| Professional
News |
| INCOME
TAX |
| Income Tax Departtment carries out
survey on two steel companies |
|
Maharashtra : The Income-tax
department carried out a survey last week on two Mumbai based
steel companies, after a tip-off that these companies have not
been offering their full income for taxation. An I-T source
said the department officials carried out a survey on Lloyds
Steel after it received information that the company has been
inflating cost, largely by inflating the project costs.
|
| Billion-dollar Tamil Nadu broker
registered with comex |
|
Delhi : S Ramalingam, the
Tamil Nadu-based trader caught by the Income Tax Department
with US treasury bonds estimated at Rs 27,000 crore ($5
billion), was a member of a commodity exchange, according to
officials familiar with the matter.“The person is a member of
a commodity exchange from Dharapuram in Tamil Nadu,” said an
official.Following a tip-off by the Financial Intelligence
Unit, Ramalingam’s house and office were searched by the I-T
department.Though marred by the recent financial crisis, US
treasury bonds, issued by the government of that country, are
considered the world’s most secure paper
instruments.
|
| CUSTOMS |
| Govt plans gold import duty hike to
trim CAD |
|
Delhi : As the current
account deficit (CAD) hit a record 4.6% in the first half of
the fiscal, a concerned government decided to clamp down on
massive inflows of gold by raising the import duty on the
"idle asset" for a third time in one year."As would be
evident, gold imports constituted a substantial chunk of the
imports and is a huge drain on the current account. Suppose
gold imports had been one half of the actual level, that would
have meant that our foreign exchange reserves would have
increased by $10.5 billion.
|
| Misc. - Indirect
Tax |
| Tax evaders may face arrest, lose
property: Govt |
|
Delhi : Turning heat on
businesses and traders who evade taxes, the finance ministry
on Tuesday said it would take tough action, including
prosecution and attachment of property against the guilty."We
are keeping a very close watch on such elements. They are
advised to come forward and pay all taxes and avail of the
benefit of reduced penalty," Revenue Secretary Sumit Bose said
here.Bose said those who fail to pay excise duty should be
prepared to face consequences, which would include provisional
attachment of property, arrest and prosecution, suspension of
Cenvat credit and 100% penalty and interest.
|
| CVC slams Department of Revenue, CBDT
and CBEC for shielding corrupt
officials |
|
Delhi : The Central
Vigilance Commission (CVC) has slammed the Department of
Revenue in the Ministry of Finance and two of its key organs -
the Central Bureau of Direct Taxes (CBDT) and the Central
Board of Excise and Customs (CBEC) - for shielding its
allegedly corrupt senior officials.In response to an RTI
application filed by ET, CVC has revealed the minutes of all
annual review meetings held by it in 2012 with the Central
Vigilance Officers (CVOs) of various government sectors.
|
| SEBI |
| Sebi moots stronger norms for share
buybacks from open market |
|
Maharashtra : Capital
markets regulator Sebi has proposed to strengthen share
buyback norms by mandating that listed companies purchase a
minimum 50% of the targeted shares and complete the process in
three months from the launch of the repurchase, in a move seen
as an attempt to protect shareholders and prevent companies
from manipulating share prices. Once these norms are
implemented ,
|
| COMPANY
LAW |
| Rs 100-cr CSR bill likely for each of
top-15 BSE companies |
|
Delhi : Top-listed firms
will have to shell out hundreds of crores each in social
sector initiatives if the new Companies Bill takes effect. The
Bill has been passed by Lok Sabha and is likely to be tabled
in the Rajya Sabha in the Budget session. Officials are
targeting the beginning of the new financial year (April 1) as
the effective date for the new Act. According to clause 135 of
the bill, “Every company having net worth of Rs 500 crore or
more, or a turnover of Rs 1,000 crore or more,
|
| Misc. Corporate Laws
& Other Commercial Policies |
| One-time spectrum fee kicks in from
January 1, 2013 |
|
Delhi : The department of
telecom (DoT) has informed all GSM mobile companies about its
decision to impose a one-time airwaves charge from the
beginning of this year.In an order dated December 28, viewed
by ET, DoT has said that telcos will have to pay for all
airwaves in the 1,800 MHz and 900 MHz bands, or 2G spectrum,
beyond 4.4 MHz,
|
| Rangarajan Committee's new formula
may lead to doubling of natural gas prices; panel favours
deregulation |
|
Delhi : The Rangarajan
Committee is reported to have come out in favour of a new
formula for fixing the price of natural gas produced in the
country which will lead to a near doubling of prices to around
$8 billion per million British thermal units (mmBtu).According
to a senior official, the six-member committee, which
submitted its report to the Prime Minister's Office on
December 20, has worked out a formula based on the weighted
average price of natural gas in North America,
|
| Finance & Money
Markets |
| Start buying, say experts as the
market buzz gets louder |
|
Maharashtra : Individual
investors have a strange fascination for round figures, or
what investment experts term as psychologically-significant
figures in the stock market.Typically, Nifty touching the
6,000-mark today is an opportunity for many of them to ponder
their future course of action - especially for many retail
investors who have deserted the market in the last year
|
| Bond rally boosts debt funds but
small savings rate may fall |
|
Delhi : Equity investors are
making handsome profits but debt investors aren't far behind.
