| Professional
News |
| INCOME
TAX |
| Nokia suspected of flouting transfer
pricing rules too |
|
Tamil Nadu : The Income-Tax
Department believes that besides income-tax violations, Nokia
India may have flouted transfer pricing norms.The total tax
implication for the Finnish mobile handset manufacturer could
be over Rs 10,000 crore, said IT officials, speaking on
condition of anonymity.The Department’s investigation team in
Chennai has submitted a 150-page interim report on possible
tax violation by Nokia to its headquarters in Delhi. As part
of the initial investigation into tax deduction, officials
have also found that Nokia may have violated transfer pricing
norms. The Indian subsidiary transferred profits to its
headquarters. Due to the violation, this will now be reversed
and considered as income, which would be around Rs 30,000
crore. On this amount, there will be a 30 per cent tax, which
works out to Rs 9,000 crore, he said.
|
| Income tax exemption limit to Rs 3
lakh: Shome panel says govt to come out with modified DTC
Bill |
|
Delhi : The government will
come up with a modified Direct Taxes Code (DTC) Bill after
incorporating the suggestions of the Standing Committee on
Finance, which among things had suggested raising annual
income tax exemption limit to Rs 3 lakh."Will come out with
modified DTC (Bill) in response to Standing Committee
suggestions," said Advisor to the Finance Minister
Parthasarathi Shome at a FICCI event here.
|
| COMPANY
LAW |
| New Companies Bill fuels royalty
rush |
|
Maharashtra : The proposed
changes in the Companies Bill, 2012, has led to a rush among
companies to increase royalty payments to their foreign
parents. Under the new Bill, if approved, promoters will have
to take approval of 75 per cent of the non-promoter
shareholders on any such proposal. The new regulations will
make it harder for the promoters to charge such fees from the
company as royalty payments or technology transfer fee, say
legal experts. The most recent examples of companies that have
planned to raise royalty fee to their parent are Gujarat
Ambuja, ACC and Hindustan Unilever Ltd (HUL). Gujarat Ambuja
and ACC will pay one per cent royalty against the current 0.5
per cent to Swiss cement major Holcim for providing technology
know-how. HUL has more than doubled the royalty to the
Anglo–Dutch multinational consumer goods parent, Unilever, to
3.5 per cent.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| The IT anchor for smooth GST
implementation |
|
Maharashtra : Even as the
government is busy removing the hurdles before implementation
of the proposed Goods and Services Tax (GST), the process for
building a robust technology platform for it has started.While
the final GST roll-out is expected by 2015, both Centre and
states have been running projects for two years to understand
what is needed in a robust information technology (IT) system.
.
|
| CCI gives 30 days to get oil blocks
out of MoD fire |
|
Delhi : The Cabinet
Committee on Investment (CCI) on Tuesday asked the oil and
defence ministries to sort out the issues concerning pending
defence clearances for several oil and gas blocks and report
back to the committee within a month. After the first meeting
of the newly set up panel headed by the Prime Minister to
fast-track big infrastructure projects, information and
broadcasting minister Manish Tewari told reporters that the
panel discussed oil & gas projects “extensively” and
“fruitfully” and a “holistic overview” was taken to expedite
clearances.
|
| Government to give facelift to
foreign investment regime |
|
Delhi : The government plans
to give a big facelift to foreign investment regime this
Budget by moving to the model followed in many nations wherein
investment in a company above a threshold level is termed
strategic and below that is treated as financial
investment.Under the policy under consideration, any foreign
investment in a company in excess of 10% of its equity should
be considered strategic investment or foreign direct
investment (FDI) and less than that as portfolio
investment.This will cover all modes of foreign investment,
private equity, foreign institutional investment and
FDI.
