| Professional
News |
| INCOME
TAX |
| Filed income tax returns online?
Track your refunds now |
|
Delhi : The Income Tax
department has started sending out letters on refunds to
taxpayers. Are you waiting for the letter? Well, to begin
with, the processing time for tax refund is not standardised -
it could be processed in just 20 days, or, in some case, it
may even take up to two years. "However,
|
| Finance Bill amendment to roll back
retrospective tax rule likely |
|
Delhi : The government is
likely to approach Parliament next month to water down
retrospective tax rules that damaged investor confidence, two
finance ministry officials said on Monday, a move that may
help settle Vodafone Group’s long-running $2-billion tax
dispute.Vodafone, the largest overseas corporate investor in
India,
|
| Tax super rich, economists tell
Chidambaram |
|
Delhi : Higher tax rates for
the super rich, introduction of inheritance tax, certainty in
tax laws and early resolution of tax disputes were among the
slew of suggestions made by eminent economists who met finance
minister P Chidambaram on Monday for a pre-Budget
discussion.Another proposal that came up was that an Asset
Management Office
|
| Cut lock-in period for tax saving
deposits to 3 yrs: bankers |
|
Delhi : Bankers today
demanded that lock-in period for tax saving deposits be
brought down to three years from five years to channelise more
funds into the banking sector.In a pre-budget consultation
with Finance Minister P Chidambaram, bankers also sought
permission to issue tax-free bonds like other financial
institutions for raising funds and augmenting
business.
|
| CUSTOMS |
| Centre slaps 20% safeguard duty on
Chinese stainless steel |
|
Delhi : The government has
imposed safeguard duty at a rate of 20% on imports of a
certain variety of stainless steel from China to protect
domestic players.The duty has been imposed on hot rolled flat
products of stainless steel-304 grade (up to a maximum width
of 1605 mm), the finance ministry said in a notification. "...
the central government after considering the said findings of
Director General (Safeguards), hereby,
|
| EXCISE |
| Excise dept expedites recovery
process |
|
Delhi : Tax assessees who
have appealed against the excise department’s tax demand but
have not got a stay order from the appellate authorities
concerned within a month may now face recovery
proceedings.According to a recent circular by the Central
Board of Excise and Customs ( CBEC), the excise department can
initiate recovery process 30 days after an assessee files an
appeal along with a stay application,
|
| Excise duty is payable on all goods
fabricated at construction sites'
Article |
|
Delhi : We had re-imported
goods that had been exported by us and rejected by the buyer,
who found them to be defective. We are not claiming any
exemption, as the time limits have passed. We are ready to pay
duties as per Section 20 of the Customs Act, 1962. The Customs
say that in that case,
|
| COMPANY
LAW |
| Proposed cap on audits divides
community |
|
Delhi : The Companies Bill
proposal to cap the number of companies that can be audited by
a firm at 20 has led to a vertical split in the audit
community. While the bigger players want the scope of the
provision to be restricted to public companies, the smaller
ones are in favour of the cap.The Bill has been passed in the
Lok Sabha and there is a hectic activity
|
| Corporate governance: How new rules
will change Indian companies |
|
Delhi : The issue of
corporate governance in the private sector is a reality and
it's time they live up to that," says Sachin Pilot, minister
of corporate affairs.
|
| New Companies Bill to bestow more
discretionary powers on government |
|
Delhi : Even as it pushes
for greater simplicity, disclosures and accountability, the
new compendium of laws to govern companies in India, currently
in the making, bestows greater discretionary powers on the
government of the day to change the rules.
