| Markets
Today |
| NSE |
5,554.25
|
-0.82%
|
| BSE |
18,349.25
|
-0.79%
|
| NASDAQ |
3,182.62
|
0.00%
|
| |
|
|
| USD |
54.39
|
|
| EURO |
70.43
|
|
| JPY(100) |
69.54
|
|
| GBP |
88.03
|
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| |
| Corporate
Watch |
| Whirlpool eyes top slot in home appliances
market |
|
West Bengal : America's largest
home appliances maker Whirlpool plans to invest more than Rs
750 crore in India over three years, with more than half of it
earmarked for innovation, as it targets market leadership in
the country. Whirlpool IndiaBSE -1.41 % will invest in product
innovation and development,
|
| IKEA may set up first store in 3
yrs |
|
Delhi : By 2015, you may be able to
shop at an IKEA store in India. The euro 25-billion Swedish
furniture major is expected to set up its first two-three
stores in India within three years of getting government
approvals,
|
| Piramal's PE arm focuses on
returns |
|
Maharashtra : Despite a change at
the helm, the Ajay Piramal-owned realty private equity (PE)
firm Indiareit Advisors’ fund-raising process is on track and
the company is focusing on returns to investors. It plans to
exit 12 of its investments in a year.
|
| Future Group to buy Big Apple for
Rs.100-150 crore |
|
Delhi : With an eye on expanding
its fair-price shop business in the nation’s capital, the
Kishore Biyani-led Future Group is set to buy out the Big
Apple chain of food and grocery stores. Sources said the deal
size is expected to be around R100-150 crore and the company
is expected to make the announcement public in a day or two.
Sources said, Future Consumer Enterprises,
|
| Telenor keeps Indian funding at
peak |
|
Delhi : Norwegian telecom firm
Telenor aims to grow faster than its peers over the next three
years and plans to pay a high and growing dividend in the next
few years, it said on Wednesday. Telenor, which has over 150
million subscribers across Europe and Asia, aims to lift its
operating cashflow to between 28 billion and 30 billion crowns
by 2015,
|
| SAIL to spend Rs 45,000 crore on capacity
expansion in 12th Five-Year Plan |
|
Delhi : State-owned Steel Authority
of India (SAIL) will spend a whopping Rs 45,000 crore during
the 12th Plan ending March, 2017 on capacity addition, up from
Rs 40,312 crore during the 11th Five-Year Plan. 'SAIL has
pegged outlay on modernisation and expansions during the 12th
Five-Year Plan at Rs 45,000 crore, including Rs 14,500 crore
during the current year,' the largest public sector steel
maker said in its latest annual report.
|
| |
| Tenders
& Assignment |
Jammu And Kashmir State Agro Industries
Development Corporation Limited ![]() |
Description :Invited from the experienced
firms of charted accountant for undertaking below stated
assignments – Tax audit & filling of income tax return,
vat audit & filling of annual account return, assessment
for assessment of income tax department, completion of balance
sheets .
Last Date : 18/09/2012
Address :Jammu-kashmir - India
|
General Administration Department ![]() |
Description :Expression of Interest is
Invited from Chartered Accountant Firms for Appointment of
Internal Auditor for audit of Bihar Prashasnik Sudhar Mission
Society for the year 2012-13 & further extendable based on
performance.
Last Date : 30/09/2012
Address :Bihar Prashasnik Sundar
Mission Society
(General Administration
Department)
Sinchai Barak No-1,Harding Road(Near Haz
Bhavan)Patna
Phone
:0612-2215908/2233333
E-Mail
:bpsms1@gmail.com
|
Department Of Horticulture And Food
Processing ![]() |
Description :Hiring Services of the Firm
of Chartered Accountants for Audit of Horticulture Mission for
North East & Himalayan States (HMNEH) Uttarakhand for
financial year 2012-13
Last Date
: 30/09/2012
Address
:Dehradun - Uttaranchal - India
|
Nuclear Power Corporation Of India
Limited ![]() |
Description :Registered chartered
accountant for "Assistance to Maintain TWS, Coarse Screen,
& Stop Logs of CCW, ASW & SW System.
