| Professional
News |
| INCOME
TAX |
| Complying with the US foreign account
tax act |
|
Delhi : In April this year,
India entered into an inter-governmental agreement (IGA) with
the US government for the implementation of the Foreign
Account Tax Compliance Act (FATCA), 2010, of the US.The FATCA
will come into force from July 1, 2014, and requires foreign
financial institutions (FFIs) such as banks, mutual funds,
hedge funds, insurance companies, etc, to register with the
Internal Revenue Services (IRS) of the US and furnish certain
information regarding accounts held by US persons that are
worth more than $50,000.
|
| CUSTOMS |
| MNRE opposes anti-dumping duty on
solar cells, says lots of projects in
pipeline |
|
Delhi : The Ministry of New
and Renewable Energy (MNRE) has opposed the Commerce
Ministry’s recommendation on imposing a restrictive duty on
imported solar cells due to several projects already in the
pipeline.Earlier last week, Ministry of Commerce and Industry
had recommended imposition of duty of USD 0.11 to USD 0.81 per
watt on solar cells imported from the US, China, Malaysia and
Chinese Taipei.
|
| VALUE ADDED
TAX |
| Gujarat govt tells Maruti to rethink
VAT refund |
|
Gujarat : Maruti Suzuki
India’s (MSIL’s) proposed factory in Gujarat is faced with a
technical hurdle. In the process of reworking the state
support agreement (SSA), thanks to the new scheme proposed by
MSIL, the state government is learnt to have objected to
offering value added tax (VAT)-related concessions twice, once
to the manufacturer and then again to the seller. MSIL has
been asked to suggest a new formula.
|
| GST |
| Jaitley likely to take Central Sales
Tax route to convince states on GST |
|
Delhi : The Centre is
planning to extend an olive branch to the states to end the
stalemate on Goods and Services Tax (GST). Finance Minister
Arun Jaitely will separately reach out to Madhya Pradesh and
Gujarat to address their concerns on fiscal autonomy and
revenue loss. To win back confidence of the states, the
finance ministry might also make provisions in the upcoming
Budget for adequately compensating the states for the losses
they made due to reduction in Central Sales Tax (CST) — a tax
on inter-state movement of goods.
|
| SEBI |
| Sebi for minimum 25% public holding
in state-run firms |
|
Delhi : Sebi chief UK Sinha
said on Thursday the stock exchange regulator was in favour of
minimum 25% public ownership in listed state-owned companies
as part of its initiative to deepen the markets."Regulation
should be ownership-neutral. Our stand as a regulator is that
all companies should be treated alike," Sinha said in New
Delhi after meeting finance minister Arun Jaitley.Sinha said
the final call on the issue will have to be taken by the
government.
|
| RBI |
| Stable rupee may prod RBI to
liberalise rules |
|
Maharashtra : After
withdrawing some of its earlier restrictions on gold import
and raising the limit on importers’ forward contracts, the
Reserve Bank of India (RBI) might do more.It might, believe
watchers, restore the norm which had allowed an individual
travelling out of the country to spend up to $200,000 abroad
in a year. And, liberalise the rules on offshore investments
by domestic companies.
|
| RBI norms on differentiated banks,
licences in next 4 months |
|
Delhi : Financial Services
Secretary GS Sandhu said on Thursday that the RBI will bring
out guidelines on differentiated banks and “on-tap” bank
licences in the next four months and then start inviting
applications for the same. In April, the RBI had decided to
grant “in-principle” approval to two applicants – IDFC and
Bandhan Financial Services – to set up banks out of 25
applicants.
|
| RBI aims to manage redemption
pressure with 14-year bond issue |
|
Maharashtra : For the first
time this year, the Reserve Bank of India has introduced a new
14-year security in its weekly government bond sale due on
Friday as it tries to reduce future redemption pressure after
sizeable issues. The yield for the paper maturing in 2027-28
is trading at 8.74 per cent in the When Issued (WI) market -
an RBI platform for price discovery without settlement -
compared with 8.70 per cent, the closing level on Wednesday in
the 10-year benchmark.
