| Professional
News |
| International
Taxation |
| New BIPA text makes tax domicile
must |
|
Delhi : India is set to
limit all benefits given to foreign investors under bilateral
treaties to entities directly incorporated in India as per
local laws in order to prevent offshore transactions involving
Indian assets such as the Hutch-Vodafone deal of 2007 getting
away with tax benefits.The Hutch-Vodafone deal is embroiled in
a bitter Rs 20,000-crore tax dispute. The new draft model
Bilateral Investment Protection Agreement (BIPA) prepared by
the finance ministry says that it covers only corporations
directly owned and controlled in good faith by an investor and
does not include an investment or holding company.
|
| GST |
| GST meet on March 10 to focus on IT
infra |
|
Delhi : Infrastructure is
going to dominate the agenda of the next meeting of the
empowered committee of state finance ministers on March 10,
after Narendra Modi - the Gujarat chief minister and the
Bharatiya Janata Party's prime ministerial candidate - flayed
the central government last week for not readying an
information backbone for the proposed goods and services tax
(GST).
|
| RBI |
| RBI allows direct e-transfer of
inward foreign remittances |
|
Maharashtra : To facilitate
receipt of foreign inward remittances directly into the bank
accounts of beneficiaries, the RBI on Tuesday said it will
allow such remittances to be transferred to the
Know-Your-Customer compliant beneficiary bank accounts through
electronic mode, such as National Electronic Funds Transfer
and Immediate Payments Service.“Foreign inward remittances
received by the bank acting as Indian agent under the money
transfer service scheme,
|
| RBI may sell 91-day Treasury-bills at
9.13 per cent: Poll |
|
Delhi : The Reserve Bank of
India is expected to set a cut-off yield of 9.13 per cent at
its 91-day Treasury bill auction later in the day, a tad below
last week's cut-off yield of 9.1485 per cent, according to a
Reuters poll of 14 traders. The RBI is also expected to set a
cut-off of 9.05 per cent on 364-day T-bills, higher than
previous cut-off yield of 9.0046 per cent, the poll showed.
The RBI will sell Rs 80 billion of 91-day and 60 billion
rupees of 364-day T-bills on Wednesday.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Investors will soon track status of
green nod online; move to bring
transparency |
|
Delhi : In what could well
be UPA's parting gift for investors harangued by India's
suspense-laden environmental clearances blamed for denting the
investment climate in recent years, the government is in the
process of digitising all green clearances so that investors
can go online to apply and track the status of their
clearances.A similar system is also being mulled for the
time-consuming procedures and uncertain outcomes that govern
India's mining clearances regime.
|
| Finance & Money
Markets |
| PSBs announce sale of NPAs worth Rs
5,763 cr to ARCs to clean up books |
|
Maharashtra : As public
sector banks (PSBs) struggle to clean up their loan
portfolios, asset reconstruction companies (ARCs) have been
the usual choice to dispose of such assets.Public sector
lenders, such as Indian Overseas Bank, United Bank of India,
Bank of Maharashtra, Bank of Baroda and Syndicate Bank, have
announced sale of assets worth R5,763 crore to asset
reconstruction companies. The troubled United Bank has said it
will reduce its NPAs by selling assets worth R700 crore to
ARCs.
|
| Growth in retail loan outpaces
non-food credit |
|
Maharashtra : Banks’ retail
loan growth outpaced the overall non-food credit expansion, as
consumers sought financing for more houses and automobiles in
January, RBI data showed on Monday.According to the monthly
sectoral credit data announced by the central bank, retail
loans grew 16.5% year-on-year to an outstanding Rs 10.09 lakh
crore, higher than the 15% growth in banks’ non-food credit
during the month.
|
| Rs gains as easing of Ukraine tension
aids Asian currencies |
|
Maharashtra : The rupee
recovered on Tuesday from its biggest daily fall in two weeks
in the previous session, mirroring a recovery in Asian
currencies after risk sentiment improved on signs of easing
tensions over Ukraine. The gains in emerging market currencies
came after Russia’s president ordered troops in military
drills in central and western Russia to return to base,
increasing hopes of a peaceful solution in Ukraine.“The rupee
has been trading on the risk-on risk-off sentiment. Volumes
are thin as people are avoiding trading in volatile markets,”
said Naveen Raghuvanshi, a senior forex dealer at DCB
Bank.
|
| Commodities |
| Gold loses lustre, brent slips as
Russia-Ukraine tensions ease |
|
Delhi : Key commodities
retreated from the previous session’s multi-month highs in
intraday trade on Tuesday as geo-political tensions in Ukraine
eased after Russian President Vladimir Putin ordered troops to
return to base. Gold fell from a four-month high on Monday,
brent pulled back from an over two-month peak and wheat from
its largest single-day rally in one-and-a-half
years.
