| Professional
News |
| CUSTOMS |
| Solar cell imports may see high
anti-dumping duty |
|
Delhi : India is likely to
impose a heavy anti-dumping duty on solar energy cells being
imported from the US, China, Taiwan and Malaysia.A commerce
ministry inquiry has concluded the imports are undercutting
the prices of domestic industry, with underselling,
suppression and price depression effects.The ministry has
identified 58 manufacturers, mostly from China, followed by
Taiwan, Malaysia and the US.
|
| RBI |
| Inflation control tops RBI agenda for
new govt |
|
Maharashtra : The Reserve
Bank of India (RBI) has drawn up a list of issues that should
be pushed by the new government.With inflation-control on top
of RBI Governor Raghuram Rajan’s mind, sources familiar with
the developments said implementation of the Urjit Patel
committee’s recommendations will be the main agenda the
central bank will take up for discussions with the new finance
minister. The Patel committee had suggested inflation
targeting should be RBI’s singular mandate and the central
bank should be accountable for meeting the target.
|
| RBI may bet big on small
NBFCs |
|
Delhi : Reserve Bank of
India (RBI) governor Raghuram Rajan indicated on Tuesday that
the central bank could consider granting bank licences to
smaller non-banking financial companies (NBFCs) along with
restrictions on geographical reach.“The RBI can take more of a
chance with new players if they get the licence to open only a
small bank or to conduct only one segment of banking
business,” Rajan said at an event organised by the Competition
Commission of India (CCI) in New Delhi. “Such differentiated
licences – licences with restrictions on the geographical
reach or the products offered by a new bank – can generate
more organisational variety and efficiency,” the governor
added.
|
| Once bitten, twice shy: RBI shores up
currency defence |
|
Maharashtra : Even as money
floods into the country, the Reserve Bank of India (RBI) is
bracing for the worst, building up currency reserves and
drafting a game plan to protect the rupee against the sort of
rout that alarmed policymakers and investors last year.
Governor Raghuram Rajan is reviewing RBI’s exchange rate
policy, three officials with knowledge of the matter said,
after the rupee's drop to a record low in August spurred
criticism that it was ill-prepared to manage a heavy sell-down
by foreign investors.
|
| Partial credit enhancement to
corporate bonds proposed |
|
Maharashtra : The RBI on
Tuesday proposed to allow banks to offer partial credit
enhancement to corporate bonds by way of providing credit and
liquidity facilities to the corporates, and not by way of
guarantees.The RBI proposed that banks have a board-approved
policy on partial credit enhancements, covering issues such as
permissible types of credit enhancements, assessment of risk,
setting limits, and so on. Banks should also have an overall
exposure limit to the infrastructure sector, that is, “on
account of their direct exposure by way of fund-based and
non-fund based exposures to companies, including NBFC- IFCs,
indirect exposures by way of sponsoring IDFs, partial credit
enhancements, etc”.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Ministries to be minimised through
mega mergers |
|
Delhi : In keeping with his
leadership style in Gujarat, Narendra Modi is likely to
reorganise some major economic ministries in order to ensure
greater synergy. While there is some ambivalence over the
contours of an infrastructure ministry — chances are this will
not take place immediately — a larger energy ministry is
almost certain.The merger of the coal, power and petroleum
ministries will allow well-coordinated policymaking and quick
implementation of projects, BJP sources said. This will, for
instance, ensure that these ministries are not at cross
purposes as they are today.
|
| Finance & Money
Markets |
| India’s 10-Year Bond Yield at 3-Week
High on Borrowing Concerns |
|
Delhi : 10-year bonds fell,
pushing the yield to a three-week high, on speculation a new
government will need to increase spending to revive the
economy.The bonds reversed earlier gains as concerns mounted
borrowings will rise this financial year, according to DCB
Bank Ltd. HSBC Holdings Plc said in a report dated May 16 that
debt sales in the 12 months through March may be raised to as
much as 6.4 trillion rupees ($109 billion) from an estimated
5.97 trillion rupees in a February budget presented by the
current administration.
|
| With banking exposure, infra funds
hit comeback trail |
|
Maharashtra : The poor run
of infrastructure funds seems to be coming to an end with the
category emerging as the top performer in the last six months.
