| Professional
News |
| SEBI |
| Sebi finds large-scale mismatch in
Sahara papers |
|
Delhi : The Securities and
Exchange Board of India (Sebi) has come across serious
anomalies and a huge number of possibly fictitious investors
after analysing truck loads of documents submitted by Sahara
Group to substantiate its claim of over Rs 20,000-crore
refunds. To locate genuine investors who may have deposited
money with Sahara, the market regulator also wants to issue
public notices in regional language newspapers and through
other avenues, especially in northern and eastern states of
the country.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| More ministries to be brought under
online clearance platform |
|
Delhi : With over 50% of
projects remaining stalled in the last three years, the
government has decided to revamp the clearance process to
revive the investment cycle and boost growth. Admitting that
delays in clearances were hurting the economy, Planning
Commission deputy chairman Montek Singh Ahluwalia said of the
issues that were impeding investment, 75% pertained to states
and the rest to the Central government."We won't be able to
get back to 8% GDP growth if we can't revive
investment.
|
| Finance & Money
Markets |
| FIIs pump $4.5 billion into debt
despite election cloud |
|
Maharashtra :
Notwithstanding the uncertainty that surrounds the economy due
to upcoming electoral polls, or even the recent Ukraine unrest
that shook the emerging markets, foreign institutional
investors have pumped $4.5 billion into Indian debt market in
2014 so far.This is more than double the inflows seen in the
corresponding period last year. FIIs have poured in $1.4
billion in the last 10 sessions alone.Firm yields on bonds,
especially in short-term papers along with benign hedging
costs, had encouraged FIIs to pour in dollars into bonds.
|
| Non-food credit growth slips to
14.6% |
|
Maharashtra : Demand for
credit continued to be muted and non-food credit grew only by
14.64% year-on-year for the fortnight ended February 21, a
fall of 40 basis points (bps) from the preceding fortnight, as
per latest data from the RBI.“The credit growth is in line
with the RBI’s projections for credit growth,” said Arun Kaul,
chairman and managing director at UCO Bank. “Most of the
credit demand is coming from retail, SME and for working
capital for existing projects,” he added.
|
| Commodities |
| Govt abolishes onion MEP to arrest
decline in domestic prices |
|
Delhi : To boost exports and
arrest the fall in domestic prices, the government abolished
the minimum export price (MEP) for onion late on Tuesday. “The
requirement of an MEP for onion stands removed,” the
Directorate General of Foreign Trade (DGFT) said in a
notification. In December 2013, the MEP was reduced to $150
per tonne. The government had imposed an MEP of $900 per tonne
in September 2013 and it was hiked to $1,100 per tonne
later.
|
| Iron ore tumbles to 8-month low as
demand from China dries up |
|
Delhi : Iron ore hit its
lowest in more than eight months on Wednesday with continued
poor demand from leading consumer China prompting traders to
offload stocks before prices crash further. China’s renewed
pledge to cut pollution by reducing excess industrial capacity
has producers in a tizzy. benchmark ore, with 62% iron
content, for immediate delivery to China dropped 0.8% to its
meanest since June 28 last year, at $116.80 a tonne, showed
data compiled by the Steel Index.
|
| Why commexes should offer contracts
in non-native currencies Article |
|
Delhi : Commodity
derivatives listed on various exchanges around the world are
mostly denominated in the national currency of the exchange’s
location. The relative lack of non-native currency denominated
commodity derivatives creates an unfulfilled demand, forcing
consumers and producers to turn to financial intermediaries,
such as banks, for their services. The transaction support
provided by these banks results in a greater cost that is
passed on to the consumer.
|
| INTERNATIONAL
BUSINESS |
| Apple’s new finance chief Luca
Maestri takes over $160-billion cash
hoard |
|
Apple’s chief financial officer Peter
Oppenheimer will retire and hand the reins to Luca Maestri in
September, entrusting to the Italian-born executive a cash
pile the size of Vietnam’s economy and the difficult task of
guiding Wall Street’s expectations. Maestri, who has worked in
countries from Brazil to Thailand, is not expected to pursue
radical changes to the iPhone maker’s capital return
strategy.Longer-term, the company is also under increasing
pressure to come up with the next big thing. Some investors
bet that chief executive officer Tim Cook will finally unveil
a revolutionary new product this year, breaking a dry spell of
several years during which it stuck mainly to iterations of
the iPhone and iPad.
|
| Pension/Provident
Fund |
| Govt approves 8.75 per cent interest
rate on EPF deposit for 2013-14 |
|
Delhi : Government has
approved payment of 8.75 per cent rate of interest on PF
deposits in 2013-14 for over five crore subscribers of
retirement fund body EPFO."The Finance Ministry has given its
concurrence to the Employees' Provident Fund Organisation's
(EPFO) trustees' decision to provide 8.75 per cent rate of
interest to its members for the current fiscal," an official
said.
|
| Banking |
| Model code of conduct not to affect
bank licence issuances |
|
Delhi : Finance minister P
Chidambaram said the Election Commission's model code of
conduct will not come in the way of the process of issuance of
new banking licences by the RBI. He said the indication is
that the RBI wishes to issue a few licences soon, adding that
the government will not interfere with the process of issuing
new bank licences.A panel screening applications for new bank
licences, headed by former RBI governor Bimal Jalan, had last
month submitted its report to the banking regulator.
|
| Govt mulls options to address capital
needs of public sector banks |
|
Delhi : In addition to
budgetary support, the government is considering other
options, including ways to channelise pension and insurance
funds to the banking sector to help address the capital needs
of the public sector lenders.The options to raise Tier-I
capital also include banks issuing shares to employees to
mobilise capital and minority shareholders being allowed to
raise their holding in equal proportion to match the capital
infused by the government, finance minister P Chidambaram said
on Wednesday.
|
| Reminders |
| Tenders |
| District Panchayat,
Jabalpur 07/03/2014
|
| Government Of Assam 07/03/2014
|
| Department of AIDS Control,Ministry of Health
& Family Welfare 07/03/2014
|
| National Rural Health Mission - Dharamsala -
Himachal Pradesh 08/03/2014
|
| West Bengal State Rural Development
Agency 10/03/2014
|
| Employees Provident Fund Organisation -
Chandigarh Punjab 10/03/2014
|
| Co.operative
Societies 10/03/2014
|
| Bihar Health & Family Welfare
Department 11/03/2014
|
| Karnataka Rural Road Development
Agency 11/03/2014
|
| National Health Mission, U.T.
