PDICAI Knowledge Capsule - 12/04/2014

Saturday, April 12, 2014

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Professional News INCOME TAX Minimise retrospective amendment: Shome Delhi : The government should minimise retrospective amendment of tax laws to bring clarity and certainity in the country's tax regulations, Parthasarathi Shome, noted economist and advisor to the finance minister, said on Friday. “New government will have to work hard in bringing clarity and certainity in tax laws. In the case of India, the best method would be to minimise retrospective tax amendments,” Shome told news channel CNBC TV18. SEBI Finance Ministry rejects Sebi’s proposal to consider PSU banks as public shareholders   Maharashtra : The Finance Ministry has rejected market regulator Sebi's proposal to classify banks and public financial institutions as 'public shareholders' in stock exchanges. The regulator's proposal failed to cut ice with the government, which felt the move could dilute the fundamental spirit of demutualisation. The government has mandated demutualisation of stock exchanges so as to separate ownership and trading rights and create a better corporate governance structure. RBI RBI sold dollars in Feb despite higher inflows Maharashtra : The deluge of short-term dollar inflows into Indian debt seen in the recent months doesn’t seem to have perturbed the Reserve Bank of India (RBI) this time around. For the first time in 2013-14, the RBI did not buy dollars at all from the foreign exchange market, data from the central bank showed. The RBI bulletin shows that, in February, the central bank sold $530 million in the forex market, but didn't buy any. Finance & Money Markets Rupee loses 10 p vs dollar, closes at 60.17  Maharashtra : The rupee on Friday lost 10 paise to end the day at 60.17 against the dollar in line with fall in local stocks, amid fresh dollar demand from importers.Dollar gaining strength in overseas markets also hit the local currency, forex dealers said. The dollar index was up 0.03% against its major global rivals. Foreign fund flows into local stocks restricted the rupee fall to some extent, they added. Forex reserves up $3 bn at $306.65 bn Maharashtra : India's foreign exchange reserves continued to increase in the new financial year, gaining $2.974 billion to reach $306.647 billion for the week ended April 4, as currency assets rose, the Reserve Bank said on Friday. In the previous week, ended March 28, total foreign exchange reserves had increased by a robust $5.038 billion to touch $303.673 billion, the highest since December 2011. NSE prepares system to check freak trades in F&O segment Maharashtra : The National Stock Exchange (NSE) has put in place a control mechanism for orders in the futures and options segment in an attempt prevent steep stock price declines in the event of freak trades. The exchange said that orders will be matched and trades will take place only if the price is within the reference price and execution range, which will be set as per defined criteria. BSE Sensex soars, investors cash out Maharashtra : Indian equities may be at new highs but small investors aren’t feeling brave enough to hold on to their equity investments, reports Ashley Coutinho in Mumbai. More than three lakh equity folios closed in March, a month when the benchmark indices rallied 6%, as investors booked profits. About 40 lakh equity folios saw closure in FY14, leaving total equity folios at 2.91 crore, down from a peak of 4.11 crore in March 2009. Commodities Gold, silver imports dip 40% in 2013-14 Delhi : Gold and silver imports declined 40% to $33.46 billion in 2013-14 mainly due to restrictions imposed by the government on inbound shipments of the precious metal to narrow the current account deficit.Imports of gold and silver in 2012-13 stood at $55.79 billion. In March, the imports of the precious metals were down by 17.27% to $2.75 billion from $3.33 billion in the same month previous year.Lower imports helped to narrow the trade deficit to $138.59 billion in the previous fiscal. 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/2013-14/563 (Delhi) 11/04/2014 Auction of Government of India Dated Securities 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

Economy  India Factory output falls to the lowest level in over 2 years DoT seeks Trai views for next round of spectrum auctions India to grow 5.5% this fiscal: Fitch IMF pushes for global policy to create more jobs Consumer durables loans soar 53 pct in Feb as credit card spends decline India misses 2013-14 export target Railways records 15% revenue rise    International China consumer prices rise, but industry deflation persists G20 gives U.S. year-end deadline for IMF reforms Eurozone Economy Is Too Weak To Support Sustainable Growth   Corporate Watch Finally, Infosys open to outsider as CEO, but insiders may have edge Delhi : Infosys, India’s second largest IT services exporter, announced on Friday it has begun the search for a new chief executive officer to succeed SD Shibulal, who retires next year. The company announced the door open was open to an external candidate, a first for the IT major.Shibulal took over as the CEO in August 2011 and was expected to retire in March 2015 when he turned 60. Friday’s announcement would mean that Shibulal is unlikely to complete his tenure. Auto industry expects some traction in FY15 Delhi : After two years of tepid sales, the auto industry is looking forward to a revival in FY15 with car, utility vehicle, two-wheeler and light commercial vehicle (LCV) volumes expected to post moderate growth, industry body Society of Indian Automobile Manufacturers (SIAM) said. In FY14, two-wheelers were the only segment to record growth. everything else remained in the red.After the general elections, it is expected that consumer sentiment could get a boost while pent-up demand and incentives, such as the recently announced excise duty cuts, could drive demand. However, the medium and heavy CV segment may take a bit longer to secure a full revival as key drivers, such as mining activity and infrastructure, are yet to pick up. Zee, Star to exit distribution JV following Trai directive Delhi : Broadcasters Zee and Star India on Friday announced that they will dismantle their distribution joint-venture — MediaPro Enterprises India — set up in May 2011, following a recent order from the sector regulator.In February, the Telecom Regulatory Authority of India (Trai) issued a regulation prohibiting distributing houses to bundle channels of multiple broadcasters into one bouquet. 'In the light of the new regulation, both partners have decided to build independent affiliate sales (network),' Zee Entertainment Enterprises MD and CEO Punit Goenka said in a statement on Friday. Ruias give Essar Energy minority shareholders 1 month to accept offer Delhi : The Ruias have given minority shareholders in Essar Energy a month to accept their offer for the remaining shares they don’t already own in the London-listed company.Energy Bidco Holdings, a Mauritius-incorporated subsidiary of the Ruia’s investment vehicle, Essar Global Fund Ltd (EGFL), has set a deadline of 1 p.m. London time on May 9 for the acceptance of their offer of 70 pence per share, according to the offer document published on Friday.   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   Department Of Information Technology Description :Hiring the services of an Agency to provide Two Chartered Accountants(one with three years of work experience and another with one year of work experience) for Setu Maharashtra, Directorate of Information Technology, Govt. of Maharashtra Last Date : 29/04/2014 Address :Mumbai - Maharashtra Phone :022-22024177 E-Mail :sonia.singh@semt.maharashtra.g ov.in   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

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