| Professional
News |
| INCOME
TAX |
| Supreme Court breather for HSBC
Geneva account holders |
|
Maharashtra : Swiss bank
account holders now have another reason to rejoice. Almost
three-fourths of the 600 or so named in the list of clients of
HSBC Geneva are beneficiaries of " discretionary trusts".These
individuals are confident that a Supreme Court ruling this
week on offshore trusts will get the taxman off their
back.
|
| Misc. - Direct
Tax |
| Narendra Modi formula: Less hawkish
on direct taxes |
|
Delhi : Two immediate steps
the Narendra Modi-led NDA government is set to take in the
area of taxation are ushering in a less hawkish direct tax
administration and a technology-driven anti-evasion approach
for indirect taxes. The new government is likely to take steps
to avoid aggressive income adjustments by corporate tax
payers, including in the area of transfer pricing, that do not
stand the test of appeal.
|
| Minimum alternate tax withdrawal in
plan to revive struggling SEZs |
|
Delhi : Gujarat angle could
come to the aid of floundering special economic zones (SEZs),
conceived as specialised enclaves to push exports. The
commerce department will push for the withdrawal of taxes like
minimum alternate tax (MAT) and dividend distribution tax
(DDT) on these zones as part of a bigger strategy to revive
them and boost manufacturing. Gujarat has the largest notified
SEZ land, making the policy change that much more marketable
to the incoming Narendra Modi government.
|
| Misc. - Indirect
Tax |
| Handset makers hope new govt
rationalises local tax structures |
|
Delhi : Handset makers in
India want the new BJP-led government to rationalise local tax
structures and reduce import duty on devices under Rs2,000
from existing 7% to 1%, on an immediate basis. In the long
term, most device makers want the new government to implement
a semiconductor policy that can help in creating a much-needed
ecosystem for local manufacturing of handsets.
|
| SEBI |
| Sebi raises cash transaction limit in
MFs to Rs 50,000 |
|
Maharashtra : Investors
without Permanent Account Number (PAN) can now put as much as
Rs50,000 in mutual funds in cash every year. Sebi on Thursday
said it was increasing the limit for cash investments to
Rs50,000 from Rs20,000.The move is aimed at helping mutual
funds sell products in small towns and rural areas, where
transactions happen in cash rather than through
banks.
|
| RBI |
| With gold curbs off, RBI puts shine
back on diamond trade |
|
West Bengal : Small and
medium diamond jewellers, particularly in Narendra Modi's
state Gujarat, have heaved a sigh of relief as the Reserve
Bank of India has eased gold import norms by allowing select
trading houses, in addition to the already permitted banks, to
procure the yellow metal. "These jewellers were under
tremendous pressure as both gold and diamond were becoming
pricey for them.
|
| FDI
Policy |
| Finance ministry pitches for full
control of FDI policy |
|
Delhi : Days before the
expected restructuring of ministries and departments by the
new government, the finance ministry has sought full control
of the foreign direct investment (FDI) policy.An official
aware of the development said the ministry has argued that the
department of economic affairs (DEA), which is under the
finance ministry, is well placed to take a holistic view of
the FDI policy as part of its mandate to frame and implement
the economic and financial sector policy.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Telecom department seeks regulator’s
suggestions on MVNO policy |
|
Delhi : The Department of
Telecommunications (DoT) will once again seek the regulator's
recommendations on implementing mobile virtual network
operator (MVNO) policy as it wants clarity on how to introduce
this in the new unified licensing regime. The step, as shown
in an internal government note, indicates that moves are
finally afoot to allow such services in India, many years
after it was first mooted and initial suggestions from the
Telecom Regulatory Authority of India (Trai) were
sought.
|
| Finance & Money
Markets |
| Market rebound hits MNCs' delisting
plans, many to postpone buybacks |
|
Maharashtra : The cheer that
has returned to the Indian market in the past few months has
poured cold water on the plans of multinational companies
looking to delist their local subsidiaries. They will have to
spend more to buy back shares as stock prices have gone
sharply higher, while the dollars they bring in will purchase
fewer rupees to pay existing investors as the local currency
has appreciated considerably. Many of these MNCs are likely to
postpone their delisting plans, say bankers.