|
| RBI |
| RBI draft report recommendation to
enhance loan to value ratio from 60% to 75% will enable us to
improve our business: Gold loan
companies |
|
Kerala : Major gold loan
companies such as Muthoot Finance, Manappuram Finance and
Muthoot Fincorp say the recommendation of the draft report of
the RBI working group on gold loans by NBFCs to enhance loan
to value (LTV) ratio from the present 60% to 75% will enable
them to improve their performance,
|
| Final norms on new bank licences
soon, says RBI |
|
Maharashtra : The Reserve
Bank of India ( RBI) on Monday said it would issue the final
guidelines on new banking licences soon. “We are trying to
bring them out as soon as possible,” said Anand Sinha, deputy
governor,
|
| Rs 25-crore criterion only for
deposit-taking NBFCs |
|
Maharashtra : Reserve Bank
of India Deputy Governor Anand Sinha tried to allay fears of
smaller non-banking financial companies (NBFCs) which fear
that they will be out of business if new regulations are
notified.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Ministers on spectrum recommend up to
50% cut in the reserve price for airwaves used for CDMA-based
mobile services |
|
Delhi : A panel of ministers
on spectrum on Monday recommended up to a 50% cut in the
reserve price for airwaves used for CDMA-based mobile services
and approved a plan to start the next round of spectrum
auctions from March 11, a telecom department official said.
|
| Finance & Money
Markets |
| RBI eases norms for corporate bond
repo market |
|
Maharashtra : The Reserve
Bank of India has eased the norms for trading in corporate
repo markets by making short-term debt securities also
eligible for it, and by widening the credit default swaps
basket,
|
| Mutual fund assets grow to 2-year
high |
|
Maharashtra : Indian mutual
funds' average assets under management (AUM) rose by 5.3%, or
Rs 39,200 crore, to Rs 7.87 lakhcrore in October-December 2012
because of sharp inflows into government debt.
|
| Overweight on India, Goldman Sachs
sets year-end target of 7,000 for
Nifty |
|
Maharashtra : Citing ‘growth
recovery’ as a convenient backdrop for equities, Goldman Sachs
set a 12-month target of 7,000 points for the 50-share Nifty,
indicating a 17% upside from the current levels.
|
| US economic worries to induce
safe-haven demand for gold |
|
Delhi : Spot gold prices
started the year on a bullish note as tensions in West Asia
and deepening debt worries of the euro zone drove ‘safe-haven’
demand for the yellow metal. Along with geo-political
concerns, a rise in gold demand from China, too, helped gold
prices to a higher trajectory.The other factor that supported
an upside in gold prices
|
| Street sees pick-up in earnings
momentum |
|
Maharashtra : The
macroeconomic headwinds still persist, but equity strategists
believe 2013 will see select sectors and companies recover
ahead of the broader economy. The reasons are varied — ranging
from balancesheet turnaround to recovery in demand to lower
interest rates. “We expect equity funding issues will ease
out, and more reforms.
|
| ECB norms for infrastructure finance
firms relaxed |
|
Maharashtra : The Reserve
Bank of India ( RBI) today relaxed external commercial
borrowing (ECB) norms for infrastructure finance companies by
allowing them to avail of the overseas borrowings up to 75 per
cent of their net worth without its approval, up from 50 per
cent earlier.
|
| Commodities |
| Iron-ore nears 15-month high, tops
$150/t on China demand outlook |
|
Delhi : China steel futures
hit their highest in more than six months on Monday, backed by
a revival in demand in the world's top steel consumer that has
fuelled a buying spree for raw material iron-ore and lifted
prices to levels last seen in October 2011.Baoshan Iron
|
| INTERNATIONAL
BUSINESS |
| Bank of America reaches $11.6 billion
mortgage claims settlement |
|
Bank of America reached an $11.6 billion
settlement with government mortgage agency Fannie Mae to
settle claims resulting from mortgage-backed investments that
soured during the housing crash, bringing it a step closer to
clearing up its legacy of bad home loans.Under the deal
announced Monday,
|
| MERGER &
ACQUISITION |
| Tough times for PE fund
managers |
|
Delhi : Private equity (PE)
investors having an Indian focus are facing challenging times.
