PDICAI Knowledge Capsule - 13/05/2014

Tuesday, May 13, 2014

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Professional News COMPANY LAW Finance ministry, MCA to discuss impact of new Companies Law on corporate bonds Maharashtra : Finance ministry officials plan to discuss with their counterparts in the corporate affairs ministry, the latest change in company laws which has led to a drought in privately placed corporate bond issuances. "We will soon meet the ministry of corporate affairs to discuss the matter. We have to take some decisions," KP Krishnan, additional secretary in finance ministry's department of economic affairs told ETon the sidelines of a conference held by the Confederation of India Industry in Mumbai. RBI Regulation should prevail over ownership at government banks: Reserve Bank of India Maharashtra : The Reserve Bank of India has told the government that the banking regulator should have the final say when it comes to resolving financial crisis at banks, even if they are state-owned. The central bank has pointed out this in a discussion paper, Management and Governance Issue in Public-Sector Banks, prepared in March. RBI wants big cos to tap corporate bond market Maharashtra : Nearly 10-15% of funding requirements of large corporates should be met through the corporate bonds market, a senior RBI official said here on Monday.With the help of suitable policies, there has been considerable improvement in the corporate bond market. Total issuance increased from Rs 1.7 lakh crore in FY09 to Rs 3.8 lakh crore in FY13. Similarly, trade volume rose from Rs 1.5 lakh crore to Rs 7.4 lakh crore during the same period. FDI Policy HDFC Bank’s FDI plan: Law ministry wants DEA, DIPP to take call Delhi : In what could further delay HDFC Bank's FDI plan, the law ministry has suggested that the department of economic affairs and the DIPP, a wing of industry ministry, take a view on the proposal of the country's second largest private bank.The Foreign Investment Promotion Board (FIPB), the nodal body for approving FDI, had sought the opinion of law ministry on HDFC Bank's proposal for increasing foreign holding in the bank to 67.55% from 49%. "The law ministry in its opinion has suggested that DIPP and DEA discuss and decide on the proposal," sources said. Misc. Corporate Laws & Other Commercial Policies DIPP, DEA locked in stiff battle over trade pacts Delhi : Days before the new government takes over, the commerce ministry's department of industrial policy and promotion (DIPP) and the department of economic affairs (DEA) under the finance ministry are locked in a stiff turf battle over the mandate to negotiate investment pacts with other countries. The two departments have exchanged letters, with each claiming that it is authorised to negotiate investment agreements with the country's trading partners, two government officials privy to the matter said. Finance & Money Markets Rupee hits 10-month peak, retreats Maharashtra : The rupee fell slightly on Monday, retreating from a nearly 10-month high hit earlier in the session, on the back of suspected heavy dollar buying by the central bank ahead of exit polls due out later in the day.Initial gains in the rupee tracked a rally in local shares to record highs on widespread hopes that of a BJP win in the elections. The optimism comes even as exit polls have proven unreliable in the past. Results are due on Friday. Commodities Copper scales 2-month peak Delhi : Copper hit a two-month high in intraday trade on Monday as expectations of improved Chinese consumption raised the metal's demand.However, nickel jumped 5% intraday to hit a near 27-month high as threats of more severe western sanctions against top producer Russia due to the Ukraine crisis compounded supply concerns already stoked by a ban on unprocessed ore exports by Indonesia. Onion spot prices soar 31% in 2 days, likely to stay high Maharashtra : Onion prices have soared up to 31 per cent in the past two days on stock building by bulk consumers, stockists and large farmers. The sudden spurt in bulk demand has pushed market sentiment, supported by this year’s lower output estimates on unseasonal