| Professional
News |
| INCOME
TAX |
| I-T dept net catches small
transactions, too |
|
Delhi : 65 year old Prabha
Mishra, who has never earned any income in life, was shocked
to receive a letter from the income tax department recently.
It said the Directorate of Intelligence & Criminal
Investigation had information about term deposits she made
last year but she did not pay any tax on the interest earned.
Mishra had opened the term deposits from the money she got as
provident fund after her husband's death.The income tax
department has now asked her to report at its office with
details of the deposits, failing which a penalty of up to 300
per cent of the tax amount would be imposed on her. Similarly,
Arun Srivastava,
|
| SEBI |
| Sebi may further tighten preferential
issue norms |
|
Maharashtra : The Securities
and Exchange Board of India could look at further tightening
of preferential issue norms in a bid to curb the misuse of the
route which allows for selective allotment of securities. The
regulator has considered further disclosure on the source of
funds used for subscribing to such issues, according to the
agenda for the regulator’s last board meeting. Concerns over
the use of front entities by promoters to enhance their stake
in a preferential issue of shares are at the root of Sebi’s
moves in the matter, it said. The regulator had taken the
matter of use of front entities up with the Sebi Committee on
Disclosures and Accounting Standards (SCODA), and acted on its
recommendations on the issue in an initial round of tightening
which were announced in June.
|
| Sebi bans one individual from capital
mkt in Spice IPO case |
|
Maharashtra : Market
regulator Sebi has barred one individual from the capital
market for three years for indulging in fraudulent trade
practices during the initial share sale of Spice
Communications Ltd (SCL) in 2007.In its order dated July 10,
the Securities and Exchange Board of India (Sebi) has
restrained "Tejas Nitin Kanabar from accessing the capital
market and prohibit him from buying, selling or otherwise
dealing in the securities market, directly or indirectly, for
a period of three years."According to Sebi, Kanabar by way of
manipulative, deceptive and fraudulent scheme cornered shares
reserved for retail investors in the initial public offer
(IPO) of SCL by making fictitious applications in the retail
category.
|
| RBI |
| RBI directs oil cos to buy dollars
from one PSU bank |
|
Delhi : The decision follows
yesterday's meeting between RBI and oil firms to discuss
measures to control volatility and high fluctuations in the
exchange rate.With rupee depreciating sharply against the US
dollar, the Reserve Bank today ordered state- owned oil
companies to purchase their dollar requirement from a single
public sector bank so as to curb volatility in the
currency.State oil refiners, who are the biggest buyers of US
dollars, agreed to implement the RBI order with immediate
effect, sources with direct knowledge of the development
said.The companies were even willing to accept RBI selling
dollars directly to them through a single window.
|
| IRDA |
| IRDA favours banks to sell multiple
policy cover |
|
Andhra Pradesh : Sector
watchdog Insurance Regulatory and Development Authority (IRDA)
on Wednesday said it favours banks to sell products of
multiple insurers.Currently, the bancassurance guidelines
allow a bank to sell products of only one life and one
non-life insurer in the capacity of a corporate
agent.According to IRDA, consultations with banks and other
stakeholders are on to finalise the bancassurance
regulations.“Some members have expressed concern over the
draft regulations and we are in discussions with the banks and
stakeholders on the same...Banks have a huge customer base,
but utilisation is not happening in full. So a series of
discussions have been going on as to how best to utilise the
bank branches to penetrate the insurance market,” said T S
Vijayan, Chairman, IRDA.
|
| FDI
Policy |
| Undecided Ministries may delay FDI
cap-hike move |
|
Delhi : Finance Minister P.
