| Professional
News |
| INCOME
TAX |
| How the government can make Mauritius
irrelevant Article |
|
Delhi : How do we make
Mauritius more and more irrelevant? Can't we figure out
another way to bring in foreign investment into stocks?
Mauritius flourished because India and US — where a majority
of investors were and are still based — have conflicting tax
laws: an American investor will not be taxed any less by the
US government if she pays a tax in India on the money made in
Dalal Street. But by routing the investment through Mauritius,
she can escape the tax in India,
|
| Clarity on tax status welcome, but
reforms key to rally: FIIs |
|
Maharashtra : The finance
minister's promise that his Income Tax Department gumshoes
won't haunt overseas investors for revenues may prevent an
erosion in investor sentiment but will not fuel a revival in
stocks unless backed by further economic reform measures. The
minister needs to follow up his clarifications with actions
that will help industry revive stalled projects and smoother
foreign fund inflows with higher limits for them in insurance
and other segments of the economy,
|
| CBDT clarifies on software
export |
|
Delhi : The Central Board of
Direct Taxes has clarified a number of issues relating to tax
holiday claims by taxpayers who have registered under the STPI
(software technology parks of India), SEZ (special economic
zone) and EOU (export-oriented unit) schemes. It clarifies
that Profits derived from computer software developed abroad
at a client’s location (onsite) and onsite deployment of
technical manpower shall be eligible for tax holiday benefits,
provided there exists an intimate nexus/ connection between
the onsite development and the eligible unit, subject to the
condition that such activity is pursuant to a contract between
the customer and the eligible unit;
|
| GST |
| Little headway on GST implementation
amid political uncertainty |
|
Delhi : The Budget was
presented in the Parliament on Thursday amidst an environment
of global economic slowdown, falling industrial output,
burgeoning fiscal deficit, slow revenue mobilizations and
impending general elections next year. All this presented the
FM with an unenviable task of giving a fillip to the economy
and increasing tax collections, while at the same time
catering to the populist pressures from within the ruling
coalition.Though the industry must have breathed easy with no
increase in the indirect tax rates,
|
| SEBI |
| NHPC shares plunge 26% even as Sebi
investigates midcap crash |
|
Maharashtra : Shares in
National Hydroelectric Power Corporation fell as much as 26
per cent on Monday. The state-run hydroelectric major traded
20 per cent lower at Rs. 20.75 as of 11.55 a.m. on the
National Stock Exchange. NHPC was the top loser on the BSE
Power index. The stock has fallen 28 per cent over the last
week, shaving off nearly Rs. 10,000 crore from its market
capitalization. NDTV Profit spoke to ABL Srivastava, director
(finance) at NHPC about the crash. Mr Srivastava said the
company has prepared a list of top 100 sellers, but their
transaction amounts to only 3 crore shares, which is
negligible as compared to the total equity of the
company.
|
| RBI |
| Reserve Bank of India may cut rates,
banks unlikely to follow |
|
Maharashtra : The Reserve
Bank of India governor, Duvvuri Subbarao, may oblige Finance
Minister P Chidambaram with an interest rate cut on March 19
impressed by the tight fiscal ship that is being run, but the
markets may defy lower rates for a longer period. Tight
liquidity, slump in deposit growth, and banks' desperation to
match their assets and liabilities may keep interest rates
higher."Interest rates will continue to be high till March
even if the RBI cuts rates; it may even climb," said BA
Prabhakar, chairman and managing director
|
| IRDA |
| Amend SCRR before allowing insurers
as members: Irda |
|
Maharashtra : The Securities
and Exchange Board of India (Sebi) should amend the Securities
Contracts Regulation Rules (SCRR) before it allows insurance
companies to participate as 'proprietary trading members' in
the debt segment, according to the insurance regulator.
Recently, Insurance Regulatory and Development Authority
(Irda) had made a written communication to the government
stating it's ready to allow insurers provided the SCRR 1957 is
amended,
|
| ACCOUNTING
STANDARDS(AS) |
| Which way IFRS?
