| Professional
News |
| INCOME
TAX |
| Gross Direct Tax Mopup Rises 11.5% In
April-June |
|
Delhi : Gross direct tax
collections jumped 11.5% in the first three months of this
fiscal from a year ago, short of the budget estimate of around
18% growth for the full 2013-14. April-June direct tax
collections added up to Rs.1,23,993 crore against Rs.1,11,183
crore in the same period last year. Corporate taxes rose 7.82%
go Rs.76,115 crore. The government has budget a collection of
Rs.419,520 crore for full year, a 17% increase over last
year.
|
| CUSTOMS |
| Import duty on sugar raised to
15% |
|
Delhi : The government on
Tuesday hiked import duty on sugar to 15 percent from 10
percent to help the industry clear Rs 9,000 crore cane arrears
to farmers-- a move that would make the sweetener costlier for
the common man. In a notification issued by the Central Board
of Excise and Customs (CBEC), the duty of both raw and white
(refined) sugar have been raised to 15 percent.The sugar
imports have been putting pressure on domestic prices and have
prevented millers from clearing cane arrears to
farmers.Currently, millers in Uttar Pradesh are selling sugar
to wholesalers at rates lower than even the production cost,
according to the industry experts.
|
| SERVICE
TAX |
| DGCEI finds Rs 200 cr tax evasion by
debt recovery agents |
|
Maharashtra : The Central
Excise Intelligence has found service tax evasion of about Rs
200 crore by around 2,000 debt recovery agencies working for
ICICI Bank. "Our estimate is that the evasion is to the tune
of Rs 200 crore by the agencies which are engaged in
recovering debts for ICICI Bank," said a source at the
Directorate General of Central Excise Intelligence (DGCEI).
Till now, the DGCEI has come across tax evasion worth Rs 25
crore, the source said.
|
| SEBI |
| SEBI to Sumangal Ind: Wind up, refund
money to investors |
|
West Bengal : The Securities
and Exchange Board of India has issued wind-up notice to
Sumangal Industries Ltd (SIL) for its collective investment
schemes (CIS).In an order made on Tuesday, the market watchdog
instructed the Bengal-based company to refund investors the
promised (“due”) returns within three months ending October
8.ASSURED RETURNS“Sumangal Industries Ltd shall not collect
any money from investors or launch or carry out any collective
investment schemes including the scheme which has been
identified as CIS in this Order,” the SEBI said.SIL has been
mobilising funds from investors assuring returns of 20-100 per
cent through its “Flexi Potato Purchase Scheme.”
|
| RBI |
| RBI curbs currency derivatives trade
by banks even as Sebi raises margin for non-bank
traders |
|
Maharashtra : The combined
assault of the banking and market regulators on currency
speculation helped the rupee recover and brought in signs of
stability, though a sustained recovery might prove elusive
unless the trade balance improves.The Reserve Bank of India
banned banks from indulging in proprietary trading in currency
derivatives, which took the pressure off the currency, and the
Securities & Exchange Board of India raised margin
requirements for non-bank traders in a notification issued
late on Monday evening.
