| Professional
News |
| International
Taxation |
| India and Albania signed an Agreement
for Avoidance of Double Taxation |
|
Delhi : The Union Government
of India and Government of Albania on 8 July 2013 signed an
Agreement for Avoidance of Double Taxation and the Prevention
of Fiscal Evasion with respect to the Taxes on Income and on
Capital (DTAA). The agreement was signed to provide tax
stability for the residents of both the nations. It would also
facilitate mutual economic cooperation between the two
countries. The signed agreement would also stimulate the flow
of investment, technology and services between India and
Albania. The agreement incorporates provisions for effective
exchange of information between tax authorities of the two
countries, which also includes exchange of banking information
and supply of information without recourse to domestic
interest.
|
| CUSTOMS |
| Anti-dumping duty on rubber chemicals
extended |
|
Delhi : The Finance Ministry
has extended the validity of existing anti-dumping duty on
certain rubber chemicals from China and South Korea by one
year.The anti-dumping duty on rubber chemicals MBT, CBS, TDQ,
PVI, and TMT imported from China will remain in force till May
4 next year, the Revenue Department has said.For PX-13 (6PPD)
imports from South Korea, the existing anti-dumping duty will
also be continued till May 4, 2014.These chemicals are used in
treating natural rubber and synthetic rubber-based
compounds.The Revenue Department move follows the initiation
of sunset review investigation on these rubber chemicals by
the designated authority in the Commerce Ministry.
|
| Food Min in favour of 7.5% import
duty on pulses |
|
Delhi : The Food Ministry is
in favour of a 7.5% import duty on pulses as against 10%
suggested by the Commission for Agriculture Costs and Prices
(CACP) to boost domestic production. India, the largest
producer of pulses, imports about three million tonne of
lentils every year to fulfil its domestic demand. Pulses
imports are being permitted at zero duty since 2006 to ensure
availability here."The Food Ministry has taken note of the
CACP's recommendations on pulses. It is in favour of raising
import duty to 7.5%," a senior government official told
PTI.The import duty hike is necessary at this point to protect
domestic farmers because imported pulses like tur have become
cheaper as compared to the domestic, especially after the hike
in the minimum support price (MSP), he said.
|
| RBI |
| Rupee gains after RBI, Sebi restrict
speculative trading |
|
Delhi : The rupee rallied on
Tuesday from a record low in the previous session after
regulators restricted speculative trading in currency
derivatives, although the measures are expected to provide
only brief respite for the currency.Late on Monday the Reserve
Bank of India banned banks from proprietary trading in
domestic currency futures and options, while Securities and
Exchange Board of India (Sebi) doubled the margin requirement
on the domestic dollar-rupee forward trade.The steps are the
latest by regulators to curb speculative trading, which would
pare short positions in the rupee, after some bankers said
they had been discreetly asked last month by the RBI to trim
intraday open positions.
|
| Non-banking asset finance companies
can mop up external debt |
|
Maharashtra : The Reserve
Bank of India has allowed non-banking asset finance companies
to raise debt from overseas through the automatic route. In a
notification issued to banks on Monday, the RBI said it has
decided to allow non-banking finance companies categorised as
asset finance companies, or AFCs, to avail of external
commercial borrowings (ECB) of up to $200 million, or about Rs
1,200 crore, a year, subject to conditions.
|
| RBI's regulatory forbearance keeps
mounting NPAs in check |
|
Maharashtra : Piling up of
bad loans would have hit the banking sector by nearly R2.7
lakh crore — about 60% more than the currently reported
non-performing assets of Rs 1.8 lakh crore — if it wasn't for
regulatory forbearance of the RBI. Since 2008, RBI had relaxed
norms for restructured loans several times and allowed lower
provisioning for select categories of loans. The central
bank's well-intentioned regulatory relaxations have prevented
a rise of nearly R90,000 crore in the NPAs. These relaxations
include allowing unsecured loans to micro-finance companies to
be restructured in 2011, and recently allowing second
restructuring of loans on a case-to-case basis. State
electricity boards and the aviation sector are two notable
examples wherein loans were restructured for a second time,
but were not classified as non-performing assets.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Multi-brand retail: Ministries push
for more flexibility in local
sourcing |
|
Delhi : The consumer affairs
and micro, small and medium enterprises ministries ((MSME)
have pushed for more flexibility in local sourcing clauses
instead of hiking the FDI cap to 74% in multi-brand retail.The
MSME ministry has proposed that even after an MSME loses its
tag after growing from its present size, the foreign investor
in multi-brand retail should be allowed to source from it in
order to comply with the mandatory 30% sourcing requirement
from MSMEs. Both these ministries have, however, opposed any
further increase in the foreign direct investment cap for
multi-brand retail as suggested by the Mayaram committee last
month. Incidentally, even the commerce ministry has not
supported the Mayaram committee proposal of increasing the FDI
cap in multi-brand retail from 51% to 74%. Instead, it is
working on bringing out more clarifications as sought by the
global retailers such as Walmart, Carrefour, Tesco, sources
said.
