| Professional
News |
| SERVICE
TAX |
| No reversal of norm to arrest service
tax evaders, says Chidambaram |
|
Delhi : Finance minister P
Chidambaram has shrugged off concerns, within Congress and the
Opposition, about his budget proposal empowering officials to
arrest service tax evaders. In an interaction with Congress
MPs on Friday, Chidambaram made it clear that there was no
going back on the proposal in the budget to introduce Section
91, which will empower officials to arrest those who fail to
pay to the government service tax exceeding Rs 50 lakh.
According to a person familiar with the details of the
meeting, an MP from Andhra Pradesh raised the issue at the
meeting, saying the proposal would lead to harassment of
service providers such as beauty parlour owners, smalltime
event management companies and public relations firms.
|
| GST |
| ‘GST set to ease tax woes of film
industry’ |
|
Delhi : The advent of the
goods and services tax (GST) regime will sort out most of the
taxation issues affecting the film industry, Manish Tewari,
information and broadcasting minister, said on
Friday.Addressing an Infocom-Assocham meet, Tewari said the
government was considering streamlining the entire film
certification process in the wake of some complaints to make
it “more transparent and user friendly”.“Most of the tax
issues which continue to muddle the growth of the film
industry are really state-related and I think as we go into
the GST regime, you would find most of these tax issues would
get resolved,” Tewari said. He hailed the ongoing digitisation
process as a “game changer” for all stakeholders but said, it
needs to be ensured that no one feels “shortchanged” with the
roll out process.
|
| SEBI |
| SEBI assures swift action on share
price manipulation |
|
Delhi : The market
regulator, the Securities and Exchange Board of India has
assured swift action in case of market manipulation. At the
same time, the regulator has indicated introduction of
simplified Know Your Client (KYC) norms for the foreign
investors. After post-Budget meeting between the Finance
Minister P. Chidambaram and regulator’s board members, the
SEBI Chairman U.K. Sinha said, “We have got some data during
investigations on crashes in some mid-cap stocks recently
(February 25). However, we have not reached a conclusion. But
we want to assure everyone that we are acting very fast
whenever there are attempts for market
manipulations.”
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Centre seeks Parliament’s nod for
additional spending of Rs.49,000 cr |
|
Delhi : The government on
Friday sought Parliament's approval to spend an aditional
R49,715.54 crore mainly to meet the outgo on fuel, fertiliser
and food subsidies in the current financial year.The net cash
outgo will be only R40,967.27 crore, as per the Supplementary
Demands for Grants tabled in Lok Sabha by finance minister P
Chidambaram.The second and final batch of Supplementary
Demands for Grants for 2012-13 includes 65 grants and one
appropriation."Approval of the Parliament is sought to
authorise gross additional expenditure of R49,715.54 crore. Of
this, the proposals involving net cash outgo aggregate to
R40,967.27 crore and gross additional expenditure, matched by
savings of the ministries/departments or by enhanced
receipts/recoveries aggregate to R8,747.29 crore," the
document said.Of the total amount, R 9,914.06 crore and
R4,753.99 crore have been sought for food and fertiliser
subsidies respectively.
|
| Finance & Money
Markets |
| Rate cut is now Reserve Bank of
India's call: Chidambaram |
|
Delhi : Finance minister P
Chidambaram said on Friday that the Reserve Bank of India will
take a final call on interest rates, but expressed hope that
the bank will consider the measures taken by the government to
rein in fiscal deficit before taking a decision."On fiscal
consolidation path, government has walked the talk. Of course,
RBI will take into account not only that, but the overall
economic situation and what happens between now and March 19,"
he said.Chidambaram said that the government has delivered on
the fiscal consolidation path chalked out by the Kelkar
Committee. "We have remained under 5.3% as promised, and we
have shown, next year, we will be at 4.8%," he added.The FM
said that the borrowing programme for the next fiscal is an
indicator of fiscal prudence the government is adopting. The
government on Friday sought the Parliament's approval to spend
an additional Rs 49,715.54 crore, primarily to meet the outgo
on fuel, fertiliser and food subsidies in the current
financial year.