A broad market rally, coupled with hopes of a new, stable
government that may kickstart the investment cycle, have
fuelled these funds.HDFC Infrastructure, Escorts
Infrastructure Fund and L&T Infrastructure Fund have
emerged as top performers for the six-month period with
returns of in excess of 50% each.Even the worst performer in
the category has given returns of 24% during this period,
beating returns given by the benchmark BSE Sensex
(18%).
|
| Currency experts see rupee at 57.9 to
the dollar |
|
Maharashtra : It is felt the
rupee will sustain its recent gains, as foreign investors
continue to pour in funds. Experts say India is better placed
than other emerging markets, as the Bharatiya Janata Party-led
National Democratic Alliance’s victory in the Lok Sabha
elections will boost economic growth.A Business Standard
median forecast of 10 currency experts shows the rupee is
expected to trade at 57.9/dollar in a month. It is agreed the
Reserve Bank of India (RBI) will keep intervening in the
market through state-run banks to absorb dollars, owing to
which appreciation from current levels will be
limited.
|
| Foreign funds may get to hedge
foreign exchange in stock exchange
derivatives |
|
Maharashtra : Foreign
portfolio investors, or FPIs, the largest investors in Indian
stocks, who largely cover their currency risk in overseas
markets, will now be able to hedge their risk of a falling
dollar in currency derivatives segment of stock exchanges such
as NSE, BSE and MCX-SX. A year-old proposal of the government
to open up the currency futures market to FPIs will be
implemented shortly,
|
| Commodities |
| Curbs drag gold demand down by 26%;
WGC banks on Modi for pick-up in H2 |
|
Delhi : India’s gold demand
dropped 26% in the quarter through March from a year before
due to high import duty and supply curbs introduced by the
central bank to trim the current account deficit (CAD),
according to the World Gold Council (WGC).However, the demand
will pick up in the second half of the calender year due to an
expected relaxation in import curbs by the new government, the
WGC said on Tuesday.
|
| Cess on rubber imports illegal, says
industry |
|
Kerala : The cess levied on
imported natural rubber (NR) should stop, said captains of the
rubber industry on Tuesday. There is no law that authorises
the customs department to levy rubber cess on imported NR,
they said. According to All India Rubber Industries
Association (AIRIA), cess is leviable only on rubber produced
in India under the rubber Act and excludes imported rubber
from the purview of the said Act.No such notification as to
the levy of the Cess as an additional duty under Customs
Tariff Act has been issued. Also, there are no provisions in
the foreign trade policy regarding levy of rubber cess on
imported rubber.
|
| Finmin panel seeks entry of banks,
foreign firms in commodity futures |
|
Delhi : A committee
appointed by the finance ministry has suggested against the
suspension of commodity futures trading "in an abrupt and
unreasoned manner" as has been the practice from time to
time.It has recommended the government let banks, financial
institutions and even foreign financial firms to participate
in commodity derivatives trading to deepen the market.Market
participants have long argued that the imposition of bans on
some farm futures periodically in the pretext of curbing
inflation has created an atmosphere of uncertainty and
discouraged investment.
|
| Companies Act,
2013 |
| New Cos Act May Hit Flow of Credit to
Subsidiaries Article |
|
Delhi : The ministry of
corporate affairs recently notified the commencement of
various provisions of the new Companies Act, 2013. Sections
185 and 186 relating to grant of loans, giving guarantees and
providing securities by a company to any of its directors or
any other company or persons, have become effective. Section
185 prohibits sanction of loans or giving guarantee or
providing security for any loan, by any company to any of its
directors or any other person in whom the director is
interested. The only exception is the loan to directors as
part of conditions of service of whole-time directors.
|
| Banking |
| Customer protection code to be
mandatory for banks |
|
Maharashtra : To protect
consumer interest, the Reserve Bank of India (RBI) is
formulating guidelines to discourage lenders from mis-selling
and hold them responsible for the products they offer. While
presenting the annual monetary policy for 2014-15 in April,
RBI Governor Raghuram Rajan had indicated the need for a
statutory framework for customer protection in the banking and
financial sector.
|
| Mahila Bank in talks with LIC, other
life insurers for specialised
products |
|
Delhi : India’s first
women’s bank, Bharatiya Mahila Bank (BMB), on Tuesday said it
is currently talking to life insurance companies, including
LIC, for a tie-up to distribute women-centric life insurance
products from its branches. The bank, which started its
operations in November last year, has already tied up with New
India Assurance to deliver health insurance policies for women
account holders. “We have signed an MoU with New India
Assurance, is a major non-life insurer.
|
| Notifications
& Circulars |
| RBI |
| Notification No.
