| Professional
News |
| International
Taxation |
| India to scrap Rs 15-cr threshold for
auditing MNC deals |
|
Delhi : India is set to
scrap the R15-crore threshold for referring every
international transaction between an MNC’s arms for compulsory
transfer pricing audit, and about to embrace a more focused
approach to zero in on cross-border transactions with
potential for tax evasion.The proposed risk-based selection of
transactions between MNC arms for transfer pricing audit will
spare many companies the unnecessary hassle and help reduce
tax litigation.
|
| SERVICE
TAX |
| 14% rise in Bengal service tax
collection |
|
West Bengal : Central excise
collection increased by nearly 2 per cent and service tax by
14-16 per cent during the 2013-14 for the Kolkata circle, but
is short of the revised target.“The final numbers are not yet
released but approximately our excise collection has grown by
2 per cent and service tax by 14-16 per cent (during 2013-14)
for our circle comprising West Bengal, Andamans and Sikkim,”
Chief Commissioner of Central Excise and Service Tax (Kolkata)
Kameswari Subramanian told PTI here.Collection from Andamans
and Sikkim is negligible in the total collection for the
circle.
|
| Misc. - Indirect
Tax |
| Govt likely to miss revised FY14
indirect tax target by Rs 17,648 cr |
|
Delhi : The government is
likely to miss its revised indirect tax revenue target for the
2013-14 fiscal by about R17,648 crore on account of the
economic slowdown, a senior government official has
said."Provisional indirect tax collections show the department
will miss the revised estimate of the indirect tax collection
target by about R17,648 crore," Central Board of Excise and
Customs (CBEC) chairperson JM Shanti Sundaram told a TV
channel."I think reasons are also there. The growth in
manufacturing sector and other sectors have not been
good.
|
| SEBI |
| Sebi plans to increase trading hours
for currency futures |
|
Maharashtra : Longer trading
hours may become the norm for currency traders soon. Capital
markets regulator Sebi is planning to increase trading hours
for currency futures so that market participants in India
would be able to adjust and alter their positions in line with
the movements in foreign currencies in global markets. If the
proposal is approved by the regulator, the currency futures
market will be open from 9.00 am to 7.30 pm, Sebi chief UK
Sinha said on Thursday at an industry event.
|
| RBI |
| RBI panel proposes measures to make
bank loan process hassle-free for
customers |
|
Maharashtra : Penalty for
banks that harass customers by delaying transfer of loans from
one to the other, doing away with processing fee for shifting
within the same bank from one type to another and an industry
benchmark base rate for borrowers are among the
recommendations of a central bank panel on pricing of loans to
make processes smoother for retail borrowers.
|
| RBI asks banks to draw up policy for
property deals abroad |
|
Delhi : The Reserve Bank of
India has asked banks with offices abroad to formulate a
policy for overseas real-estate transactions.The RBI said it
has come to its notice that some Indian banks have committed
certain lapses while buying or selling real estate and taking
or letting out property on lease or rentals in some places in
foreign countries, it said in a notification on Thursday.“To
avoid such lapses in future, it is advised that boards of
directors of banks should lay down policies and formulate
detailed operational guidelines to protect the interests of
their respective banks,” the RBI said.
|
| RBI allows direct e-transfer of
inward foreign remittances |
|
Delhi : To facilitate
receipt of foreign inward remittances directly into the bank
accounts of beneficiaries, the RBI on Tuesday said it will
allow such remittances to be transferred to the
Know-Your-Customer compliant beneficiary bank accounts through
electronic mode, such as National Electronic Funds Transfer
and Immediate Payments Service.“Foreign inward remittances
received by the bank acting as Indian agent under the money
transfer service scheme, may be electronically credited to the
account of the beneficiary, held with a bank other than the
Indian agent bank (termed as ‘recipient bank’),” the RBI
said.
|
| RBI issues fresh norms to curb
customer discrimination |
|
Maharashtra : The Reserve
Bank of India (RBI) has come down heavily on banks for
charging different interest rates to customers with similar
profiles, saying such discrimination cannot be accepted. To
study credit pricing, RBI had formed a working group headed by
Anand Sinha, former deputy governor of the central bank. The
panel’s report, made public on Thursday, has suggested
stringent norms to make loan pricing more transparent.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| 30-year-old rule trips foreign
companies' CSR efforts in India |
|
Maharashtra : India is the
only country in the world that seeks to make sure companies do
good things, by mandating that 2% of their profit be spent on
corporate social responsibility or CSR. But for local arms of
multinationals and Indian companies with an overseas
stakeholding of more than 50%, philanthropy isn't proving easy
because of an old rule that's part of the Foreign Contribution
Regulation Act (FCRA).
