| Professional
News |
| INCOME
TAX |
| India sends third letter to
Switzerland asking about sharing information on tax
evaders |
|
Delhi : India has stepped up
pressure on Switzerland to share information on tax evaders
whose names figured in the so-called HSBC list — a record of
account holders' names that became available to tax
authorities worldwide, including India, after data was stolen
by a disgruntled employee in 2011. Finance minister P
Chidambaram has shot off another letter— the third in four
months— to his Swiss counterpart to expedite the
matter.
|
| International
Taxation |
| MNCs signing APAs won’t get 3% relief
on cross-border deals |
|
Delhi : Multinational
companies that sign Advance Pricing Agreements (APAs) with
India for tax certainty will not be eligible for the 3%
tolerance range permitted in the law for the value of
cross-border transactions between MNCs and their Indian
associates to be considered on an arm's length basis. The
Revenue Department, however, would be generous while deciding
the arm's length price of the proposed cross-border
transactions under APAs, compared to the minimum profit
margins specified in another scheme meant to avoid tax
litigation – the Safe Harbour scheme.
|
| SEBI |
| Sebi eases P-Note
regulations |
|
Maharashtra : The Securities
and Exchange Board of India (Sebi) has said unregulated
entities which have already been issued participatory notes
(P-Notes) can continue to make use of these, despite the new
regulations banning use of the instrument.P-Notes or offshore
derivative instruments (ODIs) are used by foreign investors
wishing to invest in the Indian markets without registering
with Sebi. The regulator had restricted their use to
well-regulated entities under the new rules for foreign
portfolio investors (FPIs).
|
| RBI |
| Reserve Bank of India refuses
overseas bond sale with bank
guarantees |
|
Maharashtra : Overseas bond
sale planned by troubled firms with the backing of bank
guarantees will be hit after the Reserve Bank of India curbed
the practice and also laid out strict conditions for loans to
overseas ventures which were used to pay back domestic loans.
The central bank's efforts to curb what some called the
'evergreening of loans by stealth' could boost the number of
defaults in India and also keep interest rates high given that
troubled firms now have to borrow locally.
|
| Finance & Money
Markets |
| Mid-cap and small cap stocks rally
lags, investors told to stay away till poll results
announced |
|
Maharashtra : The rally in
mid- and smallcap stocks, which have outperformed benchmark
indices since mid-February, appears to be running out of
steam. Investors are booking profits in these stocks, which,
in the last couple of months, have seen their best run since
2009. Analysts are recommending clients to stay away from
these stocks till election results on May 16.
|
| Rupee gains for second straight day;
Fed policy in focus |
|
Maharashtra : The rupee rose
for a second consecutive session on Wednesday, boosted by
large dollar sales by exporters, but gains were capped by
caution ahead of the US Federal Reserve’s policy meeting this
week and as shares fell to 2-1/2 week lows.The currency fell
0.7% in April after having hit an eight-month high of 59.5950
on April 2, as a rally in domestic shares stalled as the
country embarked on a five-week election process set to
conclude next month. The monthly fall snapped a 4.6% rally
over February and March sparked by heavy foreign buying of
shares on the back of an improving domestic economy and hopes
that BJP would sweep elections.
|
| Non-food credit up 14.6%, deposits
continue to lead |
|
Maharashtra : Non-food
credit stood at R59,43,393 crore as on April 18, up 14.6% from
a year ago, according to fortnightly data released by the RBI
on Wednesday.Meanwhile, deposits continued to outpace credit
and grew at 15.3% y-o-y to R78,69,967 crore. Demand deposits
rose 15% from a year ago to R7,26,594 crore, while time
deposits stood at R71,43,372 crore, up 15.3% from last year.
