| Professional
News |
| Misc. - Direct
Tax |
| Direct tax receipts exceed target by
Rs 5,000 cr |
Delhi : The revenue
department collected Rs 5,000 crore more than the revised
direct tax collection target of Rs 6.36 lakh crore, Central
Board of Direct Taxes chairman RK Tewari told FE on Wednesday.
In view of the slowdown in the economy, the finance ministry
had lowered its original direct tax target of Rs 6.68 lakh
crore.Indirect tax collection is expected to have fallen short
of the revised target by close to Rs 17,000 crore.
|
| SEBI |
| Sebi eases rules for market making in
illiquid equity cash segment |
Maharashtra : Capital market
regulator Securities and Exchange Board of India (Sebi) on
Wednesday eased rules for market making in illiquid equity
cash segment. The move is aimed at encouraging stock exchanges
to offer this scheme for the cash segment, which will help
retail investors gain exit from illiquid stocks. Under the
scheme, market makers are given incentives for a specified
period of time to bring in liquidity and generate investor
interest in securities that have limited trading
activity.
|
| RBI |
| RBI comes up with uniform accounting
rules for asset reconstruction
companies |
Maharashtra : The Reserve
Bank of India has come up with some uniform accounting rules
for asset reconstruction companies or ARCs probably to stop
them inflating short term profits.In the wake of deteriorating
credit quality, banks have of late started selling bad loans
to ARCs, which acquire them from lenders and try recovering
pending dues from defaulting borrowers. In between companies
earn commissions.
|
| YES Bank, L&T Finance Holdings'
deal: Will RBI give a nod? |
Maharashtra : YES Bank and
L&T Finance Holdings are independently testing the
regulatory waters on what the Reserve Bank of India's stance
could be on a possible merger or a stake purchase by one of
the two in the other, said two people familiar with the
development YES Bank chairman MR Srinivasan, who used to be
with the RBI, met some officials of the banking regulator to
get a sense of how it would react to a stake sale or a bank
merging with a non-banking finance company (NBFC),
|
| RBI panel moots centralised bill
payment system |
Maharashtra : A committee
set up by Reserve Bank of India has suggested a mechanism for
centralised bills payment system in the country, primarily by
setting up two organisations - Bharat Bill Payment Services or
BBPS and the Bharat Bill Payment Operating Units or BBPOUs.
The panel known as GIRO (Government Internal Revenue Order)
Advisory Group or GAG, headed by IIT Bombay professor Umesh
Bellur, was set up last October and was looking into
GIRO-based electronic system.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| DoT drafts note to treat spectrum as
security |
Delhi : The telecom
department is preparing a draft note for the Empowered Group
of Ministers (EGoM) to formalise a proposal of treating
spectrum as a tangible security, which can be used by telcos
to raise funds from financial institutions in this capital
intensive industry. The draft note proposes a tripartite
agreement between the telecom department (DoT), lender and
borrower in order to protect lender's interest, such that the
lender has the right to sell, transfer, exchange or dispose
off airwaves without any restrictions in case of default or
"force majeure".
|
| Finance & Money
Markets |
| RIL raises $550 mn loan from
consortium of Japanese banks |
Maharashtra : Reliance
Industries Ltd (RIL) on Wednesday said it is raising $550
million (around Rs.3,338.50 crore today) from a consortium of
Japanese banks as part of the $8 billion capital expenditure
programme it has planned for its petrochemicals business.The
loan has been co-financed by Japan Bank for International
Cooperation (JBIC) and a consortium of other Japanese banks
led by Nippon Export and Investment Insurance (NEXI), said a
press release issued by the company on Wednesday.
|
| Derivatives traders play it safe in
election season |
Maharashtra : Wary traders
let many of their bets on the Nifty index lapse on expiry of
the April derivative contracts but rolled over their positions
in select volatile stocks to the May series. Analysts said
traders have opted for prudence above valour ahead of an
election outcome that in many ways promises to be a watershed
event.
