| Professional
News |
| INCOME
TAX |
| Shome panel identifies issues to
bring clarity on tax laws |
|
Delhi : The government on
Tuesday said it has clarified on 76 issues related with direct
and indirect taxes based on suggestions of Parthasarathi Shome
panel that was set up to address the grievances of the
industry.Finance minister P Chidambaram has discussed these
issues and has taken final decisions to remove difficulties
faced by tax payers, an official release said.
|
| Government likely to sort out tax
dispute with software companies |
|
Delhi : The government may
be on the verge of bringing to an end a long-running and
high-stakes tax dispute with software companies, causing
consternation in the income-tax department, which believes it
will lose out on revenue. Tax officials believe that the
outgoing government will soon clearly spell out the conditions
under which revenue earned at client locations onsite can be
taxed, putting at risk several hundred crore rupees the
department has already collected.
|
| RBI |
| Reserve Bank likely to maintain
status quo |
|
Maharashtra : The Reserve
Bank of India (RBI) is likely to maintain a status quo on key
policy rates at its monetary policy review on June 3.According
to experts, though the retail inflation has risen once again
in April, there has not been significant uptick in core
inflation. Besides, the fiscal stance of the soon-to-be-formed
new government will be a key driver before making any changes
in the policy stance by RBI.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Department of Telecommunications may
price 800 MHz spectrums differently |
|
Delhi : The telecom
department (DoT) could soon fix a different price for
contiguous and non-contiguous spectrum to be auctioned in the
800 MHz frequency band. According to an internal note prepared
for the telecom commission, the department has explained that
it has sought the telecom regulator's suggestion of how to
price non-contiguous, or non-continuous, spectrum in this band
traditionally used to deliver CDMA technology but typically
suitable for delivering data services and long-term evolution
technology, popularly called 4G.
|
| Should the govt cap royalty
payments? |
|
Delhi : Recent news suggests
that the government of India is considering reintroducing the
restrictions on royalty payments paid by the Indian
subsidiaries to their foreign partners. It is believed that
the excessive outflow of funds from the country in lieu of the
technology transfers and know-how, use of brand/trademark
fees, etc, provided by the foreign sponsors has triggered this
move.
|
| Finance & Money
Markets |
| Rupee finishes strongest in 10
months |
|
Maharashtra : The rupee rose
on Tuesday to its strongest close against the dollar in nearly
10 months as shares surged to record highs after exit polls
showed the BJP-led NDA clinching a majority in the general
election.Markets have been already pricing in a win by the
BJP, hoping that the coalition led by Narendra Modi would
revive an economy growing at its slowest pace in a decade and
attract more foreign investment.
|
| Finance minister P Chidambaram asks
financial sector regulators to be watchful of market
developments |
|
Delhi : Finance minister P
Chidambaram has asked all financial sector regulators to be
watchful of developments in the market and be in a state of
readiness if situation so warrants. Chidambaram, who chaired
the last meeting of the Financial Stability and Development
Councily ( FSDC) under the current government here on Tuesday,
told the regulators to keep a close watch on volatility in key
parameters.
|
| FSDC tells regulators to keep close
eye on markets, volatility |
|
Delhi : Amid a gloomy
economic scenario, the Financial Stability and Development
Council (FSDC), headed by finance minister P Chidambaram, on
Tuesday reviewed with financial regulators various reform
initiatives while assessing the external sector
vulnerabilities.Urging regulators to be watchful of
developments in the market and large volatility in key
macro-economic parameters, Chidambaram told them to be in a
state of readiness and take necessary action if the situation
warranted.
|
| Commodities |
| India to overtake Japan to become
third-largest oil consumer: US |
|
Delhi : India will overtake
Japan to become the world’s third largest oil consumer behind
the US and China by 2025, the US Energy Information
Administration (EIA) said.EIA in its Annual Energy Outlook
said India’s oil consumption will rise from 3.68 million
barrels per day (bpd), or 173.5 million tonnes, in 2012 to
5.19 million bpd in 2025, overtaking Japan’s 4.38 million bpd
consumption. Japan consumed 4.75 million bpd of oil in
2012.
|
| CIL tweaks performance incentive
clause in FSAs |
|
Delhi : State-owned Coal
India (CIL) has modified the performance incentive clause in
fuel supply agreements (FSAs) with non-power consumers. Under
the performance incentive clause, if the seller (Coal India)
issues sale orders for coal to the purchaser in excess of 90%
of the assured contracted quantity in a particular year, the
purchaser shall pay the seller an incentive. Under the revised
clause, the performance incentive is applicable only on the
actual delivered quantity of coal.
|
| INTERNATIONAL
BUSINESS |
| AT&T in talks to buy DirecTV for
nearly $50 billion - sources |
|
AT&T Inc is in active talks to buy
satellite TV provider DirecTV and may complete a deal in the
next few weeks that could be worth close to $50 billion, two
people familiar with the matter said on Monday.The
second-largest wireless operator is discussing an offer in the
low- to mid-$90s per share for DirecTV, one of the people
said, compared with the company's closing price of $87.16 on
Monday.
