| Professional
News |
| INCOME
TAX |
| Vodafone may not review India IPO
before ending tax row |
|
Maharashtra : Vodafone Group
is unlikely to take a call on whether or not to proceed with
its Indian unit's initial public offering — a plan that was
put on the backburner two years ago — until its tax dispute
here is resolved and the impact of the next round of spectrum
auction on its local finances becomes clear. The UK-based
telecom major though is hopeful that the new BJPled government
would work towards resolving the dispute over the tax, which
has now grown to about Rs 20,000 crore, including penalty and
interest.
|
| Refund laws stacked against
income-tax payers Article |
|
Delhi : There are various
provisions in the Income Tax Act for charging of interest if a
taxpayer fails to pay tax on time. Similarly, there are
provisions for giving interest on refund to taxpayer. But the
law, in its present form, is causing grave injustice to the
taxpayer. When a taxpayer defaults in making payment of tax
interest or penalty, he has to pay interest @ 12% p.a., (in
some cases even @18% p.a.), In contrast, I-T the department
pays interest only at 6% p.a. on refunds issued.
|
| Finmin may Pitch for Higher Tax
Exemption on Health Insurance |
|
Delhi : The finance ministry
is likely to pitch for a substantial increase in the
income-tax exemption limit for health insurance as part of its
plan to deepen insurance coverage. The ministry is examining a
proposal that seeks to double the limit to Rs. 30,000 from Rs.
15,000. According to a senior finance ministry official, the
department of financial services had proposed a separate limit
of Rs. 1.5 lakh for investment in life insurance and pension
schemes. At present, all investment exemptions have a combined
limit of Rs. 1 lakh.
|
| CUSTOMS |
| Government cuts import tariff value
on gold, silver |
|
Delhi : Government today
slashed import tariff value on gold and silver to $408 per 10
grams and $617 per kg respectively, in view of weakness in
bullion prices globally.In the second fortnight of May, tariff
value on imported gold stood at $424 per 10 grams and silver
at $650 per kg.
|
| RBI |
| Call rates up as RBI sucks out excess
liquidity |
|
Maharashtra : Call money
rates inched up as the Reserve Bank of India (RBI) sucked out
excess liquidity through a term reverse repo auction held on
Monday. In the four-day term reverse repo auction, RBI sucked
out liquidity worth Rs 2,025 crore from the system, compared
with the notified amount of Rs 15,000 crore.On Monday, the
weighted average call money rate was at 7.97 per cent,
compared with Friday’s 7.69 per cent.
|
| RBI asks promoters of private banks
to cut stake |
|
Maharashtra : After Kotak
Mahindra Bank, promoters of other private sector banks who
have a shareholding of over 15 per cent of the capital have
been asked to reduce stakes in their respective banks,
according to an RBI official.“Consistent with our regulatory
requirements, all banks with promoter stake over the mandated
holding as prescribed by the RBI have been asked to reduce it
in their respective banks,” an RBI official told Business
Line.
|
| RBI mulls cap on banks’ group mutual
funds sales |
|
Maharashtra : RBI is
planning to introduce a cap on the percentage of mutual fund
products of group asset management companies (AMCs) that banks
can sell to investors.The central bank is looking at capping
the sale of group MF products/schemes by banks at 25-30%, said
sources. An email sent to RBI remained unanswered at the time
of going to press. Sources also said industry body Amfi had
met last month to discuss the issue and arrived at a limit of
25%.
|
| FDI
Policy |
| FinMin may raise FDI cap in insurance
but with riders |
|
Maharashtra : The Finance
Ministry is contemplating raising the FDI (foreign direct
investment) cap in the insurance sector from 26 per cent to 49
per cent with some riders, such as restriction on voting
rights.“We might increase FDI cap in insurance without
commensurate increase in voting rights. We talked with
stakeholders and also held a high level meeting in the
ministry,” a senior ministry official said.The official
further said that the Government may raise the FDI cap in the
sector gradually, beginning with non-life and health followed
by the life insurance segment.