With bond yields falling to a 20-month low, long-term debt
funds have rallied in the past week. The 10-year government
bond yield dropped below 8% on January 1, over 70 basis points
below the peak in early April 2012. While the drop in bond
yield has boosted returns of debt funds, it could translate
into lower rates on small savings schemes such as Public
Provident Fund ( PPF), National Savings Certificate ( NSC) and
Senior Citizens' Saving Scheme.
|
| Arbitrage swells repo
borrowings |
|
Maharashtra : Bond holdings
under SLR at 30% of deposits in fortnight ended Dec 14 against
required 23% Banks’ borrowings from the Reserve Bank of
India’s daily repo tender have remained way above the R1
lakh-crore mark not just because of liquidity stress but also
due to banks taking advantage of arbitrage opportunities.
Treasurers say given the excess government bonds that banks
hold over and above the mandated 23% under statutory liquidity
ratio,
|
| Commodities |
| Sugar production up by 2.5% to 7.96
MT so far |
|
Delhi : Sugar production in
the country has increased marginally by 2.5 per cent to 7.96
million tonnes in the first three months of the ongoing
marketing year ending September 2013, according to industry
body ISMA. Maharashtra, the country's biggest sugar producing
state, has produced 2.90 million tonnes during
October-December period of the 2012-13 marketing year, up by 4
per cent from over last year, Indian Sugar Mills Association
(ISMA) said in a statement.Uttar Pradesh,
|
| Tea production falls 1.7% in Jan-Oct
on erratic weather |
|
West Bengal : India’s tea
production has come down by 1.7% during the first 10 months of
the year owing to erratic weather conditions. Moreover, almost
no rainfall in the northern and north-eastern hills in the
last two months has raised concerns about production in 2013.
Latest data from the Tea Board shows that all India production
fell to 902.27 million kg during January-December 2012. Last
year, total production during the the first 10 months was a
little over 918 million kg.
|
| INTERNATIONAL
BUSINESS |
| LG Electronics starts taking
pre-orders for OLED TVs for Feb
delivery |
|
LG Electronics Inc started taking
orders on Wednesday for organic light-emitting diode (OLED)
televisions, hoping to outdo rival Samsung Electronics Co Ltd
in the next-generation technology that could change the face
of electronics displays.LG Electronics and Samsung showcased
55-inch (140 cm) OLED TVs a year ago and they are expected to
be priced up to five times higher than liquid-crystal display
(LCD) equivalents when they reach store shelves next
month.
|
| ArcelorMittal to sell $1.1 billion
stake in Canada iron ore unit to POSCO
group |
|
ArcelorMittal, the world's biggest
steelmaker, will sell a $1.1 billion stake in a Canadian iron
ore mine operator to a consortium that includes South Korean
steelmaker POSCO and Taiwan-listed China Steel Corp, China
Steel said in a statement.ArcelorMittal, formed in 2006 when
India-born Lakshmi Mittal's steel business bought European
peer Arcelor for $33 billion, is battling sluggish steel
demand and is looking to offload assets to cut debt. The sale
of a 15 per cent stake in Canada's Labrador Trough iron ore
mining and infrastructure asset is part of that
process.