Slowing growth in the Indian economy, a challenging fund
raising environment, lack of portfolio exits and a variable
tax and regulatory environment are just some of the challenges
faced by PE fund managers today.
|
| A new breed of foreign players buying
out investors in private equity funds |
|
Delhi : A new breed of
foreign players is buying out fidgety investors in private
equity funds that are stuck in a dismal market. Better known
as 'secondaries' in trade parlance, their job is to give an
exit window to existing investors in private equity funds
holding stakes in Indian companies.
|
|
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| Economy |
| India |
| Entrepreneurship amid crisis |
| Tough time over, now focus on growth: P
Chidambaram |
| SMEs need innovative funding:
Report |
| Land delays slowing down highway projects: FM
|
| IT firms go slow on hiring, salary hikes as
market gets tough |
| How to reduce the oil subsidy
bill |
| |
| International |
| Global regulators ease key Basel rule to boost
credit |
| Fiscal crisis seen hurting tech
earnings |
| US ‘fiscal cliff’ deal small step, not a
climb |
| Pharma Deals North of $10 Billion Seen Returning
in 2013 |
| Looking for a jump-start in
China |
| Doom scenario far-fetched but euro gloom to
deepen |
| |
| Markets
Today |
| NSE |
6,001.70
|
0.22%
|
| BSE |
19,742.52
|
0.26%
|
| NASDAQ |
3,050.39
|
0.00%
|
| |
|
|
| USD |
55.00
|
|
| EURO |
72.18
|
|
| JPY(100) |
62.90
|
|
| GBP |
88.53
|
|
|
| |
| Corporate
Watch |
| Dell bets on PC sales revival, Windows 8
operating system to sell its Tablets |
|
Delhi : While it awaits a revival
in global demand for personal computers, Dell, the world's
third-largest PC-maker, is banking on the Windows 8
touch-based computer operating system from Microsoft to sell
its tablets. With a slowdown in developed economies, global PC
sales have been slipping along with a rise in the sale of
tablet computers. Senior executives at Dell,
|
| Lenders to drag Kingfisher to Court for its
failure to repay 7,000 crore debt |
|
Maharashtra : Lenders to bankrupt
Kingfisher Airlines have decided to take legal action against
the airline company for its failure to repay over 7,000-crore
debt despite repeated reminders. Lenders had been pursuing a
soft approach so far in the hope that the company, which has
not paid interest on its loans for more than a year now, can
be persuaded to come out with a revival plan.
|
| GMR quits Rs 7,200 crore Kishangarh -
Udaipur -Ahmedabad highway project |
|
Maharashtra : Debt-laden GMR
Infrastructure has terminated its contract with National
Highways Authority of India (NHAI) for six-laning of the
ambitious Kishangarh - Udaipur -Ahmedabad highway, the
infrastructure major informed bourses on Monday.In 2011, GMR
Infrastructure bagged NHAI's biggest project, the Rs
7,200-crore Kishangarh-Udaipur-Ahmedabad highway
project,
|
| Etihad Deal to help Jet Airways expand
Operations |
|
Delhi : At a time when most
airlines are struggling to fund their working capital
requirements in the backdrop of dwindling passenger traffic,
the proposed acquisition of a 24% stake in Jet Airways India
by Abu Dhabi-based Etihad Airways could be positive on many
fronts for the Mumbai-based company. For starters, the funds
generated by the proposed deal can be utilised for its
domestic expansion or for cutting down its bloated
consolidated debt of 12,000 crore. Of this debt, 7,500 crore
is the lease aircraft loan outstanding, and 4,500 crore in the
terms of working capital loan and other non-lease loans.
|
| IFCI stake sale after
recast |
|
Delhi : The government may opt to
sell stake in the now state-owned financial institution IFCI
after it revamps the company's board. A finance ministry
official told ET that the move will be in line with the
business model being envisaged for the company, four of whose
directors resigned from the board last week. 'The aim of
converting the loan into equity was to improve the functioning
of the company. The second step is to induct a strategic
partner or divest stakes through the offer for sale route,'
said the official, who did not wish to be named, adding that a
final decision was yet to be taken.
