| Professional
News |
| INCOME
TAX |
| Switzerland Begins Work for Automatic
Tax Information Exchange Regime |
|
Delhi : Moving closer
towards doing away with banking secrecy practices, Switzerland
has started ground work for implementation of automatic
exchange of information on tax matters.Switzerland, known for
strong banking secrecy rules, had agreed to proposed new
standard for automatic exchange of tax information earlier
this month.The draft negotiation, which mandates for
introduction of the new global standard on automatic exchange
of tax information, was approved by the Swiss Federal Council
on Wednesday.
|
| SEBI |
| IPO investors may get modified safety
net |
|
Maharashtra : To infuse life
into the moribund primary market, the Securities and Exchange
Board of India (Sebi) is planning to introduce the concept of
‘stabilising agents’ to protect investors and boost
participation in initial public offerings (IPOs).The capital
market regulator wants issuers to put in place a
price-stabilising mechanism, on the lines of market-making, to
ensure the market price of a company doesn’t fall below the
IPO price for a stipulated period.
|
| RBI |
| RBI not in a position to lower
interest rates unless inflation eases |
|
West Bengal : The country's
economic fundamentals may not allow Reserve Bank of India
governor Raghuram Rajan to lower interest rates any time soon,
even as the people who voted Narendra Modi to power expect the
new prime minister to take immediate action on growth and job
creation. RBI said in its policy statements that it would not
be in a position to lower rates unless inflation eases towards
the 6% mark by January 2016.
|
| RBI defers Aadhaar-linked payment
plan mechanism |
|
Maharashtra : For the past
one year bankers have been trying to tell the Reserve Bank of
India (RBI) about the drawbacks of an ambitious plan to let
customers use fingerprints to withdraw money from ATMs and pay
for purchases. It is expensive, risky and would serve only a
handful of clients, they argued. Chief technology officers and
payment experts told the panel examining the project that it
made no sense — the network has to be overhauled and ATMs and
point-of-sale (POS) machines with merchants have to be
upgraded with biometric readers.
|
| RBI shops for US dollars, but fails
to check rise of Indian rupee |
|
Delhi : Although the Reserve
Bank of India (RBI) is understood to have bought close to $7
billion worth of US dollars (including forex swaps with
oilcos), in the last six weeks, the Indian rupee rose 2% in
the wake of strong foreign flows into the country’s stock and
bond markets. On Wednesday, the rupee ended the trading
session a shade weaker at 58.7800 compared to Tuesday’s close
of 58.64.
|
| RBI lets trading houses import gold
under 20:80 rule |
|
Maharashtra : The Reserve
Bank on Wednesday eased gold import norms by allowing select
trading houses, in addition to already permitted banks, to
procure the precious metal to boost exports. The RBI in July
last year had imposed severe restrictions on gold imports in
order to check burgeoning current account deficit and sliding
rupee.The central bank had tied imports with exports and
prescribed a 20:80 formula. This facility was available to
select banks only and other entities were barred from
importing the metal.
|
| RBI extends loan tenure for exporters
to 10 years |
|
Maharashtra : The Reserve
Bank of India (RBI) on Wednesday said exporters can now get
long-term advances for up to 10 years to service export
contracts, easing earlier rules that only allowed advances of
up to one year. Such advances can only be made to exporters
with a ‘satisfactory’ track record of three years and the
payments adjusted against future exports, the RBI notified on
Wednesday.
|
| Finance & Money
Markets |
| Syndicate Bank to tap overseas bond
market |
|
Maharashtra : Public sector
lender Syndicate Bank is looking to hit the overseas bond
market and has hired banks to conduct road shows. Earlier in
the month, the Bangalore-based bank had said it was looking to
raise $350 million as part of a medium-term note (MTN)
programme. “Syndicate Bank, acting through its London branch,
has appointed six banks to organise meetings with bond
investors in Asia, Europe and the Middle East, starting May
23,” said an investment banker close to the deal.
