| Professional
News |
| INCOME
TAX |
| Japan seeks tax relief for its firms
in Narendra Modi govt’s first Budget |
|
Delhi : THE Japanese
government has asked the Narendra Modi government to cut a $3
billion retrospective tax bill on Japanese companies operating
in India, claiming it was “unreasonable” and “discriminatory”.
It has said the tax claims, made in FY ’14, could impact
future Japanese investments in India. Tokyo is hoping for
relief in the BJP-led government’s first Budget that Finance
Minister Arun Jaitley will present in Parliament in the first
week of July.
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| CUSTOMS |
| Anti-dumping duty on chemical
imported from US, EU, Korea |
|
Delhi : The government has
imposed anti-dumping duty ranging between $0.21 and $0.36 per
kg on import of a chemical used by pharma companies from the
US, the EU and Korea for five years to protect the domestic
industry. The Revenue Department imposed the anti-dumping duty
on 'Methylene Chloride' also known as 'Dichloromethane' on
recommendations of the Directorate General of Anti Dumping
& Allied Duties (DGAD).
|
| SEBI |
| Sebi, exchanges pitch for pension
money in markets |
|
Maharashtra : To channelise
household savings into capital markets, Sebi and top stock
exchanges have asked the new government to allow a portion of
pension money to be invested in equities and mutual
funds.While Sebi has suggested that a part of over R5.5 lakh
crore pension fund corpus being managed by the Employees'
Provident Fund Organisation (EPFO) can be invested into
equities and mutual funds, BSE has also suggested to the
finance ministry that pension funds should be allowed access
to both primary and secondary markets.
|
| RBI |
| RBI removes restrictions on foreign
exchange proprietary trades |
|
Maharashtra : A stronger
rupee has paved the way for high-street banks to have a
greater play in the currency market, with last year's
unnerving choppiness suddenly looking like a thing of the
past. The Reserve Bank of India (RBI) recently told several
large lenders that they are free to carry out foreign exchange
proprietary trades in which bank treasuries bet on the
dollar-rupee movement. The move will deepen the currency
market and offer finer foreign exchange rates to customers,
particularly large corporates with regular exports, imports
and dollar borrowings.
|
| Raghuram Rajan may hold rates, wait
for signals from Arun Jaitley, El
Nino |
|
Maharashtra : Reserve Bank
of India governor Raghuram Rajan is expected to keep interest
rates unchanged when he announces the monetary policy on
Tuesday, according to an ET poll that was unanimous in its
verdict. The outlook, however, will be more dependent on what
finance minister Arun Jaitley plans to do and the vagaries of
the weather. Having committed to the "glide path" of taking
consumer price inflation to 6% by next year, there is little
Rajan can do unless price pressure eases.
|
| RBI norm to help credit companies act
swift on wilful defaulters |
|
Delhi : The RBI will soon
issue guidelines for banks and credit institutions to report
data on wilful defaulters on a real-time basis, including in
cases where lenders have filed suit against borrowers and in
non-suit filed cases, directly to credit information companies
(CIC) such as CIBIL and to Sebi.The idea is ensure information
about wilful defaulters reach all credit institutions and the
concerned regulators on a real-time basis, without any delay.
Reporting to Sebi is to ensure the promoters of such entities
are prevented from raising money through the capital market
route.
|
| FDI
Policy |
| India's Finance Ministry to Propose
Raising Foreign-Investment Cap in
Insurance |
|
Delhi : India's finance
ministry is preparing a proposal to raise the
foreign-investment limit in insurance companies to 49% from
26%, a senior official said Monday.The ministry hopes to place
the proposal before lawmakers for review in the budget session
of parliament that will take place late June, or in the
subsequent session that usually takes place around August,
said the official, who asked not to be named as the federal
budget is being prepared.A similar proposal to raise the
investment cap to 49% has been pending in parliament since
2008.
|
| FDI in inventory-led e-Commerce to
help grow Internet usage |
|
Delhi : Allowing FDI in
inventory-based e-commerce firms will help grow Internet usage
in the country and provide players access to funds for
investing in technology and back-end operations, industry body
IAMAI said.According to the Internet Mobile Association Of
India (IAMAI), only 25 million of over 231 million Internet
users in India transacted online (as of December 2013), taking
the Indian e-Commerce market to Rs 62,697 crore.
