| Professional
News |
| INCOME
TAX |
| PAN-less candidates with over Rs 5-cr
assets to face I-T scrutiny |
|
Delhi : For the first time,
candidates with assets of over R5 crore without a PAN card are
set to come under the scanner of the tax department and the
Election Commission, whch have prepared a list of ‘red flags’
to weed out suspected tax-evaders from the poll fray.This is
part of a joint charter prepared by the Central Board of
Direct Taxes (CBDT) and the Election Commission (EC) for
scrutinising the poll affidavits of candidates contesting the
2014 Lok Sabha elections.Candidates declaring a jump of R2
crore in value of their immovable assets since last polls
would also trigger such red flags, pursuant to which further
inspections would be carried out by the taxmen, a senior
official said.
|
| Profits can't be taxed in the hands
of partners |
|
Delhi : In what could bring
a major relief to partnership companies, the Income-Tax
department is set to clarify that the income of a firm that
has been exempted from tax cannot be taxed for its profit in
the hands of its partners.Earlier, even if the income
chargeable to tax for a firm was nil due to certain deductions
and exemptions, some assessing officers levied tax on the
profit credited to its partners.
|
| DTC |
| DTC may undergo a makeover under new
govt |
|
Delhi : Finance Minister P
Chidambaram showed his commitment to the Direct Taxes Code
(DTC) by releasing a revised draft of the Bill ahead of the
elections, but its fate is in limbo as a non-UPA government
might review it afresh or make significant changes to the
current draft.Experts said technically, Chidambaram has
completed most of the major steps towards replacing the
archaic Income Tax Act of 1961 and if the new government is on
the same page, it would, at most, be required to refer the
Bill to a select committee after tabling it in Parliament.
|
| CUSTOMS |
| 'Extend anti-dumping duty on raw silk
imports from China' |
|
Delhi : To boost domesti
silk production, Assocham has urged the government to extend
anti-dumping duty on raw silk imports from China, which have
grown by 7 per cent during the last 12 years, till December
2015. The Government had imposed antidumping duty on imports
of Mulberry Raw Silk of 2A grade and below from China in
January 2003, which remained in force until January 2008 and
was subsequently extended till January 2014 after a sunset
review.
|
| SEBI |
| SEBI red flags 13 firms for misuse of
M&A norms |
|
Maharashtra : Stock
exchanges have refused no-objection certificates to more than
10 companies for misuse of scheme of arrangement/ amalgamation
with a view to circumvent SEBI’s rules and regulations.Out of
180 companies, which applied for a scheme of arrangement in
the last one year, SEBI’s adverse findings prompted exchanges
to refuse no-objection certificates to 13 companies. These are
Heera Ispat, Ganon Trading and Finance, Mapro Industries,
Saboo Brothers,
|
| COMPANY
LAW |
| Breather for India Inc: Govt trims
relatives list for related-party deals under new cos
Act |
|
Delhi : In what would reduce
India Inc's compliance obligations with respect to the
functions and role of directors, the government has knocked
off one-third of the "list of relatives" for “related-party
transactions” under the new Companies Act of 2013.In the old
Companies Act of 1956, there were over 22 categories of
relatives. This has now been reduced to eight. Also, the
government has exempted the list of relatives of directors and
key managerial persons (KMP) of subsidiaries and associate
companies from the ambit of related-party
transactions,
|
| RBI |
| Strengthen credit appraisal for gold
metal loans: RBI to banks |
|
West Bengal : The Reserve
Bank of India (RBI) on Wednesday issued a set of instructions
to banks offering gold metal loans (GML), directing them to
strengthen their credit appraisal process in the wake of
frauds committed by certain unscrupulous jewellers.“It has
come to our notice that some GML providing banks are extending
gold metal loans mainly relying on stand-by LC/BG (letter of
credit/bank guarantee) issued by other banks, without carrying
out detailed credit appraisal.