|
| RBI may ask oil firms to buy dollar
from single bank |
|
Maharashtra : The Reserve
Bank of India (RBI) is set to ask state-run oil companies to
centralise their dollar purchases in a single public sector
bank. The move to end speculation in the rupee caused by
competitive quotes taken from multiple banks was finalised in
a meeting held at the finance ministry last week.Oil marketing
companies (OMCs) now seek multiple quotes for their dollar
requirements, estimated at $8-8.5 billion every month.A
petroleum ministry official said based on a meeting held at
the finance ministry last week,
|
| FDI
Policy |
| Government's plan to raise sectoral
FDI caps faces opposition from
ministries |
|
Delhi : The government's
latest push to ease FDI caps may be set for a bumpy ride with
several ministries and departments, including those of defence
and civil aviation, raising concerns over the proposal.A panel
headed by department of economic affairs secretary Arvind
Mayaram has suggested raising the foreign direct investment
cap in multi-brand retail to 74% and allowing up to 49%
investment in most sectors, barring sensitive ones, through
the automatic route
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Insurance Bill holds key to trade
talks |
|
Delhi : The coming monsoon
session of Parliament seems to be holding the key to finally
have a trade deal signed between India and the 28-nation
European Union (EU). This is because of widespread expectation
that during this session, Parliament might take up the
Insurance Laws (Amendment) Bill 2008, that seeks to raise the
foreign direct investment (FDI) cap in the sector from 26 per
cent to 49 per cent. Allowing more FDI in the sector has been
one of the foremost demands of the EU under the free trade
talks that started in 2007,
|
| Finance & Money
Markets |
| Market volatility is opportunity,
says Temasek India head |
|
Maharashtra : Call it a
study in contrast. At a time when Singapore's sovereign
investor Temasek Holdings is coming under increasing pressure
to have a relook at its large Chinese banking sector exposure
on account of slow growth, in India it is aggressively
pursuing investments in banks and non-banking financial
institutions (NBFIs). In the last one year, out of the four
investments Temasek has made in India, two are in financial
services. They include Axis Bank and Shriram Commercial
Vehicle Finance. Interestingly, in 2012, the sovereign's
investment arm part exited its investment in ICICI Bank by
selling Rs 1,500 crore worth of shares in the country's
largest private sector lender.
|
| Commodities |
| Jewellers smile as export orders hint
at revival |
|
West Bengal : Gold imports
have dropped drastically in June to 40 tonne from 162 tonne in
May but the export of diamond and diamond jewellery is showing
an upward trend courtesy a revival in demand in the United
States. After a gap of two years, jewellery exporters are
witnessing orders coming from the US for jewellery and the
units operating in Santacruz Electronics Export Processing
Zone (SEEPZ) in Mumbai are flooded with enquiries. The US jobs
data for June has also sparked a fresh hope among jewellers.
The US economy added a net 195,000 new jobs in June, official
figures show. The figure is well above economists'
expectations of 165,000.
|
| Pension/Provident
Fund |
| Pension scheme: Cabinet to take call
on new withdrawal rules tomorrow |
|
Delhi : The Cabinet may
discuss changes in the withdrawal rules for the New Pension
Scheme (NPS) on July 11.The proposal is to permit a subscriber
to withdraw his/her entire fund on retirement, if the amount
is Rs 2 lakh or lower.The condition in all such cases would be
that a subscriber would have to make a request for an
‘opt-out’ option. At present, over 4,400 accounts have
accumulated amounts of Rs 2 lakh or lower. Out of these,
nearly 680 have made a request for withdrawal. However, the
proposal, once approved, will not apply to accounts opened
under the Swavalamban scheme.Normally, an individual can exit
either at or after the age of 60. However, from March 2013,
|
| Banking |
| Banking licence: Who will make it to
the high street of finance? |
|
Delhi : A total of 26
companies have filed applications for a corporate banking
licence with the Reserve Bank of India (RBI). The larger-than
expected response came from across the corporate spectrum from
large conglomerates to small little-known groups. The RBI has
ensured full transparency by publishing the names of the
applicants on its website. The regulator is allowing companies
from sectors as diverse as real estate, construction and
broking to apply although applicants are required to be able
to demonstrate sound credentials as well as an operational
track record of at least 10 years. In addition to being
screened by the RBI, applications will be referred to a high
level advisory committee. As yet, there is no indication as to
who will be represented on the committee the recommendations
of which will decide the criteria necessary to obtain a
licence.