|
| CD issuances decline as banks reach
10% cap |
|
Maharashtra : With most
public sector banks reaching the 10 per cent cap on
certificates of deposit (CDs), primary market issuances have
almost halved, according to dealers and traders.Yesterday,
banks had raised around Rs 1,800 crore by issuing two and
three month papers, down from about Rs 4,000 crore raised last
Friday. Today, there was no such short term issuances. Banks
have raised resources by issuing six-month and one-year
paper.The finance ministry had asked the public sector banks
to limit their reliance on CD to 10 per cent of their total
deposit, while the combined cap on bulk deposits and CDs were
kept at 15 per cent. The ministry's directive came after banks
scrambled for cash in the last month of the previous financial
year to meet their year-end target, which resulted in rates
going through the roof. Three month CD rates have gone past 12
per cent in the last fortnight of March last year.
|
| Re rises for 3rd day, up 28 paise vs
US dollar |
|
Maharashtra : Continuing its
upward march for the third straight day, the rupee today
jumped by 28 paise to settle at over one-week high of 54.28 on
robust capital inflows and sustained dollar selling by
exporters and banks.The rupee resumed better at 54.52 a dollar
from previous close of 54.56 at the Interbank Foreign Exchange
(Forex) market and immediately touched a low of 54.56.However,
the local currency later rallied to a high of 54.27 before
concluding at 54.28, a rise of 28 paise or 0.51%. In three
days, rupee has spurted by 64 paise or 1.17%.The dollar index
was trading nearly stable with upward bias ahead of key US
jobs data."Rupee was seen trading above its one week high
against the USD supported by bullish equities and the
disinvestment in RCF which took place today. Government sold a
12.5% stake in RCF to raise about USD 57 million. Strong
recovery in the Euro also supported rupee gains," said
Abhishek Goenka, Founder and CEO, India Forex
Advisors.
|
| In top gear |
|
Maharashtra : Indian
equities clocked in their first weekly gain after five weeks
of decline, amid rallying global equity markets, while traders
turned bullish ahead of the RBI’s monetary policy meet on
March 19.The benchmark indices witnessed huge gains, their
highest in the last 14 weeks after sliding more than 6% since
February. They gained about 4% to end at their highest level
in nearly a month. The 30-share Sensex and 50-share Nifty
advanced 764.7 points and 247.2 points to 19,683.23 and
5,945.70, respectively.While IT stocks led the market rally
for most of the week, blue chips from all sectors gained in
the last two days. TCS and HCL Tech hit their all-time highs
during the week, before ending with gains of 5.4% and 6.7%,
respectively.Infosys also rode the momentum and climbed over
the R3,000-mark for the first time in 23 months on Thursday
before shedding part of the gains and closing the week at
R2,970, up 2%. HDFC, Reliance Industries, L&T, HDFC Bank,
SBI and ICICI Bank were other top gainers, rising
5-8%.
|
| Commodities |
| Iran oil imports may stop as
sanctions scare insurers away |
|
Delhi : India is set to halt
all crude imports from Iran with insurance companies saying
that refineries processing the oil will no longer be covered
due to Western sanctions, head of refiner MRPL said on
Friday.India is Iran's second-largest buyer, accounting for
around a quarter of its oil exportsworth around $1 billion a
month. “If a cover is not available, all Indian refiners will
have to halt imports from Iran or else they will have to take
a huge risk,” PP Upadhya, managing director of Mangalore
Refinery and Petrochemicals, said.MRPL is India's biggest
buyer of Iran crude.“Insurance companies said if I buy Iranian
crude, my refinery's insurance cover will be cancelled...If we
don't get insurance for the refinery, we will have to stop
buying Iranian crude.”It was not immediately clear why this
has become an issue now, several months after Europe and the
US introduced tough sanctions aimed at Iran's oil trade to
force Tehran to the negotiating table over its nuclear
programme.
|
| MERGER &
ACQUISITION |
| Bookmyshow acquires Chennai-based
rival |
|
Maharashtra : Ticketing
portal Bookmyshow.com has acquired a Chennai-based
Ticketgreen.com for an undisclosed amount. Ticketgreen catered
to the entire South Indian market.Bookmyshow is owned by
Bigtree Entertainment, which has investments by private equity
player Accel Partners and media firm Network 18.The
acquisition of Ticketgreen comes seven months after Accel
Partners infused Rs 100 crore in the movie ticketing firm.
