| Professional
News |
| INCOME
TAX |
| Retrospective tax laws trip up
Vodafone again |
|
Delhi : If the R10,000-crore
tax on its $11.2-billion purchase of Hutch’s India operations
wasn’t bad enough, Vodafone has got caught in another
retrospective tax case. The company’s R3,434 crore transfer
pricing addition case involving its subsidiary, Vodafone India
Services Pvt Ltd (VISPL), is also based on a retrospective
amendment, this time the one made to the FY12 Finance
Act.Another company to get caught up in the same Act is Shell
India Markets and its adjustments to the income works out to
R3,137 crore.
|
| SEBI |
| Sebi prohibits FPIs from buying
Treasury Bills |
|
Maharashtra : Market
regulator Sebi has barred foreign portfolio investors (FPIs)
from purchasing short-term government securities -- the
Treasury Bills.The move is expected to prevent interest
rate-related volatility.At the same time, the Securities and
Exchange Board of India said that existing investments in
Treasury Bills or T-Bills will be allowed to taper off on
maturity or sale.FPIs would encompass all foreign
institutional investors (FIIs), their sub-accounts and
qualified foreign investors (QFI) under a new regime that
comes into force on June 1.
|
| IRDA |
| Irda provides more clarity on VIP
premiums |
|
Delhi : After introducing a
new set of regulations for variable insurance products (VIPs),
the Insurance Regulatory and Development Authority (Irda) has
now provided more clarity on premium recognition for the
product. For unit-linked VIPs, the premium will be recognised
on the date of creation of units and for non-linked VIPs, it
will be recognised on the date of receipt of
premium.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| ED gets overseas assets of money
launderers attached |
|
Delhi : Intensifying the
battle against unaccounted wealth, India has got Switzerland
and Australia to attach assets of those accused of money
laundering in India, and is now working towards getting the
proceeds repatriated. The assets attached abroad include both
bank accounts and immovable property. Enforcement director
Rajan Katoch said that bilateral cooperation in intelligence
and investigations with several key jurisdictions have been
growing, leading to tangible outcomes.
|
| Finance & Money
Markets |
| FIPB rejects HDFC Bank's proposal to
increase foreign portfolio investment cap; stocks may lose
weight |
|
Maharashtra : Investors in
HDFC Bank, India's largest private sector bank, may need to
brace for a prolonged period of underperformance in the stock
price. With the Foreign Investment Promotion Board (FIPB)
quashing the bank's proposal to increase foreign portfolio
investment limit, the lender faces the risk of reduction in
weightage at MSCI India Index, which would result in overseas
investors trimming their holdings in the stock.
|
| General Insurance Corporation to
offer catastrophe bonds |
|
Maharashtra : Indian bond
investors will soon get a novel product — catastrophe bonds —
from the state-run reinsurer, but it will be a highrisk and
high-reward game which those with deep pockets alone may be
able to take. The bonds will fund claims after a catastrophe
like earthquake, or flood. These bonds help reinsurers
transfer the financial risk of a catastrophe in a year to
investors.
|
| Public sector banks to sell Rs 2,000
crore of bad loans to asset reconstruction
companies |
|
Maharashtra : A clutch of
public sector banks, including the country's largest lender
State Bank of India is trying to sell about Rs 2,000 crore of
bad loans to asset reconstruction companies, reflecting
mounting pressure from stressed assets.People with knowledge
of the matter said UCO Bank wants to offload Rs 1,000 crore of
outstanding loans, while State Bank of Hyderabad has already
called an auction for Rs 700 crore.
|
| Pvt banks made good profit on
unsecured loans in FY14' |
|
Maharashtra : Private sector
lenders witnessed robust growth in credit cards and personal
loan businesses in FY14, which helped them boost top line amid
sluggish corporate credit demand in a slowing economy.ICICI
Bank, India’s largest private sector lender, witnessed 141.6
per cent growth in personal loan disbursement in the past
financial year, according to a report by Emkay Global
Financial Services.
|
| IFCI cuts benchmark lending rate by
0.5 percentage points |
|
Maharashtra : Infrastructure
financing firm IFCI has reduced its benchmark lending rate by
0.5 percentage points to 12.20 per cent with effect from
Friday. "IFCI Benchmark Rate (IBR) has been reduced from 12.70
per cent to 12.20 per cent effective tomorrow," IFCI Managing
Director Malay Mukherjee said Thursday. IBR was introduced in
January this year and the rate was fixed at 12.70 per
cent.
|
| INTERNATIONAL
BUSINESS |
| Pfizer may sweeten AstraZeneca bid to
$106 billion |
|
Pfizer Inc is preparing to sweeten its
bid for AstraZeneca Plc to more than £63 billion ($106
billion) in an attempt to lure the UK's second-biggest
drugmaker to the negotiating table, people with knowledge of
the matter said. The offer may value AstraZeneca at more than
£50 a share and include a larger cash component, and could
come as early as next week, said the people, who asked not to
be identified discussing confidential information.
|
| Tenders
& Assignment |
National Highway Authority Of India  |
|
Description :Engagement of
Chartered Accountants firm as Internal Audit for its head
office.
Last Date : 29/05/2014
Address :National Highways Authority
of India, G-5& 6, Sector-10, Dwarka, New Delhi-75
|
| Karnataka State Police Housing Corporation
Limited |
Description :Appointment of
Internal Auditors to KSPHCL for the year 2014 – 15.
Last Date : 30/05/2014
Address :Karnataka State Police
Housing Corporation Limited,No.59, Richmond Road, Bangalore
560 025 Phone :25584102
E-Mail :eeqc@ksphc.org
|
| |
| Reminders |
| Tenders |
| Urban Administration And Development - Jabalpur -
Madhya Pradesh 05/05/2014
|
| Urban Administration And Development - Rewa -
Madhya Pradesh 05/05/2014
|
| Urban Administration And Development - Gwalior -
Madhya Pradesh 05/05/2014
|
| Urban Administration And
Development 05/05/2014
|
| Panchayat And Rural Development Department -
Kolkata West Bengal 05/05/2014
|
| Urban Administration And Development - Indore -
Madhya Pradesh 05/05/2014
|
| Department Of Health Services - Lakshadweep
05/05/2014
|
| Urban Administration And Development - Sagar -
Madhya Pradesh 05/05/2014
|
| Army Public School 05/05/2014
|
| Urban Administration And Development - Bhopal -
Madhya Pradesh 05/05/2014
|
| Urban Administration And Development - Ujjain -
Madhya Pradesh 05/05/2014
|
| Punjab Land Records
Society 06/05/2014
|
| National Institute Of Fashion
Technology 06/05/2014
|
| India Trade Promotion
Organisation 09/05/2014
|
| Haryana State Horticulture Development
Agency 09/05/2014
|
| Uttar Pradesh Co-operative Bank
Limited 09/05/2014
|
| |
| |
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