|
| Forward Markets Commission may ban
business by unregistered clients |
|
Delhi : Forward Markets
Commission (FMC), the commodity market regulator, has decided
to ban transactions by clients who are not registered with the
exchanges for SMS and email alerts by February-end. Last year,
the FMC had asked the exchanges to register particulars of all
their members and provide the alert services for ruling out
any fraud transaction."We have directed exchanges to register
their clients for SMS and email alerts. This will block
transactions of people who have not shared their particulars
with exchanges," said an FMC official. The regulator has
pulled up exchanges like National Commodity and Derivatives
Exchange ( NCDEX) and Indian Commodity Exchange (ICEX) for
poor client registration.
|
| US worried over rights of drug patent
owners |
|
Delhi : The US has raised
fresh concerns about compulsory licences issued by India to
local drug companies for producing copies of life-saving
patented medicines without the patent-holder’s consent. But
India maintains it has not broken any rules.A second round of
compulsory licences being considered by India for anti-cancer
medicines produced by US-based Bristol Myers Squibb and Swiss
company Roche has global pharmaceutical companies worried
about the safety of their patents in India, a US government
official has said.
|
| Finance & Money
Markets |
| Concerns, yes, but no monetary steps
to reduce CAD, says RBI |
|
Maharashtra : The Reserve
Bank of India is concerned about the current account deficit,
but will not use monetary measures to bring down CAD, said
governor Subbarao."We are not targeting CAD by way of monetary
policy. We are trying to convey that CAD has implications for
inflation, therefore, the conduct of monetary policy,"
Subbarao said in a conference with analysts on monetary policy
on Wednesday. At its third-quarter policy review released on
Tuesday, RBI had cut the repo rate and cash reserve ratio by
25 basis points to 7.75% and 4% respectively, adding any
further monetary easing would depend on CAD and inflation
situation.
|
| FIIs’ fund inflows into Nifty futures
on SGX hit a record high |
|
Maharashtra : Foreign
institutional investors' (FIIs) fund inflows into Nifty
futures traded on Singapore Exchange, or SGX, hit a record
high despite the government having recently deferred a
controversial anti-tax avoidance law by two years,
underscoring the continued export of India's financial markets
amid high taxes and regulatory hurdles.SGX, which launched
Nifty futures 13 years ago, saw the index's open interest (OI)
hit a high of 73%, or Rs 28,601 crore, this Tuesday, way ahead
of NSE Nifty futures' OI of 27%, or Rs 10,847 crore.
|
| INTERNATIONAL
BUSINESS |
| Lenovo logs record quarterly profit
in Q3, tops market estimates |
|
Lenovo Group Ltd, on track to become
the world's top maker of personal computers, reported a record
quarterly profit, up 33.5 percent from a year earlier, as it
gained more share in the PC market and made inroads in the
smartphone business.The ThinkPad maker, also China's No. 2
smartphone vendor, said on Wednesday net profit in its
October-December third quarter had risen to $204.9 million,
above the average estimate of $178.4 million in a Thomson
Reuters I/B/E/S poll of 11 analysts.
|
| Japanese airlines had 787 battery
issues before recent incidents |
|
Japan's two biggest airlines replaced
lithium-ion batteries on their Boeing Co (BA.N) 787
Dreamliners in the months before separate incidents led to the
technologically advanced aircraft being grounded worldwide due
to battery problems.Comments from both All Nippon Airways
(9202.T), the new Boeing jetliner's biggest customer to date,
and Japan Airlines Co Ltd (9201.T) point to reliability issues
with the batteries long before a battery caught fire on a JAL
787 at Boston's airport and a second battery was badly charred
and melted on an ANA domestic flight that was forced into an
emergency landing.
|
| EU’s Almunia turns down UPS’s $6.9-bn
TNT deal |
|
The European Union’s antitrust chief on
Wednesday rejected a $6.9-billion deal for UPS to acquire
Dutch delivery company TNT Express and said he was surprised
the US group jettisoned the venture when there was still hope
for a solution. Antitrust commissioner Joaquin Almunia said
that European businesses “would have been directly harmed’’ by
the takeover “because it would have drastically reduced choice
between providers and probably led to price increases”. UPS
had offered in March to buy TNT, Europe’s second-largest
delivery company, to better compete with Europe’s largest,
Deutsche Post’s DHL. UPS said that it had proposed “tangible
remedies’’ but Almunia said they were “simply not
enough”.
|
| Writedowns Near $50 Billion as
M&A Haunts Mine CEOs: Commodities |
|
The world’s biggest mining and steel
companies have wiped about $50 billion off project valuations
in the past year and the purge is poised to continue this
earnings season as managers reassess expensive takeovers.