|
| A switch from liquid funds to
‘short-term’ plans may fetch more
Article |
Delhi : Many financial
advisors are asking their clients to redeem their investments
in liquid and ultra-short term bond (USTB) funds, and invest
the proceeds in short-term bond funds to pocket better
risk-adjusted returns in the next year. "If you have one-year
time horizon and if you can take moderate risk, it is time to
shift to short-term bond funds," says Lakshmi Iyer, chief
investment officer (debt) and head of products, Kotak Asset
Management Company.
|
| FTIL proposes 3-member panel to
settle NSEL row |
Maharashtra : Financial
Technologies (India) Ltd (FTIL) has proposed a 3-member panel
to negotiate a settlement between over 13,000 investors of the
crisis-hit National Spot Exchange Ltd (NSEL), which is
promoted by the company, and two dozen defaulting
counterparties. The proposal to set up a committee comprising
a retired judge from the Supreme Court or High Court, a lawyer
and a chartered accountant was made by the counsel of FTIL
while the counsel for investor Modern India,
|
| BSE Sensex, NSE Nifty scale fresh
peaks ahead of phase 7 of polls; FII inflows at $5
bn |
Maharashtra : Benchmark
equity indices surged to yet another record on Wednesday,
driven by persistent gains in banking and capital goods
shares. Revival in buying by foreign institutional investors
further strengthened sentiment on the final day of the
derivatives futures & options (F&O) expiry for April
series. Touching new highs for the third straight session, the
Sensex advanced 0.5%, or 118.17 points, to end at 22,876.54.
|
| ICAI |
| ICAI to issue norms on fraud
reporting by auditors |
Delhi : Accounting watchdog
the Institute of Chartered Accountants of India (ICAI) will
bring out a guidance note for auditors on detecting corporate
fraud. This follows the new Companies Act making it mandatory
for auditors to report corporate frauds to the government
within a specified time frame.
|
| MERGER &
ACQUISITION - NATIONAL |
| Expansion on mind, GIC Re poised to
buy South Africa’s Saxum |
Maharashtra : GIC Re, the
sole Indian reinsurer, is set to acquire South Africa's Saxum
Re as it aims to expand into one of the most promising growth
regions in the world and diversify its risk as the state-owned
company got hit by some of the recent global accidents,
including claims from Malaysian Airlines for its missing
aircraft.
|
| Japan's Suntory, Tilaknagar in race
to buy Imperial Spirits |
Maharashtra : Japan's
leading beverages maker Suntory and Mumbai-based Tilaknagar
Industries, which makes Mansion House brandy, are in race to
purchase rival Imperial Spirits put on sale by private equity
fund Lighthouse Funds, three people with direct knowledge of
the development said.The promoters of Imperial Spirits will
exit through the deal which values the Coimbatore-based maker
of foreign made Indian liquor at $100 million (about 600
crore).
|
| Banking |
| Finmin to kick off NPA review of PSBs
tomorrow |
Delhi : Beginning Friday,
the Department of Financial Services (DFS) will hold meetings
with public sector banks (PSBs) individually to assess how
they tackled bad loans in the previous three financial years
(from FY12 to FY14). More significantly, it will have a close
look at incidents of frauds in these banks and amounts
involved.The meeting comes in the backdrop of an RBI finding
that large-value advance-related frauds were mainly
concentrated in PSBs, rather than private or foreign banks.
|
|
| FIPB defers call on HDFC Bank's plan
to raise FII limit |
Delhi : The Foreign
Investment Promotion Board (FIPB) on Wednesday deferred a
decision on HDFC Bank’s proposal to increase its foreign
shareholding limit, as the commerce & industry department
and the law ministry were yet to give comments on the issue.
This means a decision on the issue might be taken only after a
new government takes charge at the centre. “All comments were
not there.