|
| IRDA |
| Irda issues draft guidelines for
insurance marketing firms |
|
Maharashtra : Paving the way
for a new distribution channel, the Insurance Regulatory and
Development Authority (Irda) issued draft guidelines for
insurance marketing firms on Wednesday. An insurance marketing
firm is an entity that will be allowed to market insurance
policies along with other financial products such as mutual
funds that are approved by financial sector regulators, Irda
said.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| India entry may get tougher for
foreign telecom firms |
|
Delhi : The government has
proposed to make security clearance mandatory for foreign
telecom companies, irrespective of the equity they intend to
own in their Indian venture.At present, foreign telecom
companies do not need a security clearance for entering India
with up to 49 per cent equity holding. For stakes above that,
the proposals are vetted by the Ministry of Home Affairs
before being cleared by the Foreign Investment Promotion Board
(FIPB).
|
| Finance & Money
Markets |
| FII investment crosses $10
billion |
|
Maharashtra : The amount of
money pumped in by overseas investors has crossed another
psychologically important mark. At a time when the equity
market has been consistently hitting all-time highs, total FII
investment in equity and debt crossed the $10-billion mark on
Wednesday. FIIs pumped in another $100 million in Indian
shares on Wednesday, taking the year-to-date FII purchases to
$4.18 billion. In debt, FII investment stood at $6.13 billion.
|
| Commodities |
| Stainless steel prices set to rise as
nickel turns costlier |
|
Maharashtra : Faced with a
15 per cent jump in nickel prices, stainless steel finished
product manufacturers are considering raising prices in
phases. In 2012, India’s nickel imports stood at 2.4 million
tonnes (mt), before declining to about two mt in 2013.As it is
completely import-reliant, the Indian stainless steel sector
revises product prices in proportion to the fluctuations in
raw material prices.
|
| MERGER &
ACQUISITION - NATIONAL |
| Infra, IT propel PE investments to
$2.3 b |
|
Tamil Nadu : Infrastructure
and information technology sectors have propelled private
equity (PE) investments in India to $2.3 billion in the first
three months of the calendar year. This is nearly double the
investment of $1.2 billion in the corresponding period last
year, according to Venture Intelligence, a research service
focused on private company financials, transactions and
valuations in India.
|
| Greenko in talks with KKR to raise
$100 million |
|
Maharashtra : London's
AIM-listed clean energy specialist Greenko is in talks with a
few leading PE investors, including KKR, for a $100 million
investment, said multiple sources aware of the discussions.
The company and its global subsidiaries already boast of
several high street investors such as Singapore's GIC, Global
Environment Fund, Standard Chartered Plc backing them up. It
even had TPG Capital as one of its earliest backers.
|
| Suzlon Energy takes over US client
Edison Mission Energy’s wind farm to recover $208 million
dues |
|
Maharashtra : Suzlon Energy
has taken over a wind farm in the US to recover $208 million
it said was outstanding from client Edison Mission Energy,
which had withheld the payment accusing the Indian
wind-turbine maker of supplying defective equipment. For
cash-strapped Suzlon, which is selling assets to raise funds,
as part of one of India's biggest corporate debt restructuring
programmes,
|
| Banking |
| Each new banking entity may create up
to 5,000 jobs |
|
Delhi : Anywhere between
1,500 and 5,000 jobs are likely to be created over 1-2 years
for each new banking licence awarded by the Reserve Bank of
India (RBI), estimates by leading head hunters, including
Korn/Ferry International, Egon Zehnder, Heidrick &
Struggles, EMA Partners, Russell Reynolds Associates and
Randstad India, suggest.
|
| RBI grants in-principle approval to
IDFC, Bandhan for new bank licences |
|
Maharashtra : The Reserve
Bank of India granted "in-principle" bank licences to
Infrastructure Development Finance Co and microfinance lender
Bandhan Financial Services Ltd, ending a four-year process
that left many applicants including Reliance Capital and
L&T Finance disappointed. But the regulator's promise of
keeping a window open permanently for bank licences in future,
rather than inviting applications at intervals, has kept their
hopes alive.
