| Professional
News |
| INCOME
TAX |
| I-T dept to set up new data centre to
check tax evasion |
Delhi : To fasten the
process of identifying tax evaders, the Income Tax department
has decided to set up a major data centre of such classified
information on the lines of the existing two such centres on
e-filing and TDS information.The new office which has been
named Centralised Processing Cell-Compliance Management
(CPC-CM) will have its base in the national capital and a
dedicated workforce, drawn from the department, will man it.
The CPC-CM is an ambitious project of the Central Board of
Direct Taxes (CBDT) aimed at enabling the I-T department to
use technical data to check cases of non-complaince and non-
filers of taxes.
|
| International
Taxation |
| India acts tough on black money, may
levy 30% withholding tax on Swiss
investments |
Delhi : In a bid to get
Switzerland to act on a long-pending demand for information on
unaccounted money of Indians in Swiss banks, New Delhi is
considering a 30% withholding tax on all kinds of payments
made from India to individuals, incorporated entities and
permanent establishments located in the European nation.The
move comes barely a fortnight after India agreed with the US
to share information about American citizens and residents
holding financial accounts in India in order to avoid all
Indian financial institutions operating in the US being
subjected to a similar 30% withholding tax when they bring
back funds of their Indian clients.
|
| RBI |
| RBI clamps down on offshore
refinancing |
Delhi : India has taken
steps to clamp down on the growing trend among banks to
convert rupee exposure into overseas debt in a move likely to
trigger a rise in onshore restructurings.In a notice issued on
Tuesday evening, the Reserve Bank of India warned that Indian
banks should not lend through their overseas branches or issue
any kind of credit guarantee to help companies repay their
rupee obligations with offshore debt.
|
| RBI's forex reserves fall after seven
straight weeks of rise |
Delhi : After seven straight
weeks of rising, the Reserve Bank of India's (RBI) foreign
exchange reserves fell for the first time by $31.6 million for
the week ending April 18 to $309.41 billion, shows RBI data
released on Friday.Foreign currency assets, a key component of
reserves fell by $1.84 billion to $281.54 million. Gold
reserves remained unchanged during the week.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Gold import curbs will be withdrawn
in calibrated manner, says Mayaram |
Maharashtra : Curbs on gold
imports in India will not be withdrawn immediately, but will
be done in a calibrated manner, the country's economic affairs
secretary Arvind Mayaram said on Friday.India, the second
biggest consumer of gold after China, last year imposed a
record 10% import duty on the metal and said a fifth of all
shipments should be re-exported as finished product to help
narrow its current account deficit.
|
| Finance & Money
Markets |
| Re sees worst weekly fall in 3
months |
Maharashtra : The rupee
posted its biggest single-day gain in a month-and-a-half on
Friday, snapping a three-session falling streak as good dollar
sales by banks and two large corporates helped offset
greenback demand seen from oil importers.However, for the
week, the rupee fell 0.5% against the dollar, posting its
worst performance since the week ended January 24, with
trading influenced by falls in regional currencies on a weekly
basis, amid worries over tensions in Ukraine and a slide in
the Chinese yuan.
|
| Indian bonds fall as auction results
disappoint; inflation fears weigh |
Maharashtra : Indian
government bonds fell on Friday after cut-off prices came in
lower than expected at the country’s $2.6 billion weekly
auction, while inflation fears also weighed after the weather
office forecast below-average monsoon rainfall. The Reserve
Bank of India (RBI) sold Rs.16,000 crore of bonds earlier in
the day, fully selling the allocation, but at yields that were
higher than expected.The auction results sparked some
profit-taking after last week’s rally, with the 10-year
benchmark yield ending up 3 basis points for the week,
snapping two weeks of falls.
|
| Gold premiums jump to 2½-month high
on scant supplies |
Maharashtra : Gold premiums
in India, the world's second biggest consumer after China,
jumped to their highest level in more than two-and-a-half
months due to short supplies amid firm demand ahead of the
second-biggest gold buying festival.Premiums for gold bars
rose more than 23% to $110 an ounce on London prices, a level
last seen in early February, compared with $89 an ounce
earlier in the week. Premiums had struck a record of $160 an
ounce in December last year.
|
| Commodities |
| Commexes’ turnover dips 70% to Rs
2.36 lakh cr during April 1-15 |
Delhi : Turnover of
commodity exchanges plummeted 70 per cent to Rs 2.36 lakh
crore in the first fortnight of April as the volumes in most
commodities dipped sharply.The turnover at 17 commodity
exchanges stood at Rs 7.87 lakh crore in the year-ago period.
