| Professional
News |
| INCOME
TAX |
| Finance ministry seeks early disposal
of Vodafone transfer pricing case |
|
Delhi : The finance ministry
will soon write to British telecom major Vodafone to press the
company to seek an early decision from the Income-tax
Appellate Tribunal (ITAT) in the Rs 8,500-crore transfer
pricing case. The Union Cabinet had, on February 28, directed
the finance ministry to wait for the ITAT decision in the
transfer pricing case before closing the doors on Vodafone for
an amicable settlement of the bigger Rs 20,000-crore tax case
relating to the company's acquisition of Hutchison Essar in
2007.
|
| India to move Supreme Court to stop
Nokia from handing over Chennai assets to Microsoft
Corporation |
|
Delhi : The income tax
department will soon move the Supreme Court to stop the
transfer of Nokia’s Chennai plant’s assets to Microsoft. The
transfer is integral to the $7.2-billion deal announced in
September 2013. The department fears it won’t be able to
recover the handset maker’s dues of over R21,000 crore and
future liabilities if the deal is “consummated”. The tax
dispute pertains to alleged violation of withholding tax norms
by Nokia India since 2006 while making royalty payments to its
parent.
|
| Misc. - Indirect
Tax |
| Indirect tax refunds at Rs 43,409 cr
in Apr-Feb |
|
Delhi : The revenue
department refunded Rs 43,409 crore in customs, excise duty
and service tax refunds in April-February this fiscal, which
was 27.4 percent higher than that in the same period last
year, the government said today. Also read: Tax arrears worth
Rs 6.44 lakh crore due as on Dec 31 The department had
refunded Rs 37,049 crore in the same period of 2012-13.
Service tax refund was at Rs 2,111 crore during the period
under review this fiscal, against Rs 1,328 crore in the
year-ago period.
|
| SEBI |
| Transfer sans price won’t attract
open offer: SEBI |
|
Maharashtra : Transfer of
shareholding in excess of 25 per cent from one promoter entity
to another without a price being paid and without change in
paid-up capital, shareholding pattern or management control
will not attract an open offer, ruled SEBI in the case of NRB
Industrial Bearings Ltd.SEBI found that one promoter trust of
NRB comprising Trilochan Singh Sahney and Hanwantbir Kaur
Sahney as trustees, acquired 94.38 lakh (38.95 per cent)
equity shares of NRB from another promoter trust of which both
individuals were trustees.
|
| RBI |
| RBI wants to keep off PSB boards,
says interests clash |
|
Delhi : The central bank
wants to pull out its nominees from the boards of state-owned
banks over possible conflict of interest - it's the banking
regulator - but the move may have been prompted by government
criticism over bad loans at United Bank of India. Financial
services secretary Rajiv Takru had said that the Reserve Bank
of India should have reacted more quickly to issues plaguing
the lender.
|
| RBI’s bi-monthly monetary policy
statement on April 1 |
|
Maharashtra : Reserve Bank
of India will announce the First Bi-monthly Monetary Policy
Statement for 2014-15 on April 1.This statement is in keeping
with the recommendations of the Urjit Patel Committee. The
committee said monetary policy reviews will ordinarily be
undertaken in a two-monthly cycle, consistent with the
availability of key macroeconomic and financial data.
|
| RBI may have to buy dollar to keep
rupee on leash |
|
Maharashtra : Just a few
months ago, the Reserve Bank of India had to sell record
amounts of dollars to prevent the collapse of the rupee as
global investors fled the market because of a deteriorating
economy and talk of the US Federal Reserve scaling back its
stimulus programme, among other reasons.But the central bank
may soon start having to buy the US currency to prevent the
rupee from strengthening to a point where it starts hurting
the economy.
|
| FDI
Policy |
| EC questions railway FDI
proposal |
|
Delhi : The Election
Commission (EC) has raised certain questions on the
government’s proposal to allow foreign direct investment (FDI)
in the construction and maintenance segments of the railways.