|
| World's 100 richest see net worth
rise by $241 billion in 2012 |
|
The richest people on the planet got
even richer in 2012, adding $241 billion to their collective
net worth, according to the Bloomberg Billionaires Index, a
daily ranking of the world’s 100 wealthiest individuals. The
aggregate net worth of the world’s top moguls stood at $1.9
trillion at the market close on December 31, according to the
index. Retail and telecommunications fortunes surged about 20
per cent on average during the year. Of the 100 people who
appeared on the final ranking of 2012, only 16 registered a
net loss for the 12-month period.
|
| Avis makes $491-mn offer to acquire
Zipcar |
|
Avis Budget Group Inc agreed to buy US
car-sharing company Zipcar Inc for $491 million, targeting
consumers looking for an alternative to owning their own
auto.Zipcar’s board agreed to a bid of $12.25 a share, the
Parsippany, New Jersey-based Avis Budget’s said today in a
statement. The offer, which has been accepted by holders of 32
per cent of Zipcar’s shares, is 49 per cent higher than the
Cambridge, Massachusetts-based company’s December 31 closing
price.
|
| MERGER &
ACQUISITION |
| PE investors eye better valuation in
BPO sector |
|
Tamil Nadu : Private equity
(PE) investment in the business process outsourcing (BPO)
sector has reported a significant growth in 2012. In value
terms, the sector attracted $2,214 million, a huge growth
compared with the $216 million funding the industry received
in the whole of 2011. What explains the heightened interest?
According to experts, one major reason is that the sector
offers good exit for investors.
|
| LeapFrog eyes more
deals |
|
Maharashtra : LeapFrog
Investments, a US-based private equity (PE) firm, is betting
big on the Indian insurance sector. LeapFrog, which has made
two deals in India so far, appointed Michael Fernandes, former
India head of Khazanah Nasional, as partner (Southeast Asia),
in December 2012.In September 2012, LeapFrog had acquired a 15
per cent stake in Mahindra Insurance Brokers Ltd for Rs 80
crore. LeapFrog, which invests in companies
|
| Banking |
| Banks weighed down as debt recast
doubles in Apr-Dec |
|
Maharashtra : Loans worth a
staggering R62,500 crore have been recast by the corporate
debt restructuring (CDR) cell between April and December, a
100% jump over the previous year which witnessed a figure of
R31,601 crore. In the nine months to December, the cell
received a recast request once in three
days,
|
|
![]() |
| Economy |
| India |
| Luxury real estate sees growth for third
quarter |
| New finance panel under Reddy to fix revenue
deficit |
| India’s large and troubling CAD |
| HSBC manufacturing PMI jumps to 6-month
high |
| |
| International |
| Fitch gets permission to operate from
China |
| Sovereign debt of leading economies to fall in
2013 |
| US manufacturing output in Dec at seven-month
high |
| Euro zone factory slump deepens but Asia perks
up |
| Focus shifts to fiscal deficit as US House of
Representatives backs 'fiscal cliff' bill |
| |
| Markets
Today |
| NSE |
6,009.50
|
0.27%
|
| BSE |
19,764.78
|
0.26%
|
| NASDAQ |
3,050.39
|
0.00%
|
| |
|
|
| USD |
54.49
|
|
| EURO |
71.31
|
|
| JPY(100) |
62.72
|
|
| GBP |
88.09
|
|
|
| |
| Corporate
Watch |
| Hero Cycles close to buying two european
cycle makers for Rs 550 crore |
|
Delhi : The world's largest cycle
maker in terms of volumes, Hero Cycles, part of the OP Munjal
led Hero Group, which has Hero Motors, Munjal Kiriu, ZF Hero,
Munjal Hospitality under its ambit, is close to acquiring two
European cycle makers, at an estimated deal value of around Rs
500-550 crore as it targets a stronger footprint in the
premium markets, two persons close to development said.The two
companies - a manufacturing unit and a distribution business -
are expected
|
| Air India takes off on route to
profitability; attracts more passengers than arch rival Jet
Airways |
|
Delhi : After years of opprobrium
for poor financial management, weak performance and customer
dissatisfaction, Air India seems to have embarked on a flight
to a turnaround. India's national carrier - Air India - has
dramatically improved itself on almost all parameters,
consequently attracting more passengers than its arch rival
Jet Airways The most evident indicator of Air India's
aggression has been its market share or the number of
passengers flown, which has increased continuously to almost
21% in November, from 15.4% of the total fliers in
April.