Article |
|
Delhi : Companies Bill
contains numerous provisions aligned to International
Financial Reporting Standards. Under the Bill, utilisation of
securities premium will be restricted to a prescribed class of
companies whose financial statement complies with specified
accounting standards. In meeting IFRS requirements, such
companies cannot utilise the securities premium to write off
preliminary expenses of the company, write off preference
share or debenture issue expenses, and provide for premium
payable on redemption of preference shares/
debentures.
|
| Finance & Money
Markets |
| BSE incentive plans fail to pump up
F&O volumes |
|
Maharashtra : Is BSE's
objective of raising its derivatives turnover by offering cash
incentives to brokers and their clients yielding results?
Turnover data after the closure of every scheme since
September 2011 does not seem to suggest this, and it is
something that new bourse MCX Stock Exchange, which will
launch its own incentive scheme this Wednesday, will do well
to take note of.After every so-called liquidity enhancement
incentive programmes (LEIPs) to push a certain product,
volumes have declined sharply. Take for example LEIP VI -- for
futures and options on BSE100, which ended on January 31. The
average daily turnover (ADT) during the life of the scheme was
Rs 24,416 crore. But since the scheme ended, ADT has plunged
to a paltry Rs 9.9 crore. The case is similar with earlier
incentive schemes like LEIP III, to push liquidity in Sensex
options.
|
| Commodity Fund Outflows Reach Weekly
Record of $4.23 Billion |
|
Delhi : Money managers
removed a record $4.23 billion from commodity funds in the
week ended Feb. 27, led by declines in precious-metal
holdings, as raw materials capped the biggest monthly loss
since October.Investors pulled an all-time high of $4.03
billion from gold and precious-metals funds, said Cameron
Brandt, the director of research for EPFR Global, which
started tracking the flows in 2000. The Cambridge,
Massachusetts-based researcher said last week that total
commodity outflows for the period ended Feb. 20 reached $828
million.
|
| Inflation-indexation bonds could
provide some relief |
|
Delhi : The finance minister
has little to give to the salaried class in the Union Budget
2013. But he has given hopes that there is a likelihood of
introducing inflation-indexation bonds something, that should
make the middle class a bit happier.In consultation with the
Reserve Bank of India, I propose to introduce instruments that
will protect savings from inflation. These could be Inflation
Indexed Bonds or Inflation Indexed National Security
Certificates. The structure and tenure of the instruments will
be announced in due course, Finance Minister P Chidambaram
said in his Budget speech.But the bonds should be linked to
consumer price index, feel experts. In the past year, the
wholesale price index has hovered around six-eight per cent
whereas the consumer price index has been around nine per
cent. This has consistently eating into your income.
|
| Commodities |
| Gold loses glitter; prices likely to
come down further |
|
Maharashtra : For the global
commodity markets, February was not a particularly impressive
month. There was large-scale sell-off mid-month following
hawkish interpretation of the FOMC minutes for January which
suggested that the asset purchase program in the US could end
soon.For markets which are largely liquidity-driven, it was
enough to trigger a sell-off. However, Fed Chairman Ben
Bernanke has subsequently made it clear that the Fed is set to
continue with significant asset purchases in the coming
months.Additionally, China factor came into play. Chinese
trade data are not really inspiring although there are no
signs for serious concern. Business confidence in China is
said to be dipping. Fresh curbs have been imposed on the
property market.
|
| INTERNATIONAL
BUSINESS |
| Swiss govt proposes new laws against
illicit wealth in banks |
|
Facing demands from India and other
countries for banking details of persons with alleged black
money in Switzerland, the European nation has proposed new
rules for combating money laundering and mandating extra due
diligence by banks before accepting clients'
money.Switzerland's Federal Council, its top policy making
body, has proposed that norms be put through an extensive
consultation process till June 15.
