| Professional
News |
| INCOME
TAX |
| Vodafone calls on government to find
amicable solution to tax row in India |
|
Delhi : Vodafone has invited
the government to engage with it to find an amicable solution
to its multi-billion-dollar tax dispute in India, signaling a
possible softening of stand on the part of the world's largest
private telecom company.The company has made this offer in
response to the government's move to revive its tax demand
over the sale of Hutchison Essar that took place more than
five years ago. ET reported on January 5 that the income-tax
authorities had written to Vodafone last week, asking it to
pay more than Rs 14,000 crore as tax and interest. The missive
from the tax authorities was sent on Thursday, January 3.
|
| Tax-free bonds may get the
axe |
|
Delhi : After discontinuing
tax-saving bonds last Budget, the finance ministry might now
draw the curtains on tax-free bonds, designed to encourage
long-term investments in the infrastructure sector. The
interest earned on such bonds by an investor is exempt from
income tax.The Central Board of Direct Taxes ( CBDT) was
considering discontinuing these bonds in the coming Union
Budget, as these had not served the desired purpose, an
official told Business Standard.
|
| Taking foreign tax credit set to
become easier from 2013-14 |
|
Delhi : Good news for all
individuals and companies facing difficulties in taking
legitimate tax credits in India for the tax paid in other
countries: The hassles in taking credit from the Income-Tax
Department for the tax payments on their income in other
countries is set to subside. The Central Board of Direct Taxes
( CBDT) is drafting rules for foreign tax credit (FTC), to
bring in clarity in its administration.
|
| CUSTOMS |
| Sugar may remain cheaper with no
likely change in import duty |
|
Delhi : Sugar prices are
likely to remain subdued for the next few months as cheap
imports of processed and raw sugar continue with the
government not in favour of raising the import duty from 10%.
"We don't think there will be any change in the import duty
structure of sugar. Cheap imports and ample supply will keep
prices in check," said a food ministry official. Industry
bodies such as India Sugar Mills Association (ISMA) and UP
Sugar Mills Association have been lobbying for raising the
import
|
| EXCISE |
| Heavy Industry Ministry for lower
excise on small cars, two-wheelers |
|
Delhi : To boost the sagging
auto industry, the Heavy Industries Ministry intends to pitch
for lowering excise duty on two-wheelers and motor vehicles,
especially small cars, in the 2013-14 Budget. It also wants
the Finance Ministry to incentivise replacement of old
vehicles. “After detailed consultation with industry players
and discussion within the ministry, various recommendations
have been prepared. “All these aim at not only maintaining a
healthy growth rate for the industry but also attracting
investment,” a top Ministry official said.
|
| RBI |
| RBI may issue new bank licence
guidelines in 4-6 weeks |
|
Maharashtra : The RBI is
likely to issue final guidelines for grant of banking licences
to new players within the next 4-6 weeks, while those
interested in setting up new banks, including giants like
Reliance, Religare and L&T groups, have begun doing the
groundwork.According to sources in Finance Ministry, the
Reserve Bank may release its final guidelines for new bank
licenses by January-end or early next month.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Airlines may not have to fly 10%
capacity on unprofitable routes |
|
Delhi : The civil aviation
ministry has decided to scrap the existing rule that makes it
mandatory for domestic airlines to deploy 10 per cent of
capacity on non-viable routes like the Northeast, Jammu &
Kashmir and Andaman & Nicobar Islands.Instead, the
airlines willing to fly to routes considered non-viable would
be given subsidy under the Essential Air Services Fund floated
recently. This would be funded partly by the central
government’s Budgetary support and partly by imposing a cess
on passengers flying between the country’s metros. Also, state
governments would be asked to underwrite some seats on these
routes to support domestic carriers.
|
| India may shut routing of gold import
via Thailand |
|
Delhi : The finance ministry
is pitching for removal of gold jewellery from the list of
items allowed to be imported from Thailand at concessional
duty under the bilateral treaty it has with India. The
provision has undermined the government's attempt to make the
yellow metal expensive.