RBI/2013-14/595 (Delhi) 19/05/2014
|
| Overseas Direct Investments – Limited Liability
Partnership (LLP) as Indian Party |
| Notification No.
RBI/2013-14/596 (Delhi) 19/05/2014
|
| Auction of Government of India Dated Securities |
| |
|
 |
| Economy |
| India |
| The puzzle of India's lack of manufacturing job
growth |
| Tech sector wants faster policy
implementation |
| Uncertainty over natural gas prices, fatte of RIL
discoveries among key issues officials will
highlight |
| New government likely to relook at trade pacts
likely to boost manufacturing |
| |
| International |
| UK inflation rises for first time in 10 months in
April |
| Obama to continue focus on economy, job
creation |
| Universities say £9bn building boom will boost
economy |
| |
| Markets
Today |
| NSE |
7,252.90
|
|
| BSE |
24,298.02
|
|
| NASDAQ |
4,096.89
|
|
| |
|
|
| USD |
58.76
|
|
| EURO |
80.40
|
|
| JPY(100) |
58.14
|
|
| GBP |
99.25
|
|
|
| |
| Corporate
Watch |
| Cairn India may get only 5 yrs more in
Rajasthan block |
|
Delhi : Cairn India is unlikely get
more than five years of extension for its Barmer block, with
the Directorate General of Hydrocarbons (DGH) rejecting its
proposal for a 10-year contract extension up to 2030. A
shorter extension is seen casting a shadow on the investment
plans the Anil Agarwal-promoted company had lined up for the
next few years.The firm is looking to invest more than $3
billion over the next three years. For this, an extension in
the production-sharing contract (PSC) is crucial.
|
| Vodafone posts 1st FY profit in
India |
|
Delhi : Vodafone India on Tuesday
said it had recorded a net profit for the year ended March,
the first since it started operations as Vodafone in the
country. Earlier, the company operated as Hutchison Essar,
before Vodafone Plc bought into the company in 2007.The
company declined to share its net profit data for India.
“While the numbers may change with fresh investments, we hope
to stay net profitable in the future,” said Vodafone India
Managing Director and Chief Executive Marten
Pieters.
|
| To take on Amazon, Flipkart & Myntra to
merge this week |
|
Delhi : Online retailer Flipkart
will announce its merger with rival Myntra on Thursday, it is
learnt. Neither Flipkart nor Myntra confirmed it but sources
close to the deal, in the works for months, said the agreement
had been sealed and only signatures were left to be done. The
details are not known but Myntra could be valued at $300
million (Rs 1,800 crore) at least, say sources. The two
companies have been negotiating to remain separate entities
after a merger.
|
| Marks & Spencer plans to go up to 100
stores in India |
|
Delhi : UK fashion retailer Marks
& Spencer (M&S) has seen 13 per cent growth in India
sales compared to a year ago and plans to go up to 100 outlets
in two years, against the backdrop of an overall decline in
consumer spending. Globally, annual profit fell for a third
year due to a drop in clothes’ sales.The chain has 40 stores
in India. Of 55 stores it opened globally last year, 10 were
in India. M&S operates in a joint venture with Reliance
Retail.
|
| NBFC
CORNER |
A single window for auditors of non-banking
finance companies |
| |
| Tenders
& Assignment |
| Mahila Arthik Vikas Mahamandal Limited - Mumbai
Maharashtra |
|
Description :Expression of
interest for chartered accountants, empanelled with CAG of
India for independent audit of MAVIM for the FY 2013-2014.
Last Date : 30/05/2014
Address :Mahila Arthik Vikas
Mahamandal Limited,Griha Nirman Bhavan (MHADA), Mezzanine
floor, Kalanagar, Bandra (E),Mumbai - 400 051.
Phone :022- 26590640
|
| General Administration Department - Patna
Bihar |
Description :CAG Empanelled
Chartered Accountant Firms for carrying Audit of BPSMS.