|
| Banking |
| Licenced to
lull |
|
Delhi : The Reserve Bank of
India has released its final guidelines for new banking
licences. These are different and, in many ways, tougher than
the draft guidelines issued earlier. The final guidelines are
most negative for standalone non-banking finance companies
(NBFCs) or NBFCs belonging to a pure financial group that are
not part of a corporate group, such as IDFC, Shriram or LIC
Housing. Earlier, these were perceived to be the most eligible
candidates for new banking licences. RBI has clarified that
only widely held non-financial services companies/entities can
sponsor an NOFHC (non-operative financial holding company),
which, in turn, will float a bank.
|
|
![]() |
| Economy |
| India |
| After Budget, CEOs clamour for interest rate
cut |
| South Africa sees India trade rising to $15 bn by
next year |
| Fiscal constraints force government to go slow on
hiring this year |
| It’s all or none for
sustainability |
| State-owned energy firms project a mere 3% rise
in FY14 capex |
| 6.5% growth in 2013-14 is reasonable, says Montek
Singh |
| Most of 3,000 km of highways to be built via EPC
deals |
| Lack of negatives is the biggest positive in
budget |
| Some major PSUs to miss capex targets in
FY13 |
| Spending cuts in US likely to hit India's
growth |
| New airport likely near Neemrana |
| Growth rate of 5 to 6 per cent not sufficient:
RBI Gov |
| Spike in infra spending not as sharp as it
seems |
| A fillip for entrepreneurship |
| |
| International |
| US employers continue with slow and steady hiring
activities |
| Brisbane Airport Delays Hurt Economy:
Govt |
| Economy will grow faster than
predicted |
| The dollar gets riskier |
| |
| Markets
Today |
| NSE |
5,698.50
|
-0.37%
|
| BSE |
18,877.96
|
-0.21%
|
| NASDAQ |
3,050.39
|
0.00%
|
| |
|
|
| USD |
54.88
|
|
| EURO |
71.33
|
|
| JPY(100) |
58.70
|
|
| GBP |
82.56
|
|
|
| |
| Corporate
Watch |
| Wipro Consumer going places with overseas
buys |
|
Delhi : Bespectacled Vineet
Agrawal, 51, President of Wipro Consumer Care and Lighting
division of the $6.4-billion software major Wipro Ltd, is not
flamboyant. Surprising. For, he has several distinctions to
his credit: Under his watch, Wipro Consumer Care made one of
the biggest international acquisitions in the consumer goods
space in 2007 when it bought Unza, the Singapore-based
personal care company with operations in 21 countries. The
deal size was $300 million.
|
| Iran crisis may hit expansion plans of
Indian refiners |
|
Delhi : Amid insurance woes, the US
sanctions on Iran may well cast a shadow on expansion plans by
Indian refiners.According to an official source, the Rs
8,000-crore capacity expansion plan by Chennai Petroleum
Corporation Ltd (CPCL) may get hit as European companies are
reluctant to give technology licensing for the upcoming
six-million tonne units.
|
| Essar plans port for its African steel
plant |
|
Maharashtra : The Essar group is
planning to expand its presence in the African continent by
setting up a 10-million tonne (mt) port in Mozambique, at a
cost of $275 million (Rs 1,496 crore).“As a group, we look at
various growth opportunities but would not like to comment on
any specific ones at this point in time,” Essar said, in
response to an email sent on the development. The port project
work is to be undertaken by the group’s African subsidiary,
Essar Africa Holdings, and is not a part of the group’s
|
| Sebi asks banks, depts to deal cautiously
with 2 Sahara firms |
|
Delhi : After cautioning general
public against dealing with two Sahara group firms and their
top executives due to an order for attachment of their assets,
Sebi has asked hundreds of institutions including banks, other
financial services firms and even government departments to be
cautious in their business with these Sahara
entities.