|
| Mistry looks for profitable growth; $8-bn
investment planned in 2 yrs |
|
Maharashtra : Cyrus Mistry,
chairman, Tata Sons, said on Wednesday the Tata Group has
already put in place plans for investments of over R45,000
crore in the next two years. “As a Group, we have over the
past three years invested over R50,000 crore across our
various businesses in the country, in the process creating
primary employment for over 85,000 persons while generating
many more secondary and tertiary jobs,”
|
| Jet-Etihad deal likely next
week |
|
Delhi : The board of Abu
Dhabi-based Etihad Airways is expected to meet next week to
take a call on its investment in Indian private carrier Jet
Airways. The Gulf carrier is expected to pick up 24% stake in
Jet for about R1,600-1,800 crore, a government official said,
adding that the deal can be sealed in the next 10-12 days. The
statement assumes significance because this makes Jet as the
front-runner for investments by Etihad.
|
| Planning to go posh? Pay 10% more for
luxury cars in 2013 |
|
Delhi : It's definitely not a happy
new year for those planning to buy a luxury car. The BMW Group
on Wednesday announced a price hike of 5-10% across the BMW
and Mini range from January 1, following similar announcements
by rivals Mercedes-Benz and Audi. Philipp von Sahr, president,
BMW Group India said, “We want to maintain sustainable
leadership in the Indian market with a strong brand and an
exceptional model range. With the price increase BMW Group
will maintain its premium positioning in the Indian luxury car
segment'.
|
| Sun is open to deals in Europe to boost
scope, Makov says |
|
Delhi : Sun Pharmaceutical
Industries Ltd is open to acquisition opportunities in Europe
and globally as India’s largest drug maker by value seeks to
add products and extend its geographical reach, chairman
Israel Makov said. We can look at Europe, we can look at other
areas of the world, Makov, 73, said in an 31 December
interview at the Tel Aviv offices of his Bio Light
|
| India Inc's EBITDA margins to remain firm
in Q3: Crisil |
|
Maharashtra : Crisil Research
expects India Inc's EBITDA (earnings before interest, taxes,
depreciation, and amortisation) margins to remain firm in the
third quarter (October-December) of the current fiscal despite
continuing pressure on demand growth, said a press release
issued by Crisil on Wednesday.EBITDA margins (excluding banks
and oil & gas companies) are estimated to improve
marginally by 10-30 basis points (bps) on a y-o-y basis in
third quarter of FY13 while revenue growth is expected to be
muted at 11-13%.
|
| RIL to merge four group firms with property
arm |
|
Maharashtra : Mukesh Ambani-led
Reliance Industries Ltd (RIL) wants to merge four of its
associate companies in real estate with its main property
development subsidiary, Reliance Commercial Land and
Infrastructure Ltd (RCLIL), under the scheme of amalgamation
proposed before the Bombay High Court.While a company
spokesperson declined to comment on the matter, senior
executives with top audit firms say the company could do it
for various reasons such as getting investors in the main
operating company and ensuring cost efficiencies.
