| Professional
News |
| INCOME
TAX |
| Last date for advance tax payments
extended to March 18 |
|
Delhi : The government on
Friday extended the last date for payment of final installment
of advance tax for financial year 2013-14 to March 18 from
March 15 earlier.‘‘To facilitate payment of final installment
of advance tax for the financial year 2013-14, the Central
Board of Direct taxes has issued an order to extend the time
limit to make such payments of advance tax, from March 15 to
March 18,’’ the finance ministry said. Taxpayers, can now pay
their advance tax by March 18, 2014 without entailing any
consequential interest for deferment, it added.
|
| RBI |
| RBI switches Rs 4,400-cr bonds to
long-term |
|
Maharashtra : The Reserve
Bank on Friday switched R4,400 crore worth of shorter maturity
government securities with longer tenor bonds with an
institutional investor.“A switch operation, wherein swapping
of securities from 2014-15 and 2015-16 maturity buckets for
about R4,400 crore to a longer tenor security, has been
conducted with an institutional investor on March 13,” RBI
said.
|
| 'Self-regulatory organisations not a
burden on MFIs' |
|
Maharashtra :
Self-regulatory organisations (SROs) are not a burden on the
microfinance institutions (MFI) sector, the Reserve Bank of
India (RBI) said. According to the banking regulator, SROs
should handle most of the matters RBI would have otherwise
handled.“I do not see SROs being a burden on the MFI sector.
We want the SROs to handle most of the matters that we would
have otherwise handled. SROs should have that kind of
independence from the entities that it is regulating,” said N
S Vishwanathan, chief general manager-in-charge, department of
non-banking supervision at RBI, at the National Financial
Inclusion Conference held here.
|
| RBI woos banks with extra commission
to make them sell CPI-linked bonds |
|
Maharashtra : Faced with
tepid response from banks to push consumer price
inflation-linked bonds in the retail market, the Reserve Bank
of India has now announced additional incentive to the
banks.Banks that are able to achieve a subscription of Rs 100
crore for such bonds by the end of March will be eligible to
get an additional commission of 0.5% on the entire
subscription amount, the central bank said in a release on
Friday.
|
| FDI
Policy |
| Outbound FDI by Indian firms totalled
$2.37 bn in Feb |
|
Delhi : The Reserve Bank on
Friday said overseas direct investments by Indian companies,
including Bharti Airtel, totalled USD 2.37 billion in
February, up about 30.25 percent year-on-year.The investments
or or financial commitments in form of equities, loans and
guarantees was USD 6.55 billion in January 2014 and USD 1.82
billion in February last year.Bharti Airtel issued guarantee
worth USD 1.01 billion to its Netherlands based joint venture,
through which it looks after Africa operation.
|
| Finance & Money
Markets |
| Rupee ends at
61.20 |
|
Maharashtra : The rupee
recovered from a weak opening to end marginally lower at 61.20
per dollar against the previous close of 61.18 per dollar on
better than anticipated inflation data. The Indian unit opened
sharply lower at 61.48 on weak global cues and then
appreciated to 61.06 in intra-day trade. The WPI inflation
data fell to a nine-month low of 4.68 per cent in February on
the moderate food prices as against 5.05 per cent in the
previous month. Food inflation dropped to 8.12 per cent in
February as compared to 8.8 per cent in the previous month.
Retail inflation, which came out earlier in the week, also
fell to a 25-month low in February.
|
| IFC raises Rs 2,000 cr from global
bond |
|
Maharashtra : The
International Finance Corporation (IFC), a World Bank arm, on
Friday raised R2,000 crore through its issue of global
rupee-denominated bonds to promote capital market development
and encourage foreign investment. This is the largest offshore
rupee-denominated bond issue till date and the issue has
received orders worth R2,500 crore. Two-thirds of the buyers
are from US and European asset managers, insurance companies
and private banks.
|
| Govt targets Rs 3,000 crore via CPSE
ETF |
|
Maharashtra : The government
is hoping to collect up to R3,000 crore through the new fund
offering (NFO) of CPSE ETF, an open-ended ETF comprising 10
PSU stocks. The NFO will open on March 18 and close on 21
March. The government is offering a 5% upfront discount to all
investors to shore up participation in the ETF. The discount
will be based on the average of full day volume weighted
average price on the NSE during the non anchor investor NFO
period. Additionally, retail investors stand to get 1 bonus
unit for every 15 units held if they hold the units for a year
from the date of the NFO. The other unique feature of the NFO
is that 30% of the NFO, or up to R900 crore, is reserved for
anchor investors. The expense ratio for the ETF is 49 basis
points, less than the typical expense ratio of 70-80 basis
points for other equity ETFs in the market.
|
| Commodities |
| Gold, silver up on scattered buying,
global cues |
|
Delhi : Gold prices
recovered by Rs 10 to Rs 30,810 per ten gram in the national
capital on Friday on scattered buying by retailers amid a firm
global trend.Silver also strengthened for the fourth day by
adding Rs 100 to Rs 47,000 per kg on increased offtake by
industrial units.Traders said scattered buying by retailers
amid a firm global trend, where gold climbed to a six-month
high, and escalating tension in Ukraine mainly boosted demand
for the precious metals as a safe haven.