Last Date : 30/05/2014
Address :Procurement Officer, Bihar
Prashasanik Sudhar Mission Society Sinchai Barrack No.1,
Harding Road, Patna - 800 001 Phone
:0612 – 2233333 E-Mail :bpsms1@gmail.com
|
| Vijaya Bank |
|
Description :Invited from
Chartered Accountant firms for selection of Concurrent
Auditors of the branches/offices for the period 01.07.2014 to
30.06.2015
Last Date : 04/06/2014
Address :The Deputy General Manager,
Central Inspection Department,Vijaya Bank, Head
Office,No.41/2, M. G. Road, Trinity Circle Bangalore-560001
|
| Public Works Department |
|
Description :Expression of
interest for reputed chartered accountant for work of external
audit (statutory Audit) of Program Implementing units &
Gram Sadak Development Agency.
Last Date
: 04/06/2014
Address
:Himachal Pradesh Gram Sadak Development
Agency,Nirman Bhawan,Nigam Vihar,Shimla-171002
Phone :0177-2621402
|
| Assam State Rural Livelihood Mission
Society |
|
Description :Expression of
interest for Conducting of Statutory audit of ASRLMS.
Last Date : 05/06/2014
Address :Guwahati - Assam
|
| Assam Gramin Vikash Bank |
|
Description :Empanelment of
Concurrent auditors for its branches.
Last
Date : 05/06/2014
Address
:Assam Gramin Vikash Bank, Head Office, G.S.Road,
Bhangagarh, Guwahati-781005
Phone
:0361-2131604
|
| Himachal Pradesh Power Corporation
Limited |
|
Description :Expression of
Interest from firms of Chartered Accountants for empanelment
for Appointment as internal Auditors for the Financial year
2014-15.
Last Date : 10/06/2014
Address :Himfed Bhawan, Panjri,
(Below Old MLA Quarters), Shimla-171005.
Phone
:0177-2633589
|
| Maharashtra State Electricity Transmission
Company Limited |
Description :Application for
Empanelment of Firms of Chartered accountant for allotment of
internal audit for the financial year 2014-15 & 2015-16.
Last Date : 12/06/2014
Address :Prakashganga,6th Floor,Plot
No.C-19,"E-Block",BKC,Bandra
(East),Mumbai-400051 Phone
:022-26595000 E-Mail :cgmfi@mahatransco.in
|
| Delhi Pollution Control Committee |
|
Description :Requisition of
Chartered Accountant for Internal Audit For the Period 2009-10
to 2012-13.
Last Date : 20/06/2014
Address :Delhi Pollution Control
Committee,4th Floor.ISBT Building,Kashmere Gate,Delhi-06
|
| |
| Reminders |
| Tenders |
| Gujarat State Road Development Corporation
Limited 23/05/2014
|
| Maharashtra State Rural Livelihoods
Mission 23/05/2014
|
| Watershed Development
Department 24/05/2014
|
| United Bank Of India - Kolkata West
Bengal 24/05/2014
|
| Ministry Of Urban Development - New Delhi
Delhi 26/05/2014
|
| North Eastern Development Finance Corporation
Limited 26/05/2014
|
| National Rural Health Mission
Maharashtra 26/05/2014
|
| State Health Society
Jaipur 26/05/2014
|
| State Project Facilitation Unit - Bhopal Madhya
Pradesh 26/05/2014
|
| Watershed Development
Department 26/05/2014
|
| Forward Markets Commission - Government of India
26/05/2014
|
| Mission For Elimination Of Poverty In Municipal
Areas 26/05/2014
|
| Punjab & Sind
Bank 26/05/2014
|
| Housing And Urban Development Corporation Limited
- Dehradun 27/05/2014
|
| Cantonment Board - Solan Himachal
Pradesh 28/05/2014
|
| Rajasthan Medical Services Corporation
Limited 28/05/2014
|
| Hospital Services Consultancy Corporation [
India] Limited 28/05/2014
|
| Public Health Engineering
Department 28/05/2014
|
| Dena Bank 28/05/2014
|
| Rajasthan State Ganganagar Sugar Mills
Limited 28/05/2014
|
| |
|
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