| Professional
News |
| INCOME
TAX |
| Govt may agree with Shome committee
on retro tax |
|
Delhi : The government is
likely to give telecom major Vodafone a breather in the Rs
11,000-crore retrospective taxation case involving the British
firm by accepting the recommendations of the Parthasarathi
Shome panel.After accepting, with some modification, most of
the committee’s recommendations on the General Anti-Avoidance
Rules ( GAAR), the government appears set to also accept its
suggestions on the application of retrospective taxation
clauses introduced in the Income Tax Act through the Finance
Act, 2012.
|
| EXCISE |
| Bicycle industry wants withdrawal of
excise duty |
|
Delhi : Bogged by declining
sales and rising costs, the $1.2-billion Indian bicycle
industry is at a crossroad. Bicycle manufacturers are worried
as the industry has plunged by 8 per cent this year due to
meagre exports and less domestic demand. A further decline is
expected unless the government takes timely action, they said.
“We are at a disadvantage. The excise duty imposed by the
government has made cycles expensive. We are also unable to
export to lucrative markets in Europe due to trade
restrictions.
|
| GST |
| Centre, states agree on CST; pave way
for implementation of GST |
|
Delhi : The centre and
states have resolved the contentious issue of compensation to
the states for phasing out of the central sales tax,
brightening the prospects for the rollout of the goods and
services tax (GST).The empowered committee of state finance
ministers that met in Bhubaneshwar on Monday approved the
recommendations of a sub group set up by the union finance
minister P Chidambaram to resolve the issue.
|
| SEBI |
| GDR manipulation case: Sebi allows
KII to sell securities |
|
Maharashtra : Market
regulator Sebi has allowed KII Ltd, which is accused of
manipulation in issuance of financia instruments overseas, to
sell securities held in its demat account. KII is a
sub-account of foreign institutional investor Credo Capital
Plc. In September 2011, Sebi had restrained KII from dealing
with securities in the domestic market in the wake of its
alleged involvement in manipulating global depository receipts
(GDRs) -- a financial instrument used to raise capital
overseas.Sebi said that it was modifying "to the limited
extent", the interim order, issued in 2011, that had barred
KII from dealing in the capital market.
|
| RBI |
| RBI cuts repo rate after nine-month
wait, stays cautious |
|
Maharashtra : The RBI
lowered its key policy rate for the first time in nine months
on Tuesday, but struck a cautious note on further easing as it
waits to see how the government's upcoming budget aims to
bring a bloated fiscal deficit under control.The Reserve Bank
of India cut the policy repo rate by 25 basis points (bps) to
7.75 percent to help support an economy set to post its
slowest annual growth rate in a decade.The size of the cut was
in line with forecasts in a Reuters poll of analysts earlier
this month.
|
| Higher debt inflows can't rein in
current account deficit: RBI |
|
Maharashtra : Increasing the
investment cap in domestic debt for foreign investors may not
solve India's high current account deficit problem, according
to RBI. The central bank last week increased the investment
limit in government bonds by $5 billion to $25 billion, and in
corporate bonds (including debentures issued by infrastructure
companies) by $5 billion to $50 billion.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Now, food products need to seek
approval from government-promoted
FSSAI |
|
Delhi : Probiotic ice-cream,
digestive biscuits or low-sugar jams may be flying off retail
shelves, but food companies are no longer being allowed to
sell new products without taking approvals from the
government-promoted Food Safety & Standards Authority of
India (FSSAI).According to a new and modified FSSAI advisory
issued to all food companies last month, any new or existing
product which is 'proprietary' - in other words not classified
in the food act - will need to follow a regulatory 'new
product approval' guideline, as laid down by the FSSAI. Even
if food companies announce the ingredients on packs and in
advertising, they will still need approvals.
|
| Finance & Money
Markets |
| MCX-SX to launch equity trading from
Feb 11 |
|
Maharashtra : The MCX-SX,
the third stock exchange with national presence, would
commence its live trading in cash equities and equities
derivatives from February 11, the bourse said in a statement
on Monday.According to the MCX-SX, the exchange would be
inaugurated by the Union Finance Minister P. Chidambaram on
February 9.The news of inauguration of the MCX-SX’s equity and
debt,
|
| Bangalore-based Century Realty’s
debenture default triggers panic in
sector |
|
Maharashtra : Many
well-heeled investors pouring money into real estate bonds to
get a higher return from a secured investment have been taken
aback by the first default in a property debenture since the
turbulent days of 2008-09. A month-and-a-half ago Century Real
Estate, an influential Bangalore realtor, failed to pay the
interest rate on time. While the company is trying to sort out
the issue with investors,
|
| RBI Q3 monetary policy review: Rate
cut hopes drive debt assets up 111% in
October-December |
|
Maharashtra : Indian
companies and high net worth individuals (HNIs) are investing
more in debt mutual funds in anticipation that the RBI will
cut rates in its quarterly monetary policy review on
Tuesday.The assets under management for debt schemes have
surged 111% - a jump of Rs 17,702 crore to Rs 33,563 crore -
during the October-December quarter from the preceding
quarter, data from CrisilBSE 0.55 % Mutual Fund Rankings
shows.