|
| Oil steady above $107 on Ukraine
tension |
|
Delhi : Brent crude oil
steadied above $107 a barrel on Friday, on track for a third
weekly loss amid worries over Chinese economic growth and
rising US stockpiles, although tension in Ukraine heightened
worries over Russian oil supplies. Russia shipped more troops
and armour into Crimea on Friday and repeated its threat to
invade other parts of Ukraine, showing no sign of listening to
Western pleas to back off from the worst confrontation since
the Cold War.
|
| Consortium led by Singapore’s Temasek
offers to buy out top commodity trader for $2.1
bn |
|
Delhi : Temasek-led
shareholders' group has offered to pay $2.1 billion in cash
for shares in Olam International they don't already own,
putting the heft of the Singaporean state investor behind the
commodity trading firm's weak balance sheet.The proposal comes
after a tumultuous stretch for Olam, one of the world's
leading traders in rice, coffee and cocoa, that saw it come
under attack from short-seller Muddy Waters in late 2012 for
its accounting practices.Olam denied the short-seller's
claims, gained financial support from Temasek and drew up a
plan to cut capital spending and debt. Its stock surged some
40% since late January prior to the offer
announcement.
|
| MERGER &
ACQUISITION - NATIONAL |
| Kalyan Group in talks to sell
minority stake |
|
Maharashtra : Indian silk
and jewellery retailer Kalyan Group is holding separate talks
with private equity firms Blackstone, TPG Capital Management
and Temasek Holdings to sell a minority stake for $200-$250
million, two sources with direct knowledge of the matter told
Reuters. The sources said the talks with the private equity
firms were ongoing, and no decisions had been made as to the
exact amount of the stake sale.“At this point in time, we
cannot give a time frame for the conclusion of the deal,” said
one of the sources with knowledge of the matter.
|
| Sanjay Lalbhai-controlled Arvind
acquires 49% stake in Calvin Klein India for Rs 100
crore |
|
Maharashtra : Sanjay
Lalbhai-controlled Arvind has finalised a deal to buy out 49%
stake jointly held by the Murjani Group and the US-based
private equity fund Matrix Partners in Calvin Klein India for
close to Rs 100 crore, said three persons close to the
transaction.The deal will help the denim major widen its ties
with its existing joint venture partner American clothing
giant Phillips-Van Heusen Corp for Tommy Hilfiger brand.
|
| Banking |
| Banks invite bids for Rs 42,800 crore
NPAs ahead of tough norms |
|
Maharashtra : Banks, most of
them government-owned, are biting the bullet and seeking to
sell a record $7 billion of bad loans to asset reconstruction
companies as they rush to clean up their books ahead of
stringent norms kicking in next year. About 40 banks have
invited bids for bad loans worth Rs 42,800 crore, said bankers
who did not want to be named.
|
| Notifications
& Circulars |
| SEBI |
| CIR/MIRSD/1/2014 (Maharashtra) 12/03/2014
|
| Anti-Money Laundering/Countering the Financing of
Terrorism (AML/CFT) Obligations of Securities Market
Intermediaries under the Prevention of Moneylaundering Act,
2002 and Rules framed there under |
| RBI |
| Notification
No.RBI/2013-14/520 (Delhi) 14/03/2014
|
| Annual Credit Plans – Potential Linked Plan (PLPs)
prepared by NABARD |
| Notification
No.RBI/2013-14/517 (Delhi) 13/03/2014
|
| Anti-Money Laundering (AML)/Combating of Financing of
Terrorism (CFT) – Standards – Primary (Urban) Co-operative
Banks |
| Notification
No.RBI/2013-14/518 (Delhi) 13/03/2014
|
| RRBs/StCBs/CCBs - 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/2013-14/519 (Delhi) 13/03/2014
|
| Anti-Money Laundering (AML) / Combating of Financing of
Terrorism (CFT) - Standards |
| |
|
 |
| Economy |
| India |
| Wholesale inflation dips to 4.68% on lower food,
fuel prices |
| Unemployment, poverty rates high among
Muslims |
| India's economy likely to grow 4.7% in FY14:
Fitch Ratings |
| |
| International |
| UK Jan trade deficit widens as exports hit
19-month low |
| China Economy Fears Continue to Drive
Markets |
| Economy expected to heat up with warmer
weather |
| |
| Corporate
Watch |
| MakeMyTrip offers shares at premium to
listed peers |
|
Maharashtra : MakeMyTrip, the
country’s largest online travel service provider, seems to be
offering shares in its follow-on offer at a valuation which is
slightly higher than its listed peers in the US. The company
on March 13 announced that it would be offering a total of 5.5
million shares in the follow-on public offer instead of 4.5
million share sale announced few days back in its prospectus.