|
| Finance & Money
Markets |
| NBFC infrastructure debt funds take
off; India Infradebt, L&T Infra Finance raise Rs 550
crore |
|
West Bengal : India
Infradebt and L&T Infrastructure Finance Co have raised Rs
550 crore between them from the bond market, the first such
fundraising by debt funds conceived more than three years ago
under the non-banking finance company (NBFC) structure to help
banks by taking out infrastructure loans from them. India
Infradebt, the country's first infrastructure debt fund ( IDF)
under the NBFC structure, is a joint venture among ICICI Bank,
Bank of Baroda, Citicorp Finance and Life Insurance
Corporation of India.
|
| Banking |
| RBI flags high credit growth of some
banks |
|
Maharashtra : While overall
bank credit growth was a little less than 15 per cent in
2013-14, some public sector banks recorded a significantly
higher figure, resulting in a Reserve Bank of India (RBI)
caution to these lenders.Credit growth for the sector was 14.8
per cent but Bank of India (BoI), Canara Bank and Bank of
Baroda (BoB) reported about 20 per cent; UCO Bank, and Indian
Bank reported a little over 16 per cent from
2012-13.
|
| Co-operative bank to empower widows
coming up in Kerala |
|
Kerala : A co-operative bank
to empower widows and other marginalised women by supporting
their self-employment and entrepreneurial ventures is to be
set up in Kerala soon. The Kerala Vidhava Sangham (KVS), an
organisation which has over 16,000 widows as members, has
already secured clearance from the Co-operative Department for
starting the bank whose thrust is to empower women from
marginalised sections, especially widows.
|
| Reminders |
| Tenders |
| Cantonment Board,Bakloh Distt Chamba - Himachal
Pradesh 03/06/2014
|
| Vijaya Bank 04/06/2014
|
| Cantonment Board,Dalhousie Distt Chamba -
Himachal Pradesh 04/06/2014
|
| Ahmedabad Cantonment
Board 04/06/2014
|
| Public Works
Department 04/06/2014
|
| Assam State Rural Livelihood Mission
Society 05/06/2014
|
| Department Of Agriculture - Panchkula
Haryana 05/06/2014
|
| Assam Gramin Vikash
Bank 05/06/2014
|
| Urban Development Agency - Patna
Bihar 06/06/2014
|
| Aids Control Society - New
Delhi 06/06/2014
|
| Maharashtra Prathamik Shikshan
Parishad 06/06/2014
|
| West Bengal State Marketing
Board 06/06/2014
|
| Government Of Bihar 06/06/2014
|
| Municipal Corporation Of
Kota 09/06/2014
|
| |
|
 |
| Economy |
| India |
| Eye on deficit, Finance Minister Arun Jaitley may
not loosen purse strings |
| Government readies plan for Rs 25,000 crore
national waterway grid |
| Infrastructure sops to be India's bait for bigger
slice of China's IT |
| Foreign funds looking for cues on government
agenda |
| Losses on diesel dip to new low of Rs 2.80 a
litre |
| |
| International |
| Loose change: ECB poised for policy
shift |
| China factory output up 3rd time running in May,
hits 5-month high |
| |
| Markets
Today |
| NSE |
7,362.50
|
|
| BSE |
24,684.85
|
|
| NASDAQ |
4,242.62
|
|
| |
|
|
| USD |
59.16
|
|
| EURO |
80.50
|
|
| JPY(100) |
57.96
|
|
| GBP |
98.95
|
|
|
| |
| Corporate
Watch |
| Reliance Industries Limited bets on bonds,
government securities |
|
Delhi : Corporate bonds and
government securities seem to finding favours with Reliance
Industries Ltd (RIL), whose investment portfolio happens to be
one of the biggest among all Indian companies.Mukesh
Ambani-led RIL, which had a cash chest and marketable
securities worth over `90,000 crore at the end of the last
fiscal, is known for effectively managing its financial
resources by placing them in liquid instruments and highly
rated securities.
