| Professional
News |
| INCOME
TAX |
| Over 100 entities under scanner in
black money probe |
|
Delhi : As India steps up
its pressure on Switzerland to get details of suspected tax
evaders having bank accounts in the European nation, a
discreet probe is under way of each stock market dealing of
over 100 entities linked to these cases to detect possible
re-routing of black money.The entities under watch include
individuals whose names figure in a list of over 700 Swiss
bank account holders, as also the bankers and associates
related to certain banks whose Switzerland-based branches are
under the scanner.
|
| SEBI |
| Sebi weighs suggestion on six-month
‘incubation’ for NFOs |
|
Maharashtra : To boost
confidence in new schemes, a few senior fund officials have
suggested to Sebi that all MF houses coming out with a new
fund offering (NFO) be made to go through an ‘incubation’
phase first, to test and built a track record in the scheme
with the sponsor/AMC’s own money.The officials have suggested
that fund houses be required to put in at least R50 lakh
pre-NFO and test the scheme for at least six months before
throwing it open to the public.
|
| RBI |
| RBI asks banks not to levy fine on
floating loan prepayment |
|
Maharashtra : The Reserve
Bank of India (RBI) on Wednesday directed banks not to levy
any penalty on prepayment of floating rate loans such as auto
and personal loans. Charges on home loan foreclosures were
abolished in 2012. “It is advised that banks will not be
permitted to charge foreclosure charges/ prepayment penalties
on all floating rate term loans sanctioned to individual
borrowers, with immediate effect,” RBI said in a notification
on Wednesday.
|
| FDI
Policy |
| Online retailers need to show
transactions on arm’s length |
|
Delhi : Online retailers
facing charges of foreign exchange-related violations, such as
Flipkart, will have to demonstrate that their transactions are
on an ‘arm's length basis’ with FDI-funded associates and
other entities, including those supplying them goods
wholesale. Some of the e-commerce companies are facing an
investigation by the Enforcement Directorate (ED) for
allegedly violating the current policy that explicitly bans
foreign direct investment (FDI) in online multi-brand retail
while full foreign ownership is allowed in wholesale
e-commerce.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Focused export schemes may not be
widened |
|
Delhi : The government is
likely to turn down industry’s demand to widen the scope of
focused export schemes for pushing exports under Foreign Trade
Policy 2014-19. Instead, it is exploring options that do not
have fiscal implications and are compliant with World Trade
Organization norms.Officials said the commerce and finance
ministries didn’t favour additions to the focused market
scheme (FMS) and the focus product scheme (FPS), as this would
have revenue implications.
|
| Finance & Money
Markets |
| MFs spread wings in
hinterland |
|
Maharashtra : Indian mutual
fund (MF) houses seem to have finally cracked the code for
attracting investors from outside the big cities. More than
half the folios, or accounts, opened in 2013-14 under a
Systematic Investment Plan (SIP) have come from tier-II or
smaller cities — known in sector parlance as B-15, meaning,
beyond the top 15 cities.An SIP is a MF scheme which allows
investment of small sums at regular intervals, as against a
one-time investment option, where a lump sum is put in at one
go.
|
| No external debt crisis,
please |
|
Delhi : The Reserve Bank of
India (RBI) recently issued a curious circular to all banks in
India. It barred banks with overseas operations from giving
foreign currency loans to Indian companies. It has also
stopped them from providing Indian companies with guarantees
that help raise loans from other overseas banks, so that they
can repay outstanding rupee loans in India.What’s intriguing
about this notification is that it revokes a 2012 decision,
which allowed Indian companies to raise money overseas to
repay rupee loans.
|
| Government securities in demand as
private placement market dries up |
|
Maharashtra : A drought in
private placements is proving to be a blessing for traders in
government securities, as investors flock to the liquid
segment of the bond market. The 10-year benchmark government
bond yield fell about 1 per cent between April 28 and May 6.
That means prices rose, as bond prices and yields move in
opposite directions.Market volatility has also increased as
some private banks and primary dealers are tapping trading
opportunities. Liquidity is also ample in the market.
|
| Co-operative banks offer higher rates
on fixed deposits with higher risks |
|
Delhi : Many smaller and
co-operative banks are offering around 1.5-2 per cent
additional interest on fixed deposits than nationalised banks
and private sector banks.For example, Punjab and Maharashtra
Co-operative Bank offers 10.5 per cent for an 18-month
deposit, Abhinav Sahakari Bank offers 10 per cent for 37
months, Nasik Merchants Co-operative Bank offers 10 per cent
for 15-18 months, and Municipal Co-operative Bank offers 10
per cent for 30 months.
|
| Commodities |
| Allottees can’t sell coal from
captive mines to third party |
|
Delhi : The winning bidder
of the three coal mines put up for auction will not enjoy any
right to market, sell or export the fuel to any third party.
