| Professional
News |
| INCOME
TAX |
| Tax rebate allowed on capital gains
after property sale |
|
Maharashtra : Income-Tax
Appellate Tribunal (ITAT) of Chennai has held that interest on
home loans will continue to remain out of the tax net even if
the house is sold later. The tribunal clarified that the
interest paid on loans is certainly an expenditure that should
be taken into account while computing the income from house
property as well as in computing capital gains arising from
sale of the same property. The order was given on October 31
by a two-member bench comprising OK Narayanan and SS Godara.
|
| No change likely in short-term cap
gains tax on listed securities, STT |
|
Delhi : Short-Term capital
gains tax on sale of listed securities is unlikely to be
abolished by the government despite the recommendation by the
Shome panel that reviewed the General Anti-Avoidance Rules
(GAAR) as the fiscally-stressed finance ministry has little
scope to forgo revenue streams. The ministry is also not keen
to raise the securities transaction tax (STT) that the panel
had recommended as a means to raise revenue if the government
scraps the short-term capital gains tax on listed
securities.
|
| Only a year's deferral likely for
GAAR |
|
Delhi : The Centre is not
likely to accept the Shome panel recommendation to defer
implementation of the proposed General Anti Avoidance Rules (
GAAR ) by three years, till April 2016. The finance ministry
is not in favour of a deferral beyond April 2014. A final
decision will be taken by the Prime Minister. Budget 2012 had
proposed introduction of GAAR from April 2013. Finance
Minister P Chidambaram is learnt to have proposed a year’s
deferment. The changes will require an amendment to the Income
Tax (I-T) Act.
|
| Misc. - Indirect
Tax |
| Indirect tax collection rises 17% in
April-Oct |
|
Delhi : Economic slowdown is
impacting revenue realisation as the indirect tax collection
has shown only a moderate growth of 17% to Rs 2.57 lakh crore
in April-October period as against the annual growth target of
27%. In the first seven months of the current financial year,
indirect tax collection, which include excise, customs and
services tax, was Rs 2.57 lakh crore, sources in the Finance
Ministry said.
|
| SEBI |
| New Sebi panel on foreign
investments |
|
Maharashtra : The Securities
and Exchange Board of India ( Sebi ) is putting together a
panel of about a dozen senior experts to take a fresh look at
the foreign investment framework in the country. Tentatively
named the ‘Committee on rationalisation of investment routes
and monitoring for foreign portfolio investments’, it will
comprise officials from exchanges, banks, depositories,
custodians and tax consultants, according to officials close
to the development. The regulator has already written to some
top companies in each of these segments, to depute officials
with expertise in the area of foreign investments for the
panel.
|
| Mini derivative contracts ban stumps
markets |
|
Maharashtra : The move by
the Securities and Exchange Board of India ( Sebi ) to ban
mini equity derivative contracts has stumped exchange
officials and brokers, who say they have been deprived of a
potential winner. By discontinuing the product, the regulator,
while denying small traders an opportunity to bet on the key
indices, Nifty and Sensex, at a cheaper cost, has also
increased the risk of their participation in the regular
futures contracts, says analysts. Mini futures and options
contracts, which were introduced in mid-2008, are cheaper than
regular futures and options because of lower minimum lot size
— the minimum number of units that a trader has to buy. For
instance, the lot size for mini Nifty futures is 20, while
that for Nifty futures if 50.
|
| RBI |
| RBI chief keeps his own
counsel |
|
Maharashtra : RBI Governor
D. Subbarao once again chose to keep his own counsel in the
matter of reducing interest rates at the time of October
monetary policy announcement. Despite five of the six external
members of the technical advisory committee recommending a
reduction in policy rates, the RBI Governor chose to maintain
status quo on repo rates.The external members of the committee
who attended were Y.H. Malegam, Prof. Indira Rajaraman, Prof.
Sudipto Mundle, Prof. Errol D’Souza and Prof. Ashima Goyal.
Rakesh Mohan and Shankar Acharya could not attend the meeting,
though Rakesh Mohan submitted his written views.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Decoding the national pharma pricing
policy Article |
|
Delhi : The country’s search
for the right formula to fix the prices of essential drugs is
still on. Public health groups and pharma industry are
sparring over whether a market-based formula or the existing
cost-based methodology would be more appropriate for price
fixation. While the stand-off between the group of ministers
led by Sharad Pawar and the finance ministry seems to have
eased off for now, all eyes would be on the action on November
27, when the Supreme Court hears the case.
|
| Finance & Money
Markets |
| FII inflows cross $19
bn |
|
Maharashtra : Coordinated
quantitative-easing action by global central banks, coupled
with hopes of fiscal consolidation measures by the government
in the winter session of Parliament and improvement in the
second quarter corporate earnings, have made Indian equities
one of the favourite destinations among foreign institutional
investors (FIIs), with year-to-date inflows crossing $19
billion.
