| Professional
News |
| INCOME
TAX |
| Direct Taxes Code bill to be
introduced in monsoon session: P.
Chidambaram |
|
Rajasthan : Finance Minister
P. Chidambaram today said official amendments to the Direct
Taxes Code (DTC) bill, which seeks to overhaul the over
50-year old income tax law, will be introduced towards the end
of Monsoon session of Parliament starting August 5.The DTC
bill was introduced in Lok Sabha in 2010 and Standing
Committee on Finance has given a report after its
scrutiny."The report (of the panel) has come. I completed the
exercise in the Ministry of Finance. The official amendments
are now being drafted."They will be ready and I will introduce
the official amendments in the Parliament towards the end of
the Monsoon session and then it is for Parliament to pass it,"
P. Chidambaram said at a press conference here.
|
| CUSTOMS |
| No plans to levy import duty on
pulses now, says Pawar |
|
Delhi : The Government has
no immediate plans to impose any import duty on pulses,
Agriculture Minister Sharad Pawar said on Tuesday. He was
speaking to reporters on the sidelines of the Foundation Day
of the Indian Council of Agricultural Research.The confusion
among pulses traders was triggered following reports that the
Food Ministry was in favour of imposing a 7.5 per cent import
duty.The Commission for Agriculture Costs and Prices (CACP),
in its recommendations, had suggested imposition of a 10 per
cent on duty on imports to boost domestic
production.Currently, there is no duty and importers can bring
in pulses duty free till March 31, according to a Finance
Ministry notification issued in March.
|
| India plans massive duty cut on
Pakistan textile imports |
|
Delhi : In an unprecedented
move, India is planning to drastically slash tariff on import
of textiles from Pakistan in an effort to normalise trading
relations between both countries.Currently, India imposes
30-45 per cent duty on textile products from Pakistan. The
government is planning to bring it down to five per cent and
has not ruled out the option of allowing duty-free access
too.This would be done by reducing the sensitive list of items
India maintains for Pakistan, under which certain items are
not allowed from there. This list is maintained under the
South Asian Free Trade Agreement (Safta).
|
| SERVICE
TAX |
| CBEC to target 12 lakh non-filers of
service tax: Chidambaram |
|
Delhi : The Finance Ministry
has fixed the target of indirect tax collection, comprising
customs, excise and service tax, at Rs 5.65 lakh crore for
2013-14.In a stern message to indirect tax evaders, Finance
Minister P Minister P Chidambaram on Wednesday said the
Revenue Department will target 12 lakh service tax assessees
who have stopped filing returns. "We are targeting 12 lakh
non-filers and stop-filers of service tax," he told reporters
after inaugurating the 28th conference of chief commissioners
and director generals of Central Board of Excise and Customs
(CBEC).
|
| SEBI |
| Sebi may get more power to tackle
Ponzi schemes |
|
Delhi : The Cabinet on
Wednesday will consider measures to check Ponzi schemes, such
as the Saradha chit fund scam that devastated thousands of
gullible investors in West Bengal, by arming stock market
regulator Securities and Exchange Board of India (Sebi) with
enhanced powers to investigate and punish fraudsters. Sebi
will be able to summon any person or entity to assist in an
investigation into a chit fund or a para-banking operation if
the Cabinet accepts a proposal mooted by the finance ministry.
The changes are intended to improve "effective supervision"
and take deterrent action swiftly once a breach of law is
detected.
|
| RBI |
| RBI to help mutual funds facing surge
in redemptions |
|
Maharashtra : The RBI said
on Wednesday that it would provide asset managers with
critical access to special funding as the sector faces a surge
in redemption requests.Short-term interest rates have surged
and shares have slumped after the Reserve Bank of India
unveiled measures late on Monday in an attempt to shore up the
ailing rupee.The temporary, three-day repo borrowing window
for mutual funds will make up to 250 billion rupees available
to asset management companies at 10.25 percent interest,
according to a notification issued on Wednesday.