Anglo American Plc (AAL), Vale SA (VALE3) and Rio Tinto Group
(RIO) led the writedowns as declining metal prices, rising
project costs and slowing demand forced reviews. Glencore
International Plc (GLEN) may write down some nickel and copper
assets acquired through its takeover of Xstrata Plc (XTA),
Liberum Capital Ltd. has said. BHP Billiton Ltd. (BHP) may
trim aluminum operation valuations, according to Goldman Sachs
Group Inc. and Sanford C. Bernstein Ltd.
|
| MERGER &
ACQUISITION |
| Private equities may tap M&As to
exit in 2013 as IPOs dry up |
|
Maharashtra : Private equity
and venture capital environment is likely to remain muted till
2014 with most PE players looking at exiting their investments
and getting into a consolidation phase.However, owing to a
relatively dry IPO pipeline, the standard exit route for PEs
is no longer valid, said tax and advisory firm Grant Thornton
in a joint report with Indian Private Equity and Venture
Capital Association (IVCA). “PE’s are looking at other
mechanisms of exits such as mergers and acquisitions and
secondary buyouts. We have seen some successful exits in 2012
in spite of the lack of IPO market.
|
| Seeking exits: $12 bn stuck in infra
segment |
|
Maharashtra : Concerned
about their investments in infrastructure companies, private
equity (PE) fund managers are having sleepless nights. In the
last seven years, PE funds have pumped in $16 billion in this
space, the largest chunk in any sector. However, these
companies have failed to create exits for their investors,
returning merely $4 billion so far, a quarter of the capital
invested.Raja Parthasarathy, partner, IDFC Private Equity,
said, “Given our requirements and the widening supply-demand
gap, infrastructure remains the single largest investment
opportunity in India. But the sector has burned many investors
who were expecting rapidly-rising short-term valuations to
sustain.”
|
| Banking |
| Government drops contentious asset
classification clause |
|
Delhi : The government has
dropped the contentious clause of treating a borrower's
accounts with all banks as non-performing if the accountholder
is defaulting on repayment to one bank, according to an
official involved in the discussions.The clause, which
contrasted with existing norms, was part of the finance
ministry's proposed guidelines for a joint lending mechanism
for corporate debt."It has been decided that in order to
implement the joint lending mechanism at the earliest, the
asset classification clause can be dropped," the official, who
is part of a review committee, said. "The banks will follow
the existing regulatory prescription of RBI in this
case."
|
|
![]() |
| Economy |
| India |
| Direct transfers to slash subsidies by up to 60%:
FM |
| Growth beyond 7-7.5% likely to stoke inflation:
YV Reddy |
| 5 lakh families may get possession of new homes
with 4.5-5 lakh apartments to be delivered in
2013 |
| IT firms like TCS, Infosys & Wipro losing
work as MNCs' captive centres are back into
fashion |
| Pakistan's India exports grew 66% in
Apr-Dec |
| |
| International |
| Year-end Doha Round meeting in Bali likely to
yield results: Lamy |
| U.S. Economy Shrinks 0.1%, 1st Time in 3 1/2
Years |
| Profit with Purpose |
| J P Morgan bet against its own position in UK
trade |
| Here We Go Again, Underpricing Europe Debt
Risk |
| |
| Markets
Today |
| NSE |
6,034.75
|
-0.35%
|
| BSE |
19,894.98
|
-0.55%
|
| NASDAQ |
3,142.31
|
-0.36%
|
| |
|
|
| USD |
53.21
|
|
| EURO |
72.11
|
|
| JPY(100) |
58.45
|
|
| GBP |
84.04
|
|
|
| |
| Corporate
Watch |
| Manoj Kohli to become Bharti Airtel MD to
revive mobile business |
|
Delhi : Bharti AirtelBSE -0.77 %
will appoint its African operations head Manoj Kohli as its
