| Professional
News |
| INCOME
TAX |
| India, US to share offshore account
details of citizens |
Delhi : India and the US
have agreed to share information on financial accounts held in
each country by their citizens in a major step towards
preventing unaccounted wealth being stashed abroad.India will
sign an agreement with the US that would enable New Delhi
share information about accounts and investments held by US
citizens in various Indian financial institutions.The idea is
to help US crack down on its citizens using Indian banks and
other entities for parking their funds away from the eyes of
the US Internal Revenue Service (IRS).
|
| SALES
TAX |
| CST to increase biz cost in Andhra
and Telangana |
Delhi : As Telangana becomes
a separate state in June, sales and purchase transactions
between dealers located in Andhra Pradesh and the new state
would be subjected to Central Sales Tax (CST). Fearing an
increase in their cost of doing business, industry has
approached the state government to press the Centre to defer
the levy of CST or reduce the rate on movement of goods within
the two states.CST is a tax on inter-state movement of goods
levied by the Centre but collected by the states.
|
| SEBI |
| Sebi seeks monthly asset, borrowing
data from MFs |
Maharashtra : Market
regulator Sebi has asked mutual fund (MF) houses to provide
monthly data on debt and equity assets, starting 2007. The
regulator has sought information on fund houses’ monthly
borrowings towards meeting redemption requirements, along with
the cost of borrowing. Sebi has also sought half-yearly net
worth figures from all the fund houses.While Sebi hasn’t
officially spelt out the reasons for the data request, fund
officials believe the regulator may want to assess the health
of the fund houses before issuing the notification on
net-worth requirement, due any time soon.
|
| COMPANY
LAW |
| Conflicting rules
Article |
Delhi :
Stock-exchange-listed central public sector enterprises
(CPSEs) could face difficulties in complying with the
Securities and Exchange Board of India’s (Sebi) new norms on
corporate governance as some of these guidelines are in
conflict with the provisions of the Companies Act of
2013.Sebi’s new rules, which would be effective October 1,
envisage that CPSEs get shareholders’ approval for
related-party transactions, establish a whistle-blower
mechanism, make elaborate disclosures on pay packages and
appoint at least one woman director on their boards.
|
| Audit firms fret over rule to report
fraud in new Cos Act |
Delhi : Big audit firms have
sought protection from civil and criminal liabilities in the
wake of a new rule on reporting fraud in the Companies Act,
2013. These firms said the notified rules under the Section
143 of the Act requires to be clarified as it defines “fraud”
somewhat different from an earlier discussion paper leading to
ambiguity.According to the Section 143 and the rules
thereunder, an auditor has to report to the government 'all'
frauds – material and otherwise- in a company he has audited
in 60 days of their discovery after taking up the matter with
the audit committee or the Board of directors.
|
| RBI |
| RBI warns banks against LoCs for cos’
units overseas |
Maharashtra : The Reserve
Bank of India (RBI) has warned banks against issuing letters
of credit (LoCs) and guarantees to Indian companies’ overseas
subsidiaries and said that such non-fund-based credit was
being used for purposes other than the business the company
was involved. “It is advised that banks, including overseas
branches or subsidiaries of Indian banks, shall not issue
standby letters of credit,guarantees,letter of comforts,
etc.
|
| RBI puts curb on using ECB to repay
domestic loans |
Maharashtra : The Reserve
Bank of India (RBI) has barred companies from repaying
domestic loans through funds raised through external
commercial borrowings (ECBs) from foreign branches of Indian
banks.RBI told banks to put restrictions on their foreign
branches in terms of giving guarantees to offshore joint
ventures/subsidiaries of Indian companies to avail of foreign
currency loans to repay rupee credit.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| FTA with Australia: Push for easy
visa, no consensus on tariff |
Delhi : New Delhi is pushing
for easier visa norms and work permits from Canberra while the
latter wants greater market access in the Indian higher
education space as part of the ongoing free trade agreement
(FTA) talks. According to commerce ministry officials, the two
sides are yet to agree on tariff lines (merchandise) to be
brought under the purview of the pact though each wants easier
access to the other's services markets.
