| Professional
News |
| INCOME
TAX |
| Info requests beyond tax pact cannot
be entertained: Swiss govt |
|
Delhi : With India stepping
up pressure for data on alleged illicit funds parked in Swiss
banks, Switzerland has asserted that it cannot positively
respond to requests which are beyond the ambit of bilateral
tax treaty. Reiterating that it is committed to fighting tax
evasion, Switzerland also said both nations should respect
their national and international legal obligations.
|
| Govt unlikely to take Vodafone’s call
on overseas arbitration |
|
Delhi : Vodafone’s move to
get the Indian government into international arbitration on a
high-profile tax dispute could stumble upon the latter’s
refusal to be party to such a process. According to officials,
the government won’t appoint an arbitrator in response to the
notice sent by the Dutch arm of the British telecom giant
seeking international arbitration to resolve its tax dispute,
now pegged at over R20,000 crore. Legal experts say unless
Indian government gives its consent, the arbitration would be
“stillborn”.
|
| RBI |
| Norms for on-tap bank licences in
FY15: RBI |
|
Maharashtra : The Reserve
Bank of India is likely to issue guidelines for issuance of
‘on-tap’ bank licences in 2014-15, RBI deputy governor R
Gandhi said on Thursday, a month after the central bank
granted two preliminary licences to set up new
banks.Alongside, the RBI is also expected to issue guidelines
on differentiated bank licences in the current financial year,
Gandhi said. On-tap licensing means that the RBI window for
granting banking licences will be open through the
year.
|
| Losing licence bid no bar for stake
buy in a bank: Reserve Bank of India |
|
Maharashtra : An entity's
failed attempt at getting a bank licence will not have any
bearing on its move to pick up a large share-holding in an
existing bank, newlyappointed RBI Deputy Governor R Gandhi
said on Thursday. His comments come against the backdrop of
reports that L&T Finance is eyeing a significant stake in
private sector lender Yes Bank.Their application for a bank
licence might have been rejected, "but as a share-holder, if
they are going to come, we will examine that.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Private power to be hit by NTPC
pooling proposal |
|
Maharashtra : Faced with a
dramatic increase in unrequisitioned power surpluses — which
more than doubled to 43 billion units in FY14 from 21 billion
units in the previous year — NTPC has proposed a price pooling
system that will help lower the per-unit cost of power for its
newer plants. Unrequisitioned surpluses are when total
requisitions are lower than the committed offtake.Given that
the state-owned power producer’s cost per unit for some of its
newer capacities is higher than that of private sector gencos,
NTPC has suggested it be allowed to charge customers a blended
tariff, which works to R2.91/kWh.
|
| DoT to seek legal view on
intra-circle 3G roaming |
|
Delhi : The telecom
department will seek legal opinion before challenging a
telecom tribunal order that allowed intra-circle roaming (ICR)
agreements on 3G networks, telecom secretary MF Farooqui told
ET, likely delaying a decision on the controversial issue
until the next government is in place. "We'll take a legal
opinion to find out whether this case is fit for appeal or
not," he said on Thursday.
|
| Finance & Money
Markets |
| Nifty could move both ways in 7-9%
range on poll result day May 16 |
|
Delhi : A look at key
variables of the derivatives market points to relatively less
market volatility on the day of Lok Sabha election results. An
ET Intelligence Group analysis indicates that the 50-share
Nifty index could move both ways in the 7-9 per cent range on
May 16, the day of announcement of results.In contrast, the
index had broken the circuit barrier on the first day of
trading after the results of the 2009 general elections were
announced over the weekend.
|
| Financial market regulators trying to
make trading and settlement smooth on results day May
16 |
|
Maharashtra : India's
financial market regulators are trying to make sure that
trading and settlement take place smoothly on May 16, when
votes are counted in the Lok Sabha elections, and in the
following few days after that.Given that the stock markets
have been surging over the past few months on strong
expectations of a Narendra Modi-led Bharatiya Janata Party
being comfortably placed after the election,
|
| Commodities |
| Wheat purchase by pvt players doubled
so far to nearly 50 LT |
|
Delhi : Private traders and
flour millers are estimated to have purchased nearly 50 lakh
tonnes (LT) of wheat from producing states. Total wheat
arrival in the grain markets across country as on date is at
284 LT, out of which 235 LT has been lifted by the Food
Corporation of India (FCI) and state agencies, according to
latest official data. It is estimated that remaining 49 LT has
been lifted by the private traders or flour millers so far
during the current marketing year," a source said.