|
| Daily delivery turnover hits 3½-year
high on improved sentiment |
|
Maharashtra : As the Nifty
rallied to yet another lifetime high on Thursday of 7,276.4
points, with the Street becoming increasingly confident the
BJP-led NDA will deliver growth, the combined average daily
delivery turnover on the bourses in May has touched a
three-and-a-half-year high of R8,940 crore.According to data
from Bloomberg, only in two months in the last
three-and-a-half years has the turnover has crossed the R8,000
mark,
|
| Rupee sees biggest single-day rise in
a week |
|
Maharashtra : The rupee
posted its biggest single-day rise in nearly a week after
reports that the finance ministry was working on a proposal to
cut fiscal deficit, with gains also coming from improving
global risk sentiment.The rupee hit a session high of 58.41
per dollar, stopping just short of an 11-month peak on Monday,
on the report that the finance ministry was hoping to cut the
2014/15 fiscal deficit to 3.8-3.9% of the gross domestic
product, below the current target of 4.1%.
|
| Commodities |
| Gold falls to 9-month low as RBI
eases import curbs |
|
Delhi : Gold prices in
mumbai tumbled R800 on Thursday to hit a nine-month low of
R28,100 per 10 grams as premiums crashed by more than half, a
day after the Reserve Bank of India allowed banks to provide
gold loans to jewellers and permit more entities to import
gold. Shares of leading jewellers, including Gitanjali Gems,
Titan co and Tribhovandas Bhimji Zaveri, rose by up to 20% on
Thursday in response to the change in the norms and on
expectations the new government could take more steps to
improve gold supplies further.
|
| MERGER &
ACQUISITION - NATIONAL |
| Everstone Capital picks up 51% stake
in Indonesian franchise of Domino's
Pizza |
|
Maharashtra : After wine,
coffee, burgers and gelato, it's now time to turn to pizzas
for marque private equity investors Everstone Capital. The
seven-year-old India and South East Asia focused fund with $2
billion of assets currently under management, has taken a big
bite of Domino's Pizza's in Indonesia by picking up a
controlling 51% stake in their local franchise, PT Dom Pizza
Indonesia, for $20 million, said people aware of the
development.
|
| Pension/Provident
Fund |
| EPFO asks field offices to settle all
claims within 20 days |
|
Delhi : Retirement fund body
Employees’ Provident Fund Organisation (EPFO) has asked its
over 120 field offices to settle claims, including provident
fund (PF) withdrawal and pension, within 20 days as against
the mandated 30-day time frame.“Central provident fund
commissioner (of EPFO) directed that from the current
financial year 2014-15 the norms for claims settlement shall
be settlement of all claims within 20 days,” stated a recent
performance review of the EPFO by its central provident fund
commissioner (CPFC) K.K. Jalan. Jalan specifically referred to
the need to ensure faster settlement of pension
claims.
|
| Reminders |
| Tenders |
| United Bank Of India - Kolkata West
Bengal 24/05/2014
|
| Watershed Development
Department 24/05/2014
|
| State Project Facilitation Unit - Bhopal Madhya
Pradesh 26/05/2014
|
| 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
|
| Punjab & Sind
Bank 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
|
| Housing And Urban Development Corporation Limited
- Dehradun 27/05/2014
|
| Rajasthan Medical Services Corporation
Limited 28/05/2014
|
| Hospital Services Consultancy Corporation [
India] Limited 28/05/2014
|
| Cantonment Board - Solan Himachal
Pradesh 28/05/2014
|
| Public Health Engineering
Department 28/05/2014
|
| Dena Bank 28/05/2014
|
| Rajasthan State Ganganagar Sugar Mills
Limited 28/05/2014
|
| National Highway Authority Of
India 29/05/2014
|
| Karnataka State Police Housing Corporation
Limited 30/05/2014
|
| Punjab Municipal Infrastructure Development
Company 30/05/2014
|
| Assam Administrative Staff
College 30/05/2014
|
| Sarva Shiksha Abhiyan - Srinagar - Jammu kashmir
30/05/2014
|
| General Administration Department - Patna
Bihar 30/05/2014
|
| Mahila Arthik Vikas Mahamandal Limited - Mumbai
Maharashtra 30/05/2014
|
| District Panchayat - Korea
Chhattisgarh 30/05/2014
|
| |
| Notifications
& Circulars |
| RBI |
| Notification No.
RBI/2013-14/601 (Delhi) 22/05/2014
|
| Reporting to Central Repository of Information on Large
Credits (CRILC) |
| Notification No.
RBI/2013-14/597 (Delhi) 21/05/2014
|
| Export of Goods - Long Term Export Advances |
| Notification No.
RBI/2013-14/598 (Delhi) 21/05/2014
|
| Need for Bank Branches / ATMs to be made accessible to
persons with disabilities |
| Notification No.
RBI/2013-14/599 (Delhi) 21/05/2014
|
| Inclusion in the Second Schedule to the Reserve Bank of
India Act, 1934 – Bharatiya Mahila Bank Limited |
| Notification No.
RBI/2013-14/600 (Delhi) 21/05/2014
|
| Import of Gold by Nominated Banks / Agencies /
Entities |
| |
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