| Professional
News |
| WEALTH
TAX |
| Wealth tax basics: Get a grip for
peace of mind |
|
Delhi : Wealth tax is a
direct tax levied on individuals, HUFs and companies annually.
It is charged at the rate of 1% of net wealth (the value of
specified assets on the valuation date in excess of the value
of the debt that the taxpayer owes on the said assets) of a
person if it exceeds Rs 30 lakh. Wealth tax is applicable on
an asset held by a taxpayer as on March 31. Hence, the assets
sold during the year are not subject to wealth tax.This tax is
levied on the non-productive assets of a taxpayer. The intent
of this law is to tax assets that do not generate any income.
|
| DTC |
| DTC’s dividend
slip |
|
Delhi : The Direct Taxes
Code (DTC) is, by now, a well-known concept to India Inc and
the tax professional fraternity as it has been a matter of
discussion and debate for almost six years now. The finance
ministry released the revised draft—the Direct Taxes Code,
2013—for public discussion and comments in the first week of
this month. DTC 2013, set to replace the half-a-century-old
Income-Tax Act, has been in the news since 2009; but the
latest draft came weeks before the ongoing general election,
raising the prospect of the document being junked when a new
finance minister takes charge next month.
|
| SEBI |
| Top 100 companies told to set up risk
management committees |
|
Maharashtra : The Securities
and Exchange Board of India has said that the top 100
companies must constitute risk management committees
immediately, in line with its revised corporate governance
norms.Risk management committees identify, evaluate and
mitigate all risks associated with business, interest rates,
currencies and other challenges companies face.A SEBI circular
on Thursday said the boards of these companies have to define
the roles and responsibilities of the committee and may
delegate monitoring and reviewing of the risk management plan
to the panel.
|
| Sebi Notifies Corporate Governance
Rule Overhaul |
|
Delhi : Mumbai es and
Exchange Board of India (Sebi ) has notified the changes to
corporate governance norms for listed companies, aligning them
to the requirements under the Companies Act enacted last year.
The new rules are aimed at strengthening the say of minority
shareholders in company decisions and boosting the presence of
independent shareholders, among others. The norms will be
effective October 1. The regulator said all existing
related-party arrangements by companies as on Thursday, which
are likely to continue beyond March 31, 2015, would need
shareholder approval in the first general meeting after
October 1.
|
| COMPANY
LAW |
| New Companies Act 'draconian', feel
auditors; officials if found guilty of fraud then liable to
pay 3 times of amount involved |
|
Delhi : The new companies
law has key managerial professionals (KMPs) and auditors
worried as its terms are much more stringent than the old
legislation, with some even calling it 'draconian'. While the
previous law allowed professionals to get away with a fine for
most offences, Companies Act, 2013 stipulates jail terms of up
to 10 years for KMPs, auditors or company experts.
|
| NBFCs approach RBI, govt over new
companies Act |
|
Maharashtra : Non-banking
finance companies (NBFCs) have approached the Reserve Bank of
India (RBI) and the Ministry of Corporate Affairs to amend
regulations under the new companies Act. These companies fear
the stiff reserve requirements and norms on investment in
government bonds will hit them hard.NBFCs are, however, yet to
raise the matter with the ministry in a formal
manner.
|
| RBI |
| Big loan defaulters to face Reserve
Bank of India's audit |
|
Maharashtra : The Reserve
Bank of India (RBI) has taken upon itself the task of
investigating bank frauds after a series of inquiries by banks
themselves in high-profile cases such as those involving
Deccan ChronicleBSE 1.81 % and Kingfisher Airlines yielded
very little.The Board of Financial Supervision (BFS), chaired
by RBI governor Raghuram Rajan, has, in fact, cleared a
proposal that the central bank will conduct an independent
forensic audit of corporates declared fraudulent by banks.