|
| Finance & Money
Markets |
| High frequency trades form just
one-third of total volumes in India |
|
Maharashtra : The obscure
world of high-frequency trading (HFT) has come under the
spotlight of late after Michael Lewis's latest book 'Flash
Boys: A Wall Street Revolt'.In India, too, the revelations in
the book have caught the attention of critics, authorities and
market players, but that is yet to spark a hue and cry as in
the US. This is because such trades account for just a third
of the total trading volumes on Indian bourses against the
60-70 per cent in most developed markets in the US and Europe.
|
| Overseas borrowing interest rate
norms extended till June |
|
Maharashtra : The Reserve
Bank today said existing guidelines on interest rates for
overseas borrowings will continue for another three months.
"On a review, it has been decided that the all-in-cost
ceiling...will continue to be applicable till June 30, 2014,
and is subject to review thereafter. All other aspects of the
ECB policy remain unchanged," the RBI said in a
notification.
|
| Fund houses and insurers may buy
bonds if yields rise |
|
Maharashtra : The Street
expects the yield on the 10-year benchmark government bond to
touch 9.25 per cent soon. At that, bonds will attract buying
interest because after hitting the peak, yields will start
falling, resulting in gains.Earlier this month, the yield had
breached the nine per cent mark and the first auction of the
financial year saw a partial devolvement on primary dealers on
the longest tenure bond (9.23 per cent, 2043).Badrish
Kulhalli, head of fixed income at HDFC Life, said while each
company may have its own assessment, a rise would lead to a
rise in interest to buy.
|
| Commodities |
| Diamond trade looks towards
Russia |
|
Maharashtra : Indian diamond
processors wish to increase the direct import of rough
diamonds from Russia several-fold. A pact in this direction
was signed on Thursday between the Gems & Jewellery Export
Promotion Council (GJEPC), sponsored by the Union ministry of
commerce, and ALROSA, the Russian group of diamond producing
companies.The Russian Federation is the largest
diamond-producing nation in the world, estimated to have
produced a little over 33 million carats in 2013. And, ALROSA
accounts for 97 per cent of all Russian production (and, it
appears, 27 per cent of global output).
|
| Gold edges up globally on breather
from US Fed |
|
Delhi : Gold hit a more than
two-week high in intraday trade on Thursday, responding to the
weakness of the dollar after minutes from the US Federal
Reserve's policy meeting tempered any expectation of an
interest rate hike any time soon.Spot gold scaled its peak
since March 24 at $1,323.92 an ounce by 7.56 ET, up 0.92%. US
gold futures for June gained slightly more than 1% to
$1,322.70 an ounce.
|
| INTERNATIONAL
BUSINESS |
| BlackBerry may consider exiting
handset biz, eyes investments |
|
BlackBerry would consider exiting its
handset business if it remains unprofitable, its chief
executive officer said, as the technology company looks to
expand its corporate reach with investments, acquisitions and
partnerships. “If I cannot make money on handsets, I will not
be in the handset business,” John Chen said in an interview,
adding that the time frame for such a decision was short. He
would not be more specific, but said it should be possible to
make money off shipments of as few as 10 million a
year.
|
| MERGER &
ACQUISITION - NATIONAL |
| Small advisories are flavour of big
M&A deals |
|
Maharashtra : Corporates are
increasingly seeking the advice of niche advisory boutiques
for mergers and acquisitions. The Lafarge-Holcim merger, set
to create a company with a market value of around $50 billion,
has turned the spotlight on boutique advisory firm Zaoui &
Company, which incidentally helped Lakshmi Mittal in his
takeover battle with Arcelor in 2006.Sun Pharma had
deliberated the Ranbaxy buy with smaller, specialised agencies
for some time, though Citigroup and Evercore Partners
ultimately advised the drug major on its $4-billion
buy.
|
| Banking |
| Citibank not to set up its subsidiary
in India |
|
Maharashtra : Citibank said
on Thursday it had no plan to create a wholly-owned subsidiary
(WOS) in India. Instead, it would continue to expand by
opening more branches.The bank has 42 branches, third highest
among foreign lenders, and plans to add three more in a few
months."We have (been present through) the subsidiary route in
many countries in Asia and it is not new to us. But, for now,
we are not keen on going ahead with it (creating a subsidiary)
in India," Anand Selvakesari, head of consumer business for
the Asean region at Citibank, told
reporters.