managing director as part of a continuing reshuffle of the top
deck at the world's fourth-largest mobile operator by
customers.But the crucial Indian business, which accounts for
70% of revenues, would be outside his area of responsibility,
|
| RIM launches much-awaited Blackberry 10 in
New York, rebrands company to
BlackBerry |
|
Delhi : In one of the biggest
launches in the mobile handset industry, the Canadian mobile
phone company Research In Motion on Wednesday launched the
much-awaited BlackBerry 10 handset at an event in New York. It
also rebranded the company to BlackBerry after its
handsets.The BlackBerry 10 uses the operating system QNX,
|
| Government clears proposal to sell 10%
stake in Oil India |
|
Delhi : The government has cleared
a proposal to sell 10% stake in state-run Oil India, which is
likely to help mop up around 3,000 crore, a senior oil
ministry official said.'The proposal has been cleared by the
empowered group of ministers (EGoM). Disinvestment will take
place on February 1 through offer for sale (OFS) route,'
|
| Usha Martin to set up second unit in
Thailand |
|
West Bengal : Usha Martin Ltd plans
to set up a greenfield facility in Thailand to manufacture
high-performance steel wire ropes. The facility will be set up
by Usha Siam Steel Industries Public Company Ltd — a
subsidiary of Usha Martin — in joint venture with Japan-based
Tesac Wire Ropes Company Ltd. According to Rajeev Jhawar,
Managing Director of Usha Martin, the 50:50 joint venture
company — Tesac Usha Wirerope Company Ltd — will be
operational in the next 16-18 months. Tesac Usha aims to
manufacture 1,000 tonnes a day of steel rope in the next
four-to-five years.
|
| Emirates Group keen on making Chennai
airport its hub |
|
Tamil Nadu : The Emirates Group has
shown interest in making Chennai airport as its hub. “We are
looking at this and are open to any airline for such an
arrangement,” said V.P. Agrawal, Chairman, Airports Authority
of India. In fact, the Emirates group is one of the biggest
airlines in the Chennai airport for both passenger and cargo
segments.“With the newly built terminals and better sea
connectivity, Chennai airport could become a hub mainly to
connect the South-East Asian countries,” he told
newspersons.
|
| Samsung eyes 50% growth in AC, fridge
sales |
|
Tamil Nadu : Power cut? For long
hours? Worried about the food you stored in the fridge? No
sweat. You can still stay cool, says Samsung, with its new
range of refrigerators. The company’s new ‘digital inverter
series’ now comes with ‘coolpack’,
|
| Marriott International plans 52 more
properties in 4 years |
|
Karnataka : Marriott International,
which owns Ritz Carlton and J W Marriott hotel brands, plans
to open 52 more properties in the country over a period of
four years.Rajeev Menon, Area Vice-President for the Indian
sub-continent,
|
| Air India plans to sell and leaseback
Dreamliners |
|
Maharashtra : Air India has invited
bids for the sale and leaseback of all its newly acquired
Boeing 787 Dreamliner aircraft from prospective lessors by
February first week, even as similar aircraft remained
grounded across the world.In all, 50 Dreamliners have been
grounded across the world following a directive from the US
Federal Aviation Administration (FAA) after a fire risk
reportedly caused by a battery problem. The six Dreamliners in
India have been grounded since January 17.
|
| Electrosteel may look for investors for
Bokaro plant |
|
Tamil Nadu : The Kolkata-based
Electrosteel group may rope in fresh investors in Electrosteel
Steels Ltd (ESL), according to market sources. This is to
bridge the finance gap in ESL’s upcoming 2.2-million-tonne
integrated steel plant at Bokaro in Jharkhand.
