| Professional
News |
| INCOME
TAX |
| Housing ministry seeks tax sops for
affordable housing projects |
|
Delhi : The housing ministry
has sought tax sops, including a year's extension of a benefit
under Sec 80 IB (10) of the Income-Tax Act, for developers of
affordable housing projects, according to a senior official.In
its proposal to finance ministry, the housing ministry has
also suggested that the deduction allowed under Sec 80 IB
(10), which is to be withdrawn from April 1, should be
extended to affordable housing projects approved after current
cutoff date of March 31, 2008.
|
| CUSTOMS |
| Government hikes import duty on gold;
ETFs to park some holdings with banks |
|
Delhi : The government on
Monday announced a slew of measures including a hike in import
duty on gold and platinum to discourage their consumption. The
finance ministry directed gold exchange-traded funds to park a
part of their gold holdings with banks so that some demand for
these metals is met from domestic sources.It also eased the
terms of gold deposit schemes of banks to encourage
individuals to deposit their idle gold, which will help
increase domestic supply.
|
| GST |
| States' CST loss might dominate panel
meet |
|
Orissa : The contentious
issue of compensating states for CST ( Central Sales Tax) loss
is set to dominate the two-day meet of the empowered committee
of state finance ministers here on GST (Goods & Service
Tax). The meet is scheduled on January 28-29.“The issue of
compensation against CST loss has emerged as the major bone of
contention between the Centre and the states. All states have
been vehemently demanding compensation. The issue is going to
dominate the agenda at the upcoming meet of state finance
ministers,” said a source.
|
| COMPANY
LAW |
| MCA readying self-reporting CSR
template |
|
Delhi : The ministry of
corporate affairs (MCA) is working on developing an
‘exhaustive’ and ‘interactive’ form as part of the standard
template that all companies will have to fill while reporting
their projects and proposed spends on the soon-to-be mandatory
corporate social responsibility (CSR) initiatives. Under the
proposed template, companies will have to disclose details of
financial status, CSR project details, budget allocation, time
line, details on permission required for implementations of
projects and CSR corpus among others. The Companies Bill,
2011, which was passed by the Lok Sabha in December but is
awaiting the Rajya Sabha’s approval, makes it mandatory for
companies to allocate and spend a minimum of 2% of their
average net profit (of preceding three years) on CSR
initiatives every year.
|
| EPF AND MISC
PROVISIONS ACT, 1952 |
| Plea to raise EPF ceiling must be
‘seriously considered’ |
|
Tamil Nadu : The Government
has been receiving requests to hike the EPF ceiling which have
to be “seriously considered,” Union Minister of State for
Labour and Employment Kodikunnil Suresh said today.“The EPF
ceiling is Rs 6,500. While salary has increased, this ceiling
has remained same and therefore many employers are not
contributing towards EPF,” Suresh told reporters after a
review meeting with TN government officials
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Regulator sets deadline for drug
launches |
|
Delhi : Pharmaceutical
companies will have to launch drugs within six months of
getting approval from the drug regulator, failing which they
could lose the manufacturing licence. The Drugs Controller
General of India (DCGI) recently issued a notice, mandating
companies to introduce their products in the market within the
specified period, to ensure safety and efficacy.According to
the Drugs and Cosmetics Act, for any new drug, pharmaceutical
firms should file a periodic safety update report (PSUR) every
six months, for the first two years, after getting approval
from the DCGI. For the subsequent two years, PSUR needs to be
filed annually. This enables authorities to monitor the safety
and efficacy of a new drug in a post-marketing scenario for
four years, after which it no longer remains a new
drug.
|
| Finance & Money
Markets |
| Govt, Sebi to hold talks with US in
March to clear QFI roadblocks |
|
Maharashtra : With the
ambitious qualified foreign investor (QFI) framework proving
to be a non-starter of sorts, Indian policymakers have decided
to clear the hurdles with their US counterparts. An Indo-US
dialogue has been scheduled for March, which will help both
regulators to iron out issues acting as roadblocks to the QFI
initiative.According to a senior government official, the
meeting will be attended by senior officials from the
Securities and Exchange Board of India (Sebi), the Securities
and Exchange Commission (SEC) and bureaucrats of both
countries.
|
| Pre-Budget
2013-2014 |
| Budget 2013: Planning Commission
hints at keeping developmental spending
flat |
|
Delhi : The budget is likely
to keep developmental spending in the upcoming year at the
current year's level, an official has hinted, indicating that
the pressure to deliver a strong fiscal consolidation message
may rein in allocations. The government sets aside funds for
its various development schemes as plan expenditure, most of
which finances the central plan while some of it is used to
support states' plan. The allocation to the central plan is
referred to as gross budgetary support.
