| Professional
News |
| INCOME
TAX |
| E-filing of income tax returns to
surge on new norms |
|
Delhi : Electronic filing of
income tax returns is likely to jump sharply this year as the
government has brought down the mandatory limit of online
filing to income above Rs 5 lakh from the earlier Rs 10
lakh."A large number of people come under Rs 5 lakh to Rs 10
lakh category. The lowering of income limit for mandatory
e-filing will give a boost to online filing of returns,"
Vineet Agarwal, a director at KPMG India, said.He said online
filing was becoming increasingly popular and it has helped in
reducing cost and time required for processing the returns."It
is good for both the taxpayers as well as the government. It
is cost effective, takes less time and the processing is
faster," Agarwal said
|
| EXCISE |
| No excise duty on steel plates
supplied to shipbuilders |
|
Delhi : The government has
exempted domestic steel companies from paying excise duty on
supplying steel plates to shipbuilders, a move that would help
both the steelmakers and shipbuilders.Indian shipbuilding
companies currently import most of the steel required, which
constitutes over 33 per cent of the total ship cost.Around 60
per cent of the overall body of a ship is made using steel.
Domestic steel makers have been pitching for this exemption so
that they can compete on equal footing with foreign mills.
Experts say the move will boost the business of steel
companies in the long run. At present, the demand for new
ships has taken a severe hit due to an oversupply of vessels
in the market.
|
| Misc. - Indirect
Tax |
| Ease duty payback for benefit of
exporters Article |
|
Delhi : Exports fell in June
by 4.6 per cent to $23.8 billion from $24.9 billion in the
corresponding month of 2012. While policymakers may speculate
on whether the depreciation of the rupee will help reverse the
decline in exports, the ground-level problems that impose
unnecessary costs and make our exports uncompetitive must
receive due attention. It has been a well-established policy
for decades that duty paid on goods exported must be given
back to the exporters. However, that does happen
automatically. Under Rule 18 of the Central Excise Rules,
2002, the government has issued notification no 19/2004-CE
(NT) dated September 6, 2004, to grant rebate of excise duty
paid on export goods. Part-I of Chapter 8 of the Manual of
Supplementary Instructions issued by the Central Board of
Excise and Customs (CBEC) details the procedures. Even someone
familiar with these procedures and documentation finds that
many a times it takes anywhere between two and three months to
get the rebate of the excise duty. Invariably, there are some
costs associated with getting the rebate
|
| SEBI |
| Forex manipulators under Sebi
lens |
|
Delhi : As rupee continues
to trade near 60 level against the US dollar, certain brokers
and traders have come under regulatory scanner for possible
manipulation in the forex spot and derivative markets.Sebi is
looking into possible manipulations in currency derivatives,
which are forward value contracts for pairs of two currencies
including rupee and dollar, sources said.The regulator also
suspects that brokers and traders might be indulging in
unathorised trading of foreign exchange in the spot forex
market, sources said, while adding that these issues are being
flagged to the Reserve Bank. While it is RBI that mainly
regulates the forex market, the currency derivatives come
under Sebi's jurisdictions and they are traded on the stock
exchanges.However, the suspected manipulations are mostly
taking place outside the stock exchange platform and the
brokers are luring gullible investors to place bets on
currency pairs on promises that rupee is going to touch even
lower levels.
|
| RBI |
| RBI rate cuts may now find their way
to you |
|
Maharashtra : Aided by
comfortable liquidity and stronger deposit growth, banks may
now be able to pass on the benefits of policy rate cuts that
the central bank announced in the past quarters. The Reserve
Bank of India (RBI) had cut 25 basis points (bps) in three
consecutive policy reviews since end January. Banks were,
however, not able cut lending rates as aggressively owing to
liquidity issues and lower credit demand.“After nearly three
years, the gap between deposit and credit growth has closed.
Since mid-2010, credit has been growing far in excess of
deposit growth,” said Sonal Varma, economist at Nomura
Securities. “This widening wedge between deposit and credit
growth has been a key structural factor behind worsening
liquidity conditions,” she added.
|
| FDI
Policy |
| FIPB rejects four FDI proposals,
defers one |
|
Delhi : The government body
that approves foreign direct investments ( FDI) has rejected
as many as four proposals and deferred one in its last meeting
because there was no clarity about sources of funds and
beneficiaries of investments, sending clear signal that
government may be desperate for foreign funds but it will
insist on antecedence of funds. In its June 14 meeting, the
Foreign Investment Promotion Board (FIPB) red-flagged
proposals of MCX, SNAP Networks, Alliance Insurance Brokers
Pvt Ltd, and Mauritius-based Highdell Investment Ltd for
non-disclosure of 'beneficial ownership'.
