| Professional
News |
| Misc. - Direct
Tax |
| ANMI to approach new govt for STT
removal, reducing stamp duty |
|
Delhi : Concerned over high
transaction costs in the capital market, grouping of trading
members ANMI is likely to approach the new government seeking
removal of Securities Transaction Tax and reduction in stamp
duty. The Association of National Exchanges Members of India
has been seeking removal of STT for a long time as part of
efforts to make the capital market more attractive.
|
| FinMin may reduce withholding tax for
FIIs to boost corp bonds |
|
Delhi : To spur foreign
investment in the corporate bond market, the Finance Ministry
has proposed reduction in withholding tax for FIIs to 5%, from
20% at present.As the ministry braces up for a new minister
after the BJP government is sworn in this evening, the capital
markets division would also make a case for deepening the
currency derivatives market and make it easier for FIIs to
hedge risks.
|
| RBI |
| RBI Governor meets Finance Minister
Arun Jaitley |
|
Delhi : RBI Governor
Raghuram Rajan on Tuesday called on the new Finance Minister
Arun Jaitley at the latter's North Block office.The meeting
saw discussions around crucial economic issues, including
taming of inflation. According to Rajan, further easing of
gold related curbs will depend on the policies to be rolled
out by the new dispensation at the Centre.
|
| RBI to maintain status quo next week:
BS POLL |
|
Maharashtra : At its
bi-monthly monetary policy review on June 3, the Reserve Bank
of India (RBI) may once again keep the key policy rate
unchanged, as the inflation trajectory is likely to be in line
with the central bank’s projections. Broadly, market
participants expect Consumer Price Index (CPI)-based inflation
to gradually fall to at least eight per cent by January-March
2015, as projected by the Urjit Patel committee on monetary
policy.
|
| KYC norms meant to safeguard banks
from money laundering: RBI |
|
Andhra Pradesh : The Reserve
Bank of India's regulatory stance on 'Know Your Customer'
(KYC) norms aims to safeguard banks from money laundering
activities and enable them understand risks posed to
customers, products and services, its Deputy Governor said
here today. "At the same time, RBI is fully conscious that the
KYC framework will have to be relevant to the perceived risk
and not intrusive in nature, nor too strict,
|
| NBFCs decline after RBI tightens
M&A norms |
|
Delhi : Shares of 10
non-banking financial companies fell 0.44% to 6.99% at 13:02
IST on BSE after the Reserve Bank of India tightened merger
and acquisition rules for non-banking financial companies.IFCI
(down 6.99%), Reliance Capital (down 3.65%), Manappuram
Finance (down 3.62%), Muthoot Capital Services (down 3.45%),
Shriram Transport Finance Company (down 2.22%), IDFC (down
2.16%), Muthoot Finance (down 1.71%), L&T Finance Holdings
(down 1.70%), Bajaj Finance (down 0.80%) and Mahindra &
Mahindra Financial Services (down 0.44%), edged
lower.
|
| Finance & Money
Markets |
| Forex reserves jump by $15.5 bn in
FY'14 |
|
Delhi : Foreign exchange
reserves surged by USD 15.5 billion in the financial year
ended March 2014, the Reserve Bank said Monday.The RBI today
released the sources of variation in foreign exchange reserves
during 2013-14. According to the weekly statistical supplement
released on March 28, 2014, the reserves stood at USD 303.67
billion.On balance of payments basis (excluding valuation
effects), the foreign exchange reserves increased by USD 15.5
billion during FY14 compared to an increase of USD 3.8 billion
during FY13," RBI data said.
|
| Rupee weakens for 2nd day, falls 19
p |
|
Maharashtra : The rupee on
Monday weakened 19 paise, logging its sharpest drop in about a
month, to close at 58.72 against the dollar, amid demand for
the American currency from oil importers and late
profit-booking in equities.At the interbank foreign exchange
market, it commenced higher at 58.45 a dollar from the
previous close of 58.51 and immediately touched a high of
58.41.
|
| No debt recast requests so far in
FY15 |
|
Maharashtra : With the
Reserve Bank of India’s (RBI’s) new guidelines on the
management of stressed assets in place, banks have not been
knocking the door of the Corporate Debt Restructuring (CDR)
cell. The cell has not received a single new case for a loan
recast from member banks so far this fiscal. The guidelines
are aimed at helping banks spot trouble early and take speedy
action to prevent assets from turning bad.In FY14, the CDR
cell restructured loans worth over R1 lakh crore, the highest
in a year.