|
| Finance & Money
Markets |
| RelCap PE exits DTDC, sells stake to
French co for Rs 158 cr |
|
Maharashtra : Anil
Ambani-led Reliance Capital's private equity business has sold
its entire stake in courier company DTDC to French express
logistics firm GeoPost SA for Rs 158 crore. "Reliance Private
Equity has sold their entire 39.51% stake to French company
GeoPost for Rs 158 crore," DTDC Executive Director Abhishek
Chakraborty told PTI today.He said Reliance Private Equity had
bought the stake in 2006 for Rs 66 crore.As part of the deal,
GeoPost, which is a part of the French postal department La
Poste Group, has agreed to invest additionally in the domestic
courier major towards business development purposes, through a
primary infusion, Chakraborty said, adding that the French
company's final stake will stand at 42%.
|
| LIC to buy Rs 40,000 crore worth
shares in current fiscal |
|
Maharashtra : Life Insurance
Corporation (LIC), the country's largest life insurer, will
buy shares of around Rs 40,000 crore in the current financial
year, a one-third increase over the previous year, partially
blunting the impact of recent FII outflows from Indian
stocks."We are contrarian players and for us it is never a bad
time. The last one month was not good for the markets in the
conventional sense, so it gave us a good opportunity to buy.
We will invest Rs 40,000 crore in the stock markets this
year," LIC Chairman SK Roy told ET in his first media
interview after assuming charge earlier this month.
|
| Delivery-based deals hit a 9-year low
in equity markets over poor sensex
performance |
|
Maharashtra : Trades
resulting in delivery on stock exchanges, or delivery-based
transactions, have hit a nine-year low in Indian equity
markets as investors - institution and retail - choose to stay
away from the Street due to rising uncertainty, at home and
abroad. The average monthly delivery-based transactions have
dropped to 75 lakhs in May 2013 from a high of Rs 1.64 crore
in 2007-08. The markets have actually gone back to the 2004
levels,
|
| In a slowing economy even debt recast
offers little relief to companies |
|
Maharashtra :
Financially-troubled companies often use debt restructuring as
a tool to fight their way out of trouble, but over the past
three years, with a slowing economy, falling order book,
deteriorating demand and declining equity value, the operating
profitability of most of the restructured companies have taken
a knock, and their debt-servicing ability has worsened. With
companies continuing to post operating losses, total debt
levels have gone up 20% in FY13 despite some equity
conversions, shows a Credit Suisse study on debt recast of 17
large companies over the past 18 months, with aggregate loans
of RS 58,000 crore.
|
| Over 200 i-bankers out of deals, jobs
because of falling markets, limited
deals |
|
Maharashtra : More than 200
i-bankers employed in domestic and foreign investment banks
have been forced to quit or asked to leave since June last
year because of a decline in the number of deals and falling
stock markets. Not all have found jobs. While some are
struggling to set up a business of their own, others are
moving to smaller firms in search of an anchor or being forced
to consider industry jobs. Slowing deal cycles and lacklustre
equity markets, which have hit fund-raising plans, have forced
investment banks in India to go through cost-cutting pain,
most of which has come from pruning team sizes. Over the past
year, around 233 bankers either quit their jobs or were shown
the door against only 103 who have switched jobs.