The coal ministry has said that coal blocks offered to
companies under the auction route will be solely for its
specified end-use project.The changes have been specified in
the auction document to prevent companies from using captive
use blocks for commercial gain by diverting surplus coal.
|
| Coal imports see first drop in three
months in April |
|
Delhi : India's coal imports
fell 6% in April from a year ago to 15.2 million tonne, the
first dip in three months, as power and steel producers used
up stocks piled up in previous months, according to
provisional data from research firm OreTeam.Overseas coal
purchases by India, the world's third-largest importer, rose
in all but one month of the year that ended on March 31,
mainly spurred by lower prices and as power companies added
capacity.
|
| Tenders awarded for wheat exports
worth Rs 2,590 cr |
|
Delhi : The government has
exported 1.5 million tonne (mt) wheat for an estimated R2,590
crore, of the 2 mt allowed, from surplus stocks of Food
Corporation of India (FCI)."The government has so far awarded
tenders of 1.5 mt of wheat against the allowed quantity of 2
mt, and it is unlikely to float any new tenders for export of
wheat," a source said.The average price realised from export
of wheat is at $283 per tonne and government is estimated to
earn R2,590 crore, the source added.
|
| INTERNATIONAL
BUSINESS |
| Alibaba files for IPO in US, may
raise $15 bn |
|
Alibaba gave investors a closer look at the
scale and growth of the Chinese e-commerce juggernaut in an
initial public offering (IPO) prospectus filed on Tuesday, the
first step in what could be the largest technology debut in
history.Alibaba Group Holding, which powers 80% of all online
commerce in the world’s second-largest economy, is expected to
raise more than $15 billion, and could top the $16 billion
pulled in by Facebook when it listed in 2012.
|
| Siemens Missing Profit Estimate Shows
Alstom Tie-Up Risk |
|
Siemens AG (SIE) and Alstom SA (ALO) both
reported earnings that missed estimates on charges for large
infrastructure projects and reorganizations, highlighting the
pitfalls of Europe’s biggest engineering company bidding for
the energy business of its smaller French rival.Siemens,
working to counter a $17 billion offer by General Electric Co.
(GE) for Alstom’s energy unit, today posted 310 million euros
($432 million) in charges related to power transmission
projects.
|
| HP to invest over $1 bn in
open-source cloud computing |
|
Hewlett-Packard said it plans to invest
more than $1 billion over the next two years to develop and
offer cloud-computing products and services.The company said
it will make its OpenStack-based public cloud services
available in 20 data centres over the next 18
months.OpenStack, a cloud computing project that HP
co-founded, provides a free and open-source cloud computing
platform for public and private cloud services. "Customer
challenges today extend beyond cloud.
|
| MERGER &
ACQUISITION - NATIONAL |
| Blue-chip PE firms like Tata Capital,
CX Partners, Multiples Alternate Asset look for deals in Rs
12,000-crore online retail space |
|
Delhi : A number of India's
blue-chip private equity firms, which have stayed away from
investing in the country's rapidly growing consumer internet
sector, are now scouting for opportunities buoyed by the solid
growth shown by companies in the space. Tata Capital,
Multiples Alternate Asset Management and CX Partners are among
the firms looking for deals in the Rs 12,000-crore online
retail industry.
|
| Banking |
| Disclose names of wilful defaulters:
AIBEA |
|
Maharashtra : The Reserve
Bank of India should not keep information on wilful loan
defaulters under wraps but share it with depositors under the
Right to Information Act, according to the All India Bank
Employees Association. The trade union body is of the view
that banking secrecy rules should not come in the way of
revealing the names of the defaulters as banks have given them
loans with depositors’ money. Vishwas Utagi, General
Secretary, Maharashtra State Bank Employees Federation,
alleged that a nexus between borrowers, politicians,
bureaucrats and bank top managements has spawned the
phenomenon of wilful loan defaults.
|
| Reminders |
| Tenders |
| Haryana State Horticulture Development
Agency 09/05/2014
|
| Uttar Pradesh Co-operative Bank
Limited 09/05/2014
|
| India Trade Promotion
Organisation 09/05/2014
|
| State Bank Of
Mysore 10/05/2014
|
| Nizams Institute Of Medical
Science 12/05/2014
|
| Govt Of India Ministry Of Corporate Affairs
Office Of The Official Liquidator High Court Of
Delhi 12/05/2014
|
| Central Institute Of
Technology 15/05/2014
|
| Kerala State Civil Supplies Corporation
Limited 15/05/2014
|
| Rajasthan Housing
Board 15/05/2014
|
| District Co.operative Bank Limited - Pilibhit
Uttar Pradesh 15/05/2014
|
| |
| Notifications
& Circulars |
| RBI |
| Notification No.
