| Professional
News |
| INCOME
TAX |
| SC rejects airline plea on TDS
dispute |
|
Delhi : The Supreme Court
today rejected a request of grounded Kingfisher Airlines for
interim protection for a month against any action by the
income-tax department for not depositing tax deduction at
source from its employees. However, the court allowed the
airline to present a plan on paying the dues at the next
hearing. Senior counsel Harish Salve, representing the
airline, said the company was in serious financial
difficulties.
|
| CUSTOMS |
| Import duty on gold dores hiked to
5% |
|
Delhi : The government on
Tuesday raised the import duty on gold dore bars to 5% from
2%, following up on the hike in the customs duty on refined
gold to 6% the previous day to contain a runaway current
account deficit (CAD). However, industry executives say buyers
may, at best, defer gold purchases for some time, but the
decisions would not deter them in the medium term as the
fundamental aspect of gold as a profitable investment tool and
a hedge against inflation still stands.
|
| Revised import duty on edible oils
still to come into effect, oil traders continue
import |
|
West Bengal : The finance
ministry's delay in issuing a notification regarding a
revision in the import duty of edible oils has created
confusion among the traders.Though the government has broadly
said that a 2.5% import duty has been levied on crude edible
oil, it has not spelt out whether the duty will be only on
crude palm oil or all kinds of edible oils.As the duty is yet
to come into effect, oil traders are importing huge quantities
mainly from Malaysia and Indonesia at zero per cent
duty
|
| SEBI |
| Sebi may mandate scrutiny of small
cos' IPO fund use through monitoring
agency |
|
Maharashtra : The Securities
and Exchange Board of India (Sebi) plans to make it mandatory
for companies with an issue of less than 500 crore to appoint
a monitoring agency to keep track of the use of funds.The
monitoring agency will have to provide up-to-date information
of the end use of the money raised till such time the funds
have been fully utilised, two persons familiar with the matter
said.
|
| Registration must for investment
advisers: SEBI |
|
Maharashtra : SEBI
registration is a must for all investment advisers — both
individual and corporate, according to a new regulation by
market regulator SEBI.However, professionals such as lawyers,
chartered accountant and those giving generic view on economic
situation without charging and incidental to discharging their
professional services are exempt, said a SEBI notification of
late Monday night. SEBI has mandated a minimum net worth
requirement of Rs 25 lakh for corporate and Rs 1 lakh for
individuals. Advisers also have to disclose information about
themselves to the client including those with the potential of
creating conflict of interest.
|
| RBI |
| RBI pushes for fixed-rate long-term
loans |
|
Maharashtra : Banks could
introduce and popularise fixed-rate long-term loans with a
provision to reset rates periodically (say, every 7-10 years),
said a Reserve Bank of India panel.The loan product will be in
addition to the plain-vanilla fixed-rate loans for long
tenure, according to a report of the committee set up to
assess the feasibility of introducing more long-term
fixed-rate loans.While executing the original loan agreement,
the lender could fix a cap and floor (say, 2 or 3 percentage
points) at the time of reset in relation to the interest rate
originally charged.
|
| FDI
Policy |
| Supreme Court seeks fresh information
from government on FDI policy |
|
Delhi : Though the
Parliament has voted in favour of foreign direct investment in
retail, the Supreme Court refused to wrap up proceedings on a
public interest litigation challenging the policy and instead
asked the government on how it planned to safeguard the
interests of the country's small traders. The top court wanted
the government to furnish fresh information on the checks and
balances in the FDI policy that will protect small-time
retailers and consumers. A two-judge bench, comprising
Justices RM Lodha and SJ Mukhopadhaya, sought clarifications
from the Attorney General representing the government, giving
him three weeks to respond.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Interest subsidy cap for home loans
to poor may be raised |
|
Maharashtra : In a bid to
encourage housing for the marginalised, the Ministry of
Housing and Urban Poverty Alleviation is considering raising
the cap on the interest subsidy scheme to Rs 5 lakh from the
present Rs 1 lakh.The Ministry introduced the Interest Subsidy
for Housing the Urban Poor in late 2008 for helping
economically weaker sections (EWS) and low-income groups (LIG)
buy or construct houses. Under the present scheme, borrowers
from the two categories are entitled to an interest subsidy of
5 per cent for home loans up to Rs 1 lakh from banks and
housing-finance companies.