|
| IRDA |
| Boost for SLB mechanism as Irda
allows insurers to lend idle funds |
|
Maharashtra : The stock
lending borrowing (SLB) mechanism has received a shot in the
arm with the Insurance Regulatory and Development Authority
(Irda) allowing insurance companies to lend a portion of their
holdings through the segment.This has been a long-standing
demand of insurance players that were looking at generating
some income from the large quantum of idle shares in their
portfolio. According to estimates, shares worth nearly R50,000
crore would be available for borrowing by entities interested
in going short on a particular stock.SLB refers to a mechanism
wherein investors can lend their idle shares to other
investors through the clearing corporation/clearing house of
stock exchanges to earn interest income.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| DoT may slash entry fee for internet
service providers |
|
West Bengal : The telecom
department will shortly lower entry barriers for internet
service providers, or ISPs, to shore up broadband penetration
levels even as the government readies to roll out a Rs
21,000-crore national fibre optic network that will take
high-speed internet to India's hinterlands. A DoT panel has
recommended a steep cut in the entry fee and performance bank
guarantee (PBG) requirements for Category B & C ISPs
following their inclusion in the ambit of the unified
licensing regime. (See table).
|
| Direct-selling companies seek clarity
on norms, definition |
|
Delhi : In order to get
legal sanctity and recognition from both central and state
government authorities, the Indian arm of global direct
sellers like Tupperware, Amway, Oriflame and their lobby arm
IDSA may soon approach the commerce ministry. The Rs
7,000-crore direct selling industry, with 18 national players,
are pushing for a clear definition of "direct sellers" and
distinction from multi-level marketing entities, including
those dealing in money circulation schemes. Sources said Amway
representatives in the US are planning to meet commerce
minister Anand Sharma, who is currently on an official visit
to that country, to pursue the matter.
|
| Finance & Money
Markets |
| PM Manmohan Singh clears raft of FDI
proposals but falls short of
expectations |
|
Delhi : The government on
Tuesday delivered on its promise to relax the foreign direct
investment (FDI) regime, allowing 100% foreign ownership in
the telecom sector and in defence on a case-by-case basis, but
fell short of expectations raised by the Arvind Mayaram
committee. Limits in aviation and multi-brand retail remained
unchanged and there appeared to be considerable discretion in
defence, where even 100% FDI seemed to have been allowed in
theory but only if the investment resulted in state-of-the-art
technology coming into the country. The defence ministry will
determine what is state of the art.
|
| Banking stocks crash to four-year
lows as RBI lifts rupee |
|
Maharashtra : The Reserve
Bank of India's shock therapy to cure the bruised rupee has
left a deep scar on the bond market, with yields soaring
across the board as bank stocks plunged to a four-year low
amid speculation by Goldman Sachs that the government may
impose capital controls. The bond market tumult led to five
states, including Gujarat and Karnataka, scrapping their bond
sales, raising doubts about the fate of the central bank's
planned bond sale on Thursday, and the impending bond auction
by the government a day later.
|
| PSU divestment: Govt leaves investors
poorer by Rs 2 lakh crore |
|
Maharashtra : The stake
sales in state-owned companies by the central government for
meeting its divestment target and complying with Sebi's
minimum public shareholding norms have been a disaster for
lakhs of investors who thought of public sector companies as
safe bets. While the government has been able to generate
nearly Rs 33,000 crore since November last year through offers
for sale (OFS), 50 listed PSU stocks have lost over Rs 2 lakh
crore in market capitalisation due to the manner in which the
government sold these shares - at huge discounts to their
prevailing market rates.
