| Professional
News |
| INCOME
TAX |
| P. Chidambaram writes to Switzerland,
seeks info on tax cheats |
|
Delhi : Finance minister P
Chidambaram , in a strongly worded letter, has asked
Switzerland to provide details of the secret accounts held by
Indians in HSBC's Swiss branches, saying the Centre has
incriminating evidence of tax evasion by these
individuals.Rejecting the preconditions set by the European
nation for information sharing, Chidambaram told his Swiss
counterpart Eveline Widmer Schlumpf that not sharing details
relating to these accounts would amount to Switzerland giving
protection to tax offenders in India.
|
| RBI |
| RBI switches 30 banks to risk-based
supervision |
|
Maharashtra : The Reserve
Bank of India, scrapping its age-old practice of CAMELS
inspection, has switched 30 banks to risk-based supervision,
indicating what could be the beginning of the regulator's
micro management of banks.The CAMELS (capital adequacy, asset
quality, management, earnings, liquidity, and system &
control) framework was developed in the early 1970s by the US
Federal Reserve to assess the health of a bank.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Panel backs financial resolution
authority to handle bank crisis |
|
Karnataka : In a bid to
prevent bank failures in the future, a high-powered panel has
proposed the setting up of a Financial Resolution Authority
(FRA) to deal with any exigency in a financial institution and
even allow "temporary public ownership" of troubled banks.The
committee under Financial Stability and Development Council,
chaired by RBI deputy governor Anand Sinha, said the
experience and expertise of Deposit Insurance and Credit
Guarantee Corporation (DICGC) could be transformed into the
proposed FRA to deal with failures of banks.
|
| Finance & Money
Markets |
| Rupee rises to three-week
high |
|
Maharashtra : The rupee rose
to a three-week high on Friday, posting its first weekly gain
in five, helped by dollar selling from public sector banks and
tracking gains in regional currencies ahead of a key US jobs
growth data.The 0.7% gain in the rupee this week came on the
back of large dollar sales by corporates and banks and a
recovery in Asian currencies, offsetting a net $1.5 billion in
foreign investor selling in debt markets last month that had
previously pressured the local unit.
|
| Loans to industries grow at 13%;
retail lending improves |
|
Maharashtra : Growth in
loans to industries continued to be anemic in March 2014 and
rose just 13.1% to R25,22,900 crore against a 15.1% growth in
the same period last year, latest RBI data show. Credit to
large industries grew only 12.2% to R20,43,800 crore against
15.1% in the corresponding period last year. However, credit
to micro and small industries grew at 23.7% to R3,51,700 crore
against 20.2% last year.
|
| Forex reserves up $500 million at
$310 billion |
|
Maharashtra : Foreign
exchange reserves shot up by $499.8 million to $309.913
billion in the week to April 25 on an increase in the currency
assets. Last week, after rising for seven consecutive weeks,
the total reserves had marginally declined by $31.6 million to
$309.413 billion. Foreign currency assets (FCAs), a major part
of the overall reserves, surged $493.2 million to $282.029
billion for the period under review, RBI said.
|
| Raise anchor investors’ limit to
boost IPO fortunes, i-bankers write to
Sebi |
|
Maharashtra : In a letter to
Sebi, merchant bankers have suggested that the market
regulator raise the portion allocated to anchor investors in
initial public offerings (IPOs) to boost institutional
investors' participation. They have also suggested a mandatory
discount for all retail investors.The request comes after Sebi
chief UK Sinha, at a recent investment outlook summit, raised
the issue of lack of activities in the IPO segment. With IPOs
worth about R60,000 crore lapsing in last three years, he had
welcomed suggestions on helping the market grow.
|
| Commodities |
| Mango war hots up, India threatens to
drag EU to WTO |
|
Delhi : Talking tough, India
on Friday threatened to drag the European Union to the World
Trade Organization if the 28-nation bloc did not lift its ban
on the import of Indian mangoes and vegetables."We do hope
that the EU will see sense, considering the strength of the
economic partnership between India and EU, and not precipitate
the situation any further, which leads us to go to the WTO,"
commerce and industry minister Anand Sharma told reporters
here.
|
| Brent boils to $108 a barrel as
Ukraine battles pro-Russian separatists in
east |
|
Delhi : Brent crude futures
rose by almost $1 to above $108 a barrel on Friday as fighting
between Ukraine's army and a pro-Russian group in the east
intensified, stoking fears of energy supply disruptions from
the region.The west has threatened more sanctions against
Russia, which it believes is helping separatist groups. So
far, U.S. and EU measures have not affected gas or oil flows.
Pro-Russian rebels shot down two Ukrainian helicopters on
Friday, killing two crew, as troops tightened their siege of
separatist-held Slaviansk in what Moscow called a "criminal"
assault by Kiev that wrecked hopes of peace.
|
| Urea imports down 30% to Rs 15,353
crore in 2013-14 |
|
Delhi : Urea imports
decreased by 30% to Rs 15,353 crore in 2013-14 due to a fall
in global prices and lower volumes.The country had imported
urea worth Rs 20,016 crore in 2012-13. According to the
fertiliser ministry data, imports in terms of quantity have
fallen by 12% to 7.08 million tonnes (MT) in 2013-14.The
country had imported 8.04 MT of urea in the entire 2012-13
fiscal.One reason attributed to lower volumes is availability
of carry-over stocks.
|
| MERGER &
ACQUISITION - NATIONAL |
| Samsung Life set to buy 26% in ING
Insurance |
|
Maharashtra : Exide
Industries, which fully-owns ING Life Insurance, is in
advanced stages of negotiations to sell 26 per cent of its
stake to Korean insurer Samsung Life.Sources close to the
development said Exide had been scouting for a potential buyer
for quite some time, adding Samsung Life was one of the
companies with which its talks had progressed. The deal was
likely to be announced as early as next week, the sources
indicated.