Bankers said credit growth is usually slow in the beginning of
the year, since this is the traditional lean season. However,
while seasonal effects are far smaller now, the slower demand
for funds is the result of a sluggish economy in which
companies are not looking to expand their
businesses.
|
| Commodities |
| cotton yarn export registration rises
a sharp 33% in FY14 |
|
Delhi : India’s cotton yarn
export registration rose 33% last fiscal, aided by the initial
rupee appreciation and a relatively steady order flow,
especially from China, outpacing the pace of growth in overall
textile and garment shipments, official and industry sources
said on Wednesday.Traders registered contracts to export 1,415
million kg of cotton yarn in 2013-14 compared with 1,067
million kg a year before, showed latest data by the
Directorate General Of Foreign Trade (DGFT).
|
| MCX discontinues six gold, silver
contracts with 2015 expiry |
|
Delhi : Leading commodity
bourse MCX said on Wednesday it has discontinued six futures
trading contracts in gold and silver expiring in 2015,
effective Tuesday, due to procedural problems.The exchange
also asked traders to square off their trading positions in
three contracts — gold February 2015, kapas March 2015 and
kapas April 2015."All these contracts will be made available
for trading after obtaining the requisite approval from the
Forward Markets Commission (FMC) for launching the contracts
expiring in the calendar year 2015 onwards," Multi Commodity
Exchange of India said in a statement.
|
| Gold prices fall on stockists
selling, global cues |
|
Delhi : Gold prices tumbled
by Rs 200 to Rs 30,400 per 10 grams in the national capital on
Wednesday on heavy selling by stockists, triggered by a weak
global trend.Silver also dropped by Rs 900 to Rs 42,500 per kg
on poor offtake by industrial units and coin makers.Traders
said heavy stockists selling sparked by weak global trend on
speculation that the Federal Reserve will further reduce
stimulus mainly pulled down the demand for the precious metal
as a safe haven.
|
| MERGER &
ACQUISITION - NATIONAL |
| Piramal to buy 10% in Shriram City
for Rs 800 cr |
|
Maharashtra : After
acquiring 20 per cent stake in Shiram Capital for Rs 2,014
crore two weeks ago, Piramal Enterprises on Wednesday
announced it would pick up 10 per cent stake in Shriram City
Union Finance for Rs 800 crore. This will be Piramal
Enterprises' third tranche of fund infusion into Shriram
group. In May 2013, it had bought stake in vehicle finance
company Shriram Transport for Rs 1,652 crore. "This is a fresh
investment by way of preferential basis in the company," said
Rajesh Ladha, chief financial officer of Piramal
Enterprises.
|
| Lightbox set to buy part of six
investments made in India by KPCB and Sherpalo
Ventures |
|
Maharashtra : Newly minted
venture firm Lightbox has acquired a portion of the Indian
portfolio of two of Silicon Valley's most storied investors.
In only the second such instance in the Indian venture capital
industry, the fund which is still in the process of raising a
corpus of about Rs 540 crore, will take over six investments
made by venture firms Kleiner Perkins Caufield & Byers
(KPCB) and Ram Shriram-led Sherpalo Ventures.
|
| Banking |
| Indian startups emerge as preferred
partners of country's banking sector |
|
Delhi : A clutch of Indian
startups have emerged as preferred partners of the country's
banking sector, which is looking to the early-stage ventures
to meet a number of its core needs. Some of the country's
largest banks, including State Bank of India Axis Bank and
HDFC, have now turned to ventures, such as Empays Payment
Systems, iCreate Software and Vortex Engineering, for a
plethora of services.
|
| Banks wary of RBI norms on prepayment
penalties |
|
Maharashtra : The Reserve
Bank of India (RBI)’s proposal that banks refrain from levying
penalties on customers for prepaying floating rate term loans
has put lenders in a fix. They fear if corporate houses adhere
to this, it will lead to asset-liability mismatches.In its
annual policy review on April 1, the central bank had proposed
a ban on prepayment penalties. “Consumer protection is an
integral aspect of financial inclusion. The Reserve Bank of
India proposes to frame comprehensive consumer protection
regulations based on domestic experience and global best
practices.