|
| LIC gets nod to buy 30 per cent in
companies |
|
Delhi : The government has
allowed India's largest insurer Life Insurance Corporation
(LIC) to invest up to 30% in a company as against the earlier
limit of 10 per cent. "LIC can invest up to 30 per cent of a
company's paid-up capital. Earlier it could invest up to 10
per cent," said DK Mittal, financial services secretary in the
finance ministry. The government will also announce a
recapitalisation plan for banks and is considering of doing it
through rights issue.
|
| MNCs decides to reduce promoter
shareholding to be in line with listing
norms |
|
Maharashtra : Intimidated by
the huge costs involved in delisting shares from local
bourses, the Indian subsidiaries of foreign multinational
firms have decided to reduce promoter shareholding to stay in
line with listing norms, rather than mop up shares of minority
investors. The move by the multinationals caught many
investors by surprise on Wednesday after two more companies -
Honeywell AutomationBSE 4.57 % and Blue Dart ExpressBSE 20.00
% - decided to reduce shareholding through the offer for sale
(OFS) route instead of delisting its Indian subsidiaries from
the local stock bourses.
|
| High returns bring ELSS funds back
into reckoning as tax-saving option |
|
Maharashtra : Asset
management companies are hoping to draw investors to
equity-linked savings schemes (ELSS) by showcasing the high
returns of funds. ELSS, or tax-saver, funds, as a category,
have beaten the broader market and diversified equity funds by
a wide margin. The category has generated one-year return in
excess of 14% against the 13% of equity diversified funds and
11% of equity large cap funds. The 30-share Sensex has gained
over 9% since last year.
|
| Inflation needs to dip further for
interest rates to ease: RBI |
|
Delhi : High interest rate
is not the only reason for economic slowdown, the Reserve Bank
of India Deputy Governor K. C. Chakrabarty has said. He also
reiterated that inflation would have to fall further for
interest rates to be eased. Addressing a banking seminar,
organised by industry chamber Assocham, he said, “Low interest
rates will not come automatically, unless the inflation is
(also) low.” Trade deficit, he said, can be tackled only if
core inflation is brought down to 1 per cent.” Core inflation
is currently running at 5 per cent.
|
| Commodities |
| Silver trading plunges in China as
demand falters |
|
Delhi : Silver trading on
the largest spot market in China, the second-largest consumer,
tumbled this year as slowing growth cut industrial use, a
bourse official said. Volume on the Shanghai White Platinum
& Silver Exchange dropped about 30% from a year earlier to
1,000 tonne, said Gao Huijie, chief executive officer.
Industrial demand represents most transactions on the bourse,
where about 20% of China's annual demand is traded, he said.
|
| INTERNATIONAL
BUSINESS |
| Writedown sets seal on HP deal from
hell |
|
In some parts of the City of London, a
sense of disbelief greeted the news last year that
Hewlett-Packard had agreed to pay $11bn for Autonomy, a
British software company that had traded for half that value
barely six months before. “This deal defies logic,” wrote Paul
Morland, analyst at Peel Hunt, a UK brokerage. “We believe HP
shareholders should be worried.”
|
|
![]() |
| Economy |
| India |
| Chidambaram asks banks to fund residential
projects to revive faltering growth |
| India may be top recipient of remittances in
2012: World Bank |
| Power regulator puts cost of solar voltaic plants
at Rs 8 cr/MW |
| For IT firms, Americas were a mixed bag in second
quarter |
| Govt to kick off divestment programme
tomorrow |
| Cash-rich companies are investing, but
selectively |
| Road map to boost exports on the
cards |
| Slowdown now hits education
institutes |
| Mineral output up 8.25% at Rs 14,785 cr in
Sept |
| |
| International |
| Japan’s Abe says strong economy tops his
platform |
| Swiss bankers say assets not blunted by tax deals
with other countries |
| Pity the parcel people |
| |
| Markets
Today |
| NSE |
5,627.75
|
0.23%
|
| BSE |
18,517.34
|
0.31%
|
| NASDAQ |
2,926.55
|
0.34%
|
| |
|
|
| USD |
55.21
|
|
| EURO |
71.09
|
|
| JPY(100) |
66.84
|
|
| GBP |
88.08
|
|
|
| |
| Corporate
Watch |
| Cipla set to buy 51% of S Africa's Cipla
Medpro for about $220 million |
|
Maharashtra : Cipla, India's
second-largest drug firm, has agreed to acquire South African
drugmaker Cipla Medpro, taking an important step towards
consolidating its international business that now makes up
more than half its quarterly revenues. Cipla said on Wednesday
it will buy 51% of Cipla Medpro for about $220 million,
valuing the beleaguered South African company at about $440
million.
|
| PepsiCo’s Rs 396-cr bid is the right choice
for BCCI |
|
Delhi : PepsiCo has bagged the
title sponsorship rights of the Indian Premiere League for
five years for Rs 396.8 crore after real estate player DLF
failed to renew its contract. PepsiCo pipped the other bidder,
Airtel that had bid for Rs 316 crore. The food and beverage
major will pay nearly double the amount the previous title
sponsor has been paying since 2008 for the T20 league. IPL
Chairman Rajeev Shukla said, “We were expecting a jump.