|
| IRDA |
| IRDA’s e-insurance norms to be
announced by June |
|
Maharashtra : Insurance
Regulatory and Development Authority (IRDA) is likely to
release final guidelines on e-insurance in the first week of
June, according to sources in the know. The insurance
regulator's new guidelines are likely to make it mandatory for
insurance companies to issue only electronic policies from
July 1. Last year, IRDA had allowed players like NSDL Database
Management, Central Insurance Repository, SHCIL Projects, CAMS
Repository Services and Karvy Insurance Repository to offer
insurance repository services.
|
| FDI
Policy |
| FinMin looking at insurance funding
without raising FDI cap |
|
Delhi : The Finance Ministry
is looking at ways in which private insurance companies can be
allowed to raise more funds without hiking the foreign direct
investment cap in the sector to 49 per cent."Now we have to
look afresh on this (insurance sector) ...Whether there could
be some other instrument (to permit private companies to raise
funds) without raising (FDI cap) to 49 per cent.
|
| DIPP proposes 100% FDI in defence
sector |
|
Delhi : The department of
industrial policy & promotion (DIPP) has prepared a draft
Cabinet note that proposes to allow up to 100 per cent foreign
direct investment in defence as part of its plan to boost
domestic manufacturing. The move comes two days after Nirmala
Sitharaman took charge as the new commerce & industry
minister. Defence Minister Arun Jaitley had indicated on
Tuesday after taking charge of the ministry that he would
consider the issue of FDI in the sector.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Finance Ministry plans a holding
company to raise debt, equity for
PSBs |
|
Delhi : The finance ministry
has proposed an ambitious road map to create a holding company
to park government-held stakes in public sector banks valued
at about Rs 2.5 lakh crore, which in turn will raise long-term
funds and use that to capitalise the lenders. The holding
company (holdco) will raise funds through debt and equity
route over the period that will be used to meet the fund
requirements of capital-starved public sector banks.
|
| ACCOUNTING
STANDARDS(AS) |
| New global accounting rule may impact
Indian firms |
|
Delhi : The International
Accounting Standards Board and the US Financial Accounting
Standards Board have published a new joint standard on revenue
recognition.The joint standard on revenue recognition replaces
most of the detailed guidance on revenue recognition that
currently exists under US Generally Accepted Accounting
Principles (GAAP) and International Financial Reporting
Standards (IFRS).
|
| Finance & Money
Markets |
| ICICI Bank looking to mop up another
$200 million through overseas bonds |
|
Maharashtra : ICICI Bank,
India’s largest private sector lender, is looking to mop up an
additional $200 million through overseas bonds, after it
raised $750 million in November last year. The US
dollar-denominated Reg S senior notes mature in May
2019.According to Bloomberg News, the bonds are listed on
Singapore Stock Exchange and carry a coupon rate of 4.80%.
|
| Asia Index launches S&P BSE India
Infrastructure Index |
|
Maharashtra : Asia Index, a
BSE and S&P Dow Jones Indices joint venture, today
launched an index to measure the performance of 30 leading
infrastructure companies ahead of an anticipated investment
boom in the sector as the government kick-starts stalled
projects. The new index consists of companies from five
sectors - energy, transportation, non-banking financial
institutions, telecommunications and utilities.
|
| Commodities |
| Gold hits 11-month low of Rs 27,500
on weak global cues |
|
Delhi : Extending its
downward journey for the fourth straight session, gold prices
tumbled by Rs 200 to hit nearly 11-month low of Rs 27,500 per
ten grams in the national capital today amid a weak trend in
global markets. Besides, subdued demand from jewellers and
retailers and a weak trend in futures trade also weighed on
gold prices. Silver also remained under pressure for the fifth
straight day and fell by Rs 500 to Rs 40,500 per kg.
|
| INTERNATIONAL
BUSINESS |
| Apple to pay $3 billion to buy Beats
Electronics |
|
Apple, the company that turned digital
music into a mainstream phenomenon, said on Wednesday that it
was buying Beats Electronics, a rising music brand, for $3
billion, in a move that will help it play catch-up with rivals
that offer subscription-based music services.Apple and Beats
executives said the companies would work together to give
consumers around the world more options to listen to music.