|
| FDI rises 25 pc to six-month high of
$2.32 billion in April |
|
Delhi : Foreign direct
investment (FDI) into India increased 25 per cent year-on-year
to USD 2.32 billion in April, the highest level in the past
six months.In April 2012, the country had received FDI worth
USD 1.85 billion, according to data from the Department of
Industrial Policy and Promotion (DIPP).In September, 2012,
foreign inflows were USD 4.67 billion. The sectors that
received large FDI inflows during the month include hotel and
tourism (USD 2.32 billion), pharmaceuticals (USD 987 million),
services (USD 238 million), chemicals (USD 51 million) and
construction (USD 32 million), according to the
data.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| New bill proposes central licencing
for some critical drugs |
|
Delhi : Licences for
manufacturing drugs under 17 critical categories will be given
only by the Centre and not by states, a new bill has
proposed.The bill also proposes to set up a Central Drugs
Authority to act as an appellate body for central and state
drug controllers.The Drugs and Cosmetics Bill, 2013, a
comprehensive legislation for the drugs and cosmetics sector,
was cleared by the Union Cabinet on Thursday, sources
said.
|
| Finance & Money
Markets |
| Rupee poised to rally amid prospects
of boost in forex reserves |
|
Maharashtra : The Indian
rupee is poised to rally despite the foreign exchange reserves
falling to a three-year low amid prospects of policy makers
hastening to boost reserves and hopes of a halt to fund
outflows with the Federal Reserve indicating that it will keep
the liquidity tap open for some more time. The rupee, the most
battered currency in Asia, could get a breather this week,
giving the government some time to put its act together to
prevent a further slide. If the rupee continues to slide, it
could revive inflation and throw fiscal deficit calculations
to wind. Traders expect the rupee to be in the 58.50-60 per
dollar range in the near term as debt portfolio outflows,
which have been the main cause of the slide, taper.
|
| Commodities |
| Commodity exchanges' turnover slips
to Rs 41.45 lakh crore in Q1 |
|
Delhi : Turnover of
commodity exchanges fell marginally to Rs 41.45 lakhcrore in
the April-June quarter this fiscal due to drop in trading
volumes of bullion and farm items, according to Forward
Markets Commission (FMC).The exchanges had made a business of
Rs 41.71 lakh crore in the same period last year. Except for
energy futures, trading volumes in farm items, gold, silver
and industrial metals remained lower in the said period,
commodity market regulator FMC said in a statement.
|
| MERGER &
ACQUISITION |
| TechM may buy Polaris' IT services
business |
|
Karnataka : Tech Mahindra,
India's fifth-largest IT services company, is likely to
acquire the IT services business of Chennai-based Polaris
Financial Technology. According to multiple sources in the
know, the company is in an advanced stage of discussions with
Polaris after L&T Infotech, another serious suitor, opted
out of the fray. "Tech Mahindra started the due-diligence
process a little while back. The company seems to be willing
to pay close to what Polaris is asking for. An announcement to
this effect is expected in a couple of weeks," said a senior
industry source, asking not to be named. Apart from Tech
Mahindra, Mumbai-based L&T Infotech had also shown
interest in Polaris' services business. However, after initial
evaluation, the company is believed to have walked away over
valuation issues.
|
|
 |
| Economy |
| India |
| June inflation may be over 4.9%:
Report |
| Falling rupee puts government in a fix, RBI and
policymakers debate over rate hike |
| Market to be weighed down by IIP and inflation
numbers, may recover on positive results |
| Petrol price hiked by Rs 1.55 per
litre |
| |
| International |
| Economic week ahead: Awaiting the Reserve Bank's
rates decision |
| China's economy continues to
slow |
| German anti-euro party stalls before
election |
| |
| Markets
Today |
| NSE |
6,030.80
|
|
| BSE |
20,034.48
|
|
| NASDAQ |
3,600.08
|
|
| |
|
|
| USD |
60.03
|
|
| EURO |
90.34
|
|
| JPY(100) |
59.80
|
|
| GBP |
90.34
|
|
|
| |
| Corporate
Watch |
| Free trade wars: Sony's FTA edge turns LG,
Samsung, Videocon into pout potatoes |
|
West Bengal : Consumer electronics
majors LG, Samsung and Videocon have ganged up to put pressure
on the government to stop ace rival Sony from importing
flat-panel television sets from Thailand and Asean countries
under free trade agreements arguing such imports do not
fulfill 'nil' or concessional duty norms. LG, Samsung and
VideoconBSE 1.17 %, under the aegis of apex industry body
Consumer Electronics and Appliances Manufacturers Association
(CEAMA), have written and made representation to the
ministries of commerce, finance,
|
| Euro trail: Infosys eyes IT, BPO arms of
European companies |
|
Karnataka : Infosys is looking to
acquire technology and back-office services arms of European
companies as they open up to the idea of outsourcing such work
with an eye on cutting costs. The deals that Infosys is
chasing could give it committed business worth $40- $250
million (Rs 240 crore-Rs 1,500 crore) over three to five
years, the Europe head of India's second-largest software firm
said. Such transactions typically involve upfront payment for
buying the facilities of corporations as well as taking over
their employees.