The department of industrial policy and promotion (DIPP),
under the ministry of commerce and industry, had sought
permission from the EC for passing the proposal in the
Cabinet, since the model code of conduct became effective from
March 5. The general elections are going to be held from April
7 to May 12.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Plan to join global bond indices on
hold |
|
Delhi : India has put on ice
plans to join major emerging market bond indexes that would
require it to remove restrictions on foreign capital inflows,
two sources said, signalling easing concerns about the rupee
and the balance of payments.A separate plan to explore joining
Euroclear, the world's largest securities settlement system,
has also been deferred until the next government takes charge
after elections in April and May. That plan could have further
opened up the market to portfolio capital inflows.
|
| Finance & Money
Markets |
| Re snaps 5 days of gains, falls 9
paise |
|
Maharashtra : In line with
fall in local stocks, the rupee on Tuesday lost nine paise to
end the day at 60.94 against the dollar, after straight five
sessions of gains.In early trade, the domestic currency
rallied to a high of 60.59, a level not seen since August 12,
2013, when it touched intra-day high of 60.45.Forex dealers
said initial dollar selling by exporters pushed the rupee up.
At the Interbank Foreign Exchange (Forex) market, the rupee
resumed better at 60.82 a dollar from the last close of
60.85.
|
| EM funds see outflow of $29 billion
in 2014 |
|
Maharashtra : Emerging
market (EM) funds witnessed another $3.8-billion outflows for
the week ended March 5, extending the outflow streak to 19
weeks and taking the aggregate outflows this year to $29.4
billion.As per Bank of America Merrill Lynch Global Fund
Manager Survey, in a complete reversal of the trend 5 years
ago, emerging markets are now the biggest risk to financial
market stability while developed market (DM) counterparty and
default risk is seen at minimal.
|
| Platinum ETF holdings achieve record
high |
|
Delhi : Platinum holdings in
physically backed exchange-traded funds have hit a record high
after fresh inflows into funds listed in London and
Johannesburg, and are set to rise further as a strike in major
producer South Africa grinds on.The world's largest
platinum-backed ETF, NewPlat ETF reported an inflow of around
4,000 ounces on Monday, taking its holdings to a near
seven-week high at 908,811 ounces.
|
| NHB tax-free bonds over-subscribed on
day 1 |
|
Delhi : The tax free bonds
of National Housing Bank (NHB) have been over-subscribed on
the first day of issuance at Rs 1,252 crore, and has decided
early closure of the issue today. This was the second tranche
of NHB to issue tax free bonds with base size of Rs 250 crore
with an option to retain over-subscription up to shelf limit
of Rs 1,000 crore in the current financial year.
|
| Get ready to ride the fourth wave on
D-Street! Here's how |
|
Maharashtra : How should
investors ride the stunning rally in Dalal Street? A report by
brokerage Ambit Capital offers three strategies to benefit
from possible policy resets:*First, pick "good and clean
companies" that are currently trading below their historical
valuations. It suggests stocks Bajaj Auto ICICI Bank and
L&T.
|
| Commodities |
| CAD curbs pull gold, silver imports
down to $1.63 bn |
|
Delhi : Gold and silver
imports declined 71.4% to $1.63 billion in February mainly due
to restrictions imposed by the government on inbound shipments
of the yellow metal to narrow the current account deficit.
