| Professional
News |
| INCOME
TAX |
| DTC draft retains exemption limit;
proposes 35% super-rich tax |
|
Delhi : The super-rich may
have to pay more in taxes while dividends in excess of Rs 1
crore will be taxed in the hands of those receiving them,
according to the revised Direct Taxes Code, 2013 issued by the
finance ministry on Tuesday for public discussion.Chidambaram
had sought Cabinet's nod in August 2013 to introduce the
revised version in Parliament, but the proposal faced
resistance from within the government.
|
| CUSTOMS |
| Govt reduces tariff value on gold,
silver |
|
Delhi : The government has
reduced the import tariff value on gold to $21 per 10 grams
from $ 445 per 10 gram earlier.Also, the import tariff value –
the base price at which customs duty is determined to prevent
under-invoicing – in case of silver has been reduced to $644
per kg from $694 per kg earlier, a notification by the Central
Board of Excise and Customs said.The tariff value is revised
on a fortnightly basis after analysing the global price
trend.
|
| SEBI |
| Sebi initiates proceedings against
entities in ponzi schemes |
|
Delhi : With the restoration
of additional powers to take on fraudsters and market
manipulators, the Securities and Exchange Board of India
(Sebi) has initiated proceedings against entities suspected of
ponzi-related schemes in West Bengal and other parts of the
country. Steps are being taken to attach bank accounts and
other property and recover penalties and ill-gotten wealth
cornered from gullible investors, while the regulator is also
finalising search and seizure operations in certain cases to
bolster its investigations, an official said.
|
| RBI |
| RBI gets green signal to issue bank
licences |
|
Delhi : Ending weeks of
uncertainty, the Election Commission (EC) on Tuesday allowed
the Reserve Bank of India (RBI) to issue new bank licences. In
a letter to the RBI governor, the EC said the central bank
might take "necessary action as deemed appropriate as
permissible under provisions of the Reserve Bank of India Act,
1934, the Banking Regulation Act, 1949, and/or any other
relevant law(s)."
|
| Inflation-warrior Rajan hits the
pause button on interest rates |
|
Maharashtra : There were no
surprises from Reserve Bank of India (RBI) Governor Raghuram
Rajan on Tuesday — April Fools’ Day. Since taking the helm at
the central bank last year, Rajan has repeatedly surprised the
markets by holding the repo lending rate steady when everybody
has expected a hike and going for a hike when all have thought
no change is on the cards.
|
| RBI relaxes rough diamond import
norms |
|
Maharashtra : In a further
liberalising of the norms for rough diamond imports, the
Reserve Bank of India (RBI) has lifted restrictions on a
number of mines abroad, to which advance remittances can be
extended for such import of roughs. Banks may use their own
discretion to extend advance remittance to Indian importers in
favour of global miners.
|
| Credit policy: RBI bans FIIs from
investing in treasury bills |
|
Maharashtra : The Reserve
Bank of India has banned foreign institutional investors from
buying short-term government securities - treasury bills, or
T-Bills - to prevent interest rate-related volatility. It has
also proposed to allow currency hedging for FIIs. Investments
by foreign portfolio investors in government securities will
be permitted only in dated securities of residual maturity of
one year and above,
|
| FDI
Policy |
| Reserve Bank revises FDI valuation
norms |
|
Maharashtra : The Reserve
Bank of India has revised its pricing guidelines for foreign
direct investment (FDI), suggesting the valuation norms will
now be on the basis of market prices."It has been decided to
withdraw all the existing guidelines relating to valuation in
case of any acquisition/sale of shares…such transactions will
henceforth be based on acceptable market practices. Operating
guidelines will be notified separately," said the RBI monetary
policy document.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Govt seeks more time from SC to set
up green regulator |
|
Delhi : The government on
Tuesday moved the Supreme Court seeking six months' time to
set up an independent environment regulator, which will
evaluate projects seeking green clearances, enforce terms for
approvals and impose penalties on defaulters. Stating that it
needs, at least, time of six months to complete the whole
process to comply with the apex court's directions of January
6,
|
| Finance & Money
Markets |
| Initial public offers turn scarce in
the new year |
|
Maharashtra : The lull in
the Initial Public Offering (IPO) market can continue for some
more time with few companies applying to the regulator for
approvals.According to primary market tracking firm Prime
Database, only four companies, intending to raise a cumulative
Rs 2,700 crore, are awaiting the approval of the capital
market regulator, Securities and Exchange Board of India
(Sebi).About a dozen companies, which can raise a total of
nearly Rs 2,800 crore, are not entering the market despite
having regulatory approvals.