RBI/2013-14/582 (Delhi) 07/05/2014
|
|
Levy of foreclosure charges/pre-payment
penalty on Floating Rate Term Loans
|
| Notification No.
RBI/2013-14/583 (Delhi) 07/05/2014
|
|
Investments in Market Infrastructure
Companies by Primary (Urban) Cooperative Banks
|
| Notification No.
RBI/2013-14/580 (Delhi) 06/05/2014
|
|
Levy of penal charges on non-maintenance of
minimum balances in inoperative Accounts
|
| Notification No.
RBI/2013-14/581 (Delhi) 06/05/2014
|
|
Opening of Bank Accounts in the Names of
Minors
|
| Notification No.
RBI/2013-14/579 (Delhi) 05/05/2014
|
|
Interest Tax Act 1974 – Collection from
borrowers
|
| |
|
 |
| Economy |
| India |
| Rebooting' trade pacts |
| Debt rising: Hotels line up for distress
sales |
| PE investments in realty sector up 28% in
Q1 |
| Task force pitches for rupee trade with
neighbours |
| |
| International |
| Yellen expects borrowing rates to stay
low |
| Stein Says Fed May See Bouts of Volatility as It
Approaches Exit |
| Economy Improving But Rates To Remain
Low |
| Fear of Economic Blow as Births Drop Around
World |
| |
| Markets
Today |
| NSE |
6,659.85
|
|
| BSE |
22,344.04
|
|
| NASDAQ |
4,067.67
|
|
| |
|
|
| USD |
59.98
|
|
| EURO |
83.64
|
|
| JPY(100) |
58.93
|
|
| GBP |
101.76
|
|
|
| |
| Corporate
Watch |
| Centre set to drop peace offer after
Vodafone serves arbitration notice |
|
Delhi : In a fresh development,
Vodafone has served the government an arbitration notice over
the R20,000-crore tax dispute, prompting it to seek withdrawal
of the conciliation offer made to the British telecom firm for
an amicable settlement of the row.The finance ministry,
according to official sources, has already moved a Cabinet
note for withdrawal of the non-binding conciliation offer it
had made to Vodafone in June last year.
|
| Lupin logs 36% rise in Q4 net on US,
European business |
|
Maharashtra : Lupin reported a 20%
rise in sales and 36% growth in fourth-quarter profit helped
by a strong revenue growth in its US and Europe formulations
business. Consolidated Q4 net sales rose to R3,051.5 crore
from R2,537.40 crore in Q4FY13. Net profit stood at R563
crore. “We have had another remarkable year fueled by strong
growth in key markets like the US, Europe, South Africa and in
our API business. We were able to improve operational
efficiencies substantially,” Lupin MD Nilesh Gupta
said.
|
| HCL wins Rs 2,400-cr Norwegian bank
deal |
|
Delhi : HCL Technologies on
Wednesday announced $400-million strategic engagement with
Norway’s DNB Bank to manage the IT infrastructure services and
application operations for all DNB businesses across that
country and key international locations. As part of the about
R2,400-crore deal with DNB Bank, a leading global maritime
shipping bank, HCL Technologies will migrate and transform DNB
systems and infrastructure from its existing IT partner to
create two new data centres in Norway. The contract was
earlier being serviced by Norwegian IT services firm Evry,
according to sources.
|
| Aviation regulator DGCA grants operating
permit to AirAsia India: Official |
|
Delhi : India's seventh airline was
officially born on Wednesday as AirAsia India's year-long wait
to get all the approvals culminated with the DGCA granting the
air operator's permit on Wednesday.'We would realistically
start operations in anywhere between one to three months given
the fact that a new government will be in place soon,' said
Mittu Chandilya, chief executive officer, AirAsia
India.
|
| PremjiInvest bets big on
retail |
|
Maharashtra : PremjiInvest, the
private equity (PE) firm owned by Wipro Chairman Azim Premji,
stuck yet another deal this week in the retail segment by
picking up eight per cent stake in Kishore Biyani's Future
Lifestyle Fashions for Rs 125 crore, thus showing its
increased willingness to invest more in the $400-billion
Indian retail sector even after the Subhiksha
debacle.