|
| Trade ministry seeks zero duty on
iron ore pellets |
|
Delhi : Pressing for
withdrawal of 5% duty on export of iron ore pellets, the
commerce ministry said the levy will discourage shipments of
value-added products."Value-added exports must be encouraged,"
commerce and industry minister Anand Sharma said, adding that
the duty acts as a "disincentive." Commerce secretary Rajeev
Kher said the ministry is talking to the Revenue
Department.
|
| Banking |
| Cos getting banking license will come
under financial pressures |
|
Delhi : One will have to
take a long term call because as we all know that whichever of
these companies gets a banking licence, initially their
business models or rather their finances will come under
pressure which is very clear given the regulatory requirement
of CRR, SLR and such other things. There will be lot of
upfront expenditure in terms of hiring people, in terms of
opening branches, in terms of setting up larger regulatory and
compliance mechanism.
|
| Reminders |
| Tenders |
| Karnataka State Health And Family Welfare
Society 06/03/2014
|
| Uttar Pradesh Bhumi Sudhar
Nigam 06/03/2014
|
| Indian Rare Earths Limited - Kanyakumari Tamil
Nadu 06/03/2014
|
| Uttarakhand Health & Family Welfare
Soceity 06/03/2014
|
| District Panchayat,
Jabalpur 07/03/2014
|
| Department of AIDS Control,Ministry of Health
& Family Welfare 07/03/2014
|
| Government Of Assam 07/03/2014
|
| National Rural Health Mission - Dharamsala -
Himachal Pradesh 08/03/2014
|
| Co.operative
Societies 10/03/2014
|
| Employees Provident Fund Organisation -
Chandigarh Punjab 10/03/2014
|
| West Bengal State Rural Development
Agency 10/03/2014
|
| National Health Mission, U.T.
Chandigarh 11/03/2014
|
| Municipal Corporation - Khandela Sikar
Rajasthan 11/03/2014
|
| Karnataka Rural Road Development
Agency 11/03/2014
|
| Bihar Health & Family Welfare
Department 11/03/2014
|
| Northern Coalfields
Limited 12/03/2014
|
| Navodaya Vidyalaya Samiti - Hyderabad - Andhra
Pradesh 12/03/2014
|
| Uttarakhand State Council For Science And
Technology 12/03/2014
|
| State Project Facilitation
Unit 12/03/2014
|
| |
| Notifications
& Circulars |
| RBI |
| Notification
No.RBI/2013-14/510 (Delhi) 04/03/2014
|
| Know Your Customer (KYC) Norms /Anti-Money Laundering
(AML) Standards/ Combating of Financing of Terrorism
(CFT)/Obligation of banks under Prevention of Money Laundering
Act (PMLA), 2002 –Recognising E-Aadhaar as an ‘Officially
Valid Document’ under PML Rules |
| Notification
No.RBI/2013-14/511 (Delhi) 04/03/2014
|
| Money Transfer Service Scheme – ‘Direct to Account’
facility |
| Notification
No.RBI/2013-14/508 (Delhi) 03/03/2014
|
| Alteration in the name of "Chinatrust Commercial Bank" to
"CTBC Bank Co.,Ltd." in the Second Schedule to the Reserve
Bank of India Act, 1934 |
| Notification
No.RBI/2013-14/509 (Delhi) 03/03/2014
|
| Withdrawal of all old series of Banknotes issued prior to
2005 |
| |
|
 |
| Economy |
| India |
| Nod for premium recast, but road developers
sore |
| Interest hiked on small savings to beat EC
date |
| Anand Sharma sees exports crossing $300-bn
mark |
| |
| International |
| Barack Obama 2015 budget focuses on boost to
economy, incomes |
| China loosens local govt bond rules to ease
refinancing at lower rates |
| Bernanke says US set for 3% growth this
year |
| Japan's wages rise for first time in 22 months in
Abe boost |
| |
| Markets
Today |
| NSE |
6,328.45
|
|
| BSE |
21,276.86
|
|
| NASDAQ |
4,277.30
|
|
| |
|
|
| USD |
61.69
|
|
| EURO |
84.63
|
|
| JPY(100) |
60.46
|
|
| GBP |
102.87
|
|
|
| |
| Corporate
Watch |
| AI cargo business may report 30% higher
revenue in FY14 |
|
Maharashtra : State-owned Air
India, which is reeling under a heavy debt of over R44,000
crore, expects to post around 30% higher revenue, at R1,200
crore, for its cargo segment during fiscal 2014, according to
official sources.During FY12 and FY13, the airline had
reported revenues of R835.11 crore and R932.58 crore,
respectively, for its cargo business. However, the national
carrier’s overall losses for FY14 would be in the region of
R3,900 crore, despite a projected 18% jump in revenues to
R19,500 crore. The airline had reported a loss of R5,200 crore
for 2012-13 and R7,560 crore the year before.