|
|
 |
| Economy |
| India |
| Government receives 36 applications for 3 coal
mines |
| ‘Nasscom will focus on IT
engineering’ |
| 12th Plan GDP growth target may be cut to 6% from
8% |
| Goa seeks to spend money earned from auctioning
of ore on welfare scheme |
| Online retail touches $12.6 bn in 2013, up 33%:
IAMAI |
| Hiring up 3% in March: Report |
| |
| International |
| US jobless claims tumble to near seven-year
low |
| China trade disappoints but Li rules out major
stimulus |
| BoJ unruffled by Japan’s weak machinery
orders |
| |
| Markets
Today |
| NSE |
6,776.30
|
|
| BSE |
22,628.96
|
|
| NASDAQ |
4,054.11
|
|
| |
|
|
| USD |
60.23
|
|
| EURO |
83.65
|
|
| JPY(100) |
59.28
|
|
| GBP |
101.00
|
|
|
| |
| Corporate
Watch |
| Vodafone stake yields Piramal a mega
payday |
|
Maharashtra : Ajay Piramal, known
as India’s original takeover tycoon for building
hispharmaceuticals empire on a modest textile inheritance
through a series of acquisitions, is fast becoming one of
India’s savviest investors. On Thursday, Piramal sold his 11
per cent stake in Vodafone India, reaping a windfall of 52 per
cent return in just two years.The Piramal group flagship
Piramal Enterprises sold the stake comprising 45.4 million
shares of Vodafone India for Rs 8,900 crore to Prime Metal, an
indirect subsidiary of Vodafone.
|
| Tatas may pump Rs 2k cr more into Tata
Tele |
|
Maharashtra : The Tatas will have
to invest another Rs 2,000 crore in their loss-making wireless
telephony firm, Tata Teleservices, as equity within the next
two years to service its loans. This fund infusion will be in
addition to the Rs 2,480 crore already invested by the Tatas
in January this year, which was used to pay off debt.Bankers
said the fund infusion by promoters was important for the
company to repay its debt, which rose to Rs 24,700 crore by
December 2013.
|
| Nokia offers VRS for staff at Sriperumbudur
facility |
|
Tamil Nadu : Finnish handset maker
Nokia on Thursday announced a voluntary retirement scheme
(VRS) for its workers at the Sriperumbudur factory near here,
which is caught in a legal tussle with income tax
authorities.R Soundararajan of the Centre of Indian Trade
Unions, which has been supporting the employees’ union at the
facility, said, “We will not take it (VRS); we will inform
this to the firm.”
|
| Visa costs pull down iGate net in March
quarter of FY14 |
|
Karnataka : Information technology
services company iGate on Thursday posted a nine per cent drop
in net profit for its financial first quarter ended March 31,
even as it sounded upbeat about the deal funnel and
‘increasing traction’ from Europe. The Nasdaq-listed company
reported $34.8 million in net profit for the quarter as
against $33.1 mn in the same period the previous year,
primarily because of a hit of $7.5 mn due to visa
costs.
|
| Suzlon will use Rs. 500 cr from Big Sky
sale to pare debt |
|
West Bengal : Suzlon Energy has
raised around Rs. 500 crore from the sale of its US company
Big Sky Wind Farm to EverPower Wind Holdings, Chairman and
Managing Director Tulsi Tanti said on Thursday.The sale is
part of the wind turbine maker’s plan to divest non-core
assets to pare debt. A few Indian assets are also to be sold
to mop up around Rs. 1,000 crore more, Tanti told reporters
here. Next in the line would be its non-operating assets in
Puducherry and Vadodara.
|
| |
| Tenders
& Assignment |
Chief Commissioner Of
Income-Tax,Bangalore-1  |
|
Description :Empanelment of
Auditor for Special Audit u/s 142(2A) of the Incometax Act
–reg.
Last Date : 15/04/2014
Address :C.R.Building,Queen's
Road,Bangalore-560001.
Phone
:080-22864264
|
| Vallabhbhai Patel Chest Institute |
|
Description :Request for
Proposal for carrying out according work of Vallabhbhai Patel
Chest Institute (VPCI) for the financial year 2014-15.
1.
Chartered Accountants for Preparation of annual accounts for
the 2014-15 in r/o vpci.
Last Date :
28/04/2014
Address :Administrative
Block, 3 rd Floor, Multi Storey Building VPCI.