|
| Finance & Money
Markets |
| FIIs pump Rs 4,500 crore in Indian
stock market in first week of 2013 |
|
Maharashtra : Overseas
investors have pumped in a hefty sum of Rs 4,500 crore in the
first week of the new year as stock market participants
cheered the US Senate approving a bill to avoid the so-called
'fiscal cliff'.During January 1-4, Foreign Institutional
Investors (FIIs) were gross buyers of shares worth Rs 8,350
crore, while they sold equities amounting to Rs 3,830 crore
translating
|
| Wanting to void trades, NSE refuses
to pay for freak trade by Emkay
Global |
|
Maharashtra : National Stock
Exchange (NSE) has withheld payment to a few beneficiaries of
a freak trade by brokerage Emkay Global and may consider
annulling these trades, said a few brokers aware of the
development.The incident, which took place in early trade on
October 5, caused trading to stop for 15 minutes after the
Nifty tumbled over 15% within seconds. It also burned a Rs
51-crore hole in Emkay's pocket.
|
| Commodities |
| Gold heads for longest run of weekly
losses since 2004 |
|
Delhi : Gold futures dropped
over the weekend, capping the longest run of weekly losses
since 2004, after Federal Reserve minutes showed policy makers
may end monthly purchases of US debt sometime this
year.Minutes from the Fed's Open Market Committee's meeting on
December 11-12 showed that members were divided between a mid-
or end-of-year end to the debt purchases, known as qualitative
easing.
|
| General
Insurance |
| 'General insurance industry likely to
grow 20% annually' |
|
Maharashtra : The Indian
general insurance industry is likely to grow by around 20% per
annum in the coming years because of increasing penetration, a
top official of New India Assurance said. "Despite slowdown in
economy, the general insurance industry has grown by around
20% in the recent past. We hope the industry will see similar
growth in the coming years," Chairman and Managing Director of
New India Assurance G Srinivasan said.
|
| Banking |
| Rate cut, easing liquidity to help
banks cut deposit rates |
|
Maharashtra : Banks are set
to cut deposit rates (DRs) if the Reserve Bank of India ( RBI)
cuts the repo rate, at which it lends to them, in the
third-quarter review of monetary policy scheduled on January
29. The liquidity deficit in the system, which shows signs of
easing, is also contributing to the softening of DRs.While the
market is betting for a 25 basis points cut in the repo rate,
|
|
![]() |
| Economy |
| India |
| Economy may grow by 6-7.5 per cent in 2013-14:
Survey |
| Export growth: China does a better
job |
| Steel prices rise on input costs & in line
with global trends |
| Slowdown blues: IT firms set to halve campus
hiring |
| 8.2% economic growth not easy: Plan panel
study |
| Deal makers hope 2013 will be a better
year |
| Rising incomes push farmers towards MFs, realty;
create opportunities for finance cos |
| Maharashtra, NCR corner over 50% of
FDI |
| Full export parity price for petro products
likely |
| |
| International |
| US trade gap probably shrank in November to $41.2
billion: Economists |
| Republican Sen. McConnell rules out more taxes in
US fiscal fight |
| Hollande won't raise taxes further: Budget
minister |
| |
| Markets
Today |
| NSE |
5,988.40
|
-0.46%
|
| BSE |
19,691.42
|
-0.47%
|
| NASDAQ |
3,050.39
|
0.00%
|
| |
|
|
| USD |
55.23
|
|
| EURO |
72.00
|
|
| JPY(100) |
62.84
|
|
| GBP |
88.72
|
|
|
| |
| Corporate
Watch |
| Q3 earnings: India Inc likely to report
12.2% rise in net profit in December
quarter |
|
Maharashtra : India's top 50 firms
are likely to report a 12.2% rise in net profit in the quarter
to December, compared with the year-ago period, reflecting
lower cost of funds and improving operating profits.According
to an analysis by the ET Intelligence Group, the companies in
the 50-share Nifty index may report a 17.6% year-on-year
growth in operating profit for the third quarter - the best in
six quarters.