|
| MFs to disclose monthly asset
details |
|
Maharashtra : Mutual fund
(MF) houses are now required to make monthly disclosures about
assets managed by them and to explain the rationale behind
exercising their voting rights in firms, as part of stronger
Securities and Exchange Board of India (Sebi) norms effective
from Tuesday. MFs will have to disclose details with respect
to assets under management (AUM) from different categories of
schemes, AUM from places beyond the top-15 cities,
|
| Govt ETF investors strike
gold |
|
Maharashtra : Investors in
the Central Public Sector Enterprises Exchange Traded Fund
(CPSE ETF) are eyeing double-digit gains when the fund lists
on Friday.Including the five per cent discount, offered by the
government for all investors, the CPSE ETF index is trading 13
per cent higher than the allotment price.A little more than
40,000 investors had subscribed in the Rs 3,000-crore New Fund
Offer (NFO), open on March 18-21.
|
| Commodities |
| Gold recovers from 7-week
lows |
|
Delhi : Gold prices rose on
Tuesday, recovering early losses, as comments from Federal
Reserve Chair Janet Yellen defending easy-money policies hurt
the dollar, while a drop to seven-week lows overnight sparked
interest from bargain-hunting buyers.Spot gold was up 0.3
percent at $1,287.20 an ounce at 11:40 SA time, while US gold
futures for June delivery were up $3.70 an ounce at
$1,287.40.
|
| MERGER &
ACQUISITION - NATIONAL |
| Everstone buys minority stake in
fashion house Ritu Kumar for Rs 100
crore |
|
Maharashtra : Private equity
firm Everstone Capital has bought a minority stake in fashion
house Ritu Kumar for Rs 100 crore. The ethnic retailer is the
latest in women's wear brands to have received risk capital
funding in the past year. "We believe that the time is right
both internally and in the macro environment for the infusion
of growth capital," said Amrish Kumar, director and CEO, Ritu
Kumar.
|
| Banking |
| Bank proposes no minimum balance
penalty |
|
Delhi : Customers might not
be required to pay for non-maintenance of a minimum balance in
a bank but could have to pay additional charges for use of
other services in such cases, such as an account statement or
ATM withdrawals or cheque book issuance.In its bi-monthly
monetary policy review on Tuesday, the Reserve Bank of India
(RBI) said instead of penal charges for non-maintenance of a
minimum balance in ordinary savings bank accounts,
|
|
 |
| Economy |
| India |
| March factory PMI plummets |
| ADB cuts FY15 growth estimate to
5.5% |
| Imports contract in April-Jan on petro rates,
industrial slump & gold curbs |
| ATF price cut by 4 per cent; non-subsidised LPG
by Rs 100 |
| EC approves hike in fixed cost of urea by
350/tonne |
| CPI for factory workers eases to 2-year low of
6.73% in Feb |
| |
| International |
| World Bank to boost support for China, India,
Brazil |
| Japan moves to expand controversial foreign
worker scheme |
| Asian shares quietly encouraged by Wall Street
record |
| |
| Markets
Today |
| NSE |
6,752.55
|
|
| BSE |
22,551.49
|
|
| NASDAQ |
4,268.04
|
|
| |
|
|
| USD |
59.64
|
|
| EURO |
82.32
|
|
| JPY(100) |
57.45
|
|
| GBP |
99.28
|
|
|
| |
| Corporate
Watch |
| Auto sales post first drop in over a decade
in FY14 |
|
Delhi : The recent cut in excise
duty did little to lift sales of passenger vehicles in the
country, with eight of India’s leading automobile makers
together posting a drop in volumes last month (1.6 per cent),
as well as for the entire financial year (4.4 per cent for
2013-14).This is the first time in more than a decade that
sales have declined. High interest rates, rising fuel prices
and uncertain economic conditions hit sales of companies such
as Maruti Suzuki India, Hyundai Motor India, Mahindra &
Mahindra (M&M) and Toyota Kirloskar.