|
| Oil Industry Risks $1.1 Trillion of
Investor Cash |
|
Delhi : Oil explorers like
Exxon Mobil Corp. and OAO Rosneft risk wasting $1.1 trillion
of investors’ cash through 2025 on expensive, uneconomic
projects from the Arctic and deep seas to tar sands, according
to a study.That’s the sum the industry may spend on
developments that need market prices of at least $95 a barrel
to break even, the Carbon Tracker Initiative said. The money
risks being wasted as the total amount of oil the world can
afford to burn without warming the planet to unsafe levels is
available from less costly deposits that are economical at $75
a barrel, according to its report.
|
| Gold, silver tumble on sharp fall in
global markets |
|
Delhi : Gold lost its sheen
by falling Rs350 to Rs30,400 per ten gram in Delhi bullion
market on Thursday on stockists selling, tracking a weak trend
in global markets. Silver followed suit and plunged by Rs800
to Rs42,000 per kg. Traders said sentiments dampened after
gold fell the most in three weeks in overseas markets on
speculation that the Federal Reserve would further curb
monetary stimulus as the US economy recovers, reducing demand
for the metal as an alternative investment.
|
| INTERNATIONAL
BUSINESS |
| IIFCL’s UK arm plans to raise $1 bn
via MTN in FY15 |
|
IIFC (UK), London-based wholly-owned
subsidiary of state-run IIFCL, is planning to raise a minimum
of $1 billion this fiscal via medium-term notes (MTN). This is
aimed at meeting the growing long-term, low-cost finance needs
of Indian Infrastructure companies. Such lending would be
within the framework of the RBI’s External Commercial
Borrowing guidelines.Currently, IIFC (UK) gets funds from the
country's forex reserves.
|
| MERGER &
ACQUISITION - NATIONAL |
| Philippines' Emperador all set to buy
Whyte & Mackay spirits business |
|
Maharashtra : Alliance
Global Group Inc, one of the largest conglomerates in the
Philippines, with interests in food and beverages, real
estate, gaming and quick service restaurants, has emerged as
the highest bidder for the Whyte & Mackay spirits business
of Diageo-controlled United Spirits Ltd (USL).The acquisition
will allow Alliance Global's distillery arm Emperador Inc,
makers of the eponymous brandy, to gain a global portfolio of
scotch whiskey, malt and grain distilleries and
brands.
|
| Banking |
| Soon, you can use the RuPay platform
to shop abroad, book railway tickets |
|
Delhi : President Pranab
Mukherjee dedicated to the nation on Thursday India’s own card
payment network, RuPay, a system that is expected to be an
alternative to global card payment networks such as Visa and
MasterCard.The system, developed by the National Payments
Corporation of India, may soon be accepted internationally as
the company is in advance talks with the US-based Discover
(for transactions in western countries) and JCB of Japan for
the East. This means, customers will soon be able to book
train tickets using RuPay pre-paid cards or for shopping while
travelling abroad.
|
| Tenders
& Assignment |
Aids Control Society - New Delhi  |
|
Description :Engaging of
Chartered Accountancy Firms for Internal Audit of Regional Hub
(2) consisting 6 States/Uts Arunachal Pradesh, Assam, Mizoram,
Nagaland, Manipur & Meghalaya AND Regional Hub (7)
consisting 4 States/Uts, Tamilnadu, Puducherry & Andaman
& Nicobar.