Last Date : 03/10/2012
Address :Tarapur - Maharashtra -
India
|
Punjab State Aids Control Society ![]() |
Description :Expression of interest for
Chartered accountant firms for Statutory audit of Punjab state
aids control society & internal audit of Peripheral units
Last Date : 05/10/2012
Address :Chandigarh - Punjab - India
Phone :0172-2636802,2636804
|
Rural Development Department ![]() |
Description :Empanelment of CA for the
Financial years 2012-13, 2013-14, 2014-15 from Resourceful
& experienced CA Firms for Statutory Audit work of
district rural development Agency & other offices
Last Date : 08/10/2012
Address :Block No.16,3rd
Floor,Dr,Jivraj Mehta Bhavan,
Gandhinagar-382010(Gujarat)
|
Bharat Sanchar Nigam Limited ![]() |
Description :Hiring the consultancy
service of Chartered Accountant for service tax related works
of CTSD, Jharkhand Telecom Circle for two years
Last Date : 08/10/2012
Address :Bharat Sanchar Nigam
Limited
A Govt of India Undertaking
Office of the
C.G.M.T, Jharkhand Circle
ARTTC Campus, Near Jumar River,
Ranchi-835217, Jharkhand
|
| |
| Reminders |
| Tenders |
| Jammu And Kashmir Rural Road Development
Agency 21/09/2012
|
| Karnataka Soaps And Detergents
Limited 21/09/2012
|
| Employment And
Training 22/09/2012
|
| Himachal
Pradesh General Industries Corporation
Limited 25/09/2012
|
| Navodaya Vidyalaya
Samiti 26/09/2012
|
| National Rural Health
Mission 27/09/2012
|
| National Institute Of Fashion
Technology 27/09/2012
|
| National Rural Health
Mission 27/09/2012
|
| |
| Notifications
& Circulars |
| INCOME
TAX |
| NOTIFICATION NO.
37 (Delhi) 12/09/2012
|
| INCOME-TAX (ELEVENTH AMENDMENT) RULES, 2012 - INSERTION OF
RULES 31ACB, 37J, FORM NOS. 26A & 27BA |
| ORDER (Delhi) 07/09/2012
|
| SECTION 144C OF THE INCOME-TAX ACT, 1961 - DISPUTE
RESOLUTION PANEL-REFERENCE TO - RECONSTITUTION OF DRP AT
SPECIFIED AREAS OF JURISDICTION |
| CUSTOMS |
| Notification No. 55/ 2012 -
Customs (Delhi) 18/09/2012
|
| Seeks to amend Notification 12/2012-Customs, dated
17-03-2012 |
| Notification No.
54/2012-Customs (Delhi) 17/09/2012
|
| TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY,
PART II, SECTION 3, SUB-SECTION (i)] |
| EXCISE |
| Notification No.36 /2012 –Central
Excise (Delhi) 18/09/2012
|
| Amends Notification No. 12/2012-Central Excise, dated the
17thMarch, 2012 |
| RBI |
| Notification
No.RBI/2012-13/213 (Delhi) 18/09/2012
|
| Uploading of Reports in ‘Test Mode’ on FINnet
Gateway |
| Notification
No.RBI/2012-13/214 (Delhi) 18/09/2012
|
| The Scheme of 1% Interest Subvention on Housing Loans up
to Rs. 15.00 lakh |
| Notification
No.RBI/2012-13/215 (Delhi) 18/09/2012
|
| UCBs - Implementation of Section 51-A of UAPA, 1967-
Updates of the UNSCR 1267 (1999)/1989 (2011) Committee’s Al
Qaida Sanctions List |
| Notification No.
RBI/2012-13/209 (Delhi) 17/09/2012
|
| CRR reduced |
| F. No.4 (5) W&M/2012
(iii) (Delhi) 17/09/2012
|
| Auction for Sale (Re-issue) of ‘8.83 per cent Government
Stock, 2041’ |
| F. No.4
(5)-W&M/2012(ii) (Delhi) 17/09/2012
|
| Auction for Sale (Re-issue) of ‘8.28 per cent Government
Stock, 2032’ |
| F. No.4 (5)
W&M/2012(i) (Delhi) 17/09/2012
|
| Auction for Sale of a New Government Stock of 13
Years |
| Notification No.
RBI/2012-13/210 (Delhi) 17/09/2012
|
| NBFCs/RNBCs - Anti-Money Laundering/Combating of Financing
of Terrorism – Standards |
| Notification
.NoRBI/2012-13/211 (Delhi) 17/09/2012
|
| Establishment of Liaison Office (LO) / Branch Office (BO)
/ Project Office (PO) in India by Foreign Entities –
Clarification |
| Notification
No.RBI/2012-2013/212 (Delhi) 17/09/2012
|
| Section 42(1) of Reserve Bank of India Act, 1934 –
Maintenance of Cash Reserve Ratio (CRR) (Corrected) |
| |
|
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