|
| FDI
Policy |
| RBI allows conditional FDI in
limited-liability partnerships |
|
Maharashtra : The Reserve
Bank of India (RBI) has notified that limited-liability
partnerships can accept direct investment from foreign
investors, subject to certain riders.The central bank said
foreign institutional investors (FIIs), qualified foreign
investors (QFIs) and foreign venture capital investors would
not be eligible toinvest in LLPs.Limited-liability
partnerships in all sectors where 100% FDI is permitted would
be eligible to get FDI, the RBI said. However, such
investments would need prior government approval.
|
| Finance & Money
Markets |
| Largest bond sale of Rs 20,000 cr
fully covered |
|
Maharashtra : Yields dropped
on Thursday even as the Reserve bank of India ( RBI)
successfully sold R20,000 crore worth of bonds in its biggest
auction ever under the government’s market borrowing plan. The
full subscription was thanks to big bond redemptions and the
rise in yields, which had whetted the appetite of investors.
Strong demand at the auction and the better-than-expected
cut-off by the RBI fuelled buying in the secondary market as
well, and the yield on the benchmark 10-year 8.83%, 2023 bond
fell 5 basis points from the intra-day high to end at
8.85%.
|
| Mechanism to arrive at forex &
interest rate benchmarks to boost transparency:
Experts |
|
Maharashtra : The RBI’s move
to implement a governance and methodology structure to fix
benchmarks for forex and the interest rate market will bring
about more transparency and discipline, market participants
said.On Wednesday, the RBI said it had accepted the
recommendations of an internal committee under the
chairmanship of executive director Vijay Bhaskar and would
implement them soon.
|
| FIIs raise holding in cyclicals,
lower stake in defensives |
|
Maharashtra : Showing their
preference for cyclical stocks over defensives, foreign
institutional investors (FIIs) have continued to accumulate
stocks from the banking, capital goods, power and auto sectors
over the last 3-6 months. A screening of constituents of
various sectoral indices shows that, in the last two quarters,
FIIs have accumulated shares of cyclical stocks, most of which
traded at lower valuations three months ago.
|
| India Inc's m-cap nears
record |
|
Maharashtra : About three
years after its previous high, India’s listed companies are
again closed to record levels in terms of market
capitalisation. It is Rs 75.8 lakh crore for the 5,350
companies on the BSE, oldest stock exchange in Asia and the
bourse with the highest number of listed companies in India.
This is 2.1 per cent off its all-time high, of Rs 77.5 lakh
crore in November 2010. India’s current market capitalisation
of companies makes it the ninth highest among countries, $1.24
trillion currently, according to Bloomberg data, ahead of
Brazil and Russia but behind China. The highest is America,
with a total market capitalisation of $22 trillion.
|
| Commodities |
| Unofficial gold imports rose 75% in
2013: Survey |
|
Maharashtra : ‘Unofficial
inflow’ of gold into India was estimated at 178.7 tonnes in
2013, about 75 per cent higher compared to the 104 tonnes in
2012, according to a GFMS Thomson Reuters survey.This follows
the several restrictions of official import, such as a 10.3
per cent tariff and a legal compulsion to export 20 per cent
of any imported gold.GFMS estimated the total gross gold
import in 2013 at 961.7 tonnes, a tenth lower than the
previous year.
|
| Halfway into year, sugar production
down 4.1% |
|
Delhi : India’s sugar output
till April 15 has declined 4.1% from the previous year even as
mills narrow the initial deficit in production caused by a
delay in cane- crushing this marketing year that started on
October 1, showed data by the Indian Sugar Mills Association
(ISMA). Sugar production in the country was down 21%
year-on-year by mid-January and an even sharper 29% until the
end of December. Between October 1 and April 15, the sugar
industry produced 23.15 million tonne compared with 24.15
million tonne a year before, the data showed.
|
| Rubber exports nosedive 82%, imports
surge 49% |
|
Delhi : Natural rubber (NR)
exports in 2013-14 shrunk to one-fifth of the previous year.