|
| BlackBerry unveils budget handset,
looks towards revival in EMs |
|
BlackBerry launched a low-cost
touchscreen device in Jakarta, the Z3, as the embattled
smartphone maker looks to revive sales in emerging markets
like Indonesia where its once-fervent following has
shrivelled. The handset, unveiled at a glitzy launch event in
the Indonesian capital on Tuesday, is the first in a line of
devices being made with FIH Mobile, a unit of the giant
Taiwanese Foxconn Technology Group best known for assembling
gadgets like iPhones and iPads for Apple.
|
| Hedge Funds still benefiting from
Lehman collapse |
|
Almost six years after Lehman Brothers
filed for the largest bankruptcy in history, triggering a
global market meltdown, hedge funds are still feeding on its
remains.Bloomberg News reports that a small group of firms
that waded into the morass in the aftermath of the financial
crisis, including Paulson, King Street Capital Management,
Varde Partners, Halcyon Asset Management and Solus Alternative
Asset Management have made billions of dollars trading in the
debt.
|
| Banking |
| FinMin gets tough on loan
defaulters |
|
Delhi : Wilful defaulters
from the corporate world may have to face a change in
management if they fail to repay loans, the Finance Ministry
warned on Tuesday.On account of mounting bad loans or
non-performing assets (NPAs), public sector banks have set
aside around ?90,000 crore from their earnings as provisions,
and this is affecting their profitability.As of March 2014,
bad debts as a percentage of total advances stood at 4.44 per
cent against 3.84 per cent at the end of March 2013. Although
the bad loan situation improved in the January-March quarter
from 5.07 per cent in December 2013, NPAs are still at a
nine-year high.
|
| Govt should trim its stake in PSBs to
below 50%: RBI panel |
|
Maharashtra : The Centre
should dilute its holding in public sector banks (PSBs) to
under 50%, an RBI panel report said on Tuesday, criticising
the way in which the lenders are being currently governed.The
panel, headed by former chairman of Axis Bank PJ Nayak, said
governance at the 26 PSBs suffers due to several "externally
imposed constraints" like dual regulation by the RBI and
finance ministry and external vigilance by agencies like the
CVC and CAG.
|
| PSBs may leverage real estate
holdings to meet capital needs |
|
Delhi : To meet their huge
capital needs, estimated to be between Rs 5 lakh crore and Rs
8 lakh crore in the next five years for the Basel-III
requirements, public sector banks (PSB) are looking at various
options such as monetising their surplus real estate assets.An
idea that came up during the finance ministry's meeting with
the PSBs on Tuesday was that each bank will assess its
disposable real estate assets and create a special purpose
vehicle (SPV) for holding them.
|
| 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 |
| |
|
 |
| Economy |
| India |
| Honda expects 2-wheeler growth to remain strong
at 26% in FY15 |
| Demand for cement likely to revert to 4-6% in
2014-15 from 13-year low of 3% |
| Gems and jewellery exports dip 1.21% in
FY14 |
| Core sector growth slows to 2.6% in ’13-14,
lowest in decade |
| |
| International |
| China’s April data shows economy still losing
steam |
| Draghi Drives ECB Toward Stimulus Even as Economy
Grows |
| Xi Says China Must Adapt to ‘New Normal’ of
Slower Growth |
| Japan’s Banks Seen Posting Profit Gains That
Won’t Last |
| |
| Markets
Today |
| NSE |
7,108.75
|
|
| BSE |
23,815.12
|
|
| NASDAQ |
4,130.17
|
|
| |
|
|
| USD |
59.39
|
|
| EURO |
81.52
|
|
| JPY(100) |
58.32
|
|
| GBP |
99.84
|
|
|
| |
| Corporate
Watch |
| Zuari & UB Group join hands to retain
control of Mangalore Chemicals |
|
West Bengal : Determined to thwart
the move by Deepak Fertilisers and Chemicals, which has been
trying to acquire a controlling interest in Mangalore
Chemicals and Fertilizers (MCFL), Adventz Group chairman Saroj
Poddar on Tuesday teamed up with UB Group chairman Vijay
Mallya to up the bid price for a 26% stake in MCFL to R68.55
per share. If the bid for the shares succeeds, it will cost
R211 crore.
|
| Bharti raises nearly $2 bn in dual currency
bond sale |
|
Delhi : India’s biggest telecom
firm Bharti Airtel on Tuesday raised about $2 billion in a
dual currency international bond sale, saying it is the
largest debt issuance by a domestic firm till date. Bharti
raised $1 billion and euro 750 million from sale of dual
currency dollar and euro bonds, which will be used for
repayment and refinancing of existing foreign currency
debt.Airtel said it is a first dual currency issuance by an
Indian issuer and also largest fund raising exercise at a
single time by an Indian issuer.