|
| Commodities |
| CTT TAKES TOLL ON COMMEXES TRADE
VOLUMES |
|
Maharashtra : Commodity
transaction tax (CTT) seems to have taken a toll on trader
participation in products like gold, silver, base metals, soya
oil futures in the first week of its imposition. Average daily
turnover (ADT) on metals and energy bourse MCX has declined by
38.5%, and on NCDEX by 26.5% compared with their six-month
daily average volumes, in-house data from a leading retail
brokerage shows. The higher cost of trading has resulted in
declining volumes, thereby widening the buy-sell spreads which
has discouraged jobbers, short-term traders and arbitrageurs,
who act as counter-parties to genuine users, according to
brokers. They said the bid-ask spread on most active commodity
futures gold has on an average more than doubled from. 2-3 to
Rs. 7-8 per 10 gm. Higher trading cost raises the breakeven
point (below or above which losses or profits are made),
|
| PSU metal, mining stocks on a
downward spiral |
|
Delhi : Flawed government
policies and fears of a fresh round of share sales has led to
stocks of state-owned metal and mining companies hitting five
to seven year lows. All these companies have corrected by over
70% from their highs in 2007-08 and with falling commodity
prices, the trend is likely to continue for the next few
quarters, according to analysts.Investors are now avoiding
these stocks despite the strong balance sheets of these
companies and attractive valuations.
|
| History signals a better second half
for gold |
|
Delhi : Investors in gold
funds, whose value slumped a record $44.7 billion in the
second quarter, may do better in the second half of the year
if history is any guide.Gains averaged 1.3% in the second half
from 1981 to 2000, when gold endured a two-decade bear market,
data compiled by Bloomberg show. First-half losses averaged
3.9% in the period.Investors sold 404.4 metric tonne from
exchange-traded products backed by the metal in the second
quarter as prices tumbled into a bear market in April.
|
|
![]() |
| Economy |
| India |
| Railways' earnings up by 12% |
| Falling rupee makes India hot tourist
destination |
| Indian economy seeing signs of upward momentum:
OECD |
| PM to seek India Inc input on
economy |
| Boost economy, rupee will move up in
tandem |
| |
| International |
| Greece, creditors reach
agreement |
| US set to begin crackdown on tax
evasion |
| |
| Markets
Today |
| NSE |
5,859.00
|
|
| BSE |
19,439.48
|
|
| NASDAQ |
3,484.83
|
|
| |
|
|
| USD |
60.17
|
|
| EURO |
77.36
|
|
| JPY(100) |
59.44
|
|
| GBP |
89.45
|
|
|
| |
| Corporate
Watch |
| Red tape, graft mean India not such a super
market for Wal-Mart |
|
Maharashtra : Wal-Mart's India
expansion is stalled. When India announced last September that
it would allow foreign supermarket chains to take majority
ownership of their Indian operations, it marked a victory for
Wal-Mart Stores Inc, which had spearheaded efforts to open the
market and said its first retail store would open within two
years.
|
| Audi may begin manufacturing luxury cars in
India to boost sales |
|
Maharashtra : Audi, the Volkswagen
Group owned luxury carmaker, is considering manufacturing
certain models of its luxury cars in India instead of
assembling them here, reflecting its confidence in the Indian
luxury car market.ET learns Audi had recently undertaken a
study to manufacture cars at its parent Volkswagen's plant in
Chakan, Maharashtra.Three people
|
| Bharti Airtel repays debt worth Rs 6,796
cr |
|
Delhi : Bharti Airtel, the
country's largest telecom operator, has said it has reduced
its debt by over 10% from the proceeds of a 5% stake sale to
Qatar Foundation Endowment. 'It will result in an improvement
in the capital structure and balance sheet leverage for the
company,' the Sunil Mittal-promoted company said on Monday.
The stake sale, announced two months ago, had fetched it Rs
6,796 crore. Experts say this will lower Bharti's net debt to
EBIDTA ratio from 2.57 times, as reported for the year ending
March 2013, to at least 2.3 times. 'Since the company would
have been servicing this debt in the meantime, margin could
actually improve by a few more points,' an industry expert who
did not wish to be named said.
|
| SAT blow prompts Gillette promoters to mend
fences |
|
Maharashtra : The frosty
relationship between Gillette India’s owners — Procter &
Gamble (P&G) and Saroj Kumar Poddar — might be thawing.