In a vivid indication of the domestic market logjam, NR
imports surged 49% over the same period. According to
provisonal data with the Rubber Board of India, the country
exported only 5,381 tonne of NR in 2013-14 against 30,594
tonne in 2012-13. The fall is as high as 82%. And, for the
first time in 2013-14, NR imports crossed the 300,000-tonne
mark. From 217,364 tonne in 2012-2013, NR imports surged to
324,467 tonne.
|
| INTERNATIONAL
BUSINESS |
| Profit, revenue slip at
IBM |
|
IBM is investing heavily in the future.
It has placed multibillion-dollar bets on businesses to
deliver computing remotely over the Internet cloud, on
sophisticated data-analysis software and on its Watson
artificial-intelligence technology.But the giant technology
company faces a classic bind: Can the new offerings grow fast
enough to offset the erosion of its traditional hardware and
software businesses?
|
| Google misses revenue target as ad
rates slide |
|
Google’s first-quarter revenue fell
short of Wall Street targets and margins narrowed as the price
of its ads continued to decline, underscoring the challenges
internet companies face as the world shifts toward mobile
devices. Shares of Google were down 3% to $539.80 in after
hours trading on Wednesday, after initially sliding roughly 6%
on the news. The number of “paid clicks” by consumers on
Google’s ads increased by 26% in the first quarter,
disappointing some analysts who had hoped for stronger volume
growth.
|
| Banking |
| Finmin widens monitoring of NPAs at
public sector banks to top 50
accounts |
|
Delhi : Stepping up pressure
on public sector banks (PSBs) to bring down bad loans, the
finance ministry has widened its monitoring of non-performing
assets (NPA) from ‘top 30’ NPA accounts to ‘top 50’ for all
state-owned lenders. The ministry has also asked lenders to
submit an action-taken report on recovery for the 'top 50' NPA
accounts as on December-end 2013. In a communication to PSB
chiefs, the new secretary of department of financial services
(DFS), GS Sandhu, also sought a list of wilful defaulters and
findings of prima facie diversion of funds by such
borrowers.
|
| Stressed assets in Indian banks may
touch 15% by FY15-end, warns Fitch |
|
Delhi : Noting that downside
risks are the greatest in China and India among major
emerging-market (EM) banking sectors, ratings agency Fitch has
warned that Indian banks’ asset quality is likely to weaken
further. Fitch said stressed assets (non-performing assets and
restructured loans) are expected to rise to around 15% by
March 2015 from 10% in mid-2013.In a report released on
Thursday, Fitch Ratings said state banks are the most affected
and may need R3.8 lakh crore ($60 billion) of new equity by
2019 to achieve full compliance with Basel rules, although
delayed implementation has reduced near-term capital
pressure.
|
|
 |
| Economy |
| India |
| Boost for electric and hybrid cars with Rs 1.5
Lakh subsidy; Tata Motors, M&M to gain |
| Tightening fuel emission norms: Government plans
to impose extra 30% environment compensation on diesel
vehicles |
| Kotak Securities says India unlikely to Generate
150 million new jobs in 10 years |
| High-voltage action likely in energy sector if
Narendra Modi becomes next PM |
| Inflation, fiscal deficit concerns for next govt:
IMF |
| |
| International |
| Yellen says job weakness forestalls raising
rates |
| EU agrees to talk gas with Russia as Ukraine
simmers |
| Global accounting body airs possible reform of
bank hedging rule |
| US jobless claims rise less than
expected |
| China factories face new challenge as growth
slows |
| Crimea may cost Russia dear as economy worsens
even before West sanctions hit |
| |
| Markets
Today |
| NSE |
6,779.40
|
|
| BSE |
22,628.84
|
|
| NASDAQ |
4,086.23
|
|
| |
|
|
| USD |
60.25
|
|
| EURO |
83.27
|
|
| JPY(100) |
58.84
|
|
| GBP |
101.13
|
|
|
| |
| Corporate
Watch |
| SC nod for telco audit may open Pandora’s
box |
|
Delhi : TELECOM operators like
Bharti Airtel, Vodafone, Idea Cellular and Reliance
Communications must now submit their books of revenue receipts
for examination by the Comptroller and Auditor General, with
the Supreme Court upholding the Delhi High Court’s January
order in this respect.A bench comprising justices KS
Radhakrishnan and Vikramajit Sen said this would not be a
statutory audit of accounts,
|
| Oil India said to plan bid for $2 billion
Murphy Malaysia assets |
|
Delhi : Oil India Ltd (OIL), the
nation’s second-biggest state-run explorer, is weighing a bid
for part of Murphy Oil Corp.’s assets in Malaysia, said people
with knowledge of the matter. The producer is interested in
buying about a 30% stake in Murphy Oil’s assets in the
Southeast Asian nation, said the people, who asked not to be
identified because the information is private. The holding may
be valued at least at $2 billion, the people said.