|
| Mixed bag seen for IT services
firms |
|
Karnataka : The performance of the
Indian information technology (IT) services sector during
January-March 2014, the financial year’s fourth quarter (Q4),
is likely to be a mixed bag. Most large companies are expected
to show a 2-3.5 per cent quarter-on-quarter (QoQ) growth in
revenue, amid appreciation of the rupee, seasonal weakness and
company-specific issues.Tata Consultancy Services (TCS) is
likely to continue being the top performer. Infosys, the
second largest, is likely to show a marginal decline or tepid
growth. Wipro’s performance is expected to converge with those
of peers.
|
| EXLServices starts hunt for partner, may
sell 15-20% |
|
Maharashtra : Nasdaq-listed
business process outsourcing ( BPO) firm, EXLServices
Holdings, has started the process to partner with a private
equity fund or a strategic investor by selling anywhere
between 15% and 20% of the back office company, four people
with knowledge of the plan said. EXL, which competes with
rival Genpact and WNS Global Services, has appointed Citigroup
Capital Markets to scout for buyers, these people
said.
|
| Bharti Airtel plans to raise $2 billion via
bond issues |
|
Delhi : Bharti Airtel is planning
to raise a further around $2 billion through a series of bond
issues in the next financial year starting April 1, two people
familiar with the matter said, a move aimed at refinancing the
telecom major's existing debt and lower finance costs. 'The
first in the series could be in May or June,' one of the
people told ET. The other person added that as and when parts
of its debt keeps nearing maturity, the company will continue
looking at cheaper debt options.
|
| |
| Tenders
& Assignment |
Rashtriya Madhyamika Shiksha Abhiyana
 |
|
Description :Expression of
Interest from reputed CA Firms empanelled with C&AG, GOI
for Empanelment as Statutory Auditor.
Last
Date : 11/04/2014
Address
:Mission Director Rashtriya Madhyamik Siksha Abhijan,
SEIMAT Building (SSA Campus)
Kahilipara, Guwahati-19 Assam
|
| Security Printing And Minting Corporation Of
India Limited Dewas |
Description :Engaging
Service of CA Firm For Accounting Work for a Period on Nine
Months at Bank Note Press Dewas Last Date
: 15/04/2014 Address :BNPD
(Bank Note Press,Dewas) Phone :
07272-255222 E-Mail :bnpdewas@spmcil.com
|
| Eastern Coalfields Limited - Burdwan West
Bengal |
|
Description :Conversion of
Annual Accounts, Profit And Loss Account And Balance Sheet
With Annexures Thereto, Into XBRL Mode And Verification And
And Filing Of Different Forms
Last Date
: 17/04/2014
Address
:Eastern Coalfields Limited P.O. Dishergarh, Dist.
Burdwan PIN-713333
|
| Sarva Shiksha Abhiyan |
|
Description :Engagement of
Statutory Audit of the accounts of Sarva Shiksha Abhiyan
Programme being implemented in the State of Punjab, for the
Financial Year 2013-14. SSA will engage zone-wise ie different
firms for Audit of Districts & Head Office &
compilation of Audit reports into final Audit report.
Last Date : 21/04/2014
Address :SSA Punjab,Education Board
Bhavan,Block E,Vth Floor,SAS Nagar,Mohali
|
| |
| Reminders |
| Tenders |
| Bharat Bhari Udyog Nigam
Limited 03/04/2014
|
| Food Corporation Of India - Zonal Office,
(South), Chennai 04/04/2014
|
| Uttaranchal Gramya Vikas
Samiti 05/04/2014
|
| Housing And Urban Development Corporation
Limited 07/04/2014
|
| Jaipur Development
Authority 09/04/2014
|
| |
| Notifications
& Circulars |
| RBI |
| Notification No.
RBI/2013-14/548 (Delhi) 01/04/2014
|
| Advance Remittance for Import of Rough Diamonds |
| Notification No.
RBI/2013-14/549 (Delhi) 01/04/2014
|
| Liquidity Adjustment Facility |
| Notification No.
RBI/2013-14/550 (Delhi) 01/04/2014
|
| Term Repo under Liquidity Adjustment Facility |
| |
|
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