|
| Finance & Money
Markets |
| New pricing norms for state debt may
be rolled out in phases |
Maharashtra : The Reserve
Bank of India (RBI) is discussing ways to ensure an orderly
rollout of its unpopular proposal to price state government
debt at market-based valuations to minimise potential losses
for banks holding this debt, three officials familiar with the
discussions said. Holders of state debt — which are largely
made up of banks — could be pushed to mark them to market
prices in several stages as opposed to in one go, the
officials said, although they noted the RBI has not yet
decided whether it will implement the proposal.
|
| RBI may look at sale of government
bonds to offset dollar deluge |
Maharashtra : The Reserve
Bank of India could consider selling government bonds for the
first time in four years to minimise the impact of heavy
inflow of US dollars that have been pouring in on expectations
of a stable regime following the ongoing general elections and
could come in with greater intensity after the government is
formed.The RBI on Monday set a limit of 50,000 crore for sale
of government securities in 2014-15 under the Market
Stabilisation Scheme (MSS), which was introduced in 2004 to
facilitate absorption of excess rupee liquidity in the
system.
|
| Investors shy away from gold
ETFs |
Maharashtra : Gold
exchange-traded funds (ETFs), once a popular investment
vehicle among retail investors, seem to be losing appeal,
going by the large-scale closure of folios and the continuous
net outflows. In the past year, about a fifth of the accounts
set up for investments in this product have seen closures.In
the past, a slew of investors had made investments in gold
ETFs, anticipating gold prices would soar to new highs. In May
2013, the number of gold ETF-specific folios had exceeded
600,000, while assets under management had breached the Rs
10,000-crore mark.
|
| Scope of 'freak trade' limits on
derivatives may get wider |
Maharashtra : The National
Stock Exchange (NSE) might extend a limit on entering order
prices which are outside the normal trading range of
securities.The exchange had earlier announced orders for
certain derivative contracts would be executed only if these
were within a certain ‘price band’. These new norms were to be
applicable to mid- and far-month futures and options
contracts. These might now be extended to other products as
well, said Chitra Ramkrishna,managing director and chief
executive officer of NSE.
|
| Commodities |
| End of the Goa mining ban: For
miners, a long road to recovery |
Delhi : The Supreme Court’s
order lifting the ban on mining in Goa might not immediately
help miners much, as all mining leases in the state expired in
2007.In a statement to investors, Vedanta Resources, Sesa
Sterlite’s parent company, said, “The Supreme Court, in its
order, has held all mining leases in Goa, including those of
Sesa Sterlite, have expired in 2007. Consequently, no mining
operations can be carried out until renewal/execution of
mining lease deeds by the state government.
|
| Raw sugar exporters squirm as subsidy
notification hangs fire |
Delhi : India's raw sugar
exports jumped sharply in the first half of the current
marketing year that started on October 1 as mills — sitting on
huge refined sugar inventories — sought to take advantage of a
government subsidy for production of the raw variety to
diversify their product basket.However, a delay in notifying
the subsidy for April and May by the food ministry has stoked
fresh uncertainties about the exports, according to senior
company executives.
|
| Wheat procurement may slip below last
year’s 25-mt level |
Delhi : The government's
wheat procurement target for the 2014-15 marketing year is
likely to be missed and slip below the last year's level of 25
million tonne (mt), food secretary Sudhir Kumar said on
Tuesday.State-run Food Corporation of India (FCI) undertakes
grain procurement on behalf of the government to ensure that
farmers get the minimum support price (MSP).According to food
ministry data, FCI and state government-owned agencies have
procured 7.5 mt of wheat so far this year, significantly lower
than 11.96 mt purchased in the year-ago period.
|
| INTERNATIONAL
BUSINESS |
| $2 bn for Apple patents is too much:
Samsung |
Samsung Electronics Co says Apple Inc's
patent-infringement claims of $2.19 billion are 57 times
higher than what the Galaxy maker should pay if a jury finds
it infringed smartphone technology.Samsung called on a Yale
University business school professor on Monday to make its
case to a federal jury in San Jose, California, that if it has
to pay anything, the amount should be as little as 35 cents a
phone - a stark comparison to Apple's demand for more than $40
a phone. The Suwon, South Korea-based company also began its
own court offensive on Monday, accusing Apple of infringing
two of its patents.