|
| Launches boost Lupin's March
qtr |
|
Delhi : With strong operational
performance in the US market, Lupin’s financials for the March
quarter were ahead of Street estimates. The heat was on the
company’s operating profits, which came in at Rs 808 crore, as
well as margins, up 250 basis points (bps) than in the
year-ago quarter. Superior margins of 26.4 per cent percolated
down to the net profit level and this metric was up 35.5 per
cent over a year. Sales, at Rs 3,052 crore (up 20.3 per cent)
were almost in lines with estimates.
|
| NBFC
CORNER |
A single window for auditors of non-banking
finance companies |
| |
| Tenders
& Assignment |
| Department Of Medical Health And Family Welfare -
Dehradun Uttaranchal |
Description :Selection of
Auditors – Request for Proposal for Hiring Services of
Chartered Accountant Firm for Statutory Audit of State Health
Society (SHS) & District Health Society (DHS) for the
financial year 2013-14 under National Rural Health Mission
(NRHM). Last Date : 16/05/2014
Address :Department Of Medical Health
And Family Welfare,Danda Lakhond,Sahastradhara Road,Near Rajiv
Gandhi Kridha Sthal,Dehradun - Uttaranchal
Phone :0135-6510412
E-Mail :nrhmfinance@rediffmail.com
|
| Cantonment Board |
|
Description :Placement
Agencies – Invited Tender from experienced & reputed firms
of Chartered Accountant for Implementation of Accrual Base
Accounting System in IT System for Cantonment Board.
Last Date : 17/05/2014
Address :Mathura - Uttar Pradesh
|
| Maharashtra State Rural Livelihoods
Mission |
Description :Expression of
interest for Internal Audit. Last Date
: 23/05/2014 Address
:Maharashtra State Rural Livelihoods Mission
(MSRLM)Office No. 101 & 102, Monarch Plaza, Plot No.
56,Sector 11, Belapur, Navi Mumbai, Maharashtra, India. Pin
Code : 400614 Phone :(+91)
022-27562554/52 E-Mail :procurement.msrlm@gmail.com
|
| Gujarat State Road Development Corporation
Limited |
|
Description :Express of
Interest for Appointment of statutory auditor for ongoing bot
projects.
Last Date : 23/05/2014
Address :Gujarat State Road
Development Corporation Ground Floor, Nirman Bhavan, Sector
10A,Gandhinagar –382010, Gujarat, India.
Phone
:91-79-23252912
|
| Watershed Development Department |
Description :Hire The
Services Of A Qualified Chartered Accountant Firm For
Providing Financial Management And Technical Support
Consultancy (FMTSC) Services To The Project For A Period Of
Five (5) Years At WDD Covering HO And 7 Districts.
Last Date : 24/05/2014
Address :Watershed Development
Department,7th Floor, KHB Complex, Cauvery Bhawan, KG Road,
Bangalore 560009 Phone :080-22100661
E-Mail :sujala3@gmail.com
|
| Watershed Development Department |
Description :Hire The
Services Of A Qualified Chartered Accountant Firm For
Providing Financial Review (Audit) Consultant (FRC) Services
To The Project. Last Date :
26/05/2014 Address :Watershed
Development Department,7th Floor, KHB Complex, Cauvery Bhawan,
KG Road, Bangalore 560009 Phone
:080-22100661 E-Mail :sujala3@gmail.com
|
| Ministry Of Urban Development - New Delhi
Delhi |
Description :Expression of
interest for appointment of internal auditors.
Last Date : 26/05/2014
Address :Ministry Of Urban
Development,Room No.407,C,Nirman Bhawan,Maulana Azad Road,New
Delhi-110011 Phone :91--11-2306 2264
E-Mail :pankaj.kumar75@nic.in
|
| National Rural Health Mission
Maharashtra |
|
Description :Hiring service
of Chartered accountants firm for Concurrent audit of State
health society & District health societies for Audit of
All programmes under NHM including NDCPS for the FY
2014-15
Last Date : 26/05/2014
Address :National Rural Health
Mission, Mumbai
Maharashtra
|
| Assam Administrative Staff College |
Description :Expression of
Interest (Eoi) from firms which are registered under Institute
of Chartered Accountants of India (ICAI) and also which are
Comptroller & Auditor General approved.
Last Date : 30/05/2014
Address :Assam Administrative Staff
College Society,Khanapara, Guwahati-781022
Phone :0361- 2363325
E-Mail :director@aasc.gov.in
|
| Maharashtra Prathamik Shikshan
Parishad |
Description :Request for
Proposal from Chartered accountant firms. Last
Date : 06/06/2014 Address
:Maharashtra Prathamik Shikshan Parishad,Jawahar Bal
Bhavan,Netaji Subhash marg,Charni Road,Mumbai-400004.
Phone :091 022 236 36 314,236 79 267
E-Mail :mpspmah@gmail.com
|
| |
|
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