| Professional
News |
| INCOME
TAX |
| Slowdown upends taxman’s high
hopes |
|
Delhi : Persistent global
economic worries and a slowing economy at home have played
havoc with the finance ministry’s hopes of a 20% jump in tax
revenue this year. Only less than half of the targetted net
tax revenue has been collected up to October.A spurt in
advance tax collection in December may make revenue collection
a bit better but the trend so far has been that of a
progressive decline in growth rate in taxes. The change of
approach from an aggressive revenue mobilisation drive to a
‘non-adversarial’
|
| International
Taxation |
| Govt should quickly correct tax
changes announced in Budget: Planning
Commission |
|
Delhi : To boost investment
and revive “animal spirits”, the government should quickly
correct the tax changes announced in the recent Budget that
have been perceived as anti-investor, according to the draft
12th Five-Year Plan document. “An immediate policy objective
in the very first year of the Plan must be to revive animal
spirits,
|
| COMPANY
LAW |
| Experts divided on provisions for
eligibility, removal of directors in new companies
Bill |
|
Delhi : Legal experts are
divided on the apparent conflict between two provisions in the
Companies Bill, recently approved by Parliament, dealing with
the 'disqualifications for appointment of directors' and
'vacation of office of director'. Clause 164 in the new Bill
says a person is qualified of being appointed as a director on
the Board even if he has made a legal appeal against any
conviction involving "moral turpitude" or "otherwise".
|
| India Inc may have to spend Rs 10,000
cr next fiscal |
|
Delhi : India Inc may have
to shell out about Rs 10,000 crore in the next financial year
towards corporate social responsibility (CSR), if the proposed
Companies Bill 2012 were to get enacted into law. Indications
are that the CSR provisions in the proposed Bill will be
operationalised from April 1. The Companies Bill 2012, which
seeks to replace the Companies Act 1956, was passed by the Lok
Sabha during the Winter Session.
|
| Corporates told to rectify any
misleading addresses |
|
Delhi : The Ministry of
Corporate Affairs has asked corporates to rectify any mistake
with regard to the address of their respective registered
office by June next year. This initiative has been undertaken
"to minimise instances of registration of bogus or misleading
addresses as registered office of companies",
|
| RBI |
| RBI postpones Basel-III rollout to
April 1 |
|
Maharashtra : The Reserve
Bank of India (RBI) has rescheduled the start date for
implementation of Basel-III financial norms to April 1,
instead of January 1, it announced today. Their circular came
on a day when some public sector banks had withdrawn their
perpetual bond issuances, as these would not qualify as tier-1
capital in the Basel-III regime. As a result, banks will have
more time on this. RBI said it would closely monitor the
progress on Basel-III implementation in other countries,
|
| RBI hints at rate cut to push
growth |
|
Maharashtra : The Reserve
Bank of India may cut its policy rate in its third-quarter
review of monetary policy to revive economic growth, it has
hinted in its financial stability report. In foreword to the
report, Governor D. Subbarao said, “Growth needs to accelerate
if the momentum of poverty reduction, employment generation
and pay-off from the demographic dividend is to be
accelerated.” GDP growth has moderated in recent quarters (at
5.3 per cent during the July-September quarter), buffeted by
global headwinds and domestic policy uncertainties.
|
| Asset quality on the wane:
RBI |
|
Maharashtra : Indian banks’
asset quality and soundness indicators have weakened since
March, but the overall banking system is resilient enough to
withstand extreme stress scenarios, said the Reserve Bank of
India in its sixth financial stability report on Friday. The
RBI report also said stress tests show public sector banks’
capital erosion due to rising non-performing assets (NPA)
could bring down their capital adequacy ratio to just 10.9 per
cent by March 2014 against the regulatory mandate of 9 per
cent.
|
| Finance & Money
Markets |
| Rupee at one-week high; up 17
paise |
|
Maharashtra : The rupee on
Friday gained 17 paise to close at one-week high of Rs. 54.77
against the dollar on fresh selling of the US currency by
exporters and capital inflows of over $152 million in a firm
stock market. Forex dealers said, however, a firm dollar
capped rupee’s rise to some extent. The local currency started
the day on a firm note at 54.84 at the Interbank Foreign
Exchange (Forex) market, from its previous close of Rs. 54.94.