|
| Finance & Money
Markets |
| Rupee weakens for third straight day;
RBI policy watched |
|
Maharashtra : The rupee
weakened for a third consecutive session on Monday as caution
ahead of the Reserve Bank of India's (RBI) policy review and
dollar demand from oil importers offset the biggest daily
gains in domestic shares in three weeks.Investors were
focussed on the RBI's monetary policy review on Tuesday which
will give an insight into its inflation and rates outlook. All
but three of the 52 economists polled by Reuters expect the
RBI to hold key policy rates steady in its monetary policy
review.
|
| PMI no. spurs market rally; capital
goods and banks gain |
|
Maharashtra : Stock indices
gained the most in three weeks on Monday, led by banks and
capital goods shares, as a measure of manufacturing activity
advanced in May, heightening hopes of a speedier economic
recovery. Market participants are now watching the monetary
policy review meeting of the Reserve Bank of India (RBI) on
Tuesday, in which the central bank is likely to keep rates
unchanged. But, investors and traders are hoping for hints
from RBI governor Raghuram Rajan on the direction of policy
rates.
|
| Commodities |
| Gold loses mettle as investors bet on
economic revival |
|
Delhi : Gold extended its
biggest weekly drop since March after the Standard &
Poor's 500 Index climbed to a record and hedge funds pared
bets on a rally in the metal at the fastest pace this year as
demand for a haven declined. Bullion for immediate delivery
lost as much as 0.3% to $1,246.50 an ounce and was at
$1,247.84 by 12:27 pm in Singapore on Monday, according to
Bloomberg generic pricing.
|
| Brent climbs toward $110, China data
revives demand hopes |
|
Delhi : Brent futures rose
towards $110 a barrel on Monday as data showing China's
factory activity expanded at its quickest pace in five months
in May revived hopes of healthy demand growth from the world's
second-biggest oil consumer. The strong data reinforces views
that China is regaining momentum in the second quarter and
adds to a recent string of positive indicators from the United
States that suggests an improvement in the global economic
outlook.
|
| MERGER &
ACQUISITION - NATIONAL |
| PEs in race to buy Geometric from
Godrej |
|
Maharashtra : Shares of
mid-cap infotech firm Geometric Ltd have shot up 40 per cent
in the past month over speculation the company is being taken
over by a clutch of private equity funds. Speculation was rife
after the company announced on May 27 that insiders had been
banned from dealing in its shares from June 1 to July 24. On
Monday, the company's stock was up another five per
cent.
|
| Reliance Jio moves to merge Infotel
Telecom with itself |
|
Delhi : Reliance Jio
Infocomm, the mobile services unit of Mukesh Ambani-led
Reliance Industries Ltd, has informed the telecom department
(DoT) that it intends to merge its wholly-owned subsidiary
Infotel Telecom Ltd with itself to allow it to offer national
and international long distance services under a single
licence. In a letter to DoT, Reliance Jio and Infotel Telecom
said that the latter had moved the Mumbai High Court in
February seeking approval to merge with the holding
company.
|
| Banking |
| Banking system under pressure as
stressed asset ratio crosses 10% |
|
Maharashtra : The stressed
asset ratio — or the total stressed assets as a percentage of
gross NPAs — in the banking system stood at 10.13% at the end
of December 2013, an increase of 90 bps from the March
quarter, showing mounting stress in the system.“The total
stressed assets in the banking system (which includes NPAs and
restructured standard assets) as of December 2013 was 10.13%
of the gross advances of the banks, which is a cause of
concern for the RBI,” said R Gandhi, RBI deputy governor, at a
recent seminar.
