| Professional
News |
| Misc. - Direct
Tax |
| Proposed levy on financial assets
could hit capital formation |
|
Delhi : Finance minister P.
Chidambaram’s proposal to levy wealth tax on financial assets
of individuals and trusts above R50 crore is set to hit not
just affluent investors but entrepreneurs too, say tax
experts.If one takes the example of Reliance Industries
chairman Mukesh Ambani, the proposal could lead to an extra
tax demand of R86 crore a year on the 36 lakh shares he holds
in the company.
|
| Direct tax mop-up touches revised
estimates |
|
Delhi : Efforts to shore up
tax revenue appear to be showing results, with the direct tax
collection set to exceed the revised estimate. Finance
Ministry officials said the total direct taxes collection had
touched Rs. 6.36 lakh crore in 2013-14. Direct taxes include
personal income tax, corporate tax and wealth tax. Originally,
the Budget estimate for direct tax collection was Rs. 6.67
lakh crore.Revenue authorities made intense efforts to collect
taxes, especially from non-filers of returns.
|
| RBI |
| RBI shifts to CPI-based real
effective exchange rate |
|
Maharashtra : Shifting focus
to retail inflation, the Reserve Bank said it will compute and
release Real Effective Exchange Rate (REER) only on the basis
of the Consumer Price Index (CPI) as the price index for India
from this financial year. "REER index constructed using a CPI
for both India and trade partner countries would ensure a
higher degree of comparability of former's international
competitiveness vis-Ã -vis trading partner countries," the RBI
said in a release.
|
| FDI
Policy |
| BJP’s FDI stand may hurt big global
retailers like Tesco and Carrefour |
|
Delhi : Big retailers in the
country are caught in an uneasy situation with the BJP —
widely considered favourites to lead the next government — is
expected to promise to scrap foreign investment in multi-brand
retail in its election manifesto.While most multinational and
Indian retailers did not want to comment until the main
opposition released its manifesto, industry insiders said it
would be a blow to some big players if the next government
reverses the policy of allowing global supermarket chains to
own up to 51% stake in local retailing ventures.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Regulator imposes limits on use of 2
OTC painkillers |
|
Delhi : In a move that could
affect sales of drug majors like Wockhardt, Lupin, Glenmark
and Ranbaxy, the regulator has restricted usage of painkillers
tramadol and tapentadol. Based on the recommendations of the
new drug advisory committee, the usage of these two drugs —
and their fixed dose combinations — has been limited to severe
acute pain for a period not exceeding five days since these
medicines have potential for respiratory depression and
addiction.The domestic painkiller market stands at R5,417
crore and it is growing at around 4%. While tapentadol is sold
by top drugmakers such as Ranbaxy (Tydol) and Glenmark (Vorth
TP), and makes for a R20-crore market, tramadol is
manufactured by smaller players.
|
| Finance & Money
Markets |
| Rupee posts worst weekly drop since
February on Rajan comments |
|
Maharashtra : India’s rupee
completed its biggest weekly loss in more than a month on
speculation the central bank will curb currency appreciation
to protect exporters.The rupee extended its retreat from an
eight-month high reached 2 April, declining 0.3% from a week
ago to 60.0850 per dollar in Mumbai, data compiled by
Bloomberg show. That was the steepest weekly loss since 21
February.Reserve Bank of India (RBI) governor Raghuram Rajan
said a rupee level of 55 per dollar would be too strong,
according to an interview with the Mint newspaper published on
Thursday.
|
| Commodities |
| FMC proposes to relax price limits
for agri commodities |
|
Maharashtra : The Forward
Markets Commission has proposed relaxation of daily price
limits (like circuit limits) for agricultural commodities
traded in the evening session on commodity exchanges. There
are 10 such commodities. It has sought reaction by April 21.In
a discussion paper issued on Friday, it has said: ‘It is
proposed that the initial daily price limits (DPL) for agri
commodities contracts be fixed at four per cent, after breach
of which, there will be a cooling-off period of 15 minutes and
the DPL shall be relaxed once by two per cent.
|
| NSEL to start settlement of e-series
gold contracts |
|
Delhi : Crisis-hit NSEL on
Friday said it will commence rematerialisation of its e-series
gold contracts from April 12 onwards, a move that would
benefit 33,000 investors.Rematerialisation is the process by
which a client can get his electronic holdings converted into
physical form.National Spot Exchange Ltd (NSEL), which is a
subsidiary of Jignesh Shah-led Financial Technologies India
Ltd, is grappling with a payment crisis for settling dues
worth R5,500-crore after it suspend trading activities in July
last year following a government directive.