With this deal, all key assets of Ticketgreen will be
transferred to Bookmyshow.com along with all existing cinema
partnerships under the Ticketgreen brand, said Ashish
Hemrajani, founder, Bookmyshow.com.
|
|
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| Economy |
| India |
| Effective policies can fix inflation: D
Subbarao |
| Stage set for 2nd coal-based power project in
Gujarat |
| More sops for exports to targeted
markets |
| Media & entertainment industry to grow at
11.8% in 2013 : report |
| |
| International |
| Sturdy job gains offer hope for US
economy |
| Banks pass Fed's tests; critics say it was
easy |
| China February exports surge, supports recovery
hopes |
| |
| Corporate
Watch |
| Future Generali Life Insurance sells 22.5%
stake to IITL |
|
Maharashtra : India's top retailer
Future Group has agreed to sell 22.5% stake in its life
insurance joint venture with Italy's Generali Group to
Industrial Investment Trust Ltd in a deal estimated at 280-300
crore.The deal will value Future Generali India Life Insurance
Co at approximately 1,250 crore. In a filing to Bombay Stock
Exchange, Future Group's listed firm Pantaloon Retailsaid that
it has entered into a share-purchase agreement with
non-banking finance company Industrial Investment Trust (IITL)
to sell 22.5% holding in the life insurance venture.
|
| Suzlon board okays new equity
issue |
|
Maharashtra : Suzlon Energy’s board
on Friday approved issuing fresh equity to lenders as part of
the corporate debt restructuring package requirement of
converting interest costs into equity. This will increase
Suzlon’s total share base from 177 crore shares to 219 crore
shares by April, 2013. Suzlon will be seeking shareholder nod
next week through postal ballot for the fresh issue of shares.
Around 42 crore shares would be issued in April 2013, and the
rest would be issued in one or more tranches till September
2014, the company said. With this, the authorised share
capital is projected to increase to R291 crore by September
2014.
|
| ASUS aiming for 10 % share in laptop
industry |
|
Andhra Pradesh : Asus, the
$12-billion Taiwan-based personal computer vendor, is just two
years old in India. But it is looking to catch up with
competitors Lenovo and Acer to gain a significant market share
for its notebooks and tablets. Before December, Asus plans to
set up 140 exclusive stores to sell its products across the
country, taking its store count to 200. On an average, two
stores will be set up every week for the rest of the year,
according to Peter Chang, Regional Head, South Asia and
Country Manager, System Business Group, Asus India.
|
| Serco crosses $1 b
revenues |
|
Maharashtra : Serco Global
Services, formerly Intelenet Global Services, has joined the
big league of BPO companies after it posted £716 million
(about $1.1 billion) in revenues.The company has joined the
likes of BPO firms such as Essar Group’s arm Aegis and
Genpact.Intelenet, the Indian BPO company, was acquired by
Serco for about Rs 2,772 crore in 2011, making it the largest
acquisition in the Indian BPO space. Intelenet’s founder Susir
Kumar heads Serco Global Services as its executive
chairman.
|
| |
| Tenders
& Assignment |
Karnataka State Pollution Control
Board ![]() |
Description :Reputed
Chartered Accountants Registered at Charlered Accountants
institute of karnataka for Internal Audit of Account fo the
Board or the year 2013-2014, 2014-2015 & 2015-2016.