|
|
 |
| Economy |
| India |
| India’s steel output beats world's average growth
rate in March: WSA |
| Finance Ministry to seek Rs 7,000 crore more for
bank capitalisation |
| Experts expect El Nino, sub-normal to normal
monsoon in South Asia |
| Textile exporters still waiting for govt to clear
refunds |
|
| International |
| EU seeks to bridge the skill gap |
| US economy: Factory activity expands in April,
pace stalls |
| Thousands of British expats quit Spain over slump
in economy |
| Oil prices rebound in Asian
trade |
|
| Markets
Today |
| NSE |
6,840.80
|
|
| BSE |
22,876.54
|
|
| NASDAQ |
4,126.97
|
|
|
|
|
| USD |
61.07
|
|
| EURO |
84.47
|
|
| JPY(100) |
59.70
|
|
| GBP |
102.53
|
|
|
|
| Corporate
Watch |
| Groupe SEB may gobble up all of Maharaja
Whiteline; looks to buy Harish Kumar & family's 45%
stake |
West Bengal : Two years after
France's Groupe SEB acquired a 55% stake in Maharaja
Whiteline, the multinational and the Indian kitchen appliances
maker's erstwhile owner Harish Kumar, are working on a second
deal, which involves buying out Kumar and his family's balance
45% equity, three senior industry executives aware of the
development said. The move follows disputes between the two
groups after Groupe SEB in November 2012 unceremoniously moved
chairman and managing director (CMD) Kumar into a
non-executive role.
|
| Infosys steps up overseas hiring and
training for client-facing executives to improve
sales |
Karnataka : Infosys is implementing
a wide-ranging plan to improve sales effectiveness, said
senior executives of the Bangalore-based company, predicting
that the benefits of these measures could start showing up
before the third quarter of 2014-15.India's second-largest
software company, which is attempting a turnaround under
chairman NR Narayana Murthy after more than two years of
underperforming the industry, is stepping up hiring in
overseas markets and enhancing training for all client-facing
executives as part of a new sales push, the executives
said.
|
| RIL, ONGC lock horns over gas transport
from KG-D6 block |
Delhi : Reliance Industries wants
to transport gas from a new field in the KG-D6 block with a
pipeline through ONGC's adjoining block, but the state-run
firm is reluctant to allow this, giving another twist to their
relationship a year after they agreed to look at prospects of
sharing infrastructure in the deep-sea region. ONGC had
earlier said that using RIL's infrastructure would speed up
the development of its own field and cut costs by up to 40%,
signaling bright prospects of cooperation between India's top
two exploration firms.
|
|
| 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 |
| Andhra Pradesh Medical Services And
Infrastructure Development Corporation |
Description :Chartered
Accountants to undertake Compilation of Accounts of APMSIDC
for the Financial year 2013-14.
Last Date
: 26/04/2014
Address :3rd
& 4th Floors,DM& HS Campus,Sultan Bazar
Koti,Hyderabad-95
Phone :24738971
E-Mail :fomedincorp@rediffmail.com
|
| Zilla Panchayat - Bijapur Chhattisgarh
|
Description :Providing of
chartered accountant service for audit work.
Last Date : 30/04/2014
Address :Bijapur - Chhattisgarh
|
| Hindustan Copper Limited |
Description :Appointment of
Internal Auditors for F.Y.2014-15 for Hindustan Copper Limited
Last Date : 30/04/2014
Address :Tamra Bhavan, 1,Ashutosh
Chowdhury Avenue, Kolkata - 700 019
Phone
:+91 33 2283 2226
|
| 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
|
| Haryana State Horticulture Development
Agency |
Description :Providing of
Chartered Accountant for preparing of Audit & Balance
Sheet.
Last Date : 09/05/2014
Address :Haryana State Horticulture
Development Agency Panchkula Haryana
Phone
:0172-2582322
E-Mail :hortharyana@gmail.com
|
| India Trade Promotion Organisation |
Description :Engage A Firm
Of Chartered Accountants For Undertaking The Audit Of Annual
Accounts For Year 2013-14, Filing Income Tax Return For
Assessment Year 2014-15 For Audit Of Itpo Ecpf Trust And Itpo
Gratuity Trust.
Last Date :
09/05/2014
Address :( Gajraj Singh )
Sr. Manager (Fin.)
Room No. 234, ITPO, Pragati Bhawan,
Pragati Maidan, New Delhi – 110001
|
|
| Reminders |
| Tenders |
| Vallabhbhai Patel Chest
Institute 28/04/2014
|
| North Eastern Regional Agricultural Marketing
Corporation Ltd 28/04/2014
|
| Department Of Information
Technology 29/04/2014
|
| Housing And Urban Development Corporation
Limited 01/05/2014
|
|
| Notifications
& Circulars |
| 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 |
|
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