|
| SC says no to Sahara’s plea, Sebi free to
attach properties |
|
Delhi : The Supreme Court on Monday
refused to restrain market regulator Sebi from taking coercive
action against the Subrata Roy-led Sahara group, which has
failed to implement the direction to pay its investors the
first installment of Rs.10,000 crore last week. Sahara instead
wants to give a bank guarantee or security for R10,000 crore
through credible financial institutions till Sebi verifies the
documents/information,
|
| GoAir to foray into real estate
biz |
|
Delhi : Mumbai-based budget carrier
GoAir could venture into the real estate business much like
other Wadia Group companies. GoAir's land bank could not be
ascertained immediately and the company declined to comment on
the report. However, the decision to commence business in the
real estate sector was taken by the airline's board of
directors at an extraordinary general meeting or EGM held on
December 4,
|
| FIs turn down Glaxo's open-offer
price |
|
Maharashtra : Financial
institutions, led by Life Insurance Corporation, have declined
to participate in the open offer made by GlaxoSmithKline (GSK)
for its Indian subsidiary GlaxoSmithKline Consumer Healthcare,
terming the Rs 3,900-a-share offer unattractive. The
institutions, which joy hold 32 per cent stake, also include
Arisaig Partners, SBI Mutual Fund and GIC.
|
| Indian drug majors to supply life-saving
medicines to Iran |
|
Delhi : Major drug makers from
India such as Ranbaxy, Cipla, Glenmark and Ind-Swift
Laboratories will supply life-saving drugs to the Islamic
Republic of Iran.“Iran, faced with a shortage of life-saving
medicines due to international economic sanctions, recently
asked India for supplies.
|
| 2013 will be year of consolidation for
Essar Energy: Naresh Nayyar |
|
Delhi : Last year, the
Ruias-promoted Essar Energy completed some of its major growth
projects in the energy space. Though there were concerns on
the regulatory front, some of the company’s power plants
finally hit the ground. Essar Energy also expanded the Vadinar
refinery’s capacity. Chief Executive Officer Naresh Nayyar
tells Kalpana Pathak that in 2013, the company would focus on
optimising the operations of the commissioned units and
generating cash flows. Edited excerpts:
|
| Reliance seeks nod to de-notify part of
Jamnagar SEZ |
|
Delhi : Reliance Industries Ltd
(RIL) has sought the Centre’s permission to partly de-notify
its multi-product special economic zone in Jamnagar.In the
de-notified area, the company proposes to invest Rs 45,000
crore in new projects for catering to domestic demand. The
proposed de-notified area is more than a third of the total
area over which the zone is currently spread.
|
| Coal India needs to mine 150 mt in Q4 to
meet 2012-13 target |
|
Delhi : Coal India will have to
work fast to mine more than 150 million tonnes in the fourth
quarter of 2012-13 to meet its full year target. In the first
three quarters (April-December 2012), the public sector
company mined 308.89 million tonnes. The whole year production
target is set at 464.10 million tonnes.
|
| |
| Tenders
& Assignment |
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
|
| Gujarat Mineral Development Corporation
Limited 15/01/2013
|
| District Panchayat 15/01/2013
|
| State Health
Society 15/01/2013
|
| Technopark 15/01/2013
|
| |
| Notifications
& Circulars |
| RBI |
| Notification
No.RBI/2012-13/364 (Delhi) 07/01/2013
|
| Priority Sector Lending - Revised Reporting System |
| Notification
No.RBI/2012-13/365 (Delhi) 07/01/2013
|
| Revised Guidelines on Ready Forward Contracts in Corporate
Debt Securities |
| Notification
No.RBI/2012-13/366 (Delhi) 07/01/2013
|
| Revised Guidelines on Credit Default Swaps (CDS) for
Corporate Bonds |
| Notification
No.RBI/2012-13/367 (Delhi) 07/01/2013
|
| External Commercial Borrowings Policy – Non-Banking
Financial Company – Infrastructure Finance Companies |
| |
|
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