|
| OMCs seek regulation of bulk diesel
sales |
|
Maharashtra : With dual
pricing for diesel in place, oil marketing companies ( OMCs)
are looking at ways to stop bulk diesel users from securing
the fuel from retail outlets. The three public sector OMCs —
Indian Oil Corporation, Bharat Petroleum Corporation and
Hindustan Petroleum Corporation Limited — want the government
to put in place regulations for this. “We anticipate bulk
diesel users may frequent retail outlets…and we cannot stop
them. So, a clear distinction between the two consumers is
needed,” said the director (marketing) of an OMC.
|
| Finance & Money
Markets |
| Smart investors make 'dirty' gains in
tax-free bonds |
|
Delhi : Some smart investors
are taking advantage of ‘dirty’ pricing available on exchanges
to amplify their returns on tax-free bonds. This practice has
been rampant in bonds issued last financial year, say dealers
and bank officials.Last year, the government had allowed NHAI,
IRFC, Hudco, REC and PFC to issue tax-free bonds. These firms
raised around Rs 20,000 crore, with coupon rates ranging from
8.1 per cent to 8.3 per cent. Interest income on these bonds —
designed to encourage long-term infra investment, announced in
Budget — are tax-exempt. But, the capital gains on secondary
market bond sale are taxable
|
| Gold ETFs may be allowed to park 20%
holding with banks |
|
Delhi : Mutual Fund Asset
Management Companies may be permitted to keep up to 20 per
cent of the underlying gold for their gold ETFs (Exchange
Traded Funds) in banks’ gold deposit schemes.“The market
regulator SEBI is finalising new norms for the gold ETF
following the Finance Ministry’s announcement on Monday. These
are expected to be announced soon,” a highly placed source
told Business Line.The Finance Ministry on Monday proposed to
permit a part of the gold physically held by mutual funds
under gold ETFs to be deposited in banks’ gold deposit
schemes.
|
| Foreign investors profess their love
for Indian market again by adopting an innovative put-call
strategy |
|
Maharashtra : A complex
strategy being adopted by foreign institutional investors
(FIIs) shows their renewed bullishness towards India despite
the Nifty having crossed two-year highs recently. FIIs began
playing an interesting derivatives strategy called 'covered
call and protective put' last week.They initiated the strategy
when Nifty futures traded around 6050-6070, hoping the index
would rise to 6100 or slightly above that level till the RBI's
policy declaration on January 29.
|
| Outflow from India-focused funds
narrowed in 2012 |
|
Maharashtra : India-focused
offshore funds registered a lower net outflow in 2012 at $1.8
billion, compared with $5.4 billion in 2011, signalling a
return of confidence among foreign investors. According to a
report by mutual fund tracker, Morningstar, the drop in
outflows was due to the improved sentiments in the Indian
markets.“Quantitative easing around the world, and various
policy reforms by the Union Government announced in the second
half of the year led to large inflows into Indian stocks,”
said the report.
|
| SIP rally of sorts at fag end of
2012 |
|
Maharashtra : In what should
bring some cheer to the mutual fund industry, fresh monthly
SIP registrations saw a modest increase in the last three
months of 2012 as the rally in Indian equities during the
period attracted new retail investors. This was at a time when
equity schemes witnessed substantial redemption pressure as
investors waiting on the sidelines decided to exit. SIP
registrations of 2.45 lakh in the last quarter of CY12 was the
highest in the year. Live SIP folios regained the 26-lakh-mark
in December after slipping below 26 lakh in June 2012, while
the average SIP amounts touched a two-year high after crossing
the R1,800-mark in October. The benchmark BSE Sensex rose 3.5%
between October and December.
|
| Banking |
| Benefit from policy rate cut may be
limited for borrowers |
|
Maharashtra : Higher
refinancing pressure on banks and slower deposit accruals may
dilute the effect of any monetary easing during 2013-14,
according to India Ratings.The credit rating agency said
refinancing risk, particularly for Government banks, had been
rising as long-term loans (infrastructure, residential
mortgage) were increasingly been financed by short-term
deposits (up to one year).Funding pressure is also enhanced by
the low real interest rates on deposits, leading to slowing
deposit growth.