|
| Stocks of cos with no promoter stake
surge due to high public holding |
|
Maharashtra : based drug
company Kappac Pharma has not earned any revenue, let alone
profit, over the past five financial years and the holding of
its promoter is nil. Yet, its stock has soared 467% over the
past year. Trading company Lifeline Drugs has no revenue to
show either and has negligible promoter holding, but its stock
has zoomed 3,311% over the past year. The stock price of
entertainment and media firm Pine Animation has similarly
doubled during the period without any fundamentals to speak
of.
|
| Commodities |
| Sugar mills get Rs 2,751-crore loan
boost from banks |
|
Delhi : Loans worth Rs
2,751-crore were disbursed to sugar mills by mid-May, out of a
total of Rs 6,600 crore approved by the government in December
to be offered to the cash-starved mills with a 12% interest
subvention, official and industry sources said on Thursday. As
many as 353 mills applied for the loans until May 15, of which
loans to the tune of Rs 4,200 crore were sanctioned by then,
they added. Banks are required to complete the process of
sanctioning loans by June and the disbursal by
September.
|
| Horticulturalists told to go in for
mixed cropping to deal with rain
deficit |
|
Delhi : In its first
advisory as part of dealing with a possible deficit monsoon,
the agriculture ministry has recommended a series of measures
for farmers, including zero tillage, mulching, mixed cropping
and use of drip and sprinkler irrigation for horticultural
crops such as vegetables and fruits.Besides the ministry has
suggested farmers to grow less water intensive legume crops
such as beans, peas and lentils in case there is a rain
deficit. “We have suggested cultivation of legume crops in
case of a deficit as they improve nitrogen in the soil,” an
official with the agriculture ministry told FE.
|
| Gold down by Rs 100 on selling
pressure |
|
Maharashtra : Gold prices
fell further by R100 to R29,350 per 10 grams on sustained
selling by stockists against falling demand. However, silver
found some buying support from industrial units and recovered
by Rs 200 to Rs 41,700 per kg. Traders said continued selling
by stockists against slackened demand at prevailing levels
mainly kept pressure on gold prices. In Delhi, gold of 99.9
and 99.5% purity declined by R100 each at R29,350 and R29,150
per 10 grams, respectively. It had lost Rs 130 on Tuesday.
Sovereigns were enquired at last level of Rs 24,900 per piece
of eight grams.
|
| MERGER &
ACQUISITION - NATIONAL |
| HPCL to buy 11-15% stake in Petronet
LNG’s east coast terminal |
|
Delhi : State-owned
Hindustan Petroleum Corp. Ltd (HPCL) is likely to buy 11-15%
stake in Petronet LNG Ltd’s Rs5,000 crore liquefied natural
gas (LNG) import terminal on the east coast.“We have a huge
gas requirement at our Vizag refinery and naturally it is to
our interest that we take a stake in the Gangavaram terminal
in Andhra Pradesh,” an HPCL official said.HPCL’s Vizag
refinery in Andhra Pradesh is being expanded to 15 million
tonnes per annum (MTPA) from current 8.33 MTPA and the
expanded unit will have a gas requirement of close to 3
MTPA.
|
| PE/VC flow in logistics sectors drops
by 80% |
|
Tamil Nadu : Private equity
(PE)/venture capital investment in logistics space has dropped
to $32.94 million in 2014 (January-May 20), as compared to
$166.53 million a year ago - registering a drop of around 80
per cent.In the last five years, 2011 saw the highest PE
investment into the sector at $288.32 million. Experts link
the drop to economic slowdown, as this sector is linked to
economy.