Later, it moved in a narrow range of Rs. 54.75-54.98 before
settling at Rs. 54.77, a rise of 17 paise, or 0.31 per
cent.
|
| Weekly: Markets post first gain in
3-weeks |
|
Maharashtra : Indian shares
posted their first weekly gain in three weeks on Friday led by
buying in rate-sensitive sectors such as banks, real-estate
along with oil & gas shares. Global risk appetite was firm
on hopes of monetary policy easing by the Japanese central
bank coupled with expectations that the US will soon draw a
resolution over 'fiscal-cliff' and prevent automatic tax hikes
and spending cuts by year end that may push the world's
biggest economy into recession.
|
| More investment via QFI route will
take time |
|
Maharashtra : The year 2012
saw the introduction of a new category of foreign investors in
the market. In January 2012, the Securities and Exchange Board
of India allowed eligible foreign nationals to invest directly
in India through Qualified Foreign Investors (QFI) route.
NEEDS TIME TO PICK UP This was done mainly to widen the
category of investors,
|
| IPOs slump to lowest level since
global financial crisis |
|
Delhi : Initial public
offerings (IPOs) in 2012 slumped to the lowest level since the
financial crisis as signs of an economic slowdown and
Facebook's disappointing debut curbed demand and prompted
companies to push back sales. IPOs have raised $112 billion
worldwide this year, the least since 2008, according to data
compiled by Bloomberg.
|
| Commodities |
| Above normal return from gold not
sustainable in the long term |
|
Maharashtra : An official
study issued on Friday by the Reserve Bank of India ( RBI),
while decrying citizens’ preference for gold as a saving, also
makes clear why it makes sense for so many. The price of gold
carries an uncertainty premium arising from risk aversion
among investors in recent years. This has caused an
above-normal return, not sustainable in the long term, says
the RBI’s Financial Stability Report. Since Indian households
hold a significant quantity of gold,
|
| INTERNATIONAL
BUSINESS |
| Berkshire to buy Lightower, Sidera
for $2 bn |
|
Berkshire Partners LLC, a Boston- based
buyout firm that invests in mid-sized companies, agreed to
acquire Lightower Fiber Networks and Sidera Networks in a $2
billion deal that will create a fiber-optic network operator
serving 6,000 locations. Berkshire Partners plans to merge the
two companies, which will be run by Lightower Chief Executive
Officer Rob Shanahan, according to a statement on Thursday.
|
| SME |
| NASSCOM, SIDBI ink partnership for
MSME development |
|
Karnataka : The National
Association of Software and Services Companies have entered
into a Memorandum of Understanding with Small Industries
Development Bank of India to work together for
entrepreneurship growth and development of MSME in the
Information and Communication Technology (ICT) sector in the
country. As part of the MOU, both the parties will aim to
coordinate the synergies in their activities to achieve this
objective, NASSCOM said in a statement today.
|
|
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| Economy |
| India |
| India's mineral production rises 17% to Rs 16,975
cr in Oct |
| Gas producers be allowed to charge market rates:
12th Plan |
| Political & financial woes block state-level
infra PPPs |
| Inflation at 5% an acceptable threshold for
India: Rangarajan |
| |
| International |
| Economy faces many challenges in
2013 |
| Funding changes help students,
economy |
| US president Barack Obama makes last-ditch effort
to avoid ‘Fiscal Cliff’ |
| |
| Corporate
Watch |
| Sebi, Blackstone at odds over public
shareholding |
|
Maharashtra : The Securities and
Exchange Board of India ( Sebi) has objected to a plan by
Blackstone to reclassify the founders of Gokaldas Exports —
the Hinduja family (not related to the London-based Hinduja
Group) — as public shareholders, instead of promoters. The
US-based private equity major wanted to take the
reclassification route to comply with the 25 per cent public
shareholding requirement.
|
| India Inc's interest burden at 9-year
high |
|
Maharashtra : India Inc’s debt
servicing capacity are much below the 2008-09 levels, the
Reserve Bank of India (RBI) said in its financial stability
report released on Friday. The corporate sector’s interest
coverage ratio, which reflects the ability to service loans,
has fallen, with real estate firms having the highest interest
burden in the last four years. Interest expenditure is also on
the rise in sectors such as textiles, iron and steel, and
construction.
|
| Miglanis to raise Rs.1,800
crore |
|
Maharashtra : The Miglani family,
owners of Uttam Galva Steels, plans to raise R1,800 crore from
state-run banks within the next three months to provide for
Lloyds Steel's working capital needs, after taking management
control of the ailing steelmaker. The Miglanis, which recently
acquired a 58.35% stake in Lloyds Steel, outlined plans to
revive the steelmaker's business by lowering financing costs,
as well as improving product mix and operational efficiency.