Last Date : 06/06/2014
Address :Department of AIDS Control
Ministry of Health & Family Welfare 6th & 9th Floor,
Chanderlok Building, 36, Janpath, New Delhi -110001
Phone :011-43509953
|
| 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
|
| |
| Reminders |
| Tenders |
| State Bank Of
Mysore 10/05/2014
|
| Govt Of India Ministry Of Corporate Affairs
Office Of The Official Liquidator High Court Of
Delhi 12/05/2014
|
| Nizams Institute Of Medical
Science 12/05/2014
|
| Kerala State Civil Supplies Corporation
Limited 15/05/2014
|
| Central Institute Of
Technology 15/05/2014
|
| Rajasthan Housing
Board 15/05/2014
|
| District Co.operative Bank Limited - Pilibhit
Uttar Pradesh 15/05/2014
|
| Department Of Medical Health And Family Welfare -
Dehradun Uttaranchal 16/05/2014
|
| |
| 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 |
| India's ranking improves among high-risk nations:
Analysis |
| Economy stable; improvement in investment climate
can lead to higher growth: Chidambaram |
| Statistics ministry asks DIPP to explain core
sector data revisions |
| Even strong reforms will not boost growth to
7-8%: Moody’s |
| CIL tweaks basis for determining security deposit
for power companies |
| |
| International |
| China exports regain some strength on U.S., EU
demand |
| US jobless claims fall, snap three-week upward
trend |
| Agricultural Bank of China aims to raise 80b
yuan |
| |
| Markets
Today |
| NSE |
6,858.80
|
|
| BSE |
22,994.23
|
|
| NASDAQ |
4,051.50
|
|
| |
|
|
| USD |
59.98
|
|
| EURO |
83.01
|
|
| JPY(100) |
58.99
|
|
| GBP |
101.39
|
|
|
| |
| Corporate
Watch |
| Reebok turns around its Indian business,
turns profitable after shift in
strategy |
|
Delhi : Alarge rack with around a
dozen Reebok shoe greets visitors at the brand's office in
Gurgaon. Most of these shoes sport manufacturing tags of 2011
— a reminder to the time when it led the Indian sportswear
market, before a controversy over financial irregularities led
to closing of all its shops in the country. Now,
|
| Sebi exempts Etihad from making an open
offer for more shares in Jet Airways |
|
Maharashtra : The Securities and
Exchange Board of India on Thursday ruled that Etihad wouldn't
get effective control of Jet Airways through its recently
concluded 24% stake purchase in the airline and exempted it
from making an open offer for more shares in its Indian
partner. The decision, favourable to Etihad, clears a legal
hurdle that had delayed the airlines' plans to sell tickets
jointly on their integrated network and the appointment of a
new CEO at Jet Airways.
|
| Jaypee Group plans to diversify into
healthcare in five years |
|
Delhi : The Noida-headquartered
real estate and infra major Jaypee Group plans to diversify
into healthcare by investing in excess of Rs 2,000 crore over
the next 3-4 years to set up a hospital chain with a minimum
capacity of 3,000 beds.This investment doesn't include a major
chunk of the cost of the land, given that the group intends to
develop tertiary and super-speciality hospital facilities in
cities where it already owns land parcels.
|
| Adani Group gets Queensland Govt nod for
$15.5-billion coal project in
Australia |
|
Gujarat : The Government of
Australia’s Queensland province on Thursday approved the Adani
Group’s A$16.5-billion ($15.46-billion) coal mine development
project in the Galilee Basin. This will enable the company
move to the next stage, obtaining final environmental approval
from the Federal Government of Australia, the Adani Group said
on Thursday.The Carmichael coalmine and railway project is
expected to produce up to 60 million tonnes of coal annually,
|
| NBFC
CORNER |
| A single window for auditors of non-banking
finance companies |
| |
| Tenders
& Assignment |
| 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
|
| Haryana Forest Development Corporation
Limited |
|
Description :Engaging the
services of professional Chartered Accountants firm or
individual as Internal Auditors for the financial year 2014-15
Last Date : 19/05/2014
Address :Haryana Forest Development
Corporation Limited,Bays No.27-28,Sector-4,Panchkula-134112
Phone :0172-252307
|
| Orissa Tribal Empowerment And Livelihoods
Programme |
Description :Competent firm
of chartered accountants for conducting a special audit in 10
numbers of villages development committee and 25 numbers of
village level subcommittee since FY 2009-10 to 2013-14.
Last Date : 20/05/2014
Address :Integrated Tribal
Development Agency,Gunupur ST & SC Development
Department,Govt.of Odisha Phone
:06857-250934 E-Mail :itda.gunupur@otelp.org
|
| Housing And Urban Development Corporation
Limited |
|
Description :Appointment of
Chartered accountants
Last Date :
21/05/2014
Address :The Regional
Chief HUDCO,Unit No.703 & 704 North Block Manipal Centre
No.47,Dickenson Road Bangalore-560042
|
| Gujarat Livelihood Promotion Company
Limited |
|
Description :Expression of
Interest for internal audit of the National Rural Livelihoods
Mission for FY 2014-15.
Last Date :
21/05/2014
Address :The Managing
Director Gujarat Livelihood Promotion Company 3rd Floor, Block
No. 18, Udyog Bhavan, Gandhinagar, Gujarat - 382011.
Phone :+91 79 2324 8512 - 13 - 14,
|
| 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
|
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