|
| Banking |
| Banks find it easier to offload NPAs
after RBI tweaks norm: Report |
|
Maharashtra : A sudden rush
to sell distressed assets to asset reconstruction companies
(ARCs) in Q4 could be attributed to the RBI allowing banks to
write back the excess provisions made over the book value when
the NPL is sold, says an HSBC report.Earlier, if the sale was
for a value higher than the net book value (NBV), the excess
provision was not allowed to be reversed, but banks were to
utilise the same to meet the loss on account of sale of other
financial assets to ARCs.
|
| Finmin wants PSBs to tighten credit
monitoring to fix NPAs |
|
Delhi : The finance ministry
wants public sector banks (PSBs) to revert to a system that
gave “clearly defined” powers to individual officers to
approve/reject credit proposals. The idea is to fix
responsibility, given the current system of “collective
decision-making” allows officers to shift the blame for wrong
approvals. The move is prompted by the increase in
non-performing assets (NPA) at PSBs, from R1.64 lakh crore at
March end 2013 to R2.28 lakh crore at December end, 2013.
Currently, decisions on credit applications are taken in a
collective manner through a credit committee/approval
grid.
|
|
 |
| Economy |
| India |
| No BSES loan, say REC & PFC, if subsidies
stay |
| Factory activity steady in April, demand
tepid |
| CNG price in Delhi hiked by Rs 2.95 a kg; PNG Re
1 per unit |
| |
| International |
| Payrolls in US rise most since 2012, unemployment
at 6.3% |
| American economy bounces back from brutal
winter |
| Is it too late for the economy to save the
Democrats? |
| |
| Corporate
Watch |
| Maruti Suzuki rejigs management structure
in competitive drive |
|
Delhi : As it gears up to face a
much more challenging market, the country’s largest carmaker
Maruti Suzuki India has effected a major organisational
restructuring by realigning its business verticals and
creating a special advisory group for the first time. The
company has decided to cut down on the number of verticals
from six to five.
|
| Tata Motors April sales nosedive 34%, hit
six-year low |
|
Maharashtra : Tata Motors’ total
sales (passenger, commercial vehicles and exports) hit a
six-year year low in April at 33,892 units, down 34% from the
same period last year. On a sequential basis, sales declined
33.7%.It was in December 2008 when the company's overall sales
slipped below this level, at 25,219 units.In the domestic
market, sales of commercial and passenger vehicles were at
30,670 units, down 36% year-on-year.
|
| Godrej Consumer plans to up stake in 2
Darling businesses in Africa |
|
Maharashtra : After increasing its
shareholding in hair care firm Darling Group Holdings in
Mozambique and South Africa in March, Godrej Consumer Products
(GCPL) is planning to increase its stake in two more
geographies in Africa, where it currently operates with
Darling Group. Darling Group has a presence in 14 countries
across sub-Saharan Africa.''In line with GCPL's intent to
scale up its ownership of the Darling businesses,
|
| NBFC
CORNER |
A single window for auditors of non-banking
finance companies |
| |
| Tenders
& Assignment |
| Nizams Institute Of Medical Science |
|
Description :Expression of
Interest for Chartered Accountant firms for Conducting the
Audit of Transaction to the NIMS Pharmacy.
Last Date : 12/05/2014
Address :Multi Location - Multi State
|
| Govt Of India Ministry Of Corporate Affairs
Office Of The Official Liquidator High Court Of
Delhi |
|
Description :Appointment on
full time,on contractual basis as consultant Chartered
Accountants in the office of the official liquidator,for the
work of the companies in liquidation.
Last
Date : 12/05/2014
Address
:8th Floor,Lok Nayak Bhawan,Khan Market,New Delhi
Phone :011-24693315
|
| Department Of Health And Family Welfare -
Chandigarh Punjab |
|
Description :Selection Of
Concurrent Auditors - Request For Proposal Hiring Services Of
Chartered Accountant Firm For Concurrent Audit Of State Health
Society (SHS) & 22 District Health Societies (DHSS) - (For
The Financial Year 2014-15) Under National Health Mission
(NHM)
Last Date : 19/05/2014
Address :Department Of Health And
Family Welfare - Chandigarh Punjab,PRAYAS Building 5th Floor,
Sector 38, Chandigarh.
Phone
:0172-4012011-13
|
| Jharkhand State Rural Road Development
Authority |
|
Description :Expression of
interest from firms of chartered accountant for internal audit
of JSRRDA.
Last Date : 20/05/2014
Address :Jharkhand State Rural Road
Development Authority,F.F.P Building 2nd
Floor,Dhurwa,Ranchi-834004
|
| 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 |
| Department Of Health Services - Lakshadweep
05/05/2014
|
| 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
|
| 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
|
| National Institute Of Fashion
Technology 06/05/2014
|
| Punjab Land Records
Society 06/05/2014
|
| Haryana State Horticulture Development
Agency 09/05/2014
|
| Uttar Pradesh Co-operative Bank
Limited 09/05/2014
|
| India Trade Promotion
Organisation 09/05/2014
|
| State Bank Of
Mysore 10/05/2014
|
| |
| Notifications
& Circulars |
| RBI |
| Notification No.
RBI/2013-14/577 (Delhi) 02/05/2014
|
| Foreign Direct Investment (FDI) in India – Reporting
mechanism for transfer of equity shares/ fully and mandatorily
convertible preference shares/ fully and mandatorily
convertible debentures |
| |
|
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