MCX, NCDEX, NMCE, ICEX, ACE and UCX are national-level
commodity bourses, while the rest 11 are regional
exchanges.According to the Forward Markets Commission’s data,
the maximum fall in business was seen in the futures trading
of bullion followed by energy, metals and agriculture
commodities.
|
| INTERNATIONAL
BUSINESS |
| Amazon's revenue increases even as
spending rises |
Amazon.com Inc’s revenue grew more than
expected for the first quarter, largely offset by a sharp
increase in spending on technology, content and new warehouses
as the e-commerce company branches into new
businesses.Amazon's international unit, which accounts for 40
per cent of sales, continued to be a drag as sales growth
slowed to 18 per cent during the quarter. Global unit sales, a
closely watched measure of how many items Amazon has sold,
also decelerated, rising only 23 per cent.
|
| Microsoft beats Wall Street on new
CEO debut |
Microsoft Corp’s new chief executive
got off to a winning start with Wall Street on Thursday as the
world's largest software company eased past analysts’ profit
estimates despite the pressure of falling computer sales.Its
shares rose almost 3 per cent in after-hours trading to
$40.96, keeping the stock at levels not seen since the
turn-of-the-century Internet stock boom.The Redmond,
Washington-based company reported quarterly profit of $5.66
billion, or 68 cents per share, compared with $6.05 billion or
72 cents in the year-ago quarter.
|
| Banking |
| EPFO may tighten investment norms for
exempted PFs |
Delhi : Suspecting defaults
by some state PSUs on their bonds, the EPFO may tighten
investment norms of exempted provident funds that manage over
Rs 1.6 lakh crore of long-term savings and bar them from
investing in debt papers that are not guaranteed by the state
governments.EPFO suspects some of the exempted funds may have
invested about Rs 10,000-12,000 crore in state PSU bonds that
are not guaranteed by the respective governments. Some of the
PSUs may have defaulted in either interest or principal
payments, an official told FE.
|
|
 |
| Economy |
| India |
| Japan may expand funding cover to boost
infrastructure |
| Indian business optimism at its highest since
2010 |
| US envoy raises IPR, taxation issues with
India |
| India, South Africa trade up 31% at $7.6
b |
|
| International |
| UK economy on course for 1% growth in first
quarter as consumers keep on spending |
| Scots economy is in strongest position of recent
years |
| Consumers feeling more confident about U.S.
economy |
| Spanish PM hails 'rebuilt'
economy |
|
| Corporate
Watch |
| DoCoMo dials out, Tatas need to pay it Rs
7,250 cr |
Maharashtra : While NTT DoCoMo on
Friday announced its decision to sell its 26.5% stake in Tata
Teleservices (TTSL) back to the Tata Group, the transaction
will need to be structured carefully keeping in mind the
Reserve Bank of India’s (RBI) restrictions on the pricing of
call and put options.Although NTT DoCoMo put out a press note
announcing that as part of their original agreement the Tatas
would pay them a minimum of R7,250 crore — half the investment
it has made since March 2009 — RBI rules do not permit put and
call options to be exercised at a predetermined
price.
|
| GMR-Maldives dispute: Verdict likely by May
end |
Karnataka : The arbitration
proceedings in GMR Infrastructure’s dispute with the Maldives
government over the country's international airport are
drawing to a close with the verdict expected in the last week
of May. The last of the arbitration hearings, over the
cancellation of GMR's over $500-million contract for operating
and expanding the airport, was held in a Singapore court on
April 16. Maldives president Yameen Abdul Gayyoom on Thursday
said the government will have to pay compensation for the
termination of the contract. The Maldives government has
agreed to abide by the laws of English court or Singapore in
the event of a dispute.
|
| Essar Energy panel asks minority
shareholders to reject delisting bid |
Karnataka : A bid for London-listed
Essar Energy by its majority shareholder materially
undervalues the company and should be rejected, an independent
committee set up to examine the offer reiterated on Friday.The
committee, appointed by the company in February, also said
proposed changes to UK listing rules could make it more
difficult to delist the company.Essar Global Fund, which owns
about 77% of the India-focused resources company, had last
month offered 70 pence per share for the stake it does not
already own. Essar Global declined to comment on the circular
on Friday. UK's financial watchdog said last week that it was
considering amending rules to give smaller shareholders a
bigger say when majority shareholders move to delist
companies.
|
| 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 |
| Army Public School |
Description :Expression of
Interest for Empanelment of Chartered accountant firm for a
period of three years for carrying out annual audit of the
school account, verification of employees TDS & deposit
the same with concemed authority, various tax matters &
allied activities, or any other matter relating to tax or
accounts or book keeping etc
Last Date
: 05/05/2014
Address
:Jodhpur - Rajasthan
|
| Department Of Health Services - Lakshadweep
|
Description :Expressions of Interest are
invited from Chartered Accountant firms to conduct the
statutory audit of the AIDS Control Society for the year
2013-14.
Last Date : 05/05/2014
Address :Lakshadweep - Lakshadweep
|
| 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 |
| North Eastern Regional Agricultural Marketing
Corporation Ltd 28/04/2014
|
| Vallabhbhai Patel Chest
Institute 28/04/2014
|
| Department Of Information
Technology 29/04/2014
|
| Zilla Panchayat - Bijapur
Chhattisgarh 30/04/2014
|
| Hindustan Copper
Limited 30/04/2014
|
| Singhbhum District Central Co-Operative Bank
Limited 30/04/2014
|
| Housing And Urban Development Corporation
Limited 01/05/2014
|
|
| Notifications
& Circulars |
| RBI |
| Notification No.
RBI/2013-14/571 (Delhi) 23/04/2014
|
| Uniform Accounting Standards at ARCs |
|
|
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