|
| Reminders |
| Tenders |
| Board Of Secondary Education - Ajmer
Rajasthan 11/07/2013
|
| Department Of Sports - Bhiwani -
Haryana 12/07/2013
|
| Department Of Health - Bhiwani
Haryana 12/07/2013
|
| Maharashtra Electricity Regulatory
Commission 12/07/2013
|
| Diversified Agriculture Support
Project 15/07/2013
|
| 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
|
| Housing And Urban Development Corporation
Limited 16/07/2013
|
| Department Of Police - Andaman And
Nicobar 16/07/2013
|
| Chennai Corporation Aids Prevention And Control
Society 17/07/2013
|
| Jammu And Kashmir State Aids Prevention And
Control Society 17/07/2013
|
| Madhya Pradesh Poorv Kshetra Vidyut Vitaran
Company Limited 17/07/2013
|
| |
| Notifications
& Circulars |
| RBI |
| Notification
No.RBI/2013-14/128 (Delhi) 09/07/2013
|
| Anti-Money Laundering (AML)/Combating of Financing of
Terrorism (CFT) – Standards – Primary (Urban) Co-operative
Banks |
| Notification
No.RBI/2013-14/129 (Delhi) 09/07/2013
|
| Direct Benefit Transfer (DBT) Scheme |
| |
|
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| Economy |
| India |
| Ministry pitches for continuation of
highest-priority status for gas |
| India to have the highest internet traffic growth
rate |
| 12th plan yet to be officially printed, but Panel
wants states to be ready for mid-term
appraisals |
| Govt planning regulatory changes to ease capital
inflows |
| India growth projections marginally downgraded by
IMF |
| |
| International |
| Greece wins release of aid, stays lashed to tight
conditions |
| IMF cuts global growth forecast as US expansion
weakens |
| NYSE Euronext to be Libor
regulator |
| China inflation picks up, limits room for policy
easing |
| |
| Markets
Today |
| NSE |
5,816.70
|
|
| BSE |
19,294.12
|
|
| NASDAQ |
3,479.38
|
|
| |
|
|
| USD |
59.67
|
|
| EURO |
76.51
|
|
| JPY(100) |
59.85
|
|
| GBP |
88.97
|
|
|
| |
| Corporate
Watch |
| Government seeks assurance from Jet Airways
on deal with Etihad as operations shift to Abu
Dhabi |
|
Delhi : Spooked by the move to
shift key operations of Jet Airways to Abu Dhabi, the
government will insist that the airline promises to adhere to
all Indian laws, rules and regulations, if it wants approval
for selling a 24% stake to Etihad.A senior official, who did
not wish to be named, said the government was specifically
seeking this assurance as the Jet-Etihad investment proposal
says the operations and
|
| Investors want Apollo Tyres to rethink
Cooper Tire acquisition |
|
Maharashtra : Concerned by the
highly-leveraged acquisition of Cooper Tire, institutional
investors of Apollo Tyres are in dialogue with the management
seeking a rethink on the $2.5-billion all-cash deal. The
investors believe that the company is 'over-paying' for
synergies that will be difficult to achieve and they believe
that the value-destructive deal is already been reflected in
the sharp decline of Apollo shares, that destroyed about Rs
1,500 crore of shareholder value in the aftermath of the deal
announcement.
|
| FMCG companies like ITC may post modest
growth |
|
Delhi : Fast moving consumer goods
(FMCG) companies are likely to face another quarter of modest
growth in volumes - more so in case of discretionary
consumption products. Industry growth, estimated to be in
mid-teens, will largely be volume driven fearing a setback in
volume growth and thanks to lower input cost, most companies
did not raise prices during the quarter to June.
|
| Tech Mahindra’s buyout strategy crucial for
growth |
|
Delhi : Now that the long-awaited
merger with Satyam Computer Services is behind it, software
services firm Tech Mahindra is expected to undergo a valuation
re-rating in the upcoming quarters. The extent of this will
hinge on how well the merged entity derives synergies and
whether it can ensure growth in revenue without impacting
profitability.With over Rs 14,600 crore in revenues in FY13,
the merged entity ranks fifth among software services firms
which are publicly listed in India after Tata Consultancy
Services, Infosys, Wipro and HCL Technologies in the pecking
order.
|
| GMR rejig makes youngest son corporate
chairman |
|
Karnataka : GMR Holdings, apex body
of the GMR Group, has effected a surprise restructuring by
bringing in Kiran Kumar Grandhi, the youngest son of G M Rao,
as corporate chairman. G M Rao continues to be the group
chairman. GMR Holdings controls about 71 per cent in the
publicly held flagship company of the group, GMR
Infrastructure.Grandhi, 38, was earlier in charge of the urban
infrastructure and highways business, which contributes five
per cent of the Rs 10,000-crore revenue of GMR Infra. In the
new role, effected in the past 10 days, he will be in charge
of the corporate strategy,
|
| |
| Tenders
& Assignment |
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
|
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
|
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