|
| MERGER &
ACQUISITION - INTERNATIONAL |
| Lafarge, Holcim in $50-bn-plus merger
talks |
|
Intl : The worlds' two
largest cement makers, Lafarge and Holcim, said they were in
merger talks, flagging what could be Europe's biggest tie-up
of the year creating a company with a stock market value of
over $50 billion.The discussions are "based on principles
consistent with a merger of equals", Paris-listed Lafarge said
in a statement on Friday. The company said no agreement had
yet been reached with Switzerland's Holcim and there was no
guarantee of a deal, but said there was a "strong
complementarity
|
| |
| Banking |
| Differentiated licences suit some
better: Rajan |
|
Maharashtra : The Reserve
Bank of India (RBI) believes differentiated banking licences
are more appropriate for some private entities aspiring to set
up banks in India. Before granting in-principle approvals for
banking licences to two companies, Bandhan Financial Services
and IDFC, the banking regulator had assessed 25
applications.“We went through the list of applicants. This was
the set of applicants that the (Bimal) Jalan committee and RBI
felt comfortable with. We have opened up the possibility that
will allow applicants to apply again, once we start giving
licences on-tap, as well as create differentiated banking
licences.
|
|
 |
| Economy |
| India |
| Major ports handle 17% more imported coal in
2013-14 |
| Remittances rise as NRIs bet on strong
rupee |
| Trichy becomes India's fastest growing
international airport |
| |
| International |
| US payrolls rise 192,000 as unemployment holds at
6.7% |
| China 2013 current account surplus to GDP ratio
falls to 2 pct |
| China regulator to run stress tests on
banks |
| |
| Corporate
Watch |
| IDFC readies 9-year road map for banking
foray |
|
Maharashtra : The CEO of IDFC bank
will be selected from within the company, chairman Rajiv Lall
said on Friday, adding the transition from a non-banking
financial company (NBFC) to a bank might mean some amount of
pain in the near term. “For the first 24 to 36 months, we will
see some pressure on profitability. But once we stabilise the
operations and build the core infrastructure, we will be in a
position to show growth and profitability,” Lall said at a
press conference.While the CEO will be chosen from within,
IDFC intends to build the team with the help of outsiders.
|
| Chasing profits, Future Group shut 40% of
Food Bazaar stores in 2013 |
|
Maharashtra : Last year, Kishore
Biyani’s Future Group closed about 40% of its food and grocery
chain of Food Bazaar stores that were not performing well,
even as it continues to undergo restructuring in neighbourhood
stores, KB's FairPrice and the home-furnishing chain,
HomeTown, apart from Food Bazaar. While Future Retail (FRL)
shut down 18 supermarkets, it opened only one store last year.
At the end of December, the company had 26 stores.
|
| Indian IT gears up as contracts of $113 bn
up for renewal |
|
Maharashtra : Indian companies
might end up with a smaller slice as more information
technology contracts get restructured, warn analysts.Recently,
Bharti Airtel restructured a $2-billion deal and infotech
companies TCS, Wipro and Tech Mahindra gained. But this may
not be the norm.According to data from ISG, a company that
tracks outsourcing, $112.95 billion of infotech contracts are
due for renewal in 2014. The share of Indian vendors in this
is 16 per cent, a business opportunity of about $18 billion.
|
| YuppTV raises $2.5 million from Sashi
Reddi |
|
Andhra Pradesh : Atlanta-based
internet TV provider YuppTV has raised its first outside
investment of $2.5 million (about Rs 15 crore) from angel
investor Sashi Reddi, valuing the company at $25 million (Rs
150 crore). For Reddi, who sold his software-testing firm
AppLabs to Computer Sciences Corporation ( CSE) in 2011 for
about Rs 1,200 crore, picking up 10% stake in YuppTV is the
single largest investment so far.
|
| |
| Tenders
& Assignment |
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
|
| Uttaranchal Gramya Vikas Samiti |
|
Description :Request for
proposals from chartered accounts (CA) firms for Internal
audit for financial year 2013-14
Last Date
: 19/05/2014
Address :UGVS
Office (216,Pandit Wari-II,Dehradun-248007)
|
| |
| Reminders |
| Tenders |
| Housing And Urban Development Corporation
Limited 07/04/2014
|
| Jaipur Development
Authority 09/04/2014
|
| Haryana School Shiksha Pariyojana
Parisad 10/04/2014
|
| Rashtriya Madhyamika Shiksha
Abhiyana 11/04/2014
|
| |
| Notifications
& Circulars |
| INCOME
TAX |
| Circular No.
08/2014 (Delhi) 31/03/2014
|
| Interpretation of provisions of Section 10(2A) of the
Income-tax Act,1961. |
| RBI |
| Notification No.
RBI/2013-14/553 (Delhi) 04/04/2014
|
| Foreign Exchange Management Act, 1999 (FEMA) Foreign
Exchange (Compounding Proceedings) Rules, 2000 (the Rules) -
Compounding of Contraventions under FEMA, 1999 |
| Notification No.
RBI/2013-14/552 (Delhi) 03/04/2014
|
| 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 – Harmonization of KYC norms for Foreign
Portfolio Investors (FPIs) |
| |
|
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