|
| PNB net down 29% to Rs 806 cr as NPAs
rise |
|
Delhi : Public sector lender Punjab
National Bank (PNB) reported a 28.69% fall in net profit to
R806.35 crore for the quarter-ended March 31, 2014, due to
higher provisioning for bad loans. NPA provisioning rose 45%
to R2,139 crore in the last quarter of FY14, up from R1,478
crore in the year-ago period. Gross NPAs rose to 5.25% of the
total advances for the March quarter from 4.27% in the same
period a year ago and 4.96% on a quarter-on-quarter basis,
while net NPAs were at 2.85% at the end of the
quarter.
|
| BoB profit up 12.5% at Rs 1,157
cr |
|
Maharashtra : Public sector lender
Bank of Baroda (BoB) on Tuesday reported a net profit of
R1,157.27 crore for the three months ended March 2014, a
growth of 12.5% year-on year, owing to an 11% growth in other
income to R1,326.26 crore. For the full FY14, however, the net
profit was up a mere 1.3% y-o-y at R4,541.08 crore, while
total income rose 11.8% y-o-y to R43,402.45 crore.The bank's
total income in Q4FY14 stood at R11,614.85 crore, an increase
of 13.2% from R10,262.5 crore reported in the corresponding
quarter of the previous financial year.
|
| NTPC cancels Rs 210-crore contract with
Punj Lloyd |
|
Delhi : State-run NTPC has
cancelled a R210-crore contract with Punj Lloyd because of
alleged 'poor performance' of the private infrastructure
company. According to sources, the contract was terminated due
to poor performance of the contractor, Punj Lloyd.Punj Lloyd
did not immediately revert to an e-mail seeking comments.The
private firm had won the contract from NTPC for civil work of
a 750 MW thermal power project in Bongaigaon district of Assam
in 2011.
|
| Tata Group's Croma store hits 101 mark as
retail battle heats up |
|
West Bengal : When Cyrus P Mistry
inaugurated a Croma store in Mumbai's Prabhadevi area last
month, it was a milestone of sorts— it was the 101st
Tata-owned Croma store in the country and the second time that
a Tata Group chairman was doing the honours.The event,
however, is being widely seen as Mistry's growing focus on the
salt-to-steel conglomerate's electronics business,
|
| Cabinet clears KKR's pharma FDI
proposal |
|
Delhi : Putting an end to a
contentious issue between various ministries, the Union
Cabinet cleared the $400-million foreign investment proposal
by a global buyout fund, KKR, at its final meet on Tuesday.The
deal, a two-part transaction, is a combination of fresh equity
infusion and a buyout of Evolvance India Life Science Fund
(EILSF), which invested $30 million in Gland Pharma in
2008.
|
| Isuzu to increase local output to cut
costs |
|
Maharashtra : Tokyo, Japan-based
pick-up and sports utility vehicle (SUV) maker Isuzu Motors is
talking to local makers for buying engines for its models in
India, a top official said on Tuesday. The Japanese company,
known for its diesel engines globally, is looking to source
these to increase localisation and cut costs. Isuzu did not
name the companies it was talking to. The company entered
India two years ago and retails the D-Max pick-up truck and
MU-7 SUV through a limited distribution network.
|
| Tata Steel’s ailing European unit in
recovery mode, turnaround some time
away |
|
Maharashtra : Tata Steel Europe
(TSE), which has been a drag on the Indian steelmaker since
recession hit the continent five years ago, is finally
stabilising. Several restructuring measures and a recent
pickup in demand have helped the ailing unit remain
operationally positive for four straight quarters now.The
company is expected to be operationally positive too for the
quarter ended March 31 on the back of higher volume.
|
| 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
|
| Dena Bank |
|
Description :Selection of
Concurrent auditors in dena bank for 2014-15.
Last Date : 28/05/2014
Address :Multi Location - Multi State
|
| Punjab Municipal Infrastructure Development
Company |
|
Description :Expression of
interest from chartered accountant firm & company
secretary firm on retainership basis.
Last
Date : 30/05/2014
Address
:Punjab Municipal Infrastructure Development
Company,SCO 89-90, 1st Floor, Sector 34-A,Chandigarh – 160034
Phone :0172-4020101-108,
|
| |
| 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
|
| Department Of Health And Family Welfare -
Chandigarh Punjab 19/05/2014
|
| Uttaranchal Gramya Vikas
Samiti 19/05/2014
|
| Haryana Forest Development Corporation
Limited 19/05/2014
|
| Brahmaputra Valley Fertilizer Corporation
Limited 19/05/2014
|
| Jharkhand State Rural Road Development
Authority 20/05/2014
|
| Employees Provident Fund
Organisation 20/05/2014
|
| Orissa Tribal Empowerment And Livelihoods
Programme 20/05/2014
|
| Housing And Urban Development Corporation
Limited 21/05/2014
|
| Gujarat Livelihood Promotion Company
Limited 21/05/2014
|
| |
|
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