| Professional
News |
| SERVICE
TAX |
| I-T dept begins clampdown on service
tax evaders |
|
Delhi : Tax officials have
begun a close scrutiny of service tax evaders who are
estimated to have deprived the exchequer of revenues to the
tune of Rs 9,800 crore till December 2012. In comparison, the
service tax evasion last year was estimated at Rs 6,000 crore.
Issuing a stern warning to tax evaders, Lipika Majumdar Roy
Choudhury, member, Central Board of Excise and Customs (CBEC)
said on Thursday, “Of the Rs 9,800 crore, about Rs 2,000 crore
have been recovered.”
|
| RBI |
| RBI paper seeks to cut use of cheque
books |
|
Maharashtra : Cheque books
may go the way of physical share certificates if proposals
mooted by the Reserve Bank of India (RBI) are enforced. In a
discussion paper on discouraging cheque usage, RBI has
proposed charges for individuals when payments are made by
cheques and penal processing fees for institutions that
continue to issue warrants rather than credit amounts to
investors' accounts directly. RBI also wants every entity
making or receiving bulk payments to move to direct electronic
transfers to recipients' bank accounts.
|
| Finance & Money
Markets |
| Rupee hits over 3 month high of 53.19
Vs US Dollar |
|
Maharashtra : Extending
gains for the fourth day in a row, the rupee on Friday rose by
three paise to end at a three-and-a-half-month high of 53.19
against the US currency on sustained dollar selling amid
continued capital inflows. Forex dealers said, however,
sluggish local equities capped the rupee’s rise to some
extent.The local unit commenced the day marginally lower at
53.25 against the dollar from yesterday’s close of 53.22 at
the Interbank Foreign Exchange (Forex) market. It moved in a
range of 53.16-53.40 before settling at 53.19, a marginal gain
of three paise, or 0.06 per cent. In the past four days, the
rupee has spurted by 72 paise, or 1.34 per cent.“Rupee was
seen trading in a very thin range of 24 paise.The continuous
appreciation in rupee is on the back of gradual fall in dollar
index which made a low of 78.95 levels today.
|
| Oil India issue a hit with Dalal
Street, subscribed 2.5 times |
|
Maharashtra : Oil India's
offer for sale, or OFS, was on Friday oversubscribed
two-and-a-half times its issue size of Rs 3,065 crore, making
it this fiscal year's second-biggest OFS after miner NMDC's,
and underscoring the fact that investors will flock to
reasonably priced issues of fundamentally strong companies.
The major domestic participants of the OFS, according to a
banker, were LIC, SBI Birla Mutual Fund, Punjab National Bank
and Bank of Baroda while the government of Singapore and T
Rowe Price were among the foreign investors who bid for nearly
35% shares.
|
| DIIs sell shares worth 16,750 cr in
January |
|
Maharashtra : Markets, which
rose a little over 2% in January, could have climbed higher
had domestic institutions not sold shares worth 16,750 crore,
a record for a single month, in contrast to FIIs, who invested
22,240 crore. The sales by some of these entities, market
experts said, were undertaken with an eye on government
divestments in select PSUs and to meet redemption pressures
from domestic investors. The government has set a divestment
target of 30,000 crore in the current fiscal year; it has, so
far, raised 9,000 crore, including its divestment in OIL.Local
insurers, led by Life Insurance Corporation, are believed to
have sold a sizeable quantity of their holdings in January to
ensure the government's divestment programme succeeds. Mutual
fund accounted for 28% of DII sales in January.
|
| Commodities |
| Kingsman Sees Sugar Surplus Dropping
51% as Output Slides |
|
Delhi : The global sugar
surplus will be 51 percent smaller in the 2013-14 season
compared with a year earlier as lower prices result in a drop
in production, according to researcher Kingsman SA, owned by
McGraw-Hill Cos. (MHP) Sugar supplies will be 5.6 million
metric tons higher than demand in the 12 months starting Oct.
1, the researcher, based in Lausanne, Switzerland, said in a
report e-mailed today. That compares with 11.5 million tons in
2012-13. Production will slide 1.8 percent to 178.5 million
tons in the period from a year earlier, according to the
report.
|
| Gold holds above
$1,660/oz |
|
Delhi : Gold firmed on
Friday as a rise in stock markets and a slide in the dollar to
14-month lows against the euro helped it offset the previous
session's drop, but the move was muted ahead of a monthly US
payrolls report. The precious metal's fortunes are pegged to
the health of the US economy, with recent signs of recovery,
which dampened hopes for further monetary easing, capping
gains. Spot gold was up 0.1 percent at $1,644.44 an ounce at
12:16 SA time, while US gold futures for February delivery
were up $3.80 an ounce at $1,665.80. It held just above its
200-day moving average at $1,663 an ounce, a key chart
level.
|
| MERGER &
ACQUISITION |
| NTPC stake sale in 8-9 days; Govt may
fetch Rs 12,000 cr |
|
Delhi : Finance ministry
will launch in the next 8-9 days the share sale offer of power
major NTPC, which is expected to fetch Rs 12,000 crore to the
exchequer.“We will keep a gap of 8-9 days between two PSU
stake sale. NTPC is the next,” said an official of the
Department of Disinvestment (DoD), a wing of the Finance
Ministry. The department has successfully completed 10 percent
stake sale of the Oil India (OIL) through the auction route
today raising over Rs 3,113 crore for the
government.
|
| Banking |
| Central Bank, BoI cut base
rates |
|
Maharashtra : Central Bank
of India and Bank of India today slashed their base rate by 25
basis points each. The base rate for both public sector banks
now stands at 10.25 per cent. Base rate is the rate below
which banks cannot lend. All floating rate loans linked to the
base rate will turn a tad cheaper. The banks that have cut
their base rate so far include IDBI Bank, State Bank of India,
Punjab National Bank, Union Bank of India, and Royal Bank of
Scotland. On Tuesday, the central bank lowered the repo rate
(the interest rate at which RBI lends short-term funds to
banks) and cash reserve ratio (the slice of deposits that
banks have to park with RBI) by 25 basis points
each.
