| Professional
News |
| INCOME
TAX |
| HC gives Cairn India 3 weeks to
respond to Rs 6,250-cr tax claim |
|
Delhi : The Delhi High Court
on Friday gave oil major Cairn India three weeks to respond to
a Rs 6,250-crore tax demand over share transfer from its then
UK parent Cairn Energy to the Indian arm in 2006-07.The relief
was given after Cairn India, now majority owned by Vedanta
Resources, moved the court saying it was not given adequate
time to respond to the department's March 14 showcause
notice.
|
| Swiss to soon respond to FM's
letter |
|
Delhi : The government of
Switzerland will soon respond to India’s threat of taking
legal action against it for not sharing information on Indians
who appear to have stashed away money in HSBC, Geneva.“We
confirm that we have received a letter from India’s finance
minister. He will receive an answer soon,” a Swiss embassy
spokesperson said.Earlier this month, Finance Minister P
Chidambaram had written to Swiss counterpart Eveline Widmer
Schlumpf that India might have to consider the options
available under its laws if Switzerland continued to deny
information to India.
|
| COMPANY
LAW |
| New Companies Act relaxes norms for
related-party deals |
|
Delhi : In what comes as a
relief to companies, the coverage of related-party
transactions and norms for inter-corporate loans and
guarantees have been rationalised in the rules issued under
the Companies Act 2013, which comes into effect from April
1.The Ministry of Corporate Affairs has notified rules for 11
chapters of the new Companies Act of 2013, which will replace
the Companies Act of 1956.
|
| RBI |
| Why RBI should cut
rates Article |
|
Delhi : We are all
inflation-targeters now, at least since RBI published the
Urjit Patel committee report on strengthening the monetary
policy framework in India. Inflation, at over 10% annually for
the last six years, is something that definitely needs fixing.
But is inflation-targeting (IT) the right formula? In order to
understand that important question, one needs to know the
determinants of inflation. The US gave up on the notion that
the growth of money supply determines inflation sometime in
late-1983, when it stopped reporting the eagerly watched money
supply numbers on Thursday afternoons.
|
| Bankers expect RBI to maintain status
quo on rates |
|
Maharashtra : Bankers expect
the RBI to maintain status quo on interest rates at its
monetary policy review meeting on April 1 as retail inflation
is yet to show definite signs of slowing down. The RBI has
been tracking consumer price inflation closely at its previous
monetary policy reviews. The CPI had hit a high of 11.16% in
November and has subsequently cooled to 8.1% in February.“I am
expecting a pause this time in the monetary policy review,”
said SS Mundra, CMD, Bank of Baroda.
|
| RBI caps lending rate for MFIs at
27.75% for June quarter |
|
West Bengal : The Reserve
Bank of India has capped lending rate for micro finance
companies at 27.75% for the quarter to June. The banking
regulator arrived at this rate by taking average of the base
rates of five largest commercial banks on the last working day
of March and multiplying it by 2.75 times. It will revise the
rate every three months.
|
| Basel III deferral to ease pressure
on banks: India Ratings |
|
Delhi : The Reserve Bank
decision to defer the implementation of Basel III capital
regulations by a year to March 2019 will give relief to banks,
especially the state-run ones, from issuing hybrid tier I
capital next fiscal, India Ratings said today. The apex bank
yesterday said, "the transitional period for full
implementation of Basel III capital norms is extended up to
March 31, 2019, instead of March 31, 2018," due to the
industry's concerns on potential stress to asset
quality.
|
| Finance & Money
Markets |
| Rupee rises to 59.93/$ as D-Street
rallies on hope of reforms and Chinese PM's vow of pro-growth
policies |
|
West Bengal : Indian stocks
powered their way to yet another record close, the fourth in
the week, and the rupee strengthened past the 60 to the dollar
mark for the first time in eight months on election cues and a
wider regional groundswell as China indicated it would take
steps to protect economic growth.Foreign institutional
investors ( FIIs) have been pumping funds into the Indian
capital markets, anticipating a push in economic reforms after
the April-May election.
|
| CDR cell may recast loans worth Rs 1
L cr in FY14 alone |
|
Maharashtra : The corporate
debt restructuring (CDR) cell may end up restructuring nearly
R1 lakh crore worth of loans in FY14 alone, according to a
senior banker. In March alone, the cell has approved debt
recast for 18 cases, adding up to R30,000 crore, said RK
Bansal, chairman of the cell.So far, over R98,000 crore worth
of loans have been approved by the cell in FY14 and more are
waiting to be added before the financial year ends, another
senior banker said.
|
| Commodities |
| Gold snaps 4-day falling trend on
global cues |
|
Delhi : Snapping its
four-day losing streak, gold prices recovered marginally by R5
to R29,355 per ten grams on revival of buying at existing
lower levels amid a firm global trend. Silver also recovered
by R139 to R43,539 per kg on fresh buying by industrial units.