rain, followed by hailstorms In the benchmark Pimpalgaon (Maharashtra) spot mandi, the price rose 31.2 per cent on Monday to trade at Rs 1,050 a quintal, against Rs 800 a qtl on Saturday, showed data from the National Horticultural Research and Development Foundation (NHRDF), a Nashik-based premier research house. FMC tightens audit norms Maharashtra : Tightening the noose on auditors of commodity exchanges and their members, the Forward Markets Commission (FMC) has said those empanelled with it should have at least 10 years of experience in undertaking audits of banks and financial institutions.In a notice inviting applications for empanelment of firms for audit/inspection of books of accounts of commodity exchanges and their members, the FMC said the applicant should be empanelled with the Comptroller & Auditor General of India and the Reserve Bank of India. Notifications & Circulars CUSTOMS Notification No.20/2014-Customs (ADD) (Delhi) 12/05/2014 Seeks to extend the levy of notification No. 14/2010-Cus dated 20.02.2014, for a further period of one year ie. upto and inclusive of 21st April, 2015. Notification no. 16/2014 - Customs (ADD) (Delhi) 09/05/2014 Seeks to extend the validity of notification No. 33/2009-Customs dated 27.03.2009 for a further period of one year i.e. upto and inclusive of 26.03.2015 Notification no. 17/2014 - Customs (ADD) (Delhi) 09/05/2014 Seeks to extend the validity of notification No. 142/2009-Customs dated 21.12.2009 for a further period of one year i.e. upto and inclusive of 25.03.2015 Notification no. 18/2014 - Customs (ADD) (Delhi) 09/05/2014 Seeks to extend the validity of notification No. 124/2009-Customs dated 11.11.2009 for a further period of one year i.e. upto and inclusive of 25.03.2015 Notification no. 19/2014 - Customs (ADD) (Delhi) 09/05/2014 Seeks to amend Notification No. 30/2011-Customs, dated 4-03-2011 [Mid-term review of anti-dumping duty imposed on imports of glass fibre and articles thereof originating in or exported from China PR RBI Notification No. RBI/2013-14/586 (Delhi) 12/05/2014 Opening of Bank Accounts in the Names of Minors Notification No. RBI/2013-14/587 (Delhi) 12/05/2014 Advance against Pledge of Gold/ Silver Ornaments Notification No. RBI/2013-14/588 (Delhi) 12/05/2014 Operations of foreign branches and subsidiaries of the Indian banks – Compliance with statutory/regulatory/administrative prohibitions/restrictions Notification No. RBI/2013-14/589 (Delhi) 12/05/2014 Customer Service in Regional Rural Banks Notification No. RBI/2013-14/584 (Delhi) 09/05/2014 External Commercial Borrowings (ECB) Policy: Re-schedulement of ECB - Simplification of procedure Notification No. RBI/2013-14/585 (Delhi) 09/05/2014 External Commercial Borrowings (ECB) Policy - Refinance / Repayment of Rupee loans raised from domestic banking system

Economy  India Prices of commercial property like offices and shops fall 30% from peak on oversupply, weak demand Indian IT infrastructure market to grow by 4% to $1.9 bn in 2014 March IIP contracts by 0.5 per cent, April CPI inches up to 8.59 per cent Diesel prices hiked by Rs 1.09 per litre Impressive start: Apparel exports grow 14% in April FAO pegs 2014 world food import bill to stabilise at $1.29 trillion  International Japan’s Current Account Surplus Down 90.9 Pct in March Morgan Stanley sees economy crossing $5 trillion by 2025 China achieves economic growth by printing more currency? Markets Today NSE 7,108.75 BSE 23,871.23 NASDAQ 4,143.86 USD 59.77 EURO 82.40 JPY(100) 58.44 GBP 100.91 Corporate Watch Tata Steel to kickstart $7 billion refinancing plan Maharashtra : On the back of a cyclical upturn in European demand, Tata Steel is planning to raise $1.24 billion overseas through the sale of bonds by one of its Singapore entities. This is part of a mega $7 billion debt refinancing initiative for Tata Steel Europe, formerly known as Corus. This is among the largest such exercises by an Indian company and will also see it raise fresh loans to refinance existing term loans and revolving credit facilities. Bharti to retain controlling stake in retail business: Rajan Mittal Delhi : Brushing aside speculations that Bharti group plans