Contrary to other observations of IPL’s value dropping, we
have got almost double the amount for the title sponsorship
rights.” He said PepsiCo will pay Rs 79.36 crore every year
for five years till 2017.
|
| Reliance Ind’s D6 to see action after 15
months |
|
Delhi : After almost a 15-month
lull, the Reliance Industries-operated D6 block is going to
see some drilling activities, which will help increase output
from the country’s largest gas fields. The operator is going
ahead with the drilling activity despite the continued
difference with the Government auditor on whether the
Comptroller & Auditor General (CAG) can do a performance
audit for private entities.
|
| Wipro eyes German login to boost revenue,
expand base |
|
Karnataka : The $6-billion Wipro,
the country's third largest software services exporter, is
exploring the possibility of acquiring a firm in Germany, the
world's second-largest IT market. The Bangalore-headquartered
firm said there is a sense of urgency for the company to go
ahead with the inorganic route as Germany is currently
generating only about $100 million in revenue for Wipro. The
company's top management feels this is too miniscule a share
given the size of the German IT market, only next to that of
US.
|
| |
| Tenders
& Assignment |
India Government Mint ![]() |
Description :Obtaining services of
Chartered Accountant for a period of one year
Last Date : 20/11/2012
Address :The General Manager, India
Government Mint (A unit of Security Printing and Minting
Corporation of India Ltd.) IDA, Phase-II, Cherlapally, R.R.
Distt., HYDERABAD – 500 051.
Phone
:040 - 27261731
E-Mail :igmintcp@ap.nic.in
|
Social Welfare Department ![]() |
Description :Empanelment of Chartered
Accountants Firms for Preparation cum Reconciliation of DC
Bill from AC Bill at CDPO Offices in Bihar
Last Date : 30/11/2012
Address :Social Welfare
Department,2nd Floor,Apna Ghar,Behind Lalit Bhawan,Bailey
Road,Patna-800023
|
Diversified Agriculture Support
Project ![]() |
Description :Expression of Interest for
Charted Accountant Firms for the Financial Audit of DASP for
the period of year 2011-12
Last Date
: 03/12/2012
Address :PICUP
BHAWAN, 4TH FLOOR,B1&B2 BLOCK, VIBHUTI KHAND, GOMTI NAGAR,
LUCKNOW-226010 UTTAR PRADESH
Phone
:91-522-2720718
|
Software Technology Parks Of India ![]() |
Description :Appointment of internal
auditors for stpi-bangalore & sub centers
Last Date : 05/12/2012
Address :Department of Electronic and
Information Technology) No. 76 & 77, 6th floor, Cyber
Park, KEONICS Electronics City, Bangalore - 560 100.
|
Indian Overseas Bank ![]() |
Description :Conducting of Information
systems audit of various departments / functions
Last Date : 15/12/2012
Address :Indian Overseas
Bank
Inspection Department Central office:763,Anna
Salai,Chennai-600002.
|
National Fisheries Development Board
![]() |
Description : Providing of accounting
& other financial services. 2. Carrying out internal audit
& carry out the statutory audit of NFDB
Last Date : 20/12/2012
Address :National Fisheries
Development Board
Dept of Animal Husbandry,Dairying
&
Fisheries,Ministry of Agriculture,Govt Of
India
Near Pillar No.235,PNVR
Expressway,Post:S.V.P.National Police Academy,
Hyderabad-500052.
|
Department Of Agriculture ![]() |
Description :Expression of Interest for
Selection of Consultant to Provide Individual Experts for
Support services – environment, social development, MIS,
monitoring & evaluation, chartered accountant,
agribusiness & marketing at PMU, agriculture,
horticulture, livestock, watershed,
Last Date
: 26/12/2012
Address
:Project Director Project Management Unit, Rajasthan
Agricultural Competitiveness Project (RACP) 2nd Floor,Academic
Building,SIAM Campus,Durgapura,Tonk Road,Jaipur.
Phone :0141-2554215
E-Mail :pd_racp@rediffmall.com
|
| |
| Reminders |
| Tenders |
| State Health Society
23/11/2012
|
| Uttar Pradesh Power Corporation
Limited 23/11/2012
|
| Nagar Panchayat 28/11/2012
|
| Tehri Hydro Development Corporation
Limited 28/11/2012
|
| |
| Notifications
& Circulars |
| RBI |
| Notification
No.RBI/2012-13/302 (Delhi) 21/11/2012
|
| Unhedged Foreign Currency Exposure of Corporates |
| Notification
No.RBI/2012-13/303 (Delhi) 21/11/2012
|
| National / Regional Electronic Clearing Service (NECS /
RECS) – Extension of service to remaining branches |
| Notification
No.RBI/2012-13/304 (Delhi) 21/11/2012
|
| Non-Performing Assets and Restructuring of Advances |
| Notification
No.RBI/2012-13/301 (Delhi) 20/11/2012
|
| Deferred Payment Protocols between Government of India and
erstwhile USSR |
| |
|
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