Traders said revival of buying by retailers at existing lower
levels led the marginal recovery in gold prices. Firm global
trend also influenced the sentiment to some extent, they said.
Silver ready also rebounded by R139 to R43,539 per kg and
weekly-based delivery by similar margin to R43,039 per kg. It
had lost Rs 3,800 in last nine trading sessions.
|
| General
Insurance |
| Comprehensive motor cover premiums
likely to rise |
|
Maharashtra : The Insurance
Regulatory and Development Authority (Irda) has limited the
third-party premium hike in motor insurance to 9-20 per cent,
against a proposal seeking a hike in the range of 20 to 137
per cent. However, the comprehensive motor cover premiums that
comprises motor own damage (OD) and motor third-party (TP)
cover might be up by at least 30 per cent, since general
insurers are planning to raise motor OD premiums.
|
| RBI |
| Notification No.
RBI/2013-14/543 (Delhi) 28/03/2014
|
| Guidelines on Sale of Financial Assets to Securitisation
Company/Reconstruction Company (SC/RC) by Multi State Urban
Cooperative Banks |
| Notification No.
RBI/2013-14/544 (Delhi) 28/03/2014
|
| Reporting of Cross Border Wire Transfer Report on FINnet
Gateway |
| Notification No.
RBI/2013-14/545 (Delhi) 28/03/2014
|
| Merchanting Trade Transactions - Revised guidelines |
| Notification No.
RBI/2013-14/546 (Delhi) 28/03/2014
|
| Adoption of ISO 20022 Messaging Standard in RTGS
System |
| Notification No.
RBI/2013-14/547 (Delhi) 28/03/2014
|
| Issuance and Operation of Pre-paid Payment Instruments in
India – Consolidated Revised Policy Guidelines |
| Notification No.
RBI/2013-14/538 (Delhi) 27/03/2014
|
| Implementation of Basel III Capital Regulations in India –
Capital Planning |
| Notification No.
RBI/2013-14/539 (Delhi) 27/03/2014
|
| Scheme for Collection of Dues of (i) Central Board of
Direct Taxes (ii) Central Board of Excise and Customs (iii)
Departmentalised Ministries Account - Reporting and Accounting
of March Transactions - Special Arrangements - Financial Year
2013-14 |
| Notification No.
RBI/2013-14/540 (Delhi) 27/03/2014
|
| Risk Management and Inter Bank Dealings |
| Notification No.
RBI/2013-14/541 (Delhi) 27/03/2014
|
| Exposure norms for standalone PDs |
| Notification No.
RBI/2013-14/542 (Delhi) 27/03/2014
|
| Capital requirements for standalone Primary Dealers’
exposure to interest rate derivative contracts, repo/reverse
repo transactions and central counterparties |
| |
| |
|
 |
| Economy |
| India |
| Karnataka overtakes Gujarat in industrial
performance, Maharashtra tops the list |
| Government to borrow Rs 3.68 lakh crore up to
September in FY ’14-15 |
| Forex reserves near $300-billion
mark |
| |
| International |
| US consumer spending up modest
0.3% |
| Fed’s Evans sees no rate rise before
mid-2015 |
| Japan Feb consumer inflation steady; weather hits
spending |
| Euro zone consumer morale shows strong jump in
March |
| UK posts larger than expected CAD, GDP
unrevised |
| China's premier seeks to reassure markets with
pledge of support for economy |
| |
| Corporate
Watch |
| Airtel to continue outsourcing to IBM in
$550-million deal |
|
Karnataka : India’s largest telecom
service provider Airtel is set to extend its outsourcing deal
with the US-based IBM for another five years. The deal is
expected to be in the range of $550-600 million, making it the
largest outsourced project by an Indian telecom company since
the telecom scam broke four years ago.A person involved in the
negotiations told Business Line that the contract is expected
to be signed in a few days as the earlier one expires this
month.
|
| Qualcomm gets nod to sell stake in JV to
Bharti Airtel |
|
Delhi : The Department of
Telecommunications (DoT) has cleared US-based Qualcomm Inc's
sale of stake in its broadband wireless entity, Wireless
Business Service Private Ltd (WBSPL), to Bharti Airtel after
the law ministry said the deal didn't violate the 2010 auction
rules. The DoT had sought legal opinion if the auction rules
allowed WBSPL, which acquired an internet service provider's
(ISP) licence on winning spectrum in the broadband wireless
access (BWA) sale, to dilute promoter's stake to below
26%.