|
| MERGER &
ACQUISITION - NATIONAL |
| Sequoia Capital Raises $530M For
India-Focused Fund, Takes Total Investment To Nearly
$2B |
|
Maharashtra : Sequoia
Capital, one of the most prominent venture capital firms in
Silicon Valley to have invested in India, announced Friday
that it has raised $530 million for its fourth India-focused
fund, taking its total investments in the country to nearly $2
billion.The Menlo Park, Calif.-based venture capital firm,
which is known for its early and seed-stage investments in
companies such as Google Inc (NASDAQ:GOOGL), Apple Inc.
|
| RIL to acquire control of Network 18
Media, to spend Rs 4,000 crore |
|
Delhi : In the biggest ever
deal in the Indian media sector, Reliance Industries Ltd (RIL)
will acquire control in Network 18 Media & Investments
Ltd, including its subsidiary TV18 Broadcast Ltd, for Rs 4,000
crore.The Board of RIL today approved funding of up to Rs
4,000 crore to Independent Media Trust (IMT), of which RIL is
the sole beneficiary, for acquisition of control in Network 18
Media & Investments Ltd (NW18), including its subsidiary
TV18 Broadcast Ltd (TV18), the company said in a
statement.
|
| Banking |
| FinMin to take fresh look at
non-performing assets |
|
Maharashtra : Under Arun
Jaitley, the finance ministry is set to take a fresh look at
the issue of governance in public sector banks (PSBs). Under
the previous regime, the ministry had differed with the
Reserve Bank of India (RBI)’s view that lack of governance at
these banks had led to a rise in bad loans.In a detailed note
to the ministry, the central bank had highlighted concerns
related to governance in PSBs, adding these had led to a rise
in non-performing assets (NPAs).
|
| I-T Dept told to share wealth info of
defaulters with banks |
|
Delhi : In a step to help
public sector banks to recover bad loans, the Finance Ministry
has asked the I-T Department to share details of defaulters’
wealth tax returns with PSBs if they ask for such
information.The Ministry said in a communication to
Commissioners of Income Tax said “CBDT … clarifies that
information on assets of loan defaulters to enable recovery of
loans by PSBs from such defaulters is in public interest”. The
top 30 non-performing assets (NPAs) of state-owned banks
account for 40.2 per cent of their gross bad
loans.
|
|
 |
| Economy |
| India |
| Government to add more works under MGNREGA based
on requirements of states |
| Govt may fund strategically important Iranian
port |
| Green panel to examine Rs 80,000-cr projects
today |
| Non-food credit rises 14% |
| Narendra Modi not to stop diesel price
hikes |
| India Signs Loan Agreements with World Bank for
IDA Assistance of US $ 1006.20 million for Sarva Shiksha
Abhiyan III |
| |
| International |
| US Economy Set for Rebound After Q1
Contraction |
| Stumbling Thai economy lends urgency to junta's
revival efforts |
| |
| Markets
Today |
| NSE |
7,229.95
|
|
| BSE |
24,217.34
|
|
| NASDAQ |
4,247.95
|
|
| |
|
|
| USD |
59.05
|
|
| EURO |
80.39
|
|
| JPY(100) |
58.10
|
|
| GBP |
98.82
|
|
|
| |
| Corporate
Watch |
| No plans to privatise Air India, says
Aviation minister Ashok Gajapathi
Raju |
|
Delhi : Aviation minister Ashok
Gajapathi Raju Pusapati has said the public sector does have a
place in the overall growth of airlines industry, suggesting
that he is against the government exiting the running of
national carrier Air India despite its huge losses and debt.
'Just because a company belongs to the public sector, one
should not be against it. But it has to perform,' said Raju,
who met senior officials of the aviation sector to begin with
on his first day in office on Thursday.
|
| Tesco set to go ahead with multi-brand
retail venture |
|
Delhi : Undeterred by the BJP's
apparently unyielding stance on foreign direct investment
(FDI) in multi-brand retail, Tesco is going ahead with its
proposed $110 million investment to open stores in a joint
venture with Tata's Trent Hypermarket. This follows assurances
by government officials to the UK-based retailer that even if
the policy is reversed, it won't be done with retrospective
effect.