|
| Weak Re, other income drive India Inc Q4
show |
|
Delhi : On the face of it, it would
appear that India Inc has turned in a good performance in the
quarter ended March, 2014; net profits for a sample of 2,144
companies (excluding banks, financials and OMCs) jumped 30.6%
y-o-y. But the numbers hide a lot more than they reveal. To
begin with, the top line for the universe grew just 10.5%
y-o-y, propped up by a weaker rupee that drove up revenues for
exporters. Next, companies have reined in expenses — up just
9% y-o-y — and there’s been an 11% drop in the tax
bill.
|
| Suzlon to raise Rs 1,000 cr via non-core
asset sales in FY15 |
|
Delhi : Wind turbine maker Suzlon
Energy, which is working on its business revival strategy,
plans to raise about Rs 1,000 crore from sale of non-core
assets this financial year. Besides, Suzlon is exploring new
markets for business opportunities, according to a top company
official.'We continue to work on selling non-core assets. We
expect to raise around Rs 1,000 crore through sale of
non-crore assets this fiscal (2014-15),'
|
| IT, telecom sector main drivers of Q4
growth |
|
Delhi : India Inc had a mixed
quarter to March with select sectors and companies exposed to
the global markets accounting for the bulk of the growth even
as the average operating profitability of 17.1% was on a par
with the previous quarter and the highest over the past three
years.An analysis by the ET Intelligence Group shows this was
the third successive quarter of strong performance, with 13.1%
growth in sales, while net profit grew at a healthy 24.8%,
which was slower than the previous 3-month period.
|
| BSE to cut holding in CDSL in line with
Sebi's ownership rules |
|
Maharashtra : The Bombay Stock
Exchange plans to sell a part of its stake in Central
Depository Services (India) Ltd through an initial public
offer (IPO), three people with direct knowledge of the
development said.The exchange has to bring down its holding to
comply with the Securities and Exchange Board of India's norms
on ownership in market infrastructure institutions.The IPO
will value the company at around Rs 700-750 crore, these
people said. 'The boards of directors of BSE and CDSL have
approved the proposed initial public offering plan,' an
investment banker said.
|
| NBFC
CORNER |
A single window for auditors of non-banking
finance companies |
| |
| Tenders
& Assignment |
| Delhi Transport Infrastructure Development
Corporation Limited |
|
Description :Expression of
interest for chartered accountants and cost accountants for
empanelment and appointment as internal audit for the
financial year 2013-14 & tax auditor.
Last
Date : 10/06/2014
Address
:Delhi Transport Infrastructure Development
Corporation Limited,2nd Floor, Maharana Pratap ISBT, Kashmere
Gate, Delhi-110006
Phone
:011-23866404
|
| Navsari Agricultural University |
|
Description :Hiring service
of chartered accountant firm for internal audit &
financial system control of agricultural university.
Last Date : 20/06/2014
Address :Navsari - Gujarat
|
| National Thermal Power Corporation |
Description :Notice Inviting
Expression of Interest for Empanelment of Partnership/ Limited
Liability Partnership Firms of Chartered / Cost Accountants
for Conducting Internal Audit in NTPC Limited and its
Subsidiaries for the Financial Years 2014-15, 2015-16 &
2016-17 Last Date : 23/06/2014
Address :Chief of Internal
Audit NTPC Limited, Core -7, Scope Complex,
7,Institutional Area, Lodhi Road, New Delhi-110003
E-Mail :pramrakhiani@ntpc.co.in
|
| Centre For Good Governance |
|
Description :Selection of a
Chartered Accountants Firm for Statutory Audit & Internal
Audit for the three financial year 2014-15, 2015-2016 &
2016-2017
.
Last Date : 23/06/2014
Address :Centre For Good
Governance,Sector "D",Aliganj,Lucknow
Phone
:0522-2335159
|
| |
| Notifications
& Circulars |
| INCOME
TAX |
| Notification No.
28/2014 (Delhi) 30/05/2014
|
| The principal rules were published in the Gazette of
India |
| Notification No.
27/2014 (Delhi) 23/05/2014
|
| In exercise of the powers conferred by clause (48)of
section 10 of the income-tax-Act, |
| |
|
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