|
| Banking outlook: SBI allays Moody's
concerns |
|
Orissa : A day after global
ratings agency Moody’s gave a negative outlook to the Indian
banking system, State Bank of India (SBI), the country’s
largest lender, today sought to allay the concerns, saying the
banking industry had a positive outlook.“The outlook for the
Indian banking industry is positive. Indians are good savers
with 30 per cent of the country’s GSDP (gross state domestic
product) going into savings. The banking industry has good
prospects, though our major challenge is to lend profitably,”
SBI Chairman Pratip Chaudhuri said.
|
|
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| Economy |
| India |
| Ministries may settle for nominal hike in 2013-14
allocation |
| Flexibility in IKEA case to draw more
investors |
| Oil imports from Iran down 35% from
2008-09 |
| India, Lanka to hold more talks to strengthen
economic ties |
| Focus likely on various growth
scenarios |
| Govt plans a fab this year; sees 25k crore
inflows in tech clusters |
| |
| International |
| China says 2012 fiscal deficit above target at
1.6 percent of GDP |
| Bank of Japan bows to inflation
pressure |
| |
| Markets
Today |
| NSE |
6,054.30
|
0.10%
|
| BSE |
20,026.61
|
0.23%
|
| NASDAQ |
3,143.18
|
0.27%
|
| |
|
|
| USD |
53.66
|
|
| EURO |
71.54
|
|
| JPY(100) |
60.73
|
|
| GBP |
85.13
|
|
|
| |
| Corporate
Watch |
| HUL Q3 net profit lags Street
estimates |
|
Maharashtra : After riding a crest
for much of 2011-12, consumer goods company Hindustan Unilever
( HUL) now appears to be struggling, thanks to lower consumer
spending, mainly in discretionary categories. Also, the
company has signed a new agreement with parent Unilever Plc
under which its royalty payment would rise to 3.15 per cent of
sales by March 2018 from 1.4 per cent now.HUL’s volume growth
was down to five per cent in the quarter ended December 2012,
from 9-10 per cent in the year-ago period. The rise of 16 per
cent in net profit to Rs 871 crore was also lower than the
Street estimates
|
| No permit for KFA till dues are cleared,
says government |
|
Delhi : The government on Tuesday
made it clear that grounded Kingfisher Airlines would not be
allowed to fly till it cleared all its dues, including pending
salaries of its staffers.'Kingfisher cannot be allowed to fly
without settling its dues. Just paying the employees is not
sufficient... all stakeholders need to be satisfied,” Minister
Ajit Singh said.Kingfisher needs to obtain statements from
creditors that they do not object to resumption of flights, he
told reporters, shortly after the airline's Chief Executive
Officer Sanjay Aggarwal met Civil Aviation Secretary K N
Srivastava here to seek permission for resuming operations.
The Vijay Mallya-owned carrier 'has no concrete funding plan.
The bankers have to give go-ahead to restart the
operations.
|
| Jet-Etihad deal likely at Rs. 760 per
share |
|
Delhi : A deal between India's Jet
Airways and Abu Dhabi's Etihad Airways is in the final stages,
sources told NDTV Profit on Tuesday. A deal may be announced
as early as February, sources said. The Gulf carrier has
reportedly valued Jet's equity at $1.25 billion, which means
the deal may happen at Rs. 760 per share, sources said. Etihad
is likely to pick up a stake in Jet via a mix of equity &
warrants. Jet has previously said it was in talks with Etihad,
but the terms of the deal were not finalised. Etihad and Jet
have a code-sharing agreement, and a tie-up could make Jet a
more formidable competitor to state-owned Air India, while
strengthening Etihad's position against Dubai-based Emirates
Airline, which carries a big chunk of the traffic between
India and the Middle East. Jet shares, which have gained 180
per cent over the past year on hopes of a potential fund
raising, were up nearly 2 per cent at Rs. 617 on the Bombay
Stock Exchange as of 2.05 p.m.
|
| |
| 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
|
Krishna Bhagya Jala Nigam Limited ![]() |
Description :Appointment of Internal
Auditors for the year 2013-14 & 2014-15
Last Date : 28/01/2013
Address :PWD Office Annexe,3rd
Floor,K.R.Circle,
Nrupathunga Road,Bangalore
Phone :080-22244484
|
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
|
| |
| 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/2012-13/389 (Delhi) 22/01/2013
|
| Interest Rates on Rupee Export Credit -UCBs |
| RBI/2012-13/390 (Delhi) 22/01/2013
|
| Exchange Earner's Foreign Currency Account, Diamond Dollar
Account & Resident Foreign Currency Domestic Account
|
| 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 |
|
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