|
| Reliance Jio, Bharti Infratel sign tower
sharing agreement |
|
Delhi : Riding on the back of a
comprehensive infrastructure sharing agreement with Bharti
Airtel in December, Reliance Jio Infocomm on Tuesday announced
that it will “utilise the telecom towers of Bharti Infratel to
launch its services across the country”. The deal is expected
to allow Reliance Jio to avoid duplication of infrastructure,
keep operational costs low and roll out telecom services
faster. As per the agreement, the pricing would be at ‘arm’s
length’, based on prevailing market rates.
|
| M&M is India’s first private co to
foray into submarine bi |
|
Maharashtra : India’s underwater
force received private sector boost with Mahindra Defence
Naval Systems (MDNS) opening its new manufacturing at Chakan,
Pune. Mahindra Defence Naval Systems is the only private
sector player to have a division focused primarily on
underwater weapons and systems. Now M&M will get on board
of Indian Naval frigates and submarines.“This is a beginning
of a long journey for the private sector.
|
| Walmart to expand in e-retailing in India,
planning marketplace model akin to Amazon,
eBay |
|
Delhi : Months after it put its
brick-andmortar expansion plans in India in deep freeze,
Walmart Stores is quietly readying a major e-retailing push in
India with an electronic marketplace business model akin to
that used by US-based Amazon and eBay Inc.Sources familiar
with the world's biggest retailer's plans told ET that a team
of 15-17 people under Walmart India's COO Arvind Mediratta and
including global veteran and V-P for operations in the India
office,
|
| Vodafone gets nod to merge its India units;
riders attached could stymie move, say
observers |
|
Delhi : India's communications
ministry has decided to clear Vodafone India's proposal of
merging its operating units, though observers say the number
of riders attached with the nod could stymie the
move.According to an internal draft document of the ministry,
reviewed by ET, the government has said that the UK-based
telco's Indian unit should not view the 'no-objection' as an
approval for transfer of licences consequent to amalgamation
of the companies.
|
| |
| Tenders
& Assignment |
State Health Society -Chandigarh Punjab
 |
Description :Providing of Chartered
Accountant Service
Last Date :
14/03/2014
Address :State Health
Society Chandigarh Punjab
Phone
:0172-2702924
E-Mail :nrhmchd@gmail.com
|
| National Horticultural Board |
|
Description :Expression of
interest for Prepare a fresh panel of chartered accountant
firms for verification/evaluation of project documents, all
taxation matters & for all matters pertaining to accounts
& audit on behalf of board & to render other services
that may be required by board from time to time.
Last Date : 15/03/2014
Address :Ministry of Agriculture,
Government of India,Plot No.85, Sector 18, Institutional
Area,
Gurgaon – 122 015 (Haryana)
Phone
:0124-2342992
|
| Karnataka State AIDS Prevention
Society |
Description :Expression of
interest for Appointment of Chartered Account Firms for Audit
of NGO’s fro TI Programme under Karnataka state Aids
prevention society for the year 2013-14. Last
Date : 15/03/2014 Address
:Karnataka State AIDS Prevention
Society,No.4/13-1,Crescent Road,High Grounds,Bangalore-560001
Phone :080-22201436/39
E-Mail :ksapspdp@gmail.com
|
| Indian Statistical Institute _Kolkata West
Bengal |
|
Description :Chartered/cost
accountant firms for physical verification of All fixed assets
(excluding land, books & journals) of ISI located at its
headquarters & outstation locations spread across the
country
Last Date : 21/03/2014
Address :Indian Statistical
Institute,203,BT Road Kolkata-700108
|
| Sant Longowal Institute Of Engineering And
Technology |
Description :Expression of
Interest for Chartered Accountants for hiring initially for 2
years as an internal auditor under TEQIP-II project.
Last Date : 26/03/2014
Address :Sant Longowal Institute Of
Engineering And Technology,( SLIET),Longowal-148106
(Distt.Sangrur) Punjab Phone
:1672-253204 E-Mail :teqip2sliet@gmail.com
|
| State Health Society - Lucknow Uttar
Pradesh |
Description :Selection of
State Concurrent Auditor – Request for Proposal for Hiring
Services of Chartered Accountant Firm for Concurrent Audit of
State Health Society for the financial year 2014-15.
Last Date : 28/03/2014
Address :Vishal Complex,19-A,Vidhan
Sabha Marg,Lucknow Phone
:0522-2237595 E-Mail :acs.nrhm@gmail.com
|
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