|
|
 |
| Economy |
| India |
| Grant of NDMA to India by Pak will boost
bilateral trade: FIEO |
| WPI may omit tax component on manufactured
products |
| India, Nepal agree to expedite key
projects |
| 'Corporate credit ratings to improve in
FY15 |
| Smart cards cut fund leakage in MGNREGA by 12%:
Study |
| |
| International |
| Japanese firms doubt Bank of Japan price targets,
new stimulus seen |
| US factory orders surge in
February |
| |
| Markets
Today |
| NSE |
6,736.10
|
|
| BSE |
22,509.07
|
|
| NASDAQ |
4,276.46
|
|
|
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|
| USD |
60.25
|
|
| EURO |
82.89
|
|
| JPY(100) |
57.95
|
|
| GBP |
100.05
|
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| |
| Corporate
Watch |
| Larsen & Toubro may write off
slow-moving orders worth Rs 15,000
crore |
|
Maharashtra : Engineering major
Larsen & Toubro is likely to trim its Rs 1.7-lakh crore
order book by about 10% when it announces earnings for 2013-14
as lack of approvals, aggressive bidding and other problems
have frozen project execution by its customers, mainly in the
roads, minerals and metals sectors. The engineering company
confirmed that orders worth Rs 9,000 crore may be written off
in the construction business alone, and analysts said that
L&T may consider eliminating jobs worth a total Rs
10,000-15,000crore inclusive of this.
|
| Online retailers Flipkart, Myntra in merger
talks; Mukesh Bansal not too keen on
buyout |
|
Karnataka : Flipkart and Myntra are
close to a deal which could either be an acquisition by
India's largest online retailer or a partnership between the
two companies. 'The companies are in talks for a commercial
partnership, but an acquisition is also on the table,' said a
person with direct knowledge of the discussions. 'All options
are being explored.' The two companies have three common
investors — early stage investor Accel Partners, hedge fund
Tiger Global and Belgium-based family office Sofina.
|
| Wipro gains at IBM’s expense in Bharti
deal |
|
Delhi : Indian IT companies have
taken big chunks of a large technology outsourcing contract
that has been sliced up by Bharti Airtel into four parts,
leaving IBM with only a portion of a deal it completely owned
for a decade. Wiprois a big beneficiary from the renegotiation
of what used to be regarded as the defining technology
outsourcing contract in India - at nearly $300 million a year
over 10 years, it represented a bold choice by Bharti Airtel
to entirely outsource its IT needs,and for IBM it was its most
lucrative deal in India.
|
| Market cheers Bharti plan to raise $2
billion via bonds |
|
Delhi : Shares in Bharti Airtel
jumped over 4% intraday on Wednesday, as investors cheered the
company's plans to raise $2 billion via overseas bonds this
fiscal year to refinance debt and lower finance costs, but
some analysts cautioned against stagnating revenue per minute
and expected competition from Reliance Jio Infocomm, among
others. India's largest telecom operator's stocks ended 3.3%
higher atRs 326.10 on the Bombay Stock Exchange, outpacing the
broader markets.
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| |
| 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
|
| Headquarters Western Command |
|
Description :Expression of
Interest for Internal Audit of Regimental Accounts for
Financial year 2014-15
Last Date :
15/04/2014
Address :Chandimandir -
Haryana
|
| 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 |
| 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
|
| Haryana School Shiksha Pariyojana
Parisad 10/04/2014
|
| |
| Notifications
& Circulars |
| INCOME
TAX |
| Notification No.
24/2014 (Delhi) 01/04/2014
|
| In exercise of the powers conferred by section 295 of the
Income-tax Act, 1961 (43 of 1961) |
| Notification No. 19/2014
(Delhi) 26/03/2014
|
| In exercise of the powers conferred by item(h) of
sub-clause(iv) of section 10 of the Income tax Act,1961(43 of
1961) |
| Notification No. 20/2014
(Delhi) 26/03/2014
|
| Whereas,the central Government(Ministry of Commece and
Industry in exercise of the powers under the Industrial Park
Scheme,2002 |
| SEBI |
| CIR/IMD/DF/07/2014
(Delhi) 02/04/2014
|
| Disclosures pertaining to Assets Under Management |
| RBI |
| Notification No.
RBI/2013-14/551 (Delhi) 02/04/2014
|
| Gold (Metal) Loans (GMLs) |
| 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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