|
| Tata Chem scraps Gabon investment of R1,300
cr |
|
Maharashtra : Tata Group's flagship
fertiliser company Tata Chemicals has drawn the curtains on
its R1,300 crore planned investment in Gabon to set up a urea
plant in the African nation. This was the company's maiden
foreign investment in an upcoming urea facility and was
earlier looked at as an opportunity which would enhance its
urea capacity, which had stayed stagnant in India for the last
few years.
|
| Dell set to enter IT healthcare market in
India |
|
Karnataka : Dell, the global
technology giant that recently went private, is all set to
enter the IT healthcare market in India with a focus on
mid-sized hospitals and other players in this segment. Dell,
whose business spans across hardware, software and IT
services, has targeted the healthcare market with a new
cloud-based solution.“We will target hospitals with 100 beds
or above or if they are smaller, but part of a chain like
Cloudnine, VisionCare etc.
|
| Infosys disbands executive council, forms
new team |
|
Karnataka : Infosys on Friday
announced the constitution of a new team in place of the
executive council, which will be disbanded from April 1. In a
notice to the US Securities and Exchange Commission (SEC), the
company said: “As reported previously by the company, the
executive council will be dissolved effective April 1, 2014.
Pursuant to this, effective April 1, 2014, the company will
have nine executive officers.”
|
| |
| Tenders
& Assignment |
Rajcomp Info Services Limited (RISL)
 |
|
Description :Request for
Quotation (RFQ) for Hiring services of a registered Chartered
Accountancy firm for accounts & reconciliation under
eMitra (RajOnline) project
Last Date
: 02/04/2014
Address :First
Floor,Yojana Bhawan,C-Block,Tilak Marg,C-Scheme,Jaipur
(Rajasthan)
|
| Uttarakhand Compensatory Afforestation Fund
Management And Planning Authority |
|
Description :Request for
Proposals form Chartered Accountants (CA) Firms.
Last Date : 15/04/2014
Address :Uttrakhand Compensatory
Afforestation Fund Management and Planning Authority
(Uttrakhand Campa)5,Mandir Marg, Vasant Vihar Enclave,
Dehradun, 248006
Phone :0135-2761077
|
| |
| Reminders |
| Tenders |
| Air Force Station - Jodhpur
Rajasthan 31/03/2014
|
| 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
|
| Bharat Bhari Udyog Nigam
Limited 03/04/2014
|
| Food Corporation Of India - Zonal Office,
(South), Chennai 04/04/2014
|
| Uttaranchal Gramya Vikas
Samiti 05/04/2014
|
| |
| Notifications
& Circulars |
| INCOME
TAX |
| Notification No.
18/2014 (Delhi) 21/03/2014
|
| In exercise of the powers conferred by section 295 read
with section 35CCC of the Income-tax Act,1961(43of 1961) |
| Notification No.
15/2014 (Delhi) 20/03/2014
|
| In Exercise of the powers conferred by item(h) of
sub-clause(iv) of clause (15) of Section 10 of the Income tax
Act,1961(43 of 1961) |
| Notification No.
16/2014 (Delhi) 20/03/2014
|
| In Exercise of the powers conferred by section 295 read
with section 35CCD of the Income Tax Act,1961(43of 1961) |
| Notification No.
17/2014 (Delhi) 20/03/2014
|
| In Exercise of the powers conferred by clause(46) of
section 10 of the Income-tax Act,1961(43of 1961) |
| Notification
NO.11/2014 (Delhi) 13/02/2014
|
| In Exercise of the powers conferred by item(h) of
sub-clause(iv) of clause (15) of Section 10 of the Income tax
Act,1961(43 of 1961) |
| EXCISE |
| Notification No. 13/2014 - Central
Excise (N.T.) (Delhi) 21/03/2014
|
| Rescinds Notification No 6/2012-C.E.(N.T.) dt
13.03.2012 |
| Notification No. 14/2014 - Central
Excise (N.T.) (Delhi) 21/03/2014
|
| Central Excise (Second Amendment) Rules, 2014 |
| Notification No. 15/2014 - Central
Excise (N.T.) (Delhi) 21/03/2014
|
| CENVAT Credit (Fifth Amendment) Rules, 2014 |
| Notification No. 16/2014 - Central
Excise (N.T.) (Delhi) 21/03/2014
|
| Supersedes Notification No 5/2012-C.E.(N.T.) dt
12.03.2012;Chief Commissioner of Central Excise to order
withdrawal of facilities or impose the restrictions as
specified |
|
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