|
|
 |
| Economy |
| India |
| Core industries rebound; Output jumps 4.2% in
April |
| Highways Ministry keen to clear road-building
bottlenecks |
| Rural Development Ministry takes steps for timely
payment under MGNREGA jobs scheme |
| Rlys draws up plan to get projects worth Rs
50,000 cr back on track |
| Jet fuel price cut by 1.8%, non-subsidised LPG by
Rs 23.50 |
| India steel consumption growth likely to be in
5-6% range in FY15 |
| |
| International |
| Euro zone stumbles after China
surges |
| Report on China's economy lifts copper
prices |
| Dollar steady in Asia after upbeat US
manufacturing data |
| |
| Markets
Today |
| NSE |
7,415.85
|
|
| BSE |
24,858.59
|
|
| NASDAQ |
4,237.20
|
|
| |
|
|
| USD |
59.35
|
|
| EURO |
80.60
|
|
| JPY(100) |
57.94
|
|
| GBP |
99.47
|
|
|
| |
| Corporate
Watch |
| Armed with RBI nod, Azim Premji to invest
in tech companies in China, US |
|
Karnataka : Premji Invest, the
eponymous family office of Wipro founder Azim Premji, will now
invest directly in technology companies in the United States
and China after receiving RBI's approval to do so.The family
office, which has a corpus of over Rs 10,000 crore, could
potentially set aside nearly a quarter of it for making
investments overseas, according to a person familiar with the
plans.
|
| Bharti Airtel to sell Africa towers to kill
debt, deal could rake in $3 billion |
|
Delhi : Bharti Airtel is poised to
conclude a much-anticipated deal to sell its towers in Africa
in seven days, which could help the world's fourth-largest
telecom operator rake in as much as $3 billion and help reduce
debt. The Sunil Mittal-headed company has already shortlisted
buyers from among four tower companies — Helios Towers Africa,
IHS, American Tower Corp and Eaton Towers — for the sale, two
people familiar with the matter told ET, without
elaborating.
|
| Cox & Kings sells a division of its UK
unit for Rs 892 crore |
|
Maharashtra : Cox & Kings on
Monday said it has sold one unit of its UK subsidiary
Holidaybreak to France's Homair Vacances for Rs 892 crore
(£89.20 million). Under the deal, Homair will pay £85.5
million in cash for the Holidaybreak's camping division. The
remaining payment will be paid when the buyer gets a tax
refund. Cox & Kings completed the purchase of Holidaybreak
in September 2011 for £323.43 million, according to the
company's latest annual report.
|
| Zee Entertainment up 6.5%, RBI allows 100%
FII investment |
|
Maharashtra : Shares of Zee
Entertainment Enterprises gained as much as 6.5 percent
intraday on Tuesday after the Reserve Bank of India allowed
100 percent investment by foreign institutional investors.
'Foreign institutional investors (FIIs) can now invest upto
100 percent (revised from earlier limit 49 percent) of the
paid up capital of Zee Entertainment Enterprises under the
portfolio investment scheme,' says RBI in its
circular.
|
| NBFC
CORNER |
A single window for auditors of non-banking
finance companies |
| |
| Tenders
& Assignment |
| Housing And Urban Development Corporation Limited
- Jammu |
|
Description :Applications
from the eligible chartered accountants firms for
certification of accounts of hudco regional office for the
year 2014-2015
Last Date : 09/06/2014
Address :Housing &
Urban,Development Corporation Limited (HUDCO), Regional Office
OB-8,HUDCO Bhawan, Railhead Complex, Jammu (J&K)-180012.
|
| 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
|
| Bihar Education Project Council |
|
Description :Appointment of
Concurrent Auditors for Financial year 2014-15.
Last Date : 26/06/2014
Address :Bihar Education Project
Council,Shiksha Bhawan, Campus of Rastrabhasha
Parishad,Saidpur, Rajendra Nagar, Patna-800004
Phone :0612 2667152
|
| |
| Reminders |
| Tenders |
| Cantonment Board,Dalhousie Distt Chamba -
Himachal Pradesh 04/06/2014
|
| Vijaya Bank 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
|
| District Magistrate - Medinipur West
Bengal 10/06/2014
|
| Department Of Education - Lucknow Uttar
Pradesh 10/06/2014
|
| Public Health Engineering Department - Patna
Bihar 10/06/2014
|
| Delhi Transport Infrastructure Development
Corporation Limited 10/06/2014
|
| Himachal Pradesh Power Corporation
Limited 10/06/2014
|
| Assam State Rural Livelihood Mission Society -
Guwahati - Assam 10/06/2014
|
| |
| 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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