Chidambaram’s deadline for a decision on increasing foreign
direct investment (FDI) limits by the third week of July is
likely to be missed, as key Ministries, including Information
& Broadcasting, Home Affairs, Civil Aviation, Space and
Atomic Energy, are yet to submit their views. With the Monsoon
Session of Parliament set to get delayed, officials in the
Department of Industrial Policy and Promotion (DIPP) say they
now have more time to nudge “undecided’’ Ministries to take a
stand.The Government is looking at raising FDI limits across
sectors to attract more investments to check the widening
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Need to include insurance products in
disaster mgmt policy |
|
Andhra Pradesh : The recent
calamity in Uttarakhand and the ensuing damages have prompted
the government to think of including insurance products in the
National Disaster Management Policy."It is perhaps necessary
to embed insurance products into the National Disaster
Management Policy to bring out the role of insurers and
reinsurers in meeting the objective of the national policy,"
said Union Minister of State for Finance Namo Narain Meena at
the inaugural address of the eighth meeting of Asian Forum of
Insurance Regulators here.Insurance plays an important role in
providing relief to the affected areas and lives after a
catastrophic event, he further said."In India,
|
| Guidelines on telecom M&A by
month end: Sibal |
|
Delhi : The government plans
to announce the long-awaited mergers and acquisitions
guidelines by this month end, paving the way for consolidation
in the telecom sector. "I am sure that before 31st of July
that policy will be in place, the guidelines for mergers and
acquisitions," law and telecom minister Kapil Sibal said on
the sidelines of Assocham's roundtable on the legal system.
The Indian telecom sector has at present around 13 mobile
phone service providers with some of them expected to go for
consolidation once the final guidelines are in place. "Telecom
operators are talking to each other. There are three Indian
service providers that are looking for significant stake sale
but waiting for clear guidelines," said an executive of
telecom company, who did not wish to be identified.
|
| Finance & Money
Markets |
| Interest income lifts IndusInd Bank
Q1 net 42% |
|
Maharashtra : ndusInd Bank
reported a 42 per cent jump in net profit to Rs 335 crore in
the first quarter ending June 2013, thanks to robust growth in
interest income and drop in bad loans. The private sector
lender had posted a net profit of Rs 236 crore in the same
quarter last fiscal.Net interest income (difference between
interest earned and expended) soared 40 per cent to Rs 679
crore. Other income rose 48 per cent on the back of increase
in fee and treasury incomes.Net non-performing assets (NPAs)
declined to 0.21 per cent from 0.27 per cent in Q1 FY13.
However, gross NPAs in the quarter increased to 1.06 per cent
from 0.97 per cent.For the first time, the bank also set aside
floating provisions of Rs 50 crore. This improved the bank’s
provision-coverage ratio to 80 per cent from 70 per
cent.
|
| Non-food credit grows
14.3% |
|
Maharashtra : Weak economic
and investment activity has kept non-food credit growth under
15% year-on-year (y-o-y) for the last six fortnights, Reserve
Bank of India data showed. For the fortnight ended May 31,
non-food credit grew a lacklustre pace 14.3% y-o-y to
R52,61,195 crore.Credit growth slipped below 15% y-o-y in the
fortnight ended March 22, 2013, to 14.04% y-o-y. Since then,
the y-o-y credit growth has been range bound between 13.75%
and 14.91%, say RBI data.Bankers said they do not expect any
pick up in demand for loans for new projects in first half of
FY14. For FY14, RBI has projected credit growth of 15%, 100
basis points below last fiscal year.Bankers said in the
absence of a pick-up in corporate loan demand, they will
continue to focus on retail loans.
|
| Rupee back at 59 level, gains 49
paise |
|
Maharashtra : The rupee on
Wednesday climbed 49 paise to 59.65 against the dollar, the
most since June 28, after the RBI and Sebi took steps to curb
volatility, while banks and exporters sold the US currency
which weakened overseas.Support came from foreign capital
inflows into the equity market as overseas investors bought
shares, forex dealers said.The local currency was also helped
after the Reserve Bank, aiming to curb volatility in the
rupee, ordered state-owned oil companies to purchase their
dollar requirements from a single public sector bank.That
followed steps announced by the central bank and capital
market regulator Sebi to curb speculation in the currency
derivatives market after the rupee dropped to a record low of
61.21 on Monday.
|
| Dollar inflows from NRIs into bank
deposits plunge in Aug |
|
Maharashtra : Dollar inflows
from non-resident Indians (NRIs) into bank deposits
unexpectedly plunged in August after having risen sharply for
three consecutive months, data from the Reserve Bank of India
(RBI) showed. Non-resident (external) rupee accounts saw an
inflow of a measly $58 million during August, sharply lower
than $1.01 billion in July.Bankers said that since deposit
rates were slashed for NRIs after domestic rates were cut,
incremental flows could have slowed. Following the RBI's move
to cut the Statutory Liquidity Ratio (SLR) by 100 basis points
in July, several banks slashed their domestic deposit
rates.