|
| Commodities |
| Import ease could revive gold demand:
Jewellers |
|
Delhi : A 10% import duty on
gold and stringent conditions for purchases from overseas to
trim a runaway current account deficit (CAD) have encouraged
smugglers to look for innovative ways to beat the customs
staff. The curbs drove up premiums and made domestic gold
rates up to 23% costlier than the benchmark London
prices.This, however, is set to change. Jewellers said the
latest steps by the central bank of allowing banks to offer
gold loans and permitting more entities to import the precious
metal are the first in a series of measures the new government
is expected to take to ease gold supplies, which could drive
up the overall demand by 5-7% in 2014 from last year’s level
of 975 tonnes.
|
| Govt’s grain stock to cross 70 mt in
June, but still lower than last year |
|
Delhi : The grain stocks
with government agencies, including the Food Corporation of
India (FCI) and state bodies, is set to cross 70 million tonne
at the start of next month. Usually, the stocks would be at
the highest level during this time of the year.This year's
stocks would, however, be lower than 77 million tonne reported
in June 2013.Sources told FE that the grain stocks in the
middle of this month was reported at 62.2 million tonne,
consisting of 41.8 million tonne of wheat and 20.3 million
tonne of rice. Besides about 8 million tonne of unprocessed
rice is with millers or agencies.
|
| Brent slips below $110 after Ukraine
poll |
|
Delhi : Brent crude fell
below $110 a barrel on Monday, down from last week's
two-and-a-half month high, as worries over Ukraine eased
slightly following a presidential election. Resistance levels
for Brent and US crude, or West Texas Intermediate (WTI), on
technical charts were also keeping a lid on gains. Market
activity was expected to be limited as the U.S. and UK markets
were closed for holidays.
|
| Pension/Provident
Fund |
| EPFO panel grants tax exemption to 20
private PF trusts |
|
Delhi : An empowered
committee of the retirement fund body EPFO has approved
granting regular tax exemption to 20 private provident fund
trusts, which would provide tax benefits for subscribers of
these firms.The firms, which got approval for tax exemption
during the meeting of the panel held on May 15, include big
names like Food Corporation of India, JK Tyre and Industries
(Vikrant Tyre Plant), Mercedes Benz Research and Development,
Aditya Birla Nuvo, L&T Technology Services and L&T
Hydrocarbon.
|
| Reminders |
| Tenders |
| Dena Bank 28/05/2014
|
| Rajasthan State Ganganagar Sugar Mills
Limited 28/05/2014
|
| Public Health Engineering
Department 28/05/2014
|
| Cantonment Board - Solan Himachal
Pradesh 28/05/2014
|
| Hospital Services Consultancy Corporation [
India] Limited 28/05/2014
|
| Rajasthan Medical Services Corporation
Limited 28/05/2014
|
| National Highway Authority Of
India 29/05/2014
|
| Karnataka State Police Housing Corporation
Limited 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
|
| Punjab Municipal Infrastructure Development
Company 30/05/2014
|
| Bharat Wagon And Engineering Company
Limited 31/05/2014
|
| State Health Society,NRHM -Jammu
kashmir 31/05/2014
|
| District Rural Development Authority - Mungeli
Chhattisgarh 31/05/2014
|
| |
| Notifications
& Circulars |
| INCOME
TAX |
| Notification No.
26/2014 (Delhi) 16/05/2014
|
| The principal rules were published vide Notification S.O.
969 (E), |
| SEBI |
| CIR/IMD/DF/10/2014 (Maharashtra) 22/05/2014
|
| Circular on Mutual Funds |
| CIR/MRD/DP/ 16
/2014 (Maharashtra) 16/05/2014
|
| Establishment of Connectivity with both depositories NSDL
and CDSL – Companies eligible for shifting from Trade for
Trade Settlement (TFTS) to Normal Rolling Settlement |
| CIR/MRD/DP/15/2014 (Maharashtra) 15/05/2014
|
| Risk management framework for Foreign Portfolio Investors
(FPI) under the SEBI (Foreign Portfolio Investors)
Regulations, 2014 |
| RBI |
| Notification No.
RBI/2013-14/607 (Delhi) 27/05/2014
|
| Issue of Pre-paid Payment Instruments-UCBs |
| Notification No.
RBI/2013-14/608 (Delhi) 27/05/2014
|
| RRBs - Need for Bank Branches/ATMs to be made accessible
to persons with disabilities |
| Notification No.