|
| Reminders |
| Tenders |
| Maharashtra State Rural Livelihoods
Mission 23/05/2014
|
| Gujarat State Road Development Corporation
Limited 23/05/2014
|
| Watershed Development
Department 24/05/2014
|
| United Bank Of India - Kolkata West
Bengal 24/05/2014
|
| State Health Society
Jaipur 26/05/2014
|
| 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
|
| 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
|
| State Project Facilitation Unit - Bhopal Madhya
Pradesh 26/05/2014
|
| Punjab & Sind
Bank 26/05/2014
|
| Housing And Urban Development Corporation Limited
- Dehradun 27/05/2014
|
| Rajasthan Medical Services Corporation
Limited 28/05/2014
|
| Cantonment Board - Solan Himachal
Pradesh 28/05/2014
|
| Hospital Services Consultancy Corporation [
India] Limited 28/05/2014
|
| Dena Bank 28/05/2014
|
| Rajasthan State Ganganagar Sugar Mills
Limited 28/05/2014
|
| Public Health Engineering
Department 28/05/2014
|
| National Highway Authority Of
India 29/05/2014
|
| |
| 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 |
| Narendra Modi govt: PMO to keep key projects
under its control, to focus on centre-state
ties |
| Agriculture department has a roadmap for the new
government |
| Task for Narendra Modi: Finance ministry draws up
action plan to fix Rs 2.4 lakh-crore bad loan
mess |
| India’s Rupee Falls Most in a Month on Importers’
Dollar Demand |
| FDI inflows up 8% at $24.3 bn in
FY’14 |
| Top govt departments review inflation, monsoon
situation |
| Digital payments industry to touch Rs 1.2 lakh
crore by end of 2014 |
| |
| International |
| Russia, China ink $400-bn gas deal after decade
of talks |
| BOJ offers brighter view on
economy |
| EU watchdog to kick off biggest revamp of
securities markets |
| |
| Markets
Today |
| NSE |
7,276.40
|
|
| BSE |
24,374.40
|
|
| NASDAQ |
4,131.54
|
|
| |
|
|
| USD |
58.48
|
|
| EURO |
80.01
|
|
| JPY(100) |
57.55
|
|
| GBP |
98.86
|
|
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| |
| Corporate
Watch |
| Bata to foray into rural markets &
small towns; to invest in Rs 100 crore in
FY15 |
|
West Bengal : Bata, the country's
largest shoemaker, plans to foray into rural markets and small
towns of less than five lakh people through distributors and
franchisees for its next wave of growth. Bata India is
currently developing a completely new line of merchandise to
tap these unexplored markets, top company officials said.The
company plans to open 100 outlets in tier III and IV markets,
which have a population of less than five lakh people, through
the franchisee route.
|
| Indian companies plan to raise money on
hopes of better business climate |
|
Maharashtra : The prospect of a new
government at the Centre, driving business and reforms, has
sparked life among investment bankers as many Indian companies
renew their plans to raise money from both local and overseas
markets in anticipation of a better business climate.'We have
a mandate from seven Indian companies to raise at least $2
billion from qualified institutional investors under the
Qualified Institutional Placement scheme,' says a managing
director of a global investment bank.
|
| Reliance Industries to raise up to Rs
10,000 crore via debt route to fund
capex |
|
Maharashtra : Energy major Reliance
Industries plans to raise up to Rs 10,000 crore by way of debt
in 2014-15 to finance its capital expenditure.RIL will seek
shareholders' approval at its 40th AGM on June 18 to authorise
the board to raise funds through non-convertible debenture in
one or more tranches.It is also seeking shareholders' approval
to appoint Nita Ambani as a director. Nita Ambani heads the
Reliance Foundation and has been involved in many activities,
including RIL's corporate social responsibility spending,
which was Rs 712 crore last fiscal, or more than 3% of its
profit.
|
| 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
|
| Urban Development Agency - Patna Bihar
|
|
Description :Selection Of
Chartered Accountant Firms For Audit Of Urban Development
Agency For The Financial Year 2011-12, 2012-13 & 2013-14.
Last Date : 06/06/2014
Address :Urban Development &
Housing Department, GoB Room No-159 New Secretariat, Bailey
Road, Patna-15
|
| 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
|
| Jaipur Development Authority |
|
Description :Request for
proposal for Appointment of Statutory auditor/CA firms for six
laning of ring road from road to road section at Rajasthan on
DBFOT toll basis.
Last Date :
18/06/2014
Address :Jaipur
Development Authority
Jaipur Rajasthan
Phone :0141-2563234
|
| 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
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