|
| Gold ETF Assets in India Drop for
Third Month as Prices Plunge |
|
Maharashtra : The value of
assets in gold-backed funds in India, the world’s biggest
consumer, fell for a third month in June as a bear market in
bullion deepened.Holdings in exchange-traded funds, or ETFs,
declined 9.2 percent to 96.1 billion rupees ($1.6 billion) as
of June 30 from a month earlier, the Association of Mutual
Funds in India said on its website, without giving data on
volume. The value of assets has lost 20 percent since reaching
a record 120.6 billion rupees in January, association data
showed. Gold fell 4.5 percent in rupee terms in June, falling
for a 10th month.
|
| Banking |
| Panel to help local lenders with ways
of raising long-term capital |
|
Maharashtra : The government
has formed a committee with representatives from India's top
insurer and a few state-owned banks to suggest ways of raising
long-term capital for local lenders to meet new international
rules on capital for banks. The mandate of the committee is to
recommend steps to raise perpetual or long-dated bonds which
do not have any fixed maturity, and will be issued by Indian
banks in line with the new Basel rules which kick in from
2014.
|
| Reminders |
| Tenders |
| Maharashtra Electricity Regulatory
Commission 12/07/2013
|
| Department Of Sports - Bhiwani -
Haryana 12/07/2013
|
| Department Of Health - Bhiwani
Haryana 12/07/2013
|
| Uranium Corporation Of India
Limited 15/07/2013
|
| Delhi State Health
Mission 15/07/2013
|
| National Rural Health Mission - Nabarangpur
Orissa 15/07/2013
|
| Rural Development And Panchayati Raj Department -
Mysore Karnataka 15/07/2013
|
| Diversified Agriculture Support
Project 15/07/2013
|
| District Rural Development
Agency 15/07/2013
|
| Housing And Urban Development Corporation
Limited 16/07/2013
|
| Department Of Police - Andaman And
Nicobar 16/07/2013
|
| Jammu And Kashmir State Aids Prevention And
Control Society 17/07/2013
|
| Madhya Pradesh Poorv Kshetra Vidyut Vitaran
Company Limited 17/07/2013
|
| Madhya Pradesh Paschim Kshetra Vidyut Vitaran
Company Limited 18/07/2013
|
| National Safai Karamcharis Finance &
Development Corporation 18/07/2013
|
| |
| Notifications
& Circulars |
| SEBI |
| CIR/IMD/FIIC/9/2013 (Delhi) 09/07/2013
|
| The consolidated FDI policy circular issued by the
Department of Industrial Policy and Promotion, Ministry of
Commerce and Industry, effective from April 05, 2013, s |
| |
|
![]() |
| Economy |
| India |
| Credit, deposit growth almost flat in
April-June |
| Investment treaty, interests of Indian
professionals top Sharma’s US agenda |
| Re depreciation will lift input costs for India
Inc, says Crisil |
| Oil subsidy expected to balloon |
| |
| International |
| P&G to Apple Hurt by Strong Dollar Keep
S&P 500 Profits in Check |
| China warns of 'grim' trade outlook as June
exports fall |
| BOJ stands pat, says economy starting to
recover |
| S&P cuts Italy's rating to BBB, 2 levels
above junk |
| |
| Markets
Today |
| NSE |
5,935.10
|
|
| BSE |
19,676.06
|
|
| NASDAQ |
3,520.76
|
|
| |
|
|
| USD |
59.6
|
|
| EURO |
78.12
|
|
| JPY(100) |
60.10
|
|
| GBP |
90.18
|
|
|
| |
| Corporate
Watch |
| Infosys earnings may fall; all eyes on
Narayana Murthy again |
|
Karnataka : Infosys' first earnings
announcement after the return of N R Narayana Murthy is
expected to put the retired cofounder under a sharp spotlight
as analysts seek clarity on milestones that could signal the
company's return to health.Murthy, who was recalled by the
board last month, may have the unenviable task of paring the
growth forecast for India's second largest software services
exporter as cross-currency swings shave off gains from the
rupee's depreciation against the dollar. The industry veteran
has sought three years to 'rebuild a desirable Infosys' but an
anonymous ET poll of 15 brokerages shows that analysts would
want to know sooner that the rebuilding is indeed taking
roots.
