| Professional
News |
| Misc. - Direct
Tax |
| Measures to check tax disputes in
next Budget |
|
Delhi : The finance ministry
plans to allay investor fear on tax uncertainty in India. The
idea is to introduce in the next Budget a number of safeguards
for preventing disputes with taxpayers.A panel headed by
Parthasarathi Shome, advisor to the minister, will recommend
such measures as part of reforms in tax administration. His
Tax Administrative Reforms Commission (TARC) has prepared
basic guidelines for changes needed in the system to raise
compliance and mitigate risks for taxpayers.
|
| EXCISE |
| Eye on higher excise mop-up, CBEC
gives more powers to commissioners |
|
Delhi : In a last-ditch
attempt to shore up faltering excise duty collection, the
Central Bureau of Excise and Customs (CBEC) has empowered
chief commissioners to act tough on manufacturers and dealers
evading duty payment and abusing duty credit facilities. The
new provisions, notified on March 21, expose producers evading
excise payments to the threat of losing Cenvat credit facility
and the monthly payment option. They, instead, will be allowed
to clear consignments out of factories or warehouses only on
production of duty payment receipts countersigned by an
inspector or Superintendent.
|
| SEBI |
| Disclosure norms may marginally push
up AMCs’ compliance costs |
|
Maharashtra : Market
regulator Sebi’s new norms requiring mandatory monthly
disclosures pertaining to their assets under management (AUM)
will marginally push up compliance costs for fund houses.
“There will be a cost element involved and fund houses will
have to analyse the same over a period of time. The compliance
and back office teams will have to work a little more now,”
said Jimmy Patel, CEO, Quantum MF.
|
| Sebi providing more clarity to
justify quantum of fines |
|
Delhi : To ensure greater
transparency, market regulator Sebi has started providing
additional clarity in its orders to justify the quantum of
penalties imposed for defaults and other violations.Sebi,
which can levy penalties of up to R25 crore or three times any
ill-gotten gains (whichever is higher), has decided that its
adjudicating officers would clearly mention the mitigating
factors in their orders to justify the fines they impose for
violation of norms, official sources said.
|
| RBI |
| Rules revised for foreign portfolio
investors |
|
Maharashtra : The Reserve
Bank of India on Tuesday revised rules for foreign portfolio
investors in government and corporate debt.The portfolio
investor registered in accordance with Sebi guidelines shall
be called ‘Registered Foreign Portfolio Investor (RFPI)’. The
existing portfolio investor class, namely, Foreign
Institutional Investor (FII) and Qualified Foreign Investor
(QFI) registered with Sebi, shall be subsumed under
RFPI.
|
| RBI opposes plan to give Sarfaesi
powers to HFCs |
|
Delhi : The Reserve Bank of
India (RBI) has objected to the finance ministry’s plan to
give Sarfaesi Act-powers automatically to all housing finance
companies (HFCs) registered with the National Housing Bank
(NHB) to help them recover dues from borrowers quickly without
court intervention.Official sources told FE that according to
the RBI, the ‘stringent’ Sarfaesi powers should not be given
to institutions without proper due diligence of their
management, track-record, borrower profile and default
levels.
|
| Ahead of policy review, RBI meets
select bankers |
|
Maharashtra : The Reserve
Bank of India (RBI) on Tuesday met a select group of public
sector and foreign banks ahead of the bi-monthly policy meet
early next week.The central bank usually holds the customary
pre-policy discussions ahead of every monetary policy meeting
with all public, private and foreign bankers, but this time
around only a few bankers attended the meeting.The RBI website
also did not term the meeting as a pre-policy meeting with the
IBA, which it usually does. When contacted, an RBI
spokesperson said it was an internal meeting.
|
| PEs may get flexibility in pricing
exits from companies they have invested
in |
|
Delhi : Private equity
investors may soon get the flexibility in pricing their exits
from companies they have invested in as the Reserve Bank of
India has agreed to drop stringent valuation norms introduced
barely two months ago that were seen to be hindering deals.
Adverse reaction from the foreign investment community at a
time when the country is keen to attract stable foreign
capital prompted a re-think on the earlier norms, which
prescribed a single method of valuation in the case of
unlisted companies.
|
| Finance & Money
Markets |
| Markets reverse losses on FII
buying |
|
Maharashtra : Benchmark
equity indices recovered intra-day losses to end
flat-to-positive on Tuesday as foreign funds stood net buyers
for the 11th consecutive session on Tuesday. Foreign
institutional investors (FIIs) net bought $202.5 million of
Indian shares in the cash segment, showed provisional data
from stock exchanges. After Tuesday’s purchases, FIIs stand
net buyers in 27 out of the last 28 sessions of $3.6 billion,
data shows. The amount stands at $3.2 billion for the current
calendar.