|
| Report on goods, services tax likely
in Budget session |
|
Delhi : The Standing
Committee on Finance is likely to submit its report in the
forthcoming Budget session on the Constitutional Amendment
Bill for introduction of Goods and Services Tax (GST).“The
Parliamentary Committee had some discussion on the Bill on
Monday. It has also asked the Secretariat to start preparing
the draft report. Hopefully this can be submitted during the
session,” a person familiar with the development
|
| Banking |
| Indian banks to face $4-bn capital
shortage if Basel-III brought forward:
S&P |
|
Maharashtra : Standard &
Poor’s on Monday said Indian banks could face a $3-4 billion
(Rs 16,185-21,600 crore) capital shortfall in maintaining a
common equity Tier-I capital ratio of eight per cent if the
Reserve Bank of India decides to implement Basel-III norms
immediately. High-growth banking systems, such as those in
India and China, will face challenges in maintaining or
raising capital ratios. The total capital shortfall of major
banks in both countries could reach about $100 bn in 2019, it
has said. State-run banks could manage the shortfall without
cutting risk assets, as the government might infuse money or
they could tap the capital market. The government’s capacity
to provide sufficient capital in a timely manner does,
however, pose a risk, S&P said.
|
| |
| Notifications
& Circulars |
| CUSTOMS |
| F. No. 437/62/ 2012 – Cus.
IV (Delhi) 21/01/2013
|
| Appointment of Common Adjudicating Authority |
| Notification No. 2/2013- Customs
(N.T.) (Delhi) 14/01/2013
|
| amendment in Notification No. 04/96-Custom (N.T.) dated
22.01.1996 |
| EXCISE |
| Notification No.1
/2013 (Delhi) 21/01/2013
|
| Amends Notification No. 12/2012-Central Excise, dated the
17th March, 2012 |
| SEBI |
| CIR/MRD/DP/ 01
/2013 (Delhi) 21/01/2013
|
| Establishment of Connectivity with both depositories NSDL
and CDSL – Companies eligible for shifting from Trade for
Trade Settlement (TFTS) to Normal Rolling Settlement |
| RBI |
| RBI/2012-13/388 (Delhi) 22/01/2013
|
| KYC norms /AML Standards/CFT/Obligation of banks under
Prevention of Money Laundering Act (PMLA), 2002 |
| RBI/2012-13/386 (Delhi) 21/01/2013
|
| Settlement of Claims in respect of Deceased Depositors –
Simplification of Procedure - UCBs |
| RBI/2012-13/387 (Delhi) 21/01/2013
|
| External Commercial Borrowings (ECB) Policy – Repayment of
Rupee loans and/or fresh Rupee capital expenditure – USD 10
billion scheme |
| |
|
![]() |
| Economy |
| India |
| India now becomes a tech hub, small cos bring
smarter technology for local use |
| India, Australia to talk trade, N-pact in
March |
| Mineral output declines by 0.7% in Nov 12 to Rs
17,000 cr |
| Minimal hit on OMCs'
underrecovery |
| Rupee falls 6 p on fresh $ demand from
importers |
| |
| International |
| Confidence in global economy improves: World
Economic Forum survey |
| UK finance industry to cut 43,000 jobs, finds
survey |
| |
| Markets
Today |
| NSE |
6,048.50
|
-0.56%
|
| BSE |
19,981.57
|
-0.60%
|
| NASDAQ |
3,134.71
|
-0.04%
|
| |
|
|
| USD |
53.70
|
|
| EURO |
71.73
|
|
| JPY(100) |
60.47
|
|
| GBP |
85.17
|
|
|
| |
| Corporate
Watch |
| Dark clouds lift as SpiceJet posts Rs
102-cr profit on higher fares |
|
Delhi : Low-cost carrier SpiceJet
on Monday reported a net profit of Rs 102 crore for the
quarter ended December, against a net loss of Rs 39 crore in
the same period last year. Its strong performance was aided by
an increase in average fares, besides innovative international
forays on less competitive routes and paring of fuel costs as
a percentage of revenue.SpiceJet had posted a net profit of Rs
56 crore in the first quarter of this financial year, but it
slipped into the red in the second, with losses of Rs 163
crore.