|
| Commodities |
| Government relaxes norm on sugar sale
for open market |
|
Delhi : In a relief to the
sugar industry, the government today decided not to take away
the unsold sugar in the open market from millers for ration
shop distribution. The sugar sector is controlled by the
government right from the production through the distribution
stage. The Food Ministry decides the quantity of sugar that
can be sold in the open market during a particular period with
a condition that the unsold stock would be taken away for
meeting ration shop demand. As a result, mills are under
pressure to sell their allotted quota.
|
| INTERNATIONAL
BUSINESS |
| Toyota sells 9.75 million vehicles in
2012, regains global top spot |
|
Toyota Motor outsold General Motors and
Volkswagen last year, regaining the global sales lead after
recovering from natural disasters and record recalls that
tarnished its reputation for quality. Worldwide sales at
Toyota, including deliveries from its subsidiaries Hino Motors
and Daihatsu Motor, rose 23% to a record 9.75 million units in
2012, according to a statement from the Toyota City,
|
| Banking |
| Consolidation to cut RRB count to 44
in short term |
|
Delhi : In a bid to optimise
the efficiency of regional rural banks (RRBs), the Centre is
making efforts to further lower their number to 44 from the
current level of 67 by amalgamating them on the basis of
geographic contiguity. The aim is to have just eight RRBs in
the country by 2030.The department of financial services has
asked RRBs operating in the same geographies to merge with a
single sponsoring bank for better use
|
| Banks ease debt collection norms to
support cash-strapped firms |
|
Maharashtra : Banks are
relaxing collection norms on working capital loans to
companies whose working capital cycles have lengthened,
straining their cash flows. In cases of genuine cash-flow
constraints, banks are giving companies more time to collect
their accounts receivable than earlier stipulated in their
loan agreements. A senior State Bank of India (SBI) official
said that in the case of working capital loans, previously,
|
|
![]() |
| Economy |
| India |
| 5 key risks for Indian economy going
ahead |
| Rate cut will revive investment in
economy |
| Rupee down 4 paise at
53.95/dollar |
| Investments panel to meet on Jan
31 |
| |
| International |
| Floods Put Strain on Australia's
Economy |
| Worst is not over yet: Davos greets global
economic revival with caution |
| Eurozone lending falls for 8th consecutive month
in December |
| |
| Markets
Today |
| NSE |
6,049.90
|
-0.41%
|
| BSE |
19,990.90
|
-0.56%
|
| NASDAQ |
3,154.30
|
0.15%
|
| |
|
|
| USD |
53.79
|
|
| EURO |
72.27
|
|
| JPY(100) |
59.43
|
|
| GBP |
84.64
|
|
|
| |
| Corporate
Watch |
| Airtel puts in bid for licence in
Myanmar |
|
Delhi : Sunil Mittal-promoted
Bharti Airtel has put in a bid to acquire fresh licence in
Myanmar to spread its footprint in Asia.Airtel is already
operational in Bangladesh and Sri Lanka in the region.There
are at least four other global players that have expressed
interest in acquiring licences in Myanmar as it looks to
improve its communications network after decades of military
rule.
|
| Mahindra Satyam cautious on US, Europe
markets |
|
Andhra Pradesh : Mahindra Satyam
has said it is cautious but not worried about the US and
Europe markets. “Caution should not be mistaken for worry.