|
| Rupee continues recovery, hits
eight-month high |
|
Maharashtra : The rupee rose
to its highest level in eight months on Tuesday as continued
foreign fund inflows into the domestic share market helped,
while a breach of a key technical resistance added to the
rupee's momentum.Traders expect the currency to continue
trading with an upward bias, helped by record high local
shares with the upcoming elections being the key focus
point.The Indian stock market ended flat after hitting its
second consecutive record high
|
| Commodities |
| Gold tumbles below Rs 30k, at 9-week
low |
|
Delhi : Gold tumbled to its
nine-week low on Tuesday, falling below Rs 30,000 on heavy
selling by stockists amid a weakening global trend. The yellow
metal dropped R350 to R29,850 per 10 grams, a level last seen
on January 17. A strengthening rupee, which made imports of
the precious metals cheaper, further influenced the trading
sentiment.Silver also extended its losing streak to the
seventh straight session and declined by R350 to R44,200 per
kg.
|
| MCX may be barred from launching
fresh contracts |
|
Delhi : The country’s
largest commodity exchange, MCX, part of the crisis-hit
Jignesh Shah-led FTIL group, may be barred from launching
fresh contracts if it fails to bring down promoter’s stake to
2%.Sectoral regulator Forward Markets Commission (FMC) might
crack the whip on MCX in case the bourse fails to comply with
its directive on reducing promoter shareholding, which came in
the wake of the R5,600-crore payment crisis at the NSEL.“FMC
will take action against MCX if they do not comply with the
shareholding order by April 30.
|
| Banking |
| Poll panel may give conditional
clearance for bank licences today |
|
Delhi : The Election
Commission (EC) is likely to give a conditional clearance to
the Reserve Bank of India's (RBI's) proposal to issue fresh
bank licences. A final decision on this is expected to be
taken on Wednesday.The three-member EC, headed by Chief
Election Commissioner V S Sampath, on Tuesday held a meeting
to discuss the additional information it had sought from RBI
last week. The poll panel had raised a red flag on timing of
the proposal, fearing the issue of licences might help the
ruling parties in the Lok Sabha elections, which begin on
April 7 and conclude on May 12.
|
| Bank of Baroda, SBI, others dangle
lower interest rates to lure quality
borrowers |
|
Maharashtra : STARVED for
quality assets, a host of banks is resorting to rate cuts in a
bid to attract top-quality corporate customers. While Bank of
Baroda chairman and managing director SS Mundra confirms his
bank is looking to reduce interest rates to corporates by
25-50 basis points, State Bank of India, which has been
weaning away customers from other banks by offering them lower
rates, says it could do better.“If we want an account or if
there’s a customer we’re coveting, we’re open to lending at
50-75 bps lower than the prevailing rate,” a senior SBI
official told FE.
|
|
 |
| Economy |
| India |
| Loan demand from service segment up by over 17
per cent in January |
| State oil firms to cut petrol prices by Rs 1.25
per-litre soon |
| Exports will fall short of $325-b target:
Sharma |
| |
| International |
| Crimea Crisis Pushes Russian Energy to China From
Europe |
| Putin Threatened With More Sanctions as Russia
Out of G-8 |
| China needs new market approach to
urbanisation |
| Brazil defends economy after ratings
cut |
| |
| Markets
Today |
| NSE |
6,601.40
|
|
| BSE |
22,095.30
|
|
| NASDAQ |
4,234.27
|
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| |
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| USD |
60.22
|
|
| EURO |
82.95
|
|
| JPY(100) |
58.87
|
|
| GBP |
99.38
|
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| |
| Corporate
Watch |
| Sahara presents new Rs 20,000-cr refund
plan |
|
Delhi : The Sahara Group on Tuesday
made a fresh proposal before the Supreme Court, wherein it
made an undertaking to pay R20,000 crore to market regulator
Securities and Exchange Board of India (Sebi). The payment
will be towards reimbursment of the money the group has
collected from its investors through Optionally Fully
Convertible Debentures (OFCDs).Meanwhile, the apex court
adjourned hearing on Sahara Group chief Subrata Roy’s bail
plea. It will resume the hearing on Wednesday.
|
| Cut in production incentives not
acceptable: Ford India workers |
|
Tamil Nadu : The Ford India
Employees Union is firm on its demand for 26% production
incentive for 2013, the way it was in 2012, and says the
management's decision to offer 15.85% is not acceptable. The
union will wait for the management to decide on their demand
for a day or two and will accordingly take further action,
sources privy to the development told FE on Tuesday.'The
workers, numbering up to 4,500 (including 2,500 permanent
employees), have been cordial with the management for years
and do not see any valid reason for the management to effect a
sharp cut in production incentives,' a source pointed
out.
|
| Oberoi Realty buys Tata Steel land for Rs.