Chandigarh 11/03/2014
|
| Municipal Corporation - Khandela Sikar
Rajasthan 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
|
| Air Force Station - Agra Uttar
Pradesh 13/03/2014
|
| Panchayat Samiti - Chittorgarh Rajasthan
13/03/2014
|
| BIHAR EDUCATION PROJECT
COUNCIL 13/03/2014
|
| |
| Notifications
& Circulars |
| RBI |
| Notification
No.RBI/2013-14/512 (Delhi) 05/03/2014
|
| Anti-Money Laundering (AML)/Combating of Financing of
Terrorism (CFT) - Standards |
| Notification
No.RBI/2013-14/513 (Delhi) 05/03/2014
|
| Ensuring Reasonableness of Bank Charges and Charges Levied
for Sending SMS Alerts by State Cooperative Banks (StCBs)
/District Central Cooperative Banks (DCCBs) |
| Notification
No.RBI/2013-14/511 (Delhi) 04/03/2014
|
| Money Transfer Service Scheme – ‘Direct to Account’
facility |
| |
|
 |
| Economy |
| India |
| Current account deficit: Once a CAD, now a
hero |
| Pvt sector output expands first time since
June |
| Services activity slump moderates in February;
orders fall |
| India, ASEAN dialogue to strengthen
ties |
| Shipping Ministry meets new project targets for
this fiscal |
| |
| International |
| China signals focus on reforms, eyes leaner &
cleaner growth |
| Euro-Area Strengthening Economic Recovery May
Stay Draghi’s Hand |
| China services activity ticks up in January: HSBC
PMI |
| Diplomatic exit for Ukraine? Talks, $15B in EU
aid |
| |
| Markets
Today |
| NSE |
6,344.75
|
|
| BSE |
21,513.87
|
|
| NASDAQ |
4,357.97
|
|
| |
|
|
| USD |
61.24
|
|
| EURO |
84.15
|
|
| JPY(100) |
59.57
|
|
| GBP |
102.40
|
|
|
| |
| Corporate
Watch |
| Jan-dec Loan recasts hit Rs 77,000
crore |
|
Delhi : Companies continue to queue
up at the doors of the corporate debt restructuring (CDR)
cell, reports Vishwanath Nair in Mumbai. February saw R4,300
crore of assets being recast across six companies, higher than
the R3,500 crore restructured in January.Among those that
sought more lenient terms to repay their loans were Orchid
Pharmaceuticals and Chemicals, which wants R2,100 crore
recast; Chennai-based Surana Industries, which is looking to
rework terms for R900 crore; and AMW, to which banks have an
exposure of R300 crore.
|
| Top cos to spend Rs 10,000 cr for
CSR |
|
Maharashtra : The country’s top
listed companies belonging to S&P BSE 500 index would have
to shell out nearly R10,054 crore on corporate social
responsibility (CSR) activities in the coming fiscal.Going by
the recently notified CSR norms that come into effect starting
next month, 441 of the BSE 500 companies would be required to
mandatorily contribute 2% of their average total net profit
for last three fiscals towards CSR activities in the fiscal
2015.
|
| Michael Dell, eBay founder invest Rs 28 cr
in Indian debt financing co |
|
Delhi : Dell CEO Michael Dell and
eBay founder Pierre Omidyar have invested Rs 28 crore in the
Mumbai-based debt financing firm IntelleGrow. Omidyar Network,
a philanthropic investment firm founded by Omidyar and his
wife Pam, has invested R25 crore in IntelleGrow, while
Michael, who took the US-based computer maker Dell private
last year, has invested R3 crore through the Michael and Susan
Dell Foundation.
|
| India’s largest car rental company
Carzonrent may spin off its newest vertical
Myles |
|
Delhi : Carzonrent, India's largest
car rental service company, may spin off its newest vertical,
Myles, and exit the business if it receives the right offer
from strategic investors. One of the early successes of the
country's startup ecosystem, Carzonrent, started Myles, the
self-drive car-for-hire business in November 2013. It was
rolled out with an investment of Rs400 crore over three years
as the company looked to tap the growing Indian
market.
|
| |
| 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
|
| District Panchayat - Mandla Madhya
Pradesh |
|
Description :Audit work by
chartered accountant firms.
Last Date
: 17/03/2014
Address
:District Panchayat
Mandla Madhya Pradesh
|
| Department Of Rural Development - Gandhinagar
Gujarat |
|
Description :Registered C.A.
firms for Pre-audit work of twenty –six.
Last
Date : 21/03/2014
Address
:Department Of Rural Development,Block 16,3rd
Floor.Dr.Jivraj Mehta Bhavan,Gandhinagar
|
| 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
|
| Central Electronics Limited - Sahibabad Uttar
Pradesh |
Description :Application For Appointment
Of Internal Auditor For FY 2014-15.
Last Date
: 25/03/2014
Address
:Central Electronics Limited, Site 4, Industrial
Area, Sahibabad – 201010 (U.P.)
|
| 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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