|
| Banking |
| Banks that depend on bulk deposits to
be hit |
|
Maharashtra : The Reserve
Bank of India's decision to tighten liquidity through a series
of measures, including limiting bank borrowing through the
liquidity adjustment facility (LAF) to R75,000 crore, is a
negative for banks that are heavily dependent on short-term
funding.Late on Monday, the central bank also announced
open-market sales of government bonds to suck out R12,000
crore in liquidity and increased the marginal standing
facility (MSF) rate by 200 bps to 10.25%. The MSF rate is
considered a penal rate and banks avail of this as a last
resort.India's largest lender, State Bank of India (SBI),
|
|
 |
| Economy |
| India |
| Govt to fully fund CAD, more reforms on anvil:
FM |
| EGoM to decide on changing gas priority on
Wednesday |
| ADB, BofA-ML cut FY14 growth
forecasts |
| Government to speed up Rs 1 lakh crore
infrastructure projects |
| Debt-GDP ratio likely to head south, says Finance
Ministry report |
| |
| International |
| ADB trims Asia growth forecasts on China
slowdown |
| European car sales sink to 20-year
low |
| Hard-pressed families squeezed tighter as
inflation soars to 14-month high |
| |
| Markets
Today |
| NSE |
5,973.30
|
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| BSE |
19,948.73
|
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| NASDAQ |
3,598.50
|
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| |
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| USD |
59.47
|
|
| EURO |
78.09
|
|
| JPY(100) |
59.51
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| GBP |
90.51
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| |
| Corporate
Watch |
| Jet-Etihad deal may skid on valuation
runway |
|
Maharashtra : Etihad Airways, which
had earlier agreed to buy a 24 per cent stake in Jet Airways,
has sought a reduction in the premium it was willing to pay on
the shares of the Indian carrier. This is seen as a condition
put by the Abu Dhabi-based airline for extending the
agreement-closure deadline, which ends on July 31.A top source
associated with the deal said: “The agreement has a clause
that deal can be terminated if requisite permissions are not
received before July 31. However, the discussions are now on
to renegotiate the terms of the deal at a price lower than
that agreed upon earlier.” The two airlines are now discussing
changes in the investor agreement. These include a possible
revision in purchase price.Under the agreement signed by the
airlines on April 24, Jet Airways had agreed to issue 24 per
cent equity to Etihad by way of preference shares in a deal
valued at about Rs 2,060 crore.
|
| Unilever steps up its India
game |
|
Maharashtra : The curtains have
finally come down on one of the largest open offers by a
promoter in an Indian company. At the end of it, the world's
second-largest consumer goods major, Unilever, paid Rs 19,202
crore for 14.78 per cent more in the Indian unit, Hindustan
Unilever (HUL). This takes Unilever's stake in HUL to 67.28
per cent from 52.5 per cent.The stake, although lower than
what the London- and Rotterdam-based company had initially
indicated, gives the maker of Dove shampoo and Liril soap
enough room to elevate its participation in HUL's operations,
besides a larger chunk of the latter's profit and
dividends.
|
| Exide set to rope in new partner for ING
Vysya Life |
|
West Bengal : Battery maker Exide
Industries is scouting for a partner for its wholly owned
subsidiary ING Vysya Life Insurance Company. Speaking to
mediapersons after the company's 66th annual general meeting
held in Kolkata, Exide Industries Managing Director &
Chief Executive Officer PK Kataky said: 'We are in the process
of roping in a new partner for ING Vysya Life Insurance
Company. We plan to issue fresh shares to the new partner
instead of selling our stake...The capital will be used to
further expand the company's automotive battery business.'
|
| Punj Lloyd to refinance up to Rs 1400 cr
debt into dollar loans |
|
Delhi : Engineering major Punj
Lloyd is planning to refinance up to Rs 1,400 crore of debt
into dollar loans over the next six months to cut costs and
soften the impact of a falling rupee, a senior company
official has said. At present, the company's profile of debt,
and its business locations are not in harmony. While about
65-70 per cent loans of Punj Lloyd's Rs 5,500 crore debt pile
is in rupees, 65-70 per cent of its businesses are outside
India. The mismatch has led to a steep rise in finance costs
for the company due to high interest rate regime in India and
has made a big dent in its profitability.
|
| |
| Tenders
& Assignment |
State Horticulture Mission - Patna
Bihar  |
Description :Providing of
Chartered Accountant Services on contract basis.