1,155 crore |
|
Maharashtra : Tata Steel has sold a
25-acre plot in Borivali in suburban Mumbai to Oberoi Realty
for Rs. 1,155 crore.The steelmaker had launched a
bid-cum-auction process for the sale of the land on December
18.The site, at the junction of the Western Express Highway
and Dattapada Road in Borivali, abuts both roads.The
neighbourhood predominantly comprises medium- to high-end
residential developments, said Tata Steel in a press release
on Tuesday. The company completed the e-auction process on
Monday, with the participation of several well-known
developers.
|
| Federal Bank recovers Rs 10 cr dues from
Kingfisher Air |
|
Delhi : Federal Bank , a part of
the consortium that had given loans to Vijay Mallya's
Kingfisher Airlines , has recovered Rs 10 crore till date and
is making efforts to get back the remaining dues from the
beleaguered carrier. Also Read: Bad loans worth Rs 42k cr
offered for sale this year: ARCIL 'So far we have recovered Rs
10 crore from Kingfisher Airlines. We had an exposure of Rs 85
crore in the company,' Federal Bank Managing Director Shyam
Srinivasan said.
|
| Rs. 895-cr worth HCL Tech shares change
hands among promoters |
|
Maharashtra : HCL Technologies on
Tuesday closed down 1.25 per cent after Shiv Nadar family-run
investment firm Vama Sundari Investments (Delhi) offloaded 63
lakh shares at Rs. 1,420 a share in the company through block
deals on the NSE. In a subsequent filing, HCL Technologies
said the stake had been bought by a new promoter group company
called HCL Corp Pvt Ltd. As of December 2013, promoters held
61.75 per cent stake in HCL Technologies. The stake swap does
not alter the promoter group’s holding.
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| |
| Tenders
& Assignment |
State Health Society - Lucknow Uttar
Pradesh  |
Description :Selection of
State Concurrent Auditor – Request for Proposal for Hiring
Services of Chartered Accountant Firm for Concurrent Audit of
State Health Society for the financial year 2014-15.
Last Date : 28/03/2014
Address :Vishal Complex,19-A,Vidhan
Sabha Marg,Lucknow Phone
:0522-2237595 E-Mail :acs.nrhm@gmail.com
|
| Air Force Station - Jodhpur Rajasthan
|
Description :Appointment of Chartered
accountant firms for auditing of non public funds at air force
station for the period of three
years.
Last Date : 31/03/2014
Address :Air Officer Commanding Air
Force Station Ratanada,Jodhpur-342011
Phone
:0291-2511516
|
| |
| Reminders |
| Tenders |
| Heavy Engineering Corporation
Limited 27/03/2014
|
| Income Tax Department - Lucknow Uttar
Pradesh 28/03/2014
|
| National Health Mission, Uttar
Pradesh 29/03/2014
|
| Food Corporation Of India - Zonal Office, (EAST),
Kolkata 31/03/2014
|
| Central Mine Planning And Design Institute
Limited 01/04/2014
|
| Food Corporation Of India - Punjab
Region 02/04/2014
|
| |
| Notifications
& Circulars |
| CUSTOMS |
| Notification No. 24/2014-Customs
(N.T.) (Delhi) 24/03/2014
|
| Rate of exchange of conversion of each of the foreign
currency with effect from 21st March, 2014 |
| SEBI |
| CIR/CFD/DIL/1/2014 (Maharashtra) 25/03/2014
|
| Format for Auditors’ Certificate required under Clause
24(i) of the Equity Listing Agreement |
| CIR/IMD/DF/05/2014
(Maharashtra) 24/03/2014
|
| Enhancing disclosures, investor education & awareness
campaign, developing alternative distribution channels for
Mutual Fund products, etc. |
| RBI |
| Notification No.
RBI/2013-14/530 (Delhi) 25/03/2014
|
| Instruments for Augmenting Capital Funds-UCBs -
Modification |
| Notification No.
RBI/2013-14/531 (Delhi) 25/03/2014
|
| Balance Sheet of Banks - Disclosure of Information |
| Notification No.
RBI/2013-14/532 (Delhi) 25/03/2014
|
| Reporting of OTC Interest Rate Derivatives – Client Level
Transactions |
| Notification No.
RBI/2013-14/533 (Delhi) 25/03/2014
|
| Foreign Portfolio Investor - investment under Portfolio
Investment Scheme, Government and Corporate debt |
| Notification No.
RBI/2013-14/529 (Delhi) 24/03/2014
|
| Revision to the Guidelines on Securitisation Transactions
- Reset of Credit Enhancement |
| |
|
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