Last Date : 18/03/2013
Address :Karnataka State Pollution
Control Board Parlsara Bhawan, 1st to 6th Floor #49, church
street, Banglore- 660001 Phone
:25581383 E-Mail :ho@kspcb.gov.in
|
State Project Facilitation Unit ![]() |
Description :Expression of
Interest for Consultancy Services for Statutory Auditor &
Internal Auditor. Last Date :
19/03/2013 Address :State Project
Facilitation Unit 3, Mahapalika Marg, Opp Metro, Mumbai-
400001 Phone :022-30233419
E-Mail :maharashtra.spfu.finance@gmail.com
|
Rural Development And Panchayati Raj Department -
Raibag taluk ![]() |
|
Description : Procurement of
Services of Chartered Accountants for Accounting in Grama
Panchayats in Raibag taluk in district.
Last
Date : 19/03/2013
Address
:Raibag taluk in Belgaum district,Belgaum - Karnataka
|
Rural Development And Panchayati Raj Department -
Athani ![]() |
|
Description :Procurement of
Services of Chartered Accountants for Accounting in Grama
Panchayats in taluk
Last Date :
19/03/2013
Address :Athani taluk in
Belgaum district,Athani - Karnataka
|
Rural Development And Panchayati Raj Department -
Ramdurg Taluk ![]() |
|
Description :Procurement of
Services of Chartered Accountants for Accounting in Grama
Panchayats in Ramdurg Taluk
Last Date
: 19/03/2013
Address
:Ramdurg taluk in Belgaum district,Belgaum -
Karnataka
|
Rural Development And Panchayati Raj Department -
Saudatti taluk ![]() |
|
Description :Procurement of
Services of Chartered Accountants for Accounting in Grama
Panchayats in Saudatti taluk in district
Last
Date : 19/03/2013
Address
:Saudatti taluk in Belgaum district
Karnataka
|
Assam State Seed Certification Agency
![]() |
|
Description :From the
intending Registered C.A. Films for internal audit of Assam
State Seed Certification Agency (ASSCA ) for the period from
2011-12 and onwards.
Last Date :
25/03/2013
Address :Assam State Seed
Certification Agency Ramkrishna Mission Road, Ulubari,
Guwahati-7
|
Northern Coalfields Limited ![]() |
|
Description :Selection and
appointment of cost auditor - Expression of Interest for
Empanelment of Cost Accountant Firms for Statutory Cost Audit
in Northern Coalfields Limited for Cost Audit for Companies
(Cost Audit Report) Rules2011 for the year 2013-14
Last Date : 02/04/2013
Address :Northern Coalfields Ltd.,
HQ, Singrauli, District Sidhi - 486889 (MP)
Phone :07805-266808
|
Ajmer Vidyut Vitran Nigam Limited ![]() |
Description : Invited from
CA professional firms, forum / registered society / groups
formed by the retired personnel of power companies / erstwhile
RSEB as well as retired officials / officers of accountant
general to conduct internal revenue audit in subdivisions of
avvnl. Last Date : 02/04/2013
Address :City Power House,Hathi Bhata
Jaipur Road,Ajmer Phone :0145-262245
E-Mail :cao_ia@yahoo.in
|
| |
| Reminders |
| Tenders |
| Municipal Corporation Of
Delhi 11/03/2013
|
| District Panchayat -
Rajnandgaon 11/03/2013
|
| Health And Family Welfare
Department 11/03/2013
|
| Urban Administration And
Development 12/03/2013
|
| Indian Bank 12/03/2013
|
| Chhattisgarh State Co.operative Marketing
Federation Limited 12/03/2013
|
| Zilla Panchayat -
yadgir 12/03/2013
|
| Panchayat And Rural Development
Department 13/03/2013
|
| Assam Agricultural Competitiveness
Project 14/03/2013
|
| State Health
Society 14/03/2013
|
| Zilla Panchayat -
Haveri 14/03/2013
|
| Zilla Panchayat - Bagalkote -
Karnataka 14/03/2013
|
| National Rural Health
Mission 14/03/2013
|
| National Rural Health
Mission 15/03/2013
|
| Municipal Council 15/03/2013
|
| Industrial Investment Bank Of India
Limited 15/03/2013
|
| Panchayat And Rural Development
Department 15/03/2013
|
| Rural Development
Department 15/03/2013
|
| Mahanadi Coalfields
Limited 15/03/2013
|
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