The plan includes doubling the company's earnings before
interest,
|
| DGCA seeks more details from KFA on its
finances |
|
Delhi : The Directorate General of
Civil Aviation ( DGCA) has sought additional details from
Kingfisher Airlines on how it would fund its revival plan
submitted to the aviation regulator for resumption of its
flight operations, official sources said today. The DGCA has
sought more details from the beleaguered carrier as to how it
would garner funds for payment of dues to its lenders and
vendors, apart from paying the pending salaries of its
employees, they said.
|
| Wipro gains 1% ahead of demerger meet, but
broker view negative |
|
Maharashtra : Shareholders of
Wipro, India’s third largest IT exporter, met in Bangalore on
Friday to discuss the demerger proposal as part of the
directive given by the Karnataka High Court to hive off its
non-information technology (IT) businesses into a separate
company. According to the plan, the IT business of the company
would become a listed entity under the name Wipro, while the
non-IT business, which includes lighting, office-furniture,
consumer care products and infrastructure engineering
services, would morph into a new non-listed entity Wipro
Enterprises.
|
| |
| Tenders
& Assignment |
Municipal Council ![]() |
Description :Appointment of Chartered
Accountant for Auditing
Last Date :
04/01/2013
Address :Bijnor - Uttar
Pradesh
|
Mahila Arthik Vikas Mahamandal Limited
![]() |
Description :Expression of Interest for
Chartered Accountants, Empanelled with CAG of India for
Appointment of Independent Auditor at Regional Level ie for
head Office of Mavim for the FY 2012-2013 to cover audit of 33
District offices
Last Date :
07/01/2013
Address :Griha Nirman
Bhavan,"MHADA"Bldg,
Room No.143.Mezzanine
Floor,Kalanagar,
Bandra (East),Mumbai-400051
|
Maharashtra State Aids Control Society
![]() |
Description :Expression of interest from
CAG Empanelled Chartered Accountant firm
Last
Date : 10/01/2013
Address
:GOVERNMENT OF MAHARASHTRA
R.K.Kidwai Rd.Ackworth
Leprosy Complex,
Wadala (W)Mumbai-400031
|
Collector Office ![]() |
Description : Audit Work by Chartered
Accountants
Last Date : 11/01/2013
Address :Collector Office
Raigarh
Chhattisgarh
|
Software Technology Parks Of India ![]() |
Description : Appointment of Internal
auditor for FY 2012-13 at STPI-HQ, STPI & Its sub centers
Last Date : 11/01/2013
Address :Dept.of Electronics and
Information Technology, Ministry of Communications and IT
(Govt of India) Ganga Software Technology
Complex,Sector-29,Noida (UP)201303
Phone
:0120-2470400
|
State Health Society ![]() |
Description :Expression Of Interest For
“Statutory Audit” Of Various Rogi Kalyan Samities
Last Date : 15/01/2013
Address :State Health Society pariwar
Kalyan Bhawan,Sheikhpura,Patna
|
Gujarat Mineral Development Corporation
Limited ![]() |
Description :Expression of interest for
Empanelment of Internal Auditors
Last Date
: 15/01/2013
Address
:Gujarat
|
| |
| Reminders |
| Tenders |
| Mahanagar Telephone Nigam
Limited 31/12/2012
|
| Bihar Education Project
Council 31/12/2012
|
| Gujarat Mineral Development Corporation
Limited 31/12/2012
|
| Tamil Nadu Milk Producers Cooperative Federation
Limited 04/01/2013
|
| |
| Notifications
& Circulars |
| CUSTOMS |
| Notification No. 5/ 2012-Customs
(SG) (Delhi) 20/12/2012
|
| Regarding imposition of safeguard duty on imports of
electrical insulator from China PR |
| RBI |
| Notification
No.RBI/2012-13/351 (Delhi) 28/12/2012
|
| Definition of 'Infrastructure Loan' of NBFCs -
Harmonisation |
| Notification
No.RBI/2012-13/352 (Delhi) 28/12/2012
|
| Implementation of Section 51-A of UAPA, 1967 -Updates of
the UNSCR Committee's Sanctions List |
| Notification
No.RBI/2012-13/353 (Delhi) 28/12/2012
|
| Anti-Money Laundering (AML)/Combating of Financing of
Terrorism (CFT) - Standards |
| DIRECTORATE GENERAL
OF FOREIGN TRADE |
| Notification No:
27(RE-2012)/2009-2014 (Delhi) 27/12/2012
|
| Amendment in Chapter 3 Schemes of Foreign Trade
Policy |
| |
|
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