There is nothing to believe that the markets are significantly
slowing down,” Hari T, Chief Marketing Officer of Mahindra
Satyam, told Business Line.The industry was witnessing a muted
growth in the European Union. Emerging IT markets such as
Australia, Asia-Pacific region and the Gulf were showing
promise,
|
| SP Group to Expand in Africa and
Middle-East |
|
Delhi : Leading engineering and
construction conglomerate Shapoorji Pallonji International has
appointed a veteran urban designer and planner to its chief
business development position in Dubai, as the company moves
ahead with aggressive growth plans. Steven Miller, who has
been appointed Senior Vice President Business Development, has
been tasked with the job of pursuing the firm's opportunities
in the Middle East and Africa regions, as part of a growing
worldwide practice.Headquartered in Mumbai,
|
| Reliance Power stake sale helps RInfra post
78% higher Q3 net |
|
Maharashtra : Aided by a one-time
gain from the sale of shares, Anil Ambani-led Reliance
Infrastructure (RInfra) posted a 78% increase in consolidated
net profit for the quarter ended December 31, 2012, to R728
crore against R408 crore in the same quarter a year ago.During
the quarter, the company sold 5.3 crore equity shares of
Reliance Power, its associate company,
|
| Diageo pays $36 mn for 50% stake in Mallya
joint venture |
|
Karnataka : The world’s largest
liquor company Diageo Plc agreed to pay $36 million for a 50%
stake in Vijay Mallya’s sorghum beer business in South
Africa.A company affiliated to Mallya will hold the remaining
stake, Diageo said in a statement.In November, Diageo and
Mallya’s United Spirits Ltd (USL) announced that the companies
had signed a memorandum of understanding to form an equal
joint venture for Mallya’s
|
| |
| Tenders
& Assignment |
Department Of Horticulture And Food
Processing ![]() |
Description :Expression of Interest for
Appointment of Chartered Accountant Firms for Audit of Records
under Horticulture Mission for North East & Himalayan
Stats
Last Date : 03/02/2013
Address :Department Of Horticulture
And Food Processing Dehradun.Uttaranchal
|
Bhopal Cooperative Milk Federation
Limited ![]() |
Description :Requirement of chartered
accountant firms
Last Date :
05/02/2013
Address :Madhya Pradesh
State Cooperative Dairy Federation Ltd.Dugdha Bhavan,
Habibganj, Bhopal
Phone : 0755-2478250
E-Mail :bsds@sancharnet.in
|
Department Of Agriculture ![]() |
Description :Required carryout the Audit
of Centrally Sponsored national Food Security Mission &
Accelerated Pulses Production Programme Schemes in all 21
Districts & State Headquarters for the year 2011-12
Last Date : 07/02/2013
Address :Directorate Of
Agriculture,Haryana
Krishi Bhawan,Sector-21,Panchkula
E-Mail :agriharyana2009@gmail.com
|
Jaipur Vidyut Vitaran Nigam Limited ![]() |
Description :Request for Proposal to
Conduct Revenue Audit
Last Date :
26/02/2013
Address :Jaipur Vidyut
Vitaran Nigam Limited
Room No.1/11.Vidhyut
Bhawan,Janpath,Jyoti Nagar Jaipur
Phone
:0141-2740264
E-Mail :caoia.jvvnl@gmail.com
|
Department Of Local Self Government ![]() |
Description :Expression of Interest for
Appointment of Chartered Accountant for Audit work by Accrual
base double entry accounting system
Last Date
: 01/03/2013
Address
:Department Of Local Self Government Jaipur,Rajasthan
|
| |
| Reminders |
| Tenders |
| Central Co-operative Bank
Limited 31/01/2013
|
| Madhya Pradesh Power Generation Company
Limited 31/01/2013
|
| Sardar Sarovar Narmada Nigam
Limited 02/02/2013
|
| Bihar Rural Livelihoods Promotion
Society 05/02/2013
|
| |
| Notifications
& Circulars |
| INCOME
TAX |
| NOTIFICATION NO. 4/2013
(Delhi) 24/01/2013
|
| In exercise of the powers conferred by sub-clause (f) of
clause (iii) of sub-section (3) of section 194A of the
Income-tax Act |
| RBI |
| Notification
No.RBI/2012-13/395 (Delhi) 28/01/2013
|
| Know Your Customer (KYC) Norms/Anti-Money Laundering (AML)
Measures/Combating of Financing of Terrorism (CFT) /
Obligations of banks under Prevention of Money Laundering Act
(PMLA), 2002 |
| Notification
No.RBI/2012-13/396 (Delhi) 28/01/2013
|
| Standardisation of Interest Rate Swap Contracts |
| F. No.4
(5)-W&M/2012(i) (Delhi) 28/01/2013
|
| Auction for Sale (Re-issue) of ‘8.20 per cent Government
Stock, 2025’ |
| F. No.4 (5)
W&M/2012(ii) (Delhi) 28/01/2013
|
| Auction for Sale (Re-issue) of ‘8.30 per cent Government
Stock, 2042’ |
| |
|
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