|
| TCS plans record Rs. 4,000-cr capex this
fiscal |
|
Maharashtra : To keep pace with the
rising demand for IT and back-office services, Tata
Consultancy Services (TCS) has earmarked a capital expenditure
of Rs. 4,000 crore for 2014-15, its highest till date. About
80 per cent of the proposed investment is geared towards
erecting new delivery campuses and upgrading existing ones,
said Rajesh Gopinathan, Chief Financial Officer.
|
| Birla Sun Life, HDFC Life & Max Life in
shortlist to buy Aviva stake in JV |
|
Maharashtra : Aviva Plc has
shortlisted Birla Sun Life Insurance, HDFC Life Insurance and
Max Life Insurance to sell the British group's 26 per cent
stake in its Indian insurance joint venture that has made
little headway since starting operations a decade ago, a
person with knowledge of the matter said.The Burmans of Dabur
the majority shareholders of Aviva India, may also tag along
and sell their stake because the family feels the investment
has been underperforming, the person said.
|
| SpiceJet needs Rs 1,200-cr
infusion |
|
Maharashtra : India’s second
largest no-frills airline, SpiceJet, requires $200 million
(approximately Rs 1,200 crore) to turn operations around,
according to the Centre for Asia Pacific Aviation (CAPA), an
aviation advisory firm.The need for more funds comes at a time
when the airline is expected to post losses of around Rs 1,000
crore in 2013-14. The estimated net loss for the previous
financial year almost equals the Rs 1,186 crore combined
losses over seven years from 2006-07.
|
| Hero gets a push from
buyers |
|
Delhi : Strong rural demand,
spurred by a favourable monsoon and increased preference for
scooters, particularly in urban markets, drove up volumes for
Hero MotoCorp, which beat market estimates to post sales of
524,028 units in March.While wholesale volumes grew 12 per
cent last month and by three per cent for the entire financial
year, retail sales increased seven per cent in FY14,
indicating a steady pull for Hero two-wheelers.
|
| |
| Tenders
& Assignment |
North Eastern Regional Agricultural Marketing
Corporation Ltd  |
Description :Engagement of
internal Auditors in NERAMAC LTD. Last Date
: 28/04/2014 Address :The
Company Secretary North Eastern Regional Agricultural
Marketing Corporation Limited, 9 Rajbari Path, Ganeshguri,
G.S. Road, Guwahati. 781005, Assam. Phone
:0361-2341227 E-Mail :secretary.neramac@gmail.com
|
| Urban Administration And Development - Sagar -
Madhya Pradesh |
Description :Audit of DUDA
Offices for Financial Year 2004-05 To 2013-14 Cluster 7.
Last Date : 05/05/2014
Address :Chief Executive Officer
State Urban Development Authority Directorate of Urban
Administration Palika Bhavan,Shivaji Nagar, Bhopal 462016
Phone :91 755 2552016
E-Mail :infomsu@mpurban.gov.in
|
| Urban Administration And Development - Gwalior -
Madhya Pradesh |
Description :Audit of DUDA
Offices for Financial Year 2004-05 To 2013-14 Cluster 6.