|
|
 |
| Economy |
| India |
| For now, Indian Railways plans desi bullet trains
on a few routes @130 kmph |
| Rice & sugar to the rescue, even as overall
exports stagnate |
| None for the road: Govt scraps PPP plan for Rs
6,290-cr expressway project after zero bids |
| NRIs poured in $65 billion in the last 6 months:
Swraj Paul |
| Fuel demand growth slowest in 12
years |
|
| International |
| Japan & US struggle to bridge gap on freer
trade |
| China to cut reserve requirement ratio for rural
banks |
| Impact of imposed sanctions can be minimised,
says Medvedev |
| Japan overhauls its public pension fund, the
world’s biggest |
| Tinkering with Strategy Can Derail Midsize
Companies |
|
| Markets
Today |
| NSE |
6,840.80
|
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| BSE |
22,876.54
|
|
| NASDAQ |
4,161.46
|
|
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|
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| USD |
61.05
|
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| EURO |
84.52
|
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| JPY(100) |
59.70
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| GBP |
102.58
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|
| Corporate
Watch |
| GlaxoSmithKline swaps oncology for vaccines
with Novartis AG |
Maharashtra : GlaxoSmithKline Plc,
the fifth largest company by revenue globally, said on its
website on Tuesday it will sell its oncology business to
Novartis AG; in a simultaneous transaction the Swiss drug
major will shed its vaccines portfolio — except flu vaccines —
to the British drugmaker. The net transaction value will be $9
billion — while GSK will sell the oncology business for about
$16 billion, it will buy the vaccines arm for $7.05 billion,
which includes milestone payments.
|
| Coal India to get new arm to shore up PPP
projects |
Delhi : Public sector Coal India
will have a subsidiary dedicated exclusively for the
development and awarding of public-private partnership (PPP)
projects in coal mining. The move is aimed at accelerating
coal mine production in the country with the active
participation from the private sector, including multinational
corporations.
|
| Maruti Suzuki Eeco to take diesel battle to
Tata, Mahindra camps |
Delhi : Car market leader Maruti
Suzuki is working on its first diesel commuter van, an 800cc
diesel version of the Eeco, with plans to launch the model in
2016. The diesel Eeco, largely intended for commercial
applications in fast growing rural/semi-urban markets, will
look to challenge Tata Motors and M&M, strong players in
the low-cost passenger carrier segment. As the Eeco is
currently only available with a petrol or CNG engine (1.2
litre),
|
| Nissan pips Maruti to become second-largest
exporter |
Delhi : The country’s largest
carmaker Maruti Suzuki has lost its position of the
second-largest exporter to another Japanese player Nissan in
FY14, even as its South Korean rival Hyundai retained its
position as the top car exporter in the fiscal. Hyundai is
also the second-largest domestic carmaker.Nissan exported 1.16
lakh units of the Micra hatchback and Sunny sedan in FY14 from
its plant near Chennai it shares with alliance partner
Renault,
|
| HDFC Bank net grows slowest in a
decade |
Delhi : HDFC Bank, the country’s
largest lender by market capitalisation, on Tuesday reported a
23.1% y-o-y increase in net profit to R2,326.5 crore, aided
largely by a robust net interest income and tightening of
expenses. This, however, is the slowest growth in net profit
for the private sector lender in over a decade. For the third
consecutive quarter, the bank’s net profit growth was below
30%, a level it had maintained consistently for more than a
decade.
|
| L&T Finance Holdings in talks with Yes
Bank on stake buy |
Maharashtra : L&T Finance
Holdings, the non-banking finance which lost out on its bid to
get a banking licence, may be looking to buy a stake in Yes
Bank, or combine the two entities, three people familiar with
the matter said. A senior executive from the company has held
talks with Yes Bank promoter Rana Kapoor on the possibility of
combining the two companies, said those people who did not
want to be identified.