However, out of total 5.5 million shares, only 3.5 million
shares will be freshly issued by the company while the
remaining 2 million shares are being offered by certain
existing shareholders. Based on the offer price of $23 apiece,
the company is expected to raise nearly $69 million.
|
| Domestic investors seek to gain FIIs’
support against Maruti-Suzuki deal |
|
Delhi : Maruti’s domestic
institutional investors are looking to garner the support of
FIIs against the Indian firm’s plan to transfer Gujarat
project to Japanese parent Suzuki Motor. Besides, domestic
institutional investors are mulling to move the Company Law
Board (CLB) on the deal.Maruti Suzuki India is facing stiff
resistance from private sector mutual funds and insurance
companies, which own almost 7% of the company, for its
decision to allow Suzuki to make cars for the Indian carmaker
at a proposed plant in Gujarat instead of manufacturing
vehicles itself.
|
| Air passenger traffic grows 1.10% in
February |
|
Delhi : The total number of
domestic air passengers for the month of February grew at a
snail's pace of 1.10% as compared to the same month last year.
In February 2014, domestic airlines carried 49.46 lakh
passengers as compared to 48.92 lakh passengers. The passenger
numbers, however, are not indicative of the impact of
discounts during the current quarter as the sales offered were
for travel from only the last week of February
onwards.
|
| Supreme Court rejects Nokia plea to
transfer Chennai plant to Microsoft |
|
Delhi : In a setback to Nokia’s
plans, the Supreme Court on Friday dismissed the company’s
plea seeking permission to transfer its plant in
Sriperumbudur, near Chennai, to Microsoft. The ruling also
leaves a question mark over the future of the plant’s 8,000
employees and the 24,000 people it employs indirectly.Nokia
had filed the appeal after the Delhi High Court asked it to
waive all rights to challenge the final order with regard to
its tax dispute with the Government.
|
| ONGC, OIL buy 10% government stake in
IOC |
|
Delhi : State-run upstream oil
companies Oil and Natural Gas Corp (ONGC) and Oil India (OIL)
on Friday together bought 10% government stake in Indian Oil
Corp (IOC).The government will getRs 5,340 crore, over a
fourth of the revised disinvestment target of Rs 19,000 crore
for the current fiscal. The budget for 2013-14 had pegged
disinvestment proceeds atRs 54,000 crore. Overall, the
government has managed to raise Rs 10,434 crore in the fiscal
so far.
|
| |
| Tenders
& Assignment |
State Bank Of India  |
|
Description :Empanelment of
chartered accountant firm for concurrent audit.
Last Date : 25/03/2014
Address :State Bank Of India
Local
Head Office,III/1, Pandit Jawaharlal Nehru Marg,
Bhubaneswar-751001
|
| 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
|
| Heavy Engineering Corporation Limited
|
|
Description :Appointment of
Internal auditor for financial year 2014-15 &
2015-16.
Last Date : 27/03/2014
Address :Heavy Engineering
Corporation Limited,Plant Plaza Road,Ranchi-834004 (Jharkhand)
Phone :0651-2401422
|
| Income Tax Department - Lucknow Uttar
Pradesh |
|
Description :Income Tax
Department Invited Application from qualified Chartered
Accountants (within the meaning of the Chartered Accountants
act, 1949) for Empanelment as Special Auditors for the
Financial Year 2014-15 & 2015-16 to carry out audit in
accordance with the provision of sec. 142 (2A) of IT ACT 1961.
Last Date : 28/03/2014
Address :The Chief Commissioner of
Income Tax, Aayakar Bhawan, 5-Ashok Marg, Lucknow-226001
Phone :0522-2233208
|
| 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
|
| Central Mine Planning And Design Institute
Limited |
Description :Empanelment of
Firms of Chartered accountants/cost accountants - appointment
of internal auditors for central mine planning & design
institute limited. Last Date :
01/04/2014 Address :General Manager
(Internal Auditor), Central Mine Planning & Design
Institute Limited, Ranchi- 834031 (Jharkand)
Phone :0651-2230005
E-Mail :iad@cmpdi.co.in
|
| Food Corporation Of India - Zonal Office,
(South), Chennai |
|
Description :Reputed
chartered accountants firms for undertaking internal audit and
physical verification of stocks
Last Date
: 04/04/2014
Address :Zonal
Office(South),3 Haddows Road,Chennai-600006.
|
| Jaipur Development Authority |
|
Description :Appointment of
Auditor / CA firms for property audit of the authority.
Last Date : 09/04/2014
Address :Room No. 128, Ist Floor,
Jaipur Development Authority, JLN
Marg, Jaipur,
Rajasthan
Phone :9414068368
|
| |
| Reminders |
| Tenders |
| District Panchayat - Mandla Madhya
Pradesh 17/03/2014
|
| 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
|
| Kudremukh Iron Ore Company
Limited 18/03/2014
|
| Headquarters Central
Command 20/03/2014
|
| South Eastern Coalfields
Limited 20/03/2014
|
| Andhra Bank 20/03/2014
|
| National Judicial
Academy 21/03/2014
|
| Indian Statistical Institute _Kolkata West
Bengal 21/03/2014
|
| Department Of Rural Development - Gandhinagar
Gujarat 21/03/2014
|
| National Rural Health Mission - Port Blair
Andaman And Nicobar 22/03/2014
|
| |
|
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