Last Date : 05/05/2014
Address :Chief Executive Officer
State Urban Development Authority Directorate of Urban
Administration Palika Bhavan,Shivaji Nagar, Bhopal 462016
Phone :91 755 2552016
E-Mail :infomsu@mpurban.gov.in
|
| Urban Administration And Development - Rewa -
Madhya Pradesh |
Description :Audit of DUDA
Offices for Financial Year 2004-05 To 2013-14 Cluster 5.
Last Date : 05/05/2014
Address :Chief Executive Officer
State Urban Development Authority Directorate of Urban
Administration Palika Bhavan, Shivaji Nagar, Bhopal 462016
Phone :91 755 2552016
E-Mail :infomsu@mpurban.gov.in
|
| Urban Administration And Development - Ujjain -
Madhya Pradesh |
Description :Audit of DUDA
Offices for Financial Year 2004-05 To 2013-14 Cluster 4.
Last Date : 05/05/2014
Address :Chief Executive Officer
State Urban Development Authority Directorate of Urban
Administration Palika Bhavan,Shivaji Nagar, Bhopal 462016
Phone :91 755 2552016
E-Mail :infomsu@mpurban.gov.in
|
| Urban Administration And Development - Jabalpur -
Madhya Pradesh |
Description :Audit of DUDA
Offices for Financial Year 2004-05 To 2013-14 Cluster 3.
Last Date : 05/05/2014
Address :Chief Executive Officer
State Urban Development Authority Directorate of Urban
Administration Palika Bhavan,Shivaji Nagar, Bhopal 462016
Phone :91 755 2552016
E-Mail :infomsu@mpurban.gov.in
|
| Urban Administration And Development - Indore -
Madhya Pradesh |
Description :Audit of DUDA
Offices for Financial Year 2004-05 To 2013-14 Cluster 2
Last Date : 05/05/2014
Address :Chief Executive
Officer,State Urban Development Authority Directorate of Urban
Administration Palika Bhavan,Shivaji Nagar, Bhopal 462016
Phone :91 755 2552016
E-Mail :infomsu@mpurban.gov.in
|
| Urban Administration And Development - Bhopal -
Madhya Pradesh |
|
Description :Audit of DUDA
Offices for Financial Year 2004-05 To 2013-14 Cluster 1.
Last Date : 05/05/2014
Address :Hall No-105, Directorate,
Urban Administration and Development,6No Bus Stop, Shivaji
Nagar, Bhopal. Madhya Pradesh
|
| Urban Administration And Development
|
|
Description :Audit work by
chartered accountant firms.
Last Date
: 05/05/2014
Address :Madhya
Pradesh
|
| National Institute Of Fashion
Technology |
|
Description :Appointment of
Internal Auditors.
Last Date :
06/05/2014
Address :National
Institute Of Fashion Technology,NIFT Campus,Hauz Khas,New
Delhi 110016
|
| State Bank Of Mysore |
Description :Empanelment of Stock
Auditors with State Bank Of Mysore.
Last Date
: 10/05/2014
Address :State
Bank of Mysore Head office-5th Floor kempegowda
Road,-Bangalore-560254.
Phone :2235
6314
E-Mail :agmcppd@sbm.co.in
|
| |
| Reminders |
| Tenders |
| Sarva Shiksha
Abhiyan 21/04/2014
|
| |
| Notifications
& Circulars |
| RBI |
| Notification No.
RBI/2013-14/565 (Delhi) 16/04/2014
|
| Financial Benchmarks- Governance Framework for Benchmark
Submitters |
| Notification No.
RBI/2013-14/566 (Delhi) 16/04/2014
|
| Foreign Direct Investment (FDI) in Limited Liability
Partnership (LLP) |
| |
|
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