|
| NHAI approves IDFC buyout of Gurgaon
expressway developer |
|
Delhi : The National Highways
Authority of India (NHAI) board on Wednesday approved the
proposal allowing IDFC to buy out the 74% stake equity in the
Delhi-Gurgaon expressway project from the current developer
DSC. Sources told FE that IDFC,
|
| Sesa’s Agarwal Plans $2.4 Billion Liberia
Spend: Corporate India |
|
Maharashtra : Sesa Goa Ltd. (SESA),
India’s largest exporter of iron ore, plans to invest as much
as $2.4 billion to develop assets in Liberia in its first
overseas expansion after a court-ordered mining ban halted
production at home. The company, controlled by billionaire
Anil Agarwal,
|
| RIL to use cash pile to repay loans, expand
capacity |
|
Maharashtra : Reliance Industries
Ltd (RIL), sitting on a huge cash pile of Rs 80,000 crore and
having just raised another Rs 4,264 crore as a perpetual bond
(perp bond), plans to use the money to repay loans and expand
capacity in its petrochemicals, oil and gas and refining
businesses.The Mukesh Ambani-owned company,
|
| HDFC Bank, Federal Bank cut auto loan
rates |
|
Maharashtra : A day after the
Reserve Bank of India cut the repo rate and cash reserve
ratio, HDFC Bank on Wednesday decided to lower interest rates
on auto loans by up to 50 basis points (bps). Federal Bank
also reduced its car loan rates to 10.45%, compared with 11.2%
rate of interest charged on three-year car loans earlier. This
is the lowest interest being charged on auto loans, among
banks.
|
| Delhi HC sets aside info panel order to
Sebi in RIL insider trading case |
|
Delhi : The Delhi High Court on
Wednesday set aside the chief information commission's order
that asked capital market regulator Sebi to make public names
of entities allegedly involved in insider trading of shares of
Mukesh Ambani-led Reliance Industries (RIL) in 2007. Chief
information commissioner Satyananda Mishra, on the plea of RTI
applicant Arun Agrawal, in his November 6, 2012, order, had
directed Sebi disclose information related to the Reliance
Petroleum's (RPL) insider trading case.
|
| |
| Tenders
& Assignment |
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
|
Municipal Council ![]() |
Description :Providing of Chartered
Accountant Service
Last Date :
10/02/2013
Address :Municipal Council
Roorkee Uttaranchal
|
Department Of Agriculture ![]() |
Description :Engagement of Preparing
final accounts & concurrent audit under NFSM, MMA, isopom,
mini mission II etc, additional central assistance schemes
Last Date : 12/02/2013
Address :Joint Director of
Agriculture,Block-III,3rd Floor,Writers Bldgs..,Kolkata
|
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 |
| Sardar Sarovar Narmada Nigam
Limited 02/02/2013
|
| Department Of Horticulture And Food
Processing 03/02/2013
|
| Bihar Rural Livelihoods Promotion
Society 05/02/2013
|
| Bhopal Cooperative Milk Federation
Limited 05/02/2013
|
| Tea Board Of India 07/02/2013
|
| Department Of
Agriculture 07/02/2013
|
| |
| Notifications
& Circulars |
| INCOME
TAX |
| NOTIFICATION NO.
5/2013 (Delhi) 28/01/2013
|
| In exercise of the powers conferred by sub-section (1) and
sub-section (2) of section 120 of the Income-tax Act, 1961 (43
of 1961), the Central Board of Direct Taxes hereby makes the
following amendments in the notification |
| RBI |
| Notification
No.RBI/2012-13/403 (Delhi) 30/01/2013
|
| UCBs - Maintenance of CRR |
| Notification
No.RBI/2012-13/404 (Delhi) 30/01/2013
|
| UCBs – Bank Rate |
| Notification
No.RBI/2012-13/405 (Delhi) 30/01/2013
|
| Standalone Primary Dealers |
| Notification
No.RBI/2012-13/406 (Delhi) 30/01/2013
|
| StCBs/RRBs - Maintenance of CRR |
| Notification
No.RBI/2012-13/407 (Delhi) 30/01/2013
|
| StCBs/RRBs - Bank Rate |
| |
|
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