|
|
 |
| Economy |
| India |
| US defers decision on downgrading of India's
intellectual property regime |
| Planning Commission needs to be revamped: Prime
Minister Manmohan Singh |
| NCAER projects India's GDP growth in FY15 at
5.1-5.5 per cent |
| |
| International |
| Euro zone April inflation rises less than
expected |
| Putin Says Sanctions Jeopardize U.S., EU Energy
Deals |
| German unemployment falls twice as much as
forecast |
| |
| Markets
Today |
| NSE |
6,696.40
|
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| BSE |
22,417.80
|
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| NASDAQ |
4,114.56
|
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| |
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|
| USD |
60.26
|
|
| EURO |
83.68
|
|
| JPY(100) |
58.96
|
|
| GBP |
101.89
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| |
| Corporate
Watch |
| PE players bet on India's affordable and
low-income housing sector |
|
Karnataka : India's affordable and
low-income housing sector, which is short of millions of
homes, is set for expansion with the segment finding favour
with real estate-focused private equity funds. New York-based
not-forprofit venture fund Acumen is looking to invest in this
space in 2014, while Mumbai-based PE fund Avenue Venture
Partners has tied up with Pune's Vastushodh Projects to invest
in their affordable housing projects.
|
| Marico fourth-quarter net profit drops
20% |
|
Maharashtra : Consumer products
maker Marico posted a 20% fall in fourth-quarter net profit
from the year-earlier period when its numbers were boosted by
an exceptional gain.For the January-March quarter, it posted a
Rs 88 crore net profit. Net sales rose 17% to Rs 1,072 crore.
It had reported an exceptional item of Rs 47 crore a year
earlier.
|
| Myntra eyes Rs 2,000 cr rev in FY'15;40% to
come from mktplace |
|
Delhi : Online retailer Myntra.Com
is aiming to double its revenues to Rs 2,000 crore this fiscal
as it expands its seller base and adds more products. The
fashion retailer, which sells products from over 650 brands
like Nike, HRX by Hrithik Roshan, Biba and Steve Madden,
clocked revenues of about Rs 1,000 crore last fiscal. The
company had started the marketplace model earlier this month,
while continuing with its own inventory as well.
|
| Diageo in USL driver's seat from
today |
|
Karnataka : Diageo, the
London-headquartered world’s largest global spirits group, is
set on Thursday to take over the reins of United Spirits (USL)
from the Vijay Mallya-led management team. Diageo nominee
Anand Kripalu (pictured below), a veteran in the fast moving
consumer goods sector, having earlier steered Cadbury India
& South Asia, will be taking charge as chief executive
officer (CEO) of India’s largest spirits company by a long
margin. Ashok Capoor, the current managing director, a veteran
of Mallya’s UB Group, will be stepping down; he will continue
as president, strategy, USL, for a year.
|
| NBFC
CORNER |
A single window for auditors of non-banking
finance companies |
| |
| Announcements |
Professional Development Committee is
organising live Webcast on "Clarification of MEF issues &
Recent Development/Initiative of Professional Development
Committee" on 2nd May, 2014 at 2 P.M. onwards.  |
| |
| Tenders
& Assignment |
| Uttar Pradesh Co-operative Bank
Limited |
Description :Concurrent Audit of the
branches of Uttar Pradesh Cooperative Bank Limited.
Last Date : 09/05/2014
Address :H.O.2-MG Marg,
Lucknow-226001
|
| 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
|
| Rajasthan Housing Board |
|
Description :Proposals
invited from Chartered accountant firms for Appointment of Tax
advisor.
Last Date : 15/05/2014
Address :Rajasthan Housing
Board
Jaipur Rajasthan
|
| Indian Institute Of Management |
|
Description :Engagement of
Chartered Accountant firm.
Last Date
: 17/05/2014
Address :Indian
Institute Of Management,M.D.U. Campus Rohtak – 124001,
(Haryana)
Phone :01262-228503
|
| 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
|
| State Health Society Jaipur |
|
Description :Selection of
Concurrent auditors – Request for Proposal for Hiring services
of Chartered accountants firm(s) for Concurrent audit of
rajasthan state health society (RSHS) & district health
societies/district rural health societies
Last
Date : 26/05/2014
Address
:jaipur-Rajasthan
|
| 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
|
| Punjab Land Records
Society 06/05/2014
|
| National Institute Of Fashion
Technology 06/05/2014
|
| |
|
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