|
| IT major Infosys looks to ease up on
government contracts owing to delays, long implementation
cycles |
|
Karnataka : Infosys is changing
course in its India business to focus more on deals from
corporations rather than government, which now contributes
about 90% to the company's revenue in its home market. The
government takes a long time to finalise contracts and
implementation cycles are long, adding to the pressure on
Infosys, which is looking to make up for project delays and
cancellations in its main markets — the US and Europe — from
where it earns about 85% of its income.
|
| Belgian MNC close to acquiring Ashirvad
Pipes in $150 mn deal |
|
Karnataka : A Belgium-based MNC is
close to acquiring Ashirvad Pipes, the Bangalore-based pipes
major, in a transaction worth $150 million. Ashirvad Pipes,
which reported revenues of Rs 600 crore for last fiscal, has
been in business for the past 15 years and had opened
discussions with a bouquet of strategic and private equity
players during late 2012. A transaction, most probably with
the Belgium major, is expected to be sewn up within fiscal
2013.
|
| Coal India hits 93% of output target in
April-November |
|
Delhi : Coal India has achieved 93
per cent of its output target during April-November 2012,
according to the nodal Coal Ministry’s statement.This is a 6.4
per cent growth over the corresponding period of the previous
year, it said.The target of coal production for 2012-13 has
been set seven per cent higher at 578.10 million tonnes
against the actual production of about 540 million tonnes
achieved in 2011-12. “As against this, the actual production
during April-November 2012 has been 330.61 million tonnes
which is about 93 per cent of the target for this period,” the
statement said. At the same time, coal offtake during
April-November 2012 has been nearly 360 million tonnes
touching 95 per cent of the target, up 7.8 per cent over the
corresponding period of the previous year. The target for
2012-13 has been set at 585.60 million tonnes.
|
| Successful supply chain management is new
success mantra: PwC |
|
Delhi : The next wave of
transformation is likely to happen in the logistics space as
companies embrace the new success mantra of delivering
superior customer response while managing minimum inventory
across supply chain, a PwC report says. According to PwC's
global report titled 'Next-generation supply chains-Efficient,
fast and tailored', successful supply chain management enables
today's global leaders to be twice as profitable and
significantly more responsive to customers than their peers.
'Given the huge investment and development taking place in
this sector, this is the opportunity that Indian corporates
are likely to explore and leverage going forward,' PwC India
Operations and Supply Chain practice leader S V Sukumar said.
|
| Government looks to build a software
ecosystem for Aakash applications |
|
Delhi : Now that the hardware of
Aakash is more or less cracked, the government is driving a
big effort to load software on to the world's cheapest tablet.
A four-member technical committee formed by the government is
looking to seed a software ecosystem, which will continuously
release applications for Aakash, primarily related to learning
and education, in the years to come. According to Ashok
Jhunjhunwala, a professor in IIT Madras and a committee
member, about 25 academic institutions and private companies
have signed up to build applications for Aakash, and the aim
is to double that count by March.
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| |
| Tenders
& Assignment |
Public Works Department ![]() |
Description :Expression of interest for
conducting audit of accounts of the answsm
Last Date : 24/01/2013
Address :CE’s OFFICE COMPLEX, APWD,
NIRMAN BHAWAN, PORTBLAIR
|
South Asian University ![]() |
Description :Expression of interest for
Chartered Accountant Firms of Global / Regional (SAARC Region)
reputed to Conduct the Statutory audit of the south Asian
University for the Calendar year 2010, 2011 & 2012 &
Extendable on year to year Basis up to 2014
Last Date : 11/02/2013
Address :South Asian
University
Akbar Bhawan,Chanakyapurl,New
Delhi-110021
Phone :011-241225
|
| |
| Reminders |
| Tenders |
| Maharashtra State Aids Control
Society 10/01/2013
|
| Drinking Water And Sanitation Department
11/01/2013
|
| Collector Office 11/01/2013
|
| Software Technology Parks Of
India 11/01/2013
|
| |
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