Imports of gold and silver in February 2013 stood at $5.24
billion. In January this year, they were $1.72 billion.Imports
of the precious metals during April-February declined 41.47
per cent to $30.7 billion from $52.4 billion a year
earlier.
|
| India to slash Iran oil imports to
meet N-deal parameters |
|
Delhi : India has to cut its
Iranian oil imports by nearly two-thirds from the first
quarter after the US asked it to hold the shipments at
end-2013 levels, in keeping with the nuclear deal easing
sanctions on Tehran, Indian government sources said.India,
with the increases already made in the January-March loading
plans from Iran, has to cut its purchases of the crude to
about 110,000 barrels per day (bpd) to drop its intake average
to 195,000 bpd for the six months to July 20.
|
| Pension/Provident
Fund |
| EPFO settles 1.1 crore claims till
February end, 97% within 10 days |
|
Delhi : Retirement fund body
EPFO settled over 1.1 crore claims, including those of
withdrawal and transfer of provident fund, in this fiscal till
February end, and of these, 97 per cent cases were settled
within 10 days."31 per cent of the total claims are settled in
3 days while 66 per cent of the total settlement is within 10
days," an official statement said.
|
|
 |
| Economy |
| India |
| Telecom infrastructure spending to fall 26 per
cent in 12th Plan |
| Exports dip 3.67 per cent to $25.6 billion in
February |
| Govt plans billion-dollar fund to seed desi tech
firms |
| |
| International |
| China hints at freeing up rates in 2
years |
| Manufacturing in UK starts 2014 on good
footing |
| Bank of Japan keeps stimulus in place, downgrades
exports in warning sign |
| |
| Markets
Today |
| NSE |
6,497.50
|
|
| BSE |
21,856.22
|
|
| NASDAQ |
4,307.19
|
|
| |
|
|
| USD |
61.11
|
|
| EURO |
84.63
|
|
| JPY(100) |
59.39
|
|
| GBP |
101.58
|
|
|
| |
| Corporate
Watch |
| Quikr raises Rs 550 crore from group of
investors led by Swedish investment company
Kinnevik |
|
Delhi : Online and mobile
classifieds venture Quikr has raised $90 million ( Rs 550
crore) from a group of investors led by Swedish investment
firm Investment Kinnevik in a deal that marks the largest
round of funding for an internet services company in India.The
investment was spread across two rounds, with existing
investor Warburg Pincus providing the initial investment in
September last year, according to a person with direct
knowledge of the transaction.
|
| India Inc to go for higher hiring on hopes
of stability |
|
Maharashtra : The tide could be
turning for India's job market after being in the grip of a
slowdown for the past two years and more. Nearly half-a-dozen
leading recruitment and staffing firms, including TeamLease
Services, Manpower India, Ikya Human Capital Solutions, ABC
Consultants and Randstad India, say the market is seeing a
definite uptrend, with hiring likely to go up by at least
5-10% in the first quarter of the new financial year from the
preceding three-month period.
|
| Nasdaq-listed MakeMyTrip initiates sale of
4.5 million shares |
|
Maharashtra : Nasdaq-listed
MakeMyTrip has initiated a share sale for about 4.5 million
shares, which includes stake sales by its venture capital
investors and the management. MakeMyTrip may raise a total of
$115 million based on its last traded price of $25.75
mentioned in the prospectus. Sierra Ventures, one of the
investors, could get about $26 million by selling over
two-thirds of its 3.99% stake. SAIF Partners along with other
selling shareholders may also sell a slice of their stake if
the overallotment option is exercised.
|
| Airbus sets up India
subsidiary |
|
Andhra Pradesh : Global aviation
major Airbus has restructured its India operations to
consolidate strengths and tap the growing market.It has
created a fully owned subsidiary called Airbus India by
grouping its activities in the country. Srinivasan Dwarakanath
is the new Chief Executive Officer and Charles Champion,
member of the Airbus Executive Committee, is the
Chairman.Airbus India will manage the company’s Indian
footprint spread across several sites. It will have customer
centres in Delhi and Mumbai.
|
| Indian Hotels makes Rs 500-cr impairment
provisioning |
|
Maharashtra : Indian Hotels Company
(IHC), the country’s largest chain in the segment, will make a
Rs 500-crore impairment provisioning on its investments, even
as it continues to feel the heat of depressed market
conditions.The Mumbai-based Tata Group firm on Tuesday said it
expected non-cash provision for impairment in respect of
financial exposure in its global and domestic
investments.