|
| Government wants to resolve RIL row over
KG-D6 block via talks: Veerappa Moily, Oil
Minister |
|
Delhi : The government wants to
junk arbitration proceedings and favours direct negotiations
with Reliance IndustriesBSE 0.29 % in its long-running dispute
over the cost of developing the controversial KG-D6 block, Oil
Minister Veerappa Moily told ET, heralding a paradigm shift in
the ministry's stance towards Mukesh Ambani's firm.Moily also
said his ministry had accepted all the recommendations of the
Rangarajan Committee, which proposed a new formula to link
natural gas prices with international benchmarks.
|
| India's $100-billion low-cost IT business
model 'maxed out', must invest in proprietary software:
Constellation Research |
|
Karnataka : India's $100-billion IT
industry must grow beyond mere low-cost delivery of technology
work by investing in re-usable, proprietary software if they
are to survive fundamental shifts in the outsourcing
marketplace, according to latest study from Constellation
Research.Increasingly, clients are looking for service
providers who can offer business solutions rather than
technology services and such a change calls for greater degree
of innovation from IT firms, noted the study titled Clients
Want Outcomes, Are Indian IT Services Vendors Ready?, released
on Monday.
|
| Revised IKEA Proposal Gets FIPB Approval
Cafes, 18 product categories get nod |
|
Delhi : The Foreign Investment
Promotion Board (FIPB) has given its nod to Swedish home
furnishings retailer IKEA’s revised . 10,500-crore investment
proposal that will allow the company to set up retail stores
along with its popular cafes in India and also sell more
categories of products. FIPB had cleared IKEA’s proposal on
November 21 last year but disallowed it from selling many
items such as home and office-use products, textiles, apparel
and fabric, and also said the company could not set up cafes
in the stores.
|
| |
| Tenders
& Assignment |
Paschimanchal Vidyut Vitran Nigam
Limited ![]() |
Description : Empanelment of Chartered
Accountant Firms for Internal Audit of the units of
PVVNL
Last Date : 26/01/2013
.
Address :Dy.General Manager
(Accounts),Room No.213.Ist Floor.Urja Bhawan Victoria Park
Meerut
|
Punjab State Forest Development Corporation
Limited ![]() |
Description :Expression of interest are
solicited/invited from reputed firms of Chartered Accountants
for appointment as internal auditors
Last Date
: 28/01/2013
Address
:Tower No.2 &3,4th Floor,Forest
Complex,Sector-68,SAS Nagar (Mohali)
Phone
:0172-2298000
E-Mail :info@pbforestdevcorp.gov.in
|
Central Co-operative Bank Limited ![]() |
Description : Internal audit &
interbank account reconciliation
Last Date
: 31/01/2013
Address
:Patna - Bihar
|
Bihar Rural Livelihoods Promotion
Society ![]() |
Description :Expression of interest for
hiring of firm for statutory audit
Last Date
: 05/02/2013
Address
:BIHAR RURAL LIVELIHOODS PROMOTION SOCIETY (State
Rural Livelihoods Mission)
1stFloor, Annex-II, Vidyut
Bhawan, Bailey Road,
Patna,
Phone
:+91- 612-2504980
|
Tea Board Of India ![]() |
Description :Appointment of CA firm to
undertake internal audit of account & transactions of tea
board & its subordinate offices
Last Date
: 07/02/2013
Address
:TEA BOARD OF INDIA
14 B.T.M. Sarani, Kolkata-700
001
|
Zilla Panchayat ![]() |
Description :Appointment of Chartered
Accountant for Audit works
Last Date
: 11/02/2013
Address
:Zilla Panchayat Bijapur Chhattisgarh
Phone :07853
E-Mail
:zpbijapur.cg@nic.in
|
Army Public School ![]() |
Description :Appointment of Chartered
Accountant for the School for Auditing School Accounts for a
period no exceeding three years
Last Date
: 15/02/2013
Address :Army
Public School Near GPO.Meerut Cantt
Phone
:0121-2662066 |
| |
| Reminders |
| Tenders |
| Gujarat Urban Development Company
Limited 24/01/2013
|
| General Insurance Corporation Of
India 24/01/2013
|
| Public Works
Department 24/01/2013
|
| Navodaya Vidyalaya
Samiti 24/01/2013
|
| National Institute Of Fashion
Technology 25/01/2013
|
| Gvk Emergency Management And Research
Institute 28/01/2013
|
| Krishna Bhagya Jala Nigam
Limited 28/01/2013
|
|
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