|
| |
| Tenders
& Assignment |
Punjab National Bank ![]() |
Description :Empanelment of Professional
for Due Diligence Report from Reputed Firms of Company
Secretary / Chartered Accountant / Cost Accountant or
Individual CA/CS/Cost Accountant
Last Date
: 03/01/2013
Address :Credit
& Rehabilitation Deptt,Circle office Deen Dayal Bhawan 4th
Floor,Janpath,Bhubaneswar-751009 Odisha
|
Navi Mumbai Municipal Corporation ![]() |
Description : Expression of Interest from
reputed & experience chartered accountant firms
Last Date : 07/01/2013
Address :Mumbai - Maharashtra
|
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
Phone :91-22-26590640
|
Technopark ![]() |
Description : Expression of Interest for
the appointment of Statutory Auditor from the CA firms
operating
Last Date : 15/01/2013
Address : Thiruvananthapuram - Kerala
|
Hindustan Prefab Limited ![]() |
Description :Intends To Outsource Its
Internal Audit Of Its Corporate Office
Last
Date : 18/01/2013
Address
:HINDUSTAN PREFAB LIMITED
(A GOVT. OF INDIA
ENTERPRISES)
JANGPURA, NEW DELHI-110014
|
Gujarat Municipal Finance Board ![]() |
Description :Invited for the Task of
Project management & training unit (PMTU) cell from
interested, competent & experienced chartered accountant
firms/financial management agencies.
Last Date
: 21/01/2013
Address
:Gujarat Municipal Finance Board
Sector – 10a,
Board Nigam Vistar,
Gandhinagar
|
Maharashtra State Horticulture And Medicinal
Plants Board ![]() |
Description :Request for Proposal of
Chartered Accountant firms for Annual statutory audit
Last Date : 21/01/2013
Address :Maharashtra State
Horticulture And Medicinal Plants Board Medicinal Plants
Board
Sakhar Sankul,Shivajinagar,Pune 411005
Phone :020-25513228
E-Mail :mshmpb_pune@rediffmail.com
|
Comptroller And Auditor General Of
India ![]() |
Description :Invited online from the
firms of Chartered Accountant who intend to be empanelled with
this office for appointment as auditors of Government
Companies
Last Date : 31/03/2013
Address :Office of The
Comptroller
And Auditor General Of India
9,Deen Dayal
Upadhyaya Marg,New Delhi-110002
|
| |
| Reminders |
| Tenders |
| Municipal Council 04/01/2013
|
| Tamil Nadu Milk Producers Cooperative Federation
Limited 04/01/2013
|
| Mahanagar Telephone Nigam
Limited 07/01/2013
|
| Maharashtra State Aids Control
Society 10/01/2013
|
| |
| Notifications
& Circulars |
| INCOME
TAX |
| NOTIFICATION NO.
56/2012 (Delhi) 31/12/2012
|
| SECTION 197A OF THE INCOME-TAX ACT, 1961 - DEDUCTION OF
TAX AT SOURCE - NO DEDUCTION IN CERTAIN CASES - SPECIFIED
PAYMENT UNDER SECTION 197A(1F |
| CIRCULAR NO.
10/2012 (Delhi) 31/12/2012
|
| SECTION 132, READ WITH SECTION 132A OF THE INCOME-TAX ACT,
1961 - SEARCH & SEIZURE - ASSESSMENT OF PRECEDING YEARS IN
SEARCH CASES DURING ELECTION PERIOD |
| RBI |
| Notification
No.RBI/2012-13/361 (Delhi) 02/01/2013
|
| Know Your Customer Norms/Anti-Money Laundering Standards
/Combating Financing of Terrorism/Obligation of Authorised
Persons under PMLA, 2002, as amended by Prevention of Money
Laundering (Amendment) Act, 2009 -Money Changing
Activities |
| Notification
No.RBI/2012-13/362 (Delhi) 02/01/2013
|
| Know Your Customer Norms/Anti-Money Laundering Standards
/Combating Financing of Terrorism/Obligation of Authorised
Persons under PMLA, 2002, as amended by Prevention of Money
Laundering (Amendment) Act, 2009 – Cross Border Inward
Remittance under MTSS |
| Notification
No.RBI/2012-13/360 (Delhi) 01/01/2013
|
| Implementation of Swarna Jayanti Shahari Rozgar Yojana
(SJSRY)-Regarding |
| |
|
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