|
| Unitech Group's UCP plans to sell IT SEZ
for Rs 2,700 cr - Rs 3,000 crore |
|
Delhi : AIM-listed Unitech
Corporate Parks has put its 3.6 million sq ft IT SEZ in
Gurgaon on the block and is in talks with US private equity
firm Blackstone, Singapore-based Mapletree, GIC and Kotak
Realty Fund who have shown interest in buying the asset. The
enterprise value of the asset is between Rs 2,700 crore and Rs
3,000 crore, of which Unitech will get around Rs 1,000-1,200
crore as it owns 40 per cent of the asset.
|
| Ashok Leyland stops production at Avia's
Prague unit |
|
Tamil Nadu : Commercial vehicles
maker Ashok Leyland Ltd, a Hinduja Group company, has decided
to stop production at its Czech Republic subsidiary Avia’s
plant in Prague from this month. The company has attributed
the decision to global economic slowdown. Avia Ashok Leyland
Motors has been part of Ashok Leyland since 2006 and producing
trucks in the range of 6.5-12 tonnes GVW (gross vehicle
weight) rating.“Due to the current global economic slowdown,
Ashok Leyland has decided to cease production activities at
the Letnany plant in Prague as of July 31, 2013,” the company
said in a statement. The company, however, will continue to
provide aftermarket support for warranty and spare parts to
all its customers and future products would be made available
from other manufacturing sites of Ashok Leyland, as and when
the economic situation improves. Avia sold 1,003 vehicles in
2012, compared to 600 in 2011, an increase of 67 per
cent.
|
| |
| 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
|
| State Health Society - Patna - Bihar
|
|
Description :Expression of
interest for Concurrent Audit 2013-14
Last
Date : 22/07/2013
Address
:State Health Society,Pariwar Kalyan Bhawan,
Sheikhpura, Patna - 800 014
|
| District Health Society - Simdega
Jharkhand |
|
Description :Hiring of CA
firm for carrying out concurrent audit on monthly basis
support in maintenance of accounts of DRHS office
Last Date : 26/07/2013
Address :Civil Surgeon Office,Sadar
Hospital,Simdega
Phone :06525-225004
|
| Andrew Yule And Company Limited |
|
Description :Reputed audit
firms for selection of internal audit for our different
division & subsidiary company.
Last Date
: 31/07/2013
Address :Andrew
Yule And Company Limited,8, Dr. Rajendra Prasad Sarani,
Kolkata–700001
|
| National Institute Of Fashion
Technology |
|
Description :Appointment Of
NIFT Internal Auditor In National Institute Of Fashion
Technology, Hauz Khas, For The Financial Year 2013-14
Last Date : 31/07/2013
Address :National Institute Of
Fashion Technology,2nd Floor, Administrative Block, NIFT
Campus, Hauz Khas, Near Gulmohar Park, New Delhi – 110016.
|
| Department Of Education - Bhopal Madhya
Pradesh |
|
Description :Providing of
chartered accountant service.
Last Date
: 02/08/2013
Address
:Department Of Education
Bhopal,Madhya Pradesh
|
| |
| Reminders |
| Tenders |
| Department Of Police - Andaman And
Nicobar 16/07/2013
|
| Housing And Urban Development Corporation
Limited 16/07/2013
|
| Chennai Corporation Aids Prevention And Control
Society 17/07/2013
|
| Institute Of Cost Accountants Of
India 17/07/2013
|
| Madhya Pradesh Poorv Kshetra Vidyut Vitaran
Company Limited 17/07/2013
|
| Jammu And Kashmir State Aids Prevention And
Control Society 17/07/2013
|
| National Safai Karamcharis Finance &
Development Corporation 18/07/2013
|
| Burn Standard Company
Limited 18/07/2013
|
| Madhya Pradesh Paschim Kshetra Vidyut Vitaran
Company Limited 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
|
| State Horticulture Mission - Patna
Bihar 22/07/2013
|
| Oil And Natural Gas Corporation
Limited 22/07/2013
|
| State Aids Control Society - Ranchi
Jharkhand 22/07/2013
|
| |
| Notifications
& Circulars |
| RBI |
| Notification
No.RBI/2013-14/136 (Delhi) 15/07/2013
|
| Unsolicited Commercial Communications – National Customer
Preference Register (NCPR) |
| Notification
No.RBI/2013-14/135 (Delhi) 12/07/2013
|
| Know Your Customer Norms/Anti-Money Laundering
Standards/Combating of Financing of Terrorism/Obligations
under PMLA, 2002 |
| |
|
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