|
| ABWL merger: Airtel has to return excess
spectrum, pay Rs 406 crore fee |
|
Delhi : Bharti Airtel may have to
surrender 1.2 Mhz spectrum in the Mumbai circle if it wants to
merge its unit Airtel Broadband Wireless (ABWL) with itself
and pay Rs 406.09 crore to migrate the wireless broadband
subsidiary's internet licences in four service areas to
unified access services (UASL) permits. According to an
internal document, the telecom department (DoT) has said that
the merger will be taken on record if Bharti Airtel agrees to
conditions which include surrendering the excess spectrum and
paying the migration fee.
|
| PE funds to raise $3 billion buoyed by
growth sentiment |
|
Maharashtra : Spurred by the sharp
turnaround in economic sentiment, several private equity (PE)
funds including CX Partners, Multiples Alternate Asset
Management, IVFA, Everstone and Exponentia Capital are rapidly
swinging into fund raising mode. In all, these funds are
gearing up to try and raise at least $3 billion (Rs 17,700
crore) in the next 12 months, interviews with highly placed
sources at each of these funds suggest.
|
| NBFC
CORNER |
A single window for auditors of non-banking
finance companies |
| |
| Tenders
& Assignment |
| State Health Society,NRHM -Jammu
kashmir |
|
Description :Appointment of
concurrent auditors for providing their services for
concurrent audit for state health society and the 22 district
health societies for the financial year 2014-15.
Last Date : 31/05/2014
Address :Regional Institute of Health
& Family Welfare,Nagrota,Jammu-181221
Phone :0191-2674244
|
| Cantonment Board,Bakloh Distt Chamba - Himachal
Pradesh |
|
Description :Engagement of
Chartered Accountant On Contractual/ Honorarium Basis In
Cantonment Board, Bakloh.
Last Date :
03/06/2014
Address :Chamba - Himachal
Pradesh
|
| Cantonment Board,Dalhousie Distt Chamba -
Himachal Pradesh |
Description :Engagement of chartered
accountant on contractual / Honorarium Basis in Cantonment
Board.
Last Date : 04/06/2014
Address :Chamba - Himachal Pradesh
|
| Ahmedabad Cantonment Board |
|
Description :Applications
from registered chartered accounts/firm’s for implementation
of accrual based accounting system in office.
Last Date : 04/06/2014
Address :Office of the Cantonment
Board,
Nr.Camp Hanuman Mandir, Ahmedabad Cantonment.
|
| Government Of Bihar |
|
Description :Request for
Expression of Interest for Appointment of Chartered Accountant
for Making of Balance Sheet.
Last Date
: 06/06/2014
Address :Patna
- Bihar
|
| 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
Kota Rajasthan
|
| Delhi Transport Infrastructure Development
Corporation Limited |
|
Description :Expression of
interest for chartered accountants and cost accountants for
empanelment and appointment as internal audit for the
financial year 2013-14 & tax auditor.
Last
Date : 10/06/2014
Address
:Delhi Transport Infrastructure Development
Corporation Limited,2nd Floor, Maharana Pratap ISBT, Kashmere
Gate, Delhi-110006
Phone
:011-23866404
|
| 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
|
| 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
|
| Navsari Agricultural University |
|
Description :Hiring service
of chartered accountant firm for internal audit &
financial system control of agricultural university.
Last Date : 20/06/2014
Address :Navsari - Gujarat
|
| Department Of Institutional Finance |
|
Description :Appointment of
statutory auditor for audit works.
Last Date
: 20/06/2014
Address
:Department Of Institutional Finance,Vindhyachal
Bhawan, C-Wing, First Floor, Bhopal - 462004
Phone :91 755 2551199/2552003
|
| 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
|
| |
| Reminders |
| Tenders |
| District Rural Development Authority - Mungeli
Chhattisgarh 31/05/2014
|
| Bharat Wagon And Engineering Company
Limited 31/05/2014
|
| Vijaya Bank 04/06/2014
|
| Public Works
Department 04/06/2014
|
| Assam State Rural Livelihood Mission
Society 05/06/2014
|
| Department Of Agriculture - Panchkula
Haryana 05/06/2014
|
| Assam Gramin Vikash
Bank 05/06/2014
|
| Urban Development Agency - Patna
Bihar 06/06/2014
|
| Aids Control Society - New
Delhi 06/06/2014
|
| Maharashtra Prathamik Shikshan
Parishad 06/06/2014
|
| West Bengal State Marketing
Board 06/06/2014
|
| |
|
No comments