|
| Nokia plant dilemma may impact India's
telecom exports by 40 per cent |
Delhi : India's telecom exports may
drop by about 40 per cent if uncertainty about Nokia's plant
near Chennai continues and production is affected, the Telecom
Equipment & Services Export Promotion Council said.'This
year, we saw a dip in telecom equipment exports due to lower
contribution from Nokia, which generally accounts for about 70
per cent of handset exports. In case the uncertainty continues
regarding their plant,
|
| SpiceJet pips IndiGo to win punctuality
race |
Maharashtra : Low-cost airline
IndiGo has successfully sold its airline on its much touted
marketing plank of ‘IndiGo Standard Time’. But recent data
show rivals challenging its numero uno position. Data from the
Directorate General of Civil Aviation (DGCA) show that in the
months of December 2013 and January and February this year,
SpiceJet topped the on-time performance (OTP) ranking among
all domestic airlines. The data for December and January was
collected from the four metropolitan cities and Bangalore and
Hyderabad.
|
| SBI to lend $500 mn, redeem securities
worth $800 mn |
Maharashtra : State Bank of India,
which raised $1.25 billion from foreign territories earlier
this month, will use a portion of the funds to repay
securities that are coming up for redemption; it will also
extend credit facilities of about $500 million. According to a
senior SBI executive, the country's largest lender had issued
bonds in the past and that would mature in the next few
months. 'The estimate of repayments is pegged at around $800
million,' said the official.
|
|
| 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 |
Panchayat And Rural Development Department -
Kolkata West Bengal  |
Description :Hiring of
services for Process Review of Internal Audit of Gram
Panchayats.
Last Date : 05/05/2014
Address :Project Manager ISGP
Project, Panchayats & Rural Development
Department,
Millennium City IT Park, Tower - II, 3rd Floor
(Unit D), DN - 62, Sector – V, Salt Lake,
Kolkata-700 091
Phone :+91 33 2367-1461
E-Mail :isgp.wbsrda@gmail.com
|
| Punjab Land Records Society |
Description :From the
reputed firms/ Chartered Accountants having more than 10 years
experience to act as Central Auditor.
Last
Date : 06/05/2014
Address
:Punjab Land Records Society,Kapurthala
Road,Jalandhar,
Phone :0181-207018
|
|
| Reminders |
| Tenders |
| Andhra Pradesh Medical Services And
Infrastructure Development
Corporation 26/04/2014
|
| Vallabhbhai Patel Chest
Institute 28/04/2014
|
| North Eastern Regional Agricultural Marketing
Corporation Ltd 28/04/2014
|
| Department Of Information
Technology 29/04/2014
|
| Hindustan Copper
Limited 30/04/2014
|
|
| Notifications
& Circulars |
| CUSTOMS |
| Notification No.32/2014-Customs
(N.T.) (Delhi) 17/04/2014
|
| Rate of exchange of conversion of each of the foreign
currency with effect from 17th April, 2014 |
| Notification No. 31/2014 – Customs (N.
T.) (Delhi) 15/04/2014
|
| Amends Notification No. 36/2001-Customs (N.T.), dated the
3rd August, 2001 |
| Notification No. 15/2014-Customs
(ADD) (Delhi) 11/04/2014
|
| Seeks to levy provisional anti-dumping duty on imports of
cast aluminium alloy wheels or alloy road wheels used in motor
vehicles when imported into India from People’s Republic of
China, Korea RP and Thailand for a period of 6 months |
| ORDER (Delhi) 07/04/2014
|
| Appointment of Common Adjudicating Authority |
| RBI |
| Notification No.
RBI/2013-14/568 (Delhi) 22/04/2014
|
| Fund/Non-Fund based Credit Facilities to Overseas Joint
Ventures / Wholly Owned Subsidiaries / Wholly owned Step-down
Subsidiaries of Indian Companies |
| Notification No.
RBI/2013-14/569 (Delhi) 22/04/2014
|
| Reporting of information / data relating to Cash and
Suspicious Transactions to the Director, Financial
Intelligence Unit-India (FIU-IND) |
| Notification No.
RBI/2013-14/570 (Delhi) 22/04/2014
|
| Scaling up of the Business Correspondent (BC) Model –
Issues in Cash Management |
| Notification No.
RBI/2013-14/567 (Delhi) 21/04/2014
|
| Foreign Direct Investment in Pharmaceuticals sector –
clarification |
|
|
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