|
| Mahindras to invest Rs 265 cr in 2-wheeler
arm, defer IPO plan |
|
Delhi : Mahindra & Mahindra
(M&M) has opted to delay the initial public offering (IPO)
of its two-wheeler subsidiary and will instead invest R265
crore through a rights issue.Plans have been changed by the
$15.9 billion Mumbai-based group to give the loss-making
Mahindra 2 Wheelers time to first achieve profitability — thus
making it more attractive to potential investors,
|
| |
| Tenders
& Assignment |
Zilla Panchayat - Durg ![]() |
|
Description :Requirement of
chartered accountant firms
Last Date
: 04/03/2013
Address :Zilla
Panchayat
Durg,Chhattisgarh
|
Department Of Trade And Taxes ![]() |
|
Description :Empanelment of
Firms of Accountants for Conducting Audit Under Section 58A
Last Date : 04/03/2013
Address :Department Of Trade And
Taxes
Govt. Of Nct Of Delhi
Vyapar Bhawan, I.p.
Estate, New Delhi
|
District Panchayat - Rajnandgaon ![]() |
|
Description :Audit work by
chartered accountants firms.
Last Date
: 11/03/2013
Address
:District Panchayat Rajnandagaon
Chhattisgarh
|
Chhattisgarh State Co.operative Marketing
Federation Limited ![]() |
|
Description :Expression of
interest from interested chartered accountants for empanelment
& selection of concurrent auditors
Last
Date : 12/03/2013
Address
:Managing Director
Chhattisgarh State Co-operative
Marketing
Federation Limited Katela
Bhawan,Civil
Lines,Raipur (CG)
Phone
:0771-2445398
|
Industrial Investment Bank Of India
Limited ![]() |
|
Description :Providing of
Qualified chartered accountant to IIBI for carrying out its
accounts related work
Last Date :
14/03/2013
Address :Industrial
Investment Bank Of India Limited 19, Netaji Subhas Road
Kolkata - 700001
Phone :9830813610
|
Zilla Panchayat - Haveri ![]() |
|
Description :Seeking
expression of Interest (EOI) from Chartered Accountant firms
to provide professionals support to Gram panchayats on
maintenance of Accounts in Double Entry System at CEO
Last Date : 14/03/2013
Address :Zilla Panchayat Haveri -
Karnataka
Phone : 08375-249031
|
State Health Society ![]() |
|
Description :Selection of
Auditors request for proposal hiring services of Chartered
accountant firm for statutory audit of state health society
& district health society
Last Date
: 14/03/2013
Address :State
Health Society Imphal - Manipur
|
Mysore Paper Mills Limited ![]() |
Description :Appointment Of
Internal Auditors For The Year 2013-14. Last
Date : 20/03/2013 Address
:The Gereral Manager (Finance), The Mysore Paper
Mills Limited, 16/5, Ali Asker Road Banglore- 560052
E-Mail :dirfin@mpm.co.in
|
National Highway Authority Of India ![]() |
|
Description :Request for
proposal for addition of CA firms to existing panel of
financial consultants for BOT (Toll)/BOT (Annuity), OMT, SARDP
& other projects being undertake by national highway
authority of India
Last Date :
21/03/2013
Address :Multi Location -
Multi State
|
Department Of Education ![]() |
|
Description : Appointment of
Charted Accountant.
Last Date :
22/03/2013
Address :Department Of
Education
203/9 Nabi ullah Road Uttar Pradesh Lucknow
Phone :0522-2613776
|
| |
| Reminders |
| Tenders |
| Land Development And Water Resources
Department 06/03/2013
|
| Kerala Rural Water Supply And Sanitation
Agency 06/03/2013
|
| Uttar Pradesh Bhumi Sudhar
Nigam 06/03/2013
|
| Jaipur Vidyut Vitaran Nigam
Limited 06/03/2013
|
| High Court 07/03/2013
|
| Gujarat Water Resources Development Co
Limited 08/03/2013
|
| Panchayati Raj Engineering
Department 08/03/2013
|
| Municipal Corporation Of
Delhi 11/03/2013
|
| Health And Family Welfare
Department 11/03/2013
|
| |
|
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