P&G and Poddar have restarted talks to decide how much
stake the two could sell to comply with the minimum public
shareholding requirements.This comes on the heels of the
Securities and Exchange Board of India (Sebi)’s move to place
restrictions on their shareholder rights after the Securities
Appellate Tribunal (SAT) quashed an appeal against the
regulator, which had rejected a plan entailing
reclassification of promoter holdings to comply with the
public shareholding norms.
|
| |
| 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
|
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
|
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
|
Delhi State Civil Supplies Corporation
Limited ![]() |
|
Description :Appointment of
Internal Auditors for the year 2013-14. 1.Hiring of misc.
Services, consultancy services
Last Date
: 24/07/2013
Address :Delhi
State Civil Supplies Corporation Limited Aapurti Bhawan,7-9
Aram Bagh,New Delhi
|
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
|
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
|
Hindustan Aeronautics Limited ![]() |
Description :Appointment Of Internal
Auditors
Last Date : 31/07/2013
Address :Multi State
|
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
|
| |
| Reminders |
| Tenders |
| Jammu And Kashmir Rural Road Development
Agency 10/07/2013
|
| North East Centre For Technology Application And
Reach 10/07/2013
|
| Madhya Pradesh State Agro Industries Development
Corporation Limited 10/07/2013
|
| Army Public School - Lucknow Uttar
Pradesh 10/07/2013
|
| National Rural Health Mission -
srinagar 10/07/2013
|
| Garhwal Mandal Vikas Nigam
Limited 10/07/2013
|
| Board Of Secondary Education - Ajmer
Rajasthan 11/07/2013
|
| 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
|
| District Rural Development
Agency 15/07/2013
|
| Diversified Agriculture Support
Project 15/07/2013
|
| Department Of Police - Andaman And
Nicobar 16/07/2013
|
| Housing And Urban Development Corporation
Limited 16/07/2013
|
| |
| Notifications
& Circulars |
| INCOME
TAX |
| CIRCULAR NO.
5/2013 (Delhi) 29/06/2013
|
| The Central Board of Direct Taxes had issued Circular No.
2 (hereinafter called "the Circular") on 26th March 2013
regarding application of Profit Split Method |
| CIRCULAR NO.
6/2013 (Delhi) 29/06/2013
|
| It has been brought to the notice of CBDT that there is
divergence of views amongst the field officers and taxpayers
regarding |
| SEBI |
| CIR/MRD/DP/ 22
/2013 (Maharashtra) 08/07/2013
|
| Revised Position Limits for Exchange Traded Currency
Derivatives |
| RBI |
| Notification
No.RBI/2013-14/124 (Delhi) 08/07/2013
|
| Exim Bank's Line of Credit of USD 10 million to the
Government of Seychelles |
| Notification
No.RBI/2013-14/125 (Delhi) 08/07/2013
|
| Deferred Payment Protocols dated April 30, 1981 and
December 23, 1985 between Government of India and erstwhile
USSR |
| Notification
No.RBI/2013-14/126 (Delhi) 08/07/2013
|
| External Commercial Borrowings (ECB) Policy - Non-Banking
Finance Company – Asset Finance Companies (NBFC - AFCs) |
| Notification
No.RBI/2013-14/127 (Delhi) 08/07/2013
|
| Risk Management and Inter Bank Dealings |
| F. No.4 (2)
W&M/2013(i) (Delhi) 08/07/2013
|
| Auction for Sale (Re-issue) of ‘8.33 per cent Government
Stock, 2026’ |
| F. No.4
(2)-W&M/2013(ii) (Delhi) 08/07/2013
|
| Auction for Sale (Re-issue) of ‘8.32 per cent Government
Stock, 2032’ |
| F. No.4
(1)-W&M/2009(iii) (Delhi) 08/07/2013
|
| Auction for Sale (Re-issue) of ‘7.40 per cent Government
Stock, 2035' |
| Notification
No.RBI/2013-14/123 (Delhi) 05/07/2013
|
| Anti-Money Laundering (AML)/Combating of Financing of
Terrorism (CFT) - Standards |
| |
|
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