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|
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| Economy |
| India |
| Six corridors identified for high-speed rail
project: Pawan Bansal |
| FinMin, PSU cos spar on petro product
pricing |
| January factory output slides to 3-month low of
53.2% |
| Forex reserves rise $1.82 bn
y-o-y |
| |
| International |
| US economy continues to improve: White
House |
| Jobless rate rises to 7.9 percent as economy
sends mixed signals |
| Expanding Medicaid would improve state's health,
economy |
| Survey shows growth in Oklahoma's
economy |
| |
| Corporate
Watch |
| Chevrolet Sail sedan launched starting at
Rs 4.99 lakh |
|
Delhi : Close on the heels of
launching the premium hatchback Sail U-VA, US car maker,
General Motors India on Friday launched the compact sedan Sail
at Rs 4.99 lakh to Rs 7.51 lakh ex-showroom New Delhi to take
on the fast growing Maruti Suzuki's Swift Dzire.While the
petrol variants of the sedan will be priced from Rs 4.99-6.41
lakh,
|
| Jet Airways back in the black with Rs
93-crore profit in Q3 |
|
Maharashtra : Jet Airways posted a
profit in the third quarter versus a loss in the year-ago
period, underlining the growing strength of the Indian
aviation industry's recovery from a deep recessionary
spell.The Naresh Goyal-promoted Jet, which is likely to become
the first airline to welcome a foreign investor after last
year's change in rules,
|
| Bajaj Auto races past M&M to become No.
2 on bourses |
|
Maharashtra : Bajaj Auto, the
Pune-based two- and three-wheeler maker, has once again pipped
diversified auto major Mahindra & Mahindra (M&M) to
become India’s second-most valuable automaker.
|
| Slump-hit BHEL net dips 17.5% to Rs.1,182
cr |
|
Delhi : Power equipment maker
Bharat Heavy Electricals (BHEL) on Friday reported a 17.5%
drop in its net profit for the third quarter to R1,182 crore
on account of rising costs at a time the power sector is
gripped by a slowdown.
|
| Nissan changes gear for India, eyes 10%
market share with Datsun |
|
Tamil Nadu : After keeping a low
profile for the last two years, Japanese auto major Nissan is
planning to switch to top gear in India. The company, which
has a meager 1.5% market share in the 3.5-million Indian car
market, is targeting a 10% share by 2016 on an estimated
industry production of 5 million, or around 5 lakh units,
|
| Tata Motors Dharwad plant rolls out 10,000
Tata ACE Zips |
|
Karnataka : Tata Motors Dharwad
plant has rolled out 10,000 Tata ACE Zips in 10 months. The
Dharwad facility, which commenced operations in March last
year, produces small commercial vehicles - Tata Ace Zip and
Tata Magic IRIS.Speaking on the occasion,
|
| SKS Microfinance focussing on improving
efficiencies, says CEO |
|
Maharashtra : SKS Microfinance, the
largest microfinance lender in the country, is focussing on
improving internal efficiencies after having turned the corner
recently. The company posted a profit of 1.2 crore in the last
quarter, after seven consecutive quarters of losses.
|
| TDT Infra plans industrial park in
Gujarat |
|
Maharashtra : TDT Infra, part of
the Rs 800-crore TDT Group, will develop a mega industrial
park at Vadodara in Gujarat at an investment of Rs 250
crore.It has acquired 200 acres and put in place basic
infrastructure such as power,
|
| |
| Tenders
& Assignment |
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
|
Coal India Limited ![]() |
Description :Reputed chartered account
firm/company or cost accountant firm/company for verifying
& certifying of closing coal stock as on 31.3.2013 in 466
miles/17 washeries/4 coke plants of CIL spread over in 8
states
Last Date : 25/02/2013
Address :Coal India Ltd.,10,N.S.
Road,1st Floor,Kolkata-700001,West Bengal,
|
| |
| Reminders |
| Tenders |
| 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.
7/2013 (Delhi) 29/01/2013
|
| Whereas the annexed Agreement between the Government of
the Republic of India and the Government of Malaysia for the
avoidance of double taxation and the prevention |
| NOTIFICATION
NO.6/2013 (Delhi) 28/01/2013
|
| In exercise of the powers conferred by sub-sections (1)
and (2) of section 120 of the Income-tax Act, 1961 (43 of
1961) the Central Board of Direct Taxes hereby |
| RBI |
| Notification
No.RBI/2012-13/410 (Delhi) 30/01/2013
|
| RRBs/StCBs/DCCBs - KYC Norms /AML Standards/Combating of
Financing of Terrorism/Obligation of banks under PMLA,
2002 |
| |
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