Last Date : 22/07/2013
Address :Barrack No.13,Main
Secretariat Campus, Patna-800001 Phone
:0612-2521776 E-Mail :md-hort-bih@nic.in
|
| Orissa State Warehousing Corporation
|
|
Description :Engagement of
Part time Chartered Accountant Firm in tho Corporato Office of
OSWC
Last Date : 25/07/2013
Address :Plot No.2 Cuttack
Road,Bhubaneswar-751006
|
| Ahmedabad Urban Development Authority
|
Description :Appointment of
chartered accountants firms for pre-Audit of bills of
non-JnNURM infrastructure projects Last Date
: 29/07/2013 Address
:Ahmedabad Urban Development Authority,Sardar
Vallabhbhai Patel Bhavan,Usmanpura,Ashram Road,Ahmedabad
-380014 Phone :27545051
E-Mail :auda_urban@yahoo.co.in
|
| State Aids Control Society - Gujarat
|
|
Description :Expressions of
interest CAG empanelied chartered accountant firms to conduct
– the statutory audit of State Aids control society, internal
audit of NGOs & peripheral units under state Aids control
society for financial year 2013-14 engagement initially for
one year
Last Date : 31/07/2013
Address :Daman & Diu State AIDC
Control Society 2nd Floor,CHC Campus,Fort Area,Moti
Daman-396220
| tr>
|
| Income Tax Department |
|
Description :Qualified
chartered accounts/firms of CAs for Empanelment to carry out
special audit U/S 142 (2A) of IT act 1961
Last
Date : 31/07/2013
Address
:Income Tax Department.Central Revenue
Building,I.P.Estate,New Delhi-110002
|
| Department Of Education - Bhopal Madhya
Pradesh |
|
Description :Providing of
chartered accountant service.
Last Date
: 02/08/2013
Address
:Department Of Education Bhopal,Madhya Pradesh
|
| Headquarters [ Indep ] Sub Area |
|
Description :CA Audit of
Golden Lion canteens located at the financial year from 010
April 2013 to 31 March 2014
Last Date
: 05/08/2013
Address :Multi
Location - Multi State
|
| |
| Reminders |
| Tenders |
| Burn Standard Company
Limited 18/07/2013
|
| Madhya Pradesh Paschim Kshetra Vidyut Vitaran
Company Limited 18/07/2013
|
| National Safai Karamcharis Finance &
Development Corporation 18/07/2013
|
| National Rural Health Mission -
Dehradun 20/07/2013
|
| Uttarakhand Health & Family Welfare
Society 20/07/2013
|
| State Health Society - Patna -
Bihar 22/07/2013
|
| Oil And Natural Gas Corporation
Limited 22/07/2013
|
| State Aids Control Society - Ranchi
Jharkhand 22/07/2013
|
| Eastern Investments
Limited 23/07/2013
|
| Security Printing
Press 23/07/2013
|
| Housing And Urban Development Corporation
Limited 24/07/2013
|
| Delhi State Civil Supplies Corporation
Limited 24/07/2013
|
| Bharat Earth Movers
Limited 24/07/2013
|
| |
| Notifications
& Circulars |
| RBI |
| Notification
No.RBI/2013-14/140 (Delhi) 16/07/2013
|
| Marginal Standing Facility Rates |
| Notification
No.RBI/2013-14/141 (Delhi) 16/07/2013
|
| Standardization and Enhancement of Security Features in
Cheque Forms/Migrating to CTS 2010 standards |
| Notification
No.RBI/2013-14/142 (Delhi) 16/07/2013
|
| Liquidity Adjustment Facility |
| Notification
No.RBI/2013-14/137 (Delhi) 15/07/2013
|
| External Commercial Borrowings (ECB) Policy Repayment of
Rupee loans and/or fresh Rupee capital expenditure – USD 10
billion Scheme |
| Notification
No.RBI/2013-14/138 (Delhi) 15/07/2013
|
| Bank Rate |
| Notification
No.RBI/2013-14/139 (Delhi) 15/07/2013
|
| Revision in Bank Rate |
| |
|
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