|
| After Abu Dhabi's extra seats, rival
airlines from Gulf clamour for more |
|
Delhi : Close on the heels of Abu
Dhabi being granted additional weekly seats to India,
Emirates, Qatar Airways and Gulf Airways will plead their case
for more seat entitlements. Officials from these airlines are
scheduled to meet finance minister P Chidambaram and civil
aviation minister Ajit Singh early next week; Emirates
confirmed that either president Tim Clarke or other senior
officials would be present at the meeting.The Dubai-based
carrier is looking for an additional 20,000 seats per week as
it fears it could lose market share due to the additional
seats granted to Abu Dhabi. The airline has told Indian
diplomats in Dubai that there needs to be a level playing
field.
|
| Oilcos want leases renewed to make
investment viable |
|
Delhi : A host of existing oil
producers, including the state-owned ONGC, have sought
extensions of their existing leases so as to make their
current investment plans viable. A formal request has been
made by the Association of Oil and Gas Operators (AOGO) to the
oil ministry, saying the extension of the production-sharing
contract (PSC) is a global practice and that this is usually
done till the end of the economic life of the reservoir.An
inter-ministerial committee under the oil ministry has been
set up to examine the issue. The finance and law ministries
are part of the committee.Some of the companies requesting an
extension of PSC in India include Cairn India, which has
sought a 10-year extension of its lease at Rajasthan, Barmer,
that ends in 2020, and also the Ravva block where the PSC
expires in 2019.
|
| Flipkart raises $200 million through
private equity |
|
Karnataka : Flipkart has raised
$200 million from a clutch of private equity funds, the
company said on Wednesday, in what could be the single largest
investment in an e-commerce company in the country.The money
was raised from South African technology group Naspers Ltd and
private equity funds Tiger Global and Accel Partners, Flipkart
said in a statement.All the three companies are existing
investors in the Bangalore-based firm, which will use the
funds for building and strengthening technology capabilities
and bolstering its supply chain, it said.The six-year-old
company offers products across 17 categories and has more than
1 million unique visitors every day, it said.
|
| Tata Steel Q1 sales down 12% from Q4 of
FY13 |
|
Jharkhand : While Tata Steel’s
Indian operations in Q1 of FY14 has shown improvement over the
figures for Q1 of FY13, the steel major has not been able to
improve its last quarter (Q4 FY13) figures in terms of sales
as well as in production of crude and saleable steel.
Production and sales figures released on Wednesday for the
quarter ended June showed sales achieved during the quarter to
be at 2.005 million tonne (mt), a 12% drop compared with the
2.279 mt sales it had achieved during the immediately
preceding quarter, that is Q4 of FY13.However, the company’s
current year Q1 sales figure, when compared to the 1.585 mt
figure it had achieved in Q1 of FY13, is up by
26.5%.