RBI/2013-14/603 (Delhi) 26/05/2014
|
| Levy of foreclosure charges/pre-payment penalty on
Floating Rate Term Loans |
| Notification No.
RBI/2013-14/604 (Delhi) 26/05/2014
|
| Know Your Customer (KYC) Norms /Anti-Money Laundering
(AML) Standards/ Combating of Financing of Terrorism (CFT)/
Obligation of banks under Prevention of Money Laundering Act
(PMLA), 2002 – Harmonization of KYC norms for Foreign
Portfolio Investors (FPIs) – Primary (Urban) Cooperative Banks
(UCBs) |
| Notification No.
RBI/2013-14/605 (Delhi) 26/05/2014
|
| Deferred Payment Protocols dated April 30, 1981 and
December 23, 1985 between Government of India and erstwhile
USSR |
| Notification No.
RBI/2013-14/606 (Delhi) 26/05/2014
|
| Requirement for obtaining prior approval of RBI in cases
of acquisition/ transfer of control of NBFCs |
| Notification No.
RBI/2013-14/602 (Delhi) 23/05/2014
|
| CCTV Coverage of all cash handling operations in Currency
Chests |
| |
|
 |
| Economy |
| India |
| India Q4 CAD dips to 0.2% of GDP |
| FinMin officials line up agenda for new
minister |
| Panel favours cash subsidy for
LPG |
| Oil subsidy to fall 20% in FY15 |
| India hopes Pakistan PM will extend the MFN
status for more liberal trade |
| |
| International |
| ECB watching deflation risks, is ready to act,
says Draghi |
| Japan keen to boost ties with India under
Modi |
| European Patent Office clocks 3% rise in filings;
65% from non-EU nations |
| |
| Markets
Today |
| NSE |
7,318.00
|
|
| BSE |
24,549.51
|
|
| NASDAQ |
4,185.81
|
|
| |
|
|
| USD |
58.94
|
|
| EURO |
80.42
|
|
| JPY(100) |
57.89
|
|
| GBP |
99.32
|
|
|
| |
| Corporate
Watch |
| Russian internet investing guru won over by
Flipkart |
|
Karnataka : E-commerce player
Flipkart has raised $210 million (Rs 1,230 crore) from a
consortium of investors led by DST Global, an internet-focused
investment group founded by Russian billionaire Yuri Milner,
against an undisclosed stake. The Bangalore-based company,
which recently bought fashion e-tailer Myntra, will use the
funds to expand. Including the latest round, Flipkart has
raised $750 million (Rs 4,500 crore). So far, however, it has
disclosed funding of $610 million (Rs 3,600 crore).
|
| After record loss last FY, SpiceJet
revamping ops |
|
Delhi : No-frills airline SpiceJet
is working at trimming costs and optimising use of assets, to
turn around operations. With 37 Boeing 737s and 15 Bombadier
Q400s by the end of this month, it has cut capacity by around
12 per cent. The airline wishes to raise aircraft use to 13.5
block hours from the 12 hours before revamping its
network.Said a senior executive, “We have cut capacity and
revamped our network. With this, we are now meeting variable
costs on 80 per cent of routes against half earlier.
|
| Diageo advances USL open
offer |
|
Karnataka : The open offer by
Diageo, the global spirits major, for a further 26 per cent
stake in United Spirits (USL) is being advanced by almost a
week. This is on a directive from the equity markets
regulator, Securities & Exchange Board of India
(Sebi).Diageo has said its second open offer will open on June
6, as against the earlier June 11. The offer will close on
June 19 (earlier June 24).Market experts said Sebi directing
an acquirer to advance an open offer was not uncommon.
|
| India Cements reports Rs 30.56-crore loss
on sharp drop in realisation |
|
Tamil Nadu : India Cements has
reported a loss of R30.56 crore for the quarter ended March 31
against a net profit of R26.28 crore in the same quarter last
fiscal.For the full year, the company reported a loss of
R35.85 crore as compared to R163.55 crore in the previous
fiscal. In the third quarter, the company made a marginal
profit of R42 lakh.Addressing a press conference on Monday, N
Srinivasan, vice-chairman and MD, said: 'Sluggish demand
coupled with poor per tonne net realisation has cast a shadow
on our performance in the quarter as well as the whole
year.