Phone :27402422/23
|
| Central Institute Of Technology |
|
Description :Expression of
Interest for Proposed to entrust the chartered Accountants for
Auditing and Tax consultancy service of this Institute for the
financial year 2014-15
Last Date :
15/05/2014
Address :Kokrajhar - Assam
|
| |
| Reminders |
| Tenders |
| Rural Development And Panchayati Raj Department -
Chickballapur Karnataka 15/04/2014
|
| Rural Development And Panchayati Raj Department -
Haveri Karnataka 15/04/2014
|
| Rural Development And Panchayati Raj Department -
Davanagere Karnataka 15/04/2014
|
| Rural Development And Panchayati Raj Department -
Bangalkot Karnataka 15/04/2014
|
| Uttarakhand Compensatory Afforestation Fund
Management And Planning
Authority 15/04/2014
|
| Security Printing And Minting Corporation Of
India Limited Dewas 15/04/2014
|
| Headquarters Western
Command 15/04/2014
|
| Rural Development And Panchayati Raj Department -
Tumkur Karnataka 15/04/2014
|
| Eastern Coalfields Limited - Burdwan West
Bengal 17/04/2014
|
| |
| Notifications
& Circulars |
| CUSTOMS |
| Notification No. 27/ 2014-Customs
(N.T. (Delhi) 07/04/2014
|
| In exercise of the powers conferred by sub-section (1) of
section 4 and sub-section (1) of section 5 of the Customs Act,
1962 (52 of 1962) |
| Notification No. 28/ 2014-Customs
(N.T. (Delhi) 07/04/2014
|
| In exercise of the powers conferred by sub-section (1) of
section 4 and sub-section (1) of section 5 of the Customs Act,
1962 (52 of 1962) |
| Notification No. 29/ 2014-Customs
(N.T. (Delhi) 07/04/2014
|
| In exercise of the powers conferred by sub-section (1) of
section 4 and sub-section (1) of section 5 of the Customs Act,
1962 (52 of 1962) |
| Notification No. 30/2014-Customs
(N.T.) (Delhi) 07/04/2014
|
| In exercise of the powers conferred by clause (a) of
sub-section (1) of section 7 of the Customs Act, 1962 (52 of
1962) |
| ORDER (Delhi) 07/04/2014
|
| Appointment of Common Adjudicating Authority |
| Notification No. 26/2014 - Customs(
N.T) (Delhi) 03/04/2014
|
| Rate of exchange of conversion of each of the foreign
currency with effect from 04th April, 2014 |
| Notification No. 8/
2014-Customs (Delhi) 01/04/2014
|
| Seeks to amend Notification No. 96/2008-Customs, dated
13-08-2008 (DFTP scheme for LDCs ) |
| Notification No. 09/2014 -
Customs (Delhi) 01/04/2014
|
| Seeks to amend Notification No. 69/2011-Customs, dated
29th July, 2011 ( India-Japan CEPA) |
| Notification No. 25/2014 - Customs(
N.T) (Delhi) 31/03/2014
|
| In exercise of the powers conferred by sub-section(2) of
section 14 of the customs Act,1962 |
| ORDER (Delhi) 28/03/2014
|
| Appointment of Common Adjudicating Authority |
| ORDER (Delhi) 28/03/2014
|
| Appointment of Common Adjudicating Authority |
| ORDER (Delhi) 28/03/2014
|
| Appointment of Common Adjudicating Authority |
| ORDER (Delhi) 28/03/2014
|
| Appointment of Common Adjudicating Authority |
| ORDER (Delhi) 28/03/2014
|
| Appointment of Common Adjudicating Authority |
| ORDER (Delhi) 28/03/2014
|
| Appointment of Common Adjudicating Authority |
| ORDER (Delhi) 28/03/2014
|
| Appointment of Common Adjudicating Authority |
| ORDER (Delhi) 28/03/2014
|
| Appointment of Common Adjudicating Authority |
| Circular No.
07/2014-Customs (Delhi) 07/03/2014
|
| Regarding import of pesticides –Common Order dated
05.09.2013 passed by Hon’ble Gujarat High Court in various
Civil Applications |
| SEBI |
| CIR/IMD/FIIC/08/2014 (Maharashtra) 07/04/2014
|
| Change in investment conditions / restrictions for FII/QFI
investments in government debt securities |
| RBI |
| Notification No.
RBI/2013-14/560 (Delhi) 10/04/2014
|
| Rupee Drawing Arrangement – ‘Direct to Account’
Facility |
| Notification No.
RBI/2013-14/561 (Delhi) 10/04/2014
|
| External Commercial Borrowing (ECB) Policy – Review of
all-in-cost ceiling |
| Notification No.
RBI/2013-14/562 (Delhi) 10/04/2014
|
| Trade Credits for Imports into India – Review of
all-in-cost ceiling |
| |
|
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