|
| |
| Tenders
& Assignment |
Chennai Corporation Aids Prevention And Control
Society ![]() |
|
Description :Expression of
interest for conduct of statutory audit & internal audit
of accounts
Last Date : 17/07/2013
Address :Chennai Corporation Aids
Prevention And Control Society,Thiru.Vi.Ka
Salai,Mylapore,Chennai-600004
|
Burn Standard Company Limited ![]() |
|
Description :Appointment of
Internal Auditors for Three Years (2013-14 To 2015-16) For
Works
Last Date : 18/07/2013
Address :Burn Standard Company
Limited,Ministry Of Railways 22B,Raja Santosh Road
Alipore,Kolkata-700027
Phone
:033-24488849
|
Uttarakhand Health & Family Welfare
Society ![]() |
|
Description :Hiring services
of chartered accountant firm for quarterly concurrent audit of
state health society (SHS) for the financial year 2013-14)
under national rural health mission (NRHM)
Last Date : 20/07/2013
Address :Uttarakhand Health &
Family Welfare Society Near Rajiv Gandhi Krida Sthal,Danda
Lakhaund, Post Gujrada, Sahastradhara Road,Dehradun
(Uttarakhand
Phone :0135-6510705
|
Eastern Investments Limited ![]() |
|
Description :Appointmentment
Of Internal Auditor Inviting Offers/Bid From Firms Of
Chartered Accountants For Appointment As Internal Auditors Of
The Company For The Year 2013-14
Last Date
: 23/07/2013
Address
:Eastern Investments Limited,Registered Office:
AG-104, “Sourav Abasan”, Sector-II, Salt Lake City,
Kolkata-700 091
Phone :4016-9259
|
Housing And Urban Development Corporation
Limited ![]() |
Description :Appointment Of
Ca Firm For Certification Of Accounts Of Regional Office-Ncr
For F.Y. 2013-14 Last Date :
24/07/2013 Address :Housing And Urban
Development Corporation Limited,5th Floor,Lodhi Road,New
Delhi-110003 Phone :011-24308
E-Mail :ncr@hudco.org
|
Bharat Earth Movers Limited ![]() |
|
Description :Enquiry for
expression of interest for conducting Transaction Auditing for
F.Y.2013-14
Last Date : 24/07/2013
Address :The General Manager,
Corporate Materials, Room No:2 BEML Limited, BEML SOUDHA,
23/1, 4th Main Road, S R Nagar,
Bangalore 560 027
Phone :080-22963179
|
National Rural Health Mission - Chandigarh
Punjab ![]() |
|
Description :Request For
Proposal (RFP) For Appointment Of Concurrent Auditor For State
Health Society (SHS) And District Health Societies (Dhss)
Last Date : 30/07/2013
Address :National ural Health Mission
- Chandigarh Punjab
|
State Aids Control Society - Sikkim ![]() |
|
Description :Expression of
interest from CAG empanelled chartered accountant firms to
conduct of statutory audit of sikkim SACS & internal audit
of NGOs & peripherals for financial year 2013-14
Last Date : 31/07/2013
Address :State Aids Control Society -
Sikkim
Phone :03592-208104
|
Zilla Panchayat - Chamarajanagar
Karnataka ![]() |
|
Description :Expression of
interest for Seeking expression of interest from chartered
Accountant Firms to provide professionals support to gram
panchayats on maintenance of accounts in Double Entry System
in District.
Last Date : 31/07/2013
Address :Zilla Panchayat -
Chamarajanagar Karnataka
Phone
:08226-224013
|
Bihar State Aids Control Society ![]() |
Description :Expression of
Interest for Short Listing Chartered Accountant Firms for the
Internal Audit Last Date : 31/07/2013
Address :Bihar State Aids Control
Society,State Institute of Health & Family Welfare
Building, Sheikhpura, Patna-800014. Phone
: 0612-2290278 E-Mail :
bsacshelp@bsacs.org
|
Government Of Bihar ![]() |
|
Description :Request for
expression of interest for Hiring services of chartered
accountant firms for statutory audit of BKFRP for year 2012-13
Last Date : 01/08/2013
Address :Government Of Bihar,Bihar
Aapda punarwas Evam punarnirman Society
Room No.430,4th
Floor,Vishveshwariya Bhawan,Baily Road,patna-800015
|
Dakshin Haryana Bijli Vitran Nigam
Limited ![]() |
|
Description
:Post-Qualification System (i.e. in Two Parts one for
eligibility criteria and other for rates) from approved/well
established, reputed and experienced Audit Firms of Chartered
Accountants and Group of Retirees of UHBVN, DHBVN,
HVPNL/Erstwhile HSEB headed by not below the rank of Accounts
Officer having at least 5 years experience of audit of
expenditure accounts for engagement to carry out the
expenditure audit of Division/Circle/HO under DHBVN (Details
available in the tender documents) for the period 04/2012 to
3/2013
Last Date : 08/08/2013
Address :Dakshin Haryana Bijli Vitran
Nigam Limited Hisar - Haryana
|
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