|
| |
| Tenders
& Assignment |
Andhra Bank  |
Description :Eligible
chartered accountant firms for considering allotment of
concurrent audit of branches/offices for the year
2014-15. Last Date : 20/03/2014
Address :Inspection & Audit
Department Head Office, Koti, Sultanbazar 4th Floor,
Hyderabad - 500 095 Phone
:040-24683402 E-Mail :co-insp@andhrabank.co.in
|
| Jharkhand Agency For Promotion Of Information
Technology |
|
Description :Expression of
interest to appoint a registered chartered accountant firm for
auditing of accounts of JAP-IT.
Last Date
: 25/03/2014
Address
:Jharkhand Agency For Promotion Of Information
Technology,Ground Floor,Engineers Hostel-1,Near
Golchakkar,Dhurwa,Ranchi,Jharkhand
Phone
:0651-2401040
|
| Presidency University - Kolkata West
Bengal |
|
Description :Reputed
architectural firms & chartered accountants firms for
enlistment in presidency university.
Last Date
: 25/03/2014
Address
:Presidency University,86/1 College Street,Kolkata
700073
|
| Food Corporation Of India - Zonal Office, (EAST),
Kolkata |
|
Description :Appointment of
Firms of Chartered Accountants constituting
Partnership
firm or a Limited Liability Partnership firm
under two bid system for undertaking
Internal Audit &
Physical Verification of stocks in FCI, West Bengal Region
Last Date : 31/03/2014
Address :Asstt. General
Manager(Audit),Zonal
Office(East),10A,Middleton
Row,Kolkata-700071
|
| Uttaranchal Gramya Vikas Samiti |
|
Description :Request for
proposal from chartered accountants firms for internal audit
for the financial year 2013-14
Last Date
: 05/04/2014
Address
:Uttrakhand Gramya Vikas Samiti (UGVS)216,Pandit
Warl-II,Dehradun,248007
Phone
:0135-2773800
|
| |
| Reminders |
| Tenders |
| Air Force Station - Agra Uttar
Pradesh 13/03/2014
|
| BIHAR EDUCATION PROJECT
COUNCIL 13/03/2014
|
| Panchayat Samiti - Chittorgarh Rajasthan
13/03/2014
|
| Irrigation Department Lucknow - Uttar
Pradesh 14/03/2014
|
| Municipal Corporation - Bundi
Rajasthan 14/03/2014
|
| Commissioner Of Income-Tax-5,Government Of
India 14/03/2014
|
| D N P Limited - Dibrugarh -
Assam 14/03/2014
|
| State Health Society -Chandigarh Punjab
14/03/2014
|
| Western Coalfields Limited - Nagpur
Maharashtra 15/03/2014
|
| Board Of Secondary
Education 15/03/2014
|
| National Horticultural
Board 15/03/2014
|
| Karnataka State AIDS Prevention
Society 15/03/2014
|
| District Panchayat - Mandla Madhya
Pradesh 17/03/2014
|
| Kudremukh Iron Ore Company
Limited 18/03/2014
|
| Directorate Of Technical Education
Chennai 18/03/2014
|
| Maharashtra State Co-Operative Marketing
Federation Limited 18/03/2014
|
| National Rural Health Mission - Guwahati
Assam 18/03/2014
|
| |
| Notifications
& Circulars |
| SEBI |
| CIR/MRD/DP/ 09
/2014 (Maharashtra) 11/03/2014
|
| Establishment of Connectivity with both depositories NSDL
and CDSL – Companies eligible for shifting from Trade for
Trade Settlement (TFTS) to Normal Rolling Settlement |
| RBI |
| Notification
No.RBI/2013-14/515 (Delhi) 12/03/2014
|
| Priority Sector Lending-Targets and Classification-Bank
loans to MFIs for on-lending-pricing criteria |
| |
|
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