to sell off its retail business, Rajan Bharti Mittal, co-chairman of Bharti Enterprises, has said it is looking for a foreign retail partner but will not cede controlling stake. The New Delhi-based group wants to partner with a global retailer not for capital but for its domain expertise and international best practices, Mittal told a leadership team meeting of the company last week, according to company insiders. Indian IT companies tap Africa’s new-fangled fad for technology Karnataka : India's top software services companies are investing big in Africa, eager to win customers and market share in a continent that is home to fast-growing enterprises and under-developed technology infrastructure.Lured by the growth potential of African economies and their burgeoning interest in technology, companies such as Tata Consultancy Services Infosys and Wipro are fast expanding their employee base and delivery centres in a market that was earlier viewed as a lowcost, near-shore delivery location to serve large outsourcing customers in Europe and West Asia. No relief for Infosys despite $34-mn US visa settlement Karnataka : Despite having paid a hefty sum of $34 million to settle a US visa misuse case last year, Infosys, India’s second largest information technology (IT) services company, will have to retain an independent third-party auditor at its expense to review its visa compliance until 2015.As part of the settlement with the US authorities, the independent auditor will be responsible for annually reviewing and reporting on Bangalore-based company’s compliance relating to Form I-9, a type of employee documentation. These reports would be submitted to the US attorney, Infosys said in its annual report for 2013-14. Bharti to raise $1.5-bn bonds to refinance loans Maharashtra : Bharti Airtel, India's biggest mobile services provider, is raising up to $1.5 billion this week in euro and dollar bonds to refinance old loans. Bankers said the bonds to be issued by Bharti Airtel International (Netherlands), a subsidiary of Bharti Airtel, had received bids almost double the proposed issue size. This is the second time in recent months that Bharti Airtel is tapping euro bonds. The company raised close to $1 billion from European investors last December. NBFC CORNER A single window for auditors of non-banking finance companies Tenders & Assignment Punjab & Sind Bank Description :Application For Assignment Of Concurrent Audit For Chartered Accountant Firm In Punjab & Sind Bank. Last Date : 26/05/2014 Address :DGM (I) Punjab & Sind Bank H.O. Inspection Department, 06,Scindia House, Connaught Place,New Delhi-110001 Phone :011- 23716646 E-Mail :ho.insp@psb.org.in State Project Facilitation Unit - Bhopal Madhya Pradesh Description :Hiring Services of Chartered Accountant Firm For Statutory Audit of Project institutions & State Facilitation Unit.madhya pradesh(SPFU,MP)For the Finacial year 2013-14. Last Date : 26/05/2014 Address :State Project Facilitation Unit ,Madhya Pradesh Tagore Hostel No.-2 Shyamla Hills,Bhopal-462002 North Eastern Development Finance Corporation Limited Description :Expression of Interest for empanelment of Internal Auditor. Last Date : 26/05/2014 Address :North Eastern Development Finance Corporation Limited,NEDFI House,G.S.Road.Guwahati-781006 Phone :0361-2222200 Reminders  Tenders Rajasthan Housing Board 15/05/2014 Madhya Pradesh Jan Abhiyan Parishad 15/05/2014 District Co.operative Bank Limited - Pilibhit Uttar Pradesh 15/05/2014 Central Institute Of Technology 15/05/2014 Kerala State Civil Supplies Corporation Limited 15/05/2014 Department Of Medical Health And Family Welfare - Dehradun Uttaranchal 16/05/2014 Bihar Foundation 16/05/2014 Cantonment Board 17/05/2014 Indian Institute Of Management 17/05/2014 Haryana Forest Development Corporation Limited 19/05/2014 Department Of Health And Family Welfare - Chandigarh Punjab 19/05/2014 Uttaranchal Gramya Vikas Samiti 19/05/2014 Brahmaputra Valley Fertilizer Corporation Limited 19/05/2014 Jharkhand State Rural Road Development Authority 20/05/2014 Orissa Tribal Empowerment And Livelihoods Programme 20/05/2014

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