|
| L&T Infotech to join $1-billion club of
mid-tier companies soon |
|
Karnataka : L&T Infotech, part
of Mumbaibased infrastructure and engineering conglomerate
Larsen and Toubro, would soon be joining the $1-billion club
of mid-tier IT firms, said a senior executive of the company,
adding that the company would focus on growing its fastest
growing verticals, including auto and aerospace.The company's
newly-appointed chief operating officer, Chandrashekar Kakal,
said that the company is well-poised to expand its existing
business verticals,
|
| NBFC
CORNER |
A single window for auditors of non-banking
finance companies |
| |
| Tenders
& Assignment |
| Municipal Corporation Of Kota |
|
Description :Requirement of
Chartered accountant for Chartered accountant service like
income tax, sale tax, royalty, service tax, PF etc work &
financial year 2014-15 last accounts with bank reconciliation
& audit work.
Last Date :
09/06/2014
Address :Municipal
Corporation Of Kota Rajasthan
|
| Assam State Rural Livelihood Mission Society -
Guwahati - Assam |
|
Description :Expression of
Interest for Internal Audit.
Last Date
: 10/06/2014
Address :State
Mission Director,ASRLMS
Shivanath Gogoi Path,Nabajyotinagar
Panjabari,Guwahati-37
|
| Public Health Engineering Department - Patna
Bihar |
Description :Expression of
Interest (EOI) for Selection of Chartered Accountant Firm for
the Statutory Audit of Bihar State Water and Sanitation
Mission. Last Date : 10/06/2014
Address :Bihar State Water and
Sanitation Mission(Public Health Engineering Department,
Government of Bihar)First Floor, PHED Building,
VishweshvariyaBhawan, Bailey Road, Patna Phone
:0612-22545705 E-Mail :edir_pmu@yahoo.co.in
|
| District Magistrate - Medinipur West
Bengal |
|
Description :Expression of
Interest for MGNREGS Fund Audit for 2013-14.
Last Date : 10/06/2014
Address :Government of West
Bengal
Office of the District Magistrate Paschim Medinipur
(MGNREGA CELL)1st floor,Sahid Kshudiram Parikalpana
Bhawan,Zilla Parishad Com plex,Midnapore
|
| Department Of Education - Lucknow Uttar
Pradesh |
Description :Empanelment of
Chartered Accountant Firms for Audit of Accounts.
Last Date : 10/06/2014
Address :Lucknow - Uttar Pradesh
Phone :0522-2239115
E-Mail :rmsaup.spo@gmail.cim
|
| District Rural Development Agency - Kullu
Himachal Pradesh |
Description :From the
Chartered Accountants of Himachal Pradesh who are empanelled
with C&AG / State AG to provide their services for
conducting audit of MGNREGA , other centrally / State
sponsored schemes for the year 2013-14 & 2014-15.
Last Date : 11/06/2014
Address :Kullu - Himachal Pradesh
Phone :01902-222296
E-Mail :drdakulluhp@gmail.com
|
| Panchayat And Rural Development Department -
Raipur Chhattisgarh |
|
Description :Audit work by
chartered accountant firms.
Last Date
: 12/06/2014
Address
:Panchayat And Rural Development Department Raipur
Chhattisgarh
|
| Department Of Higher Education - Agartala
Tripura |
Description :Expression of
interest from the charted accountant firms empanelled with C
& AG and having turnover of RS 25 lakhs / year to conduct
internal audit for the work bank
project. Last Date : 16/06/2014
Address :Directorate of Higher
Education.Old Secretariat.Complex,Agartala, Tripura (W),799001
Phone :0381-2314402
E-Mail :rupanjalmyself@gmail.com
|
| Department Of Medical And Health Service -
Kavaratti Lakshadweep |
Description :Hiring Services
Of Chartered Accountant Firm For Statutory Audit Of State
Health Society. Under NHM. Last Date
: 20/06/2014 Address
:Department Of Medical And Health Service,Kavaratti -
Lakshadweep Phone :04896-263748
E-Mail :rchlakshadweep@gmail.com
|
| School Of Good Governance And Policy Analysis -
Bhopal Madhya Pradesh |
Description :Empanelment of
chartered accountant – invited from the registered chartered
accountants/firms for empanelment for conducting statutory
audit of books of accounts of atal bihari Vajpayee lok
prashasan sansthan. Last Date :
23/06/2014 Address:Bhadbhada
Chouraha,T.T.Nagar,Bhopal- 462003, Phone
:2777316 E-Mail :sushasank@gmail.com
|
| |
|
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