| Professional
News |
| INCOME
TAX |
| Vodafone officials confer with
government on tax issue |
|
Delhi : Representatives of
British telecom giant Vodafone on Friday met senior finance
ministry officials, including finance secretary Arvind
Mayaram, to test the waters for an amicable resolution to its
R20,000-crore tax dispute. Led by Matthew Kirk, director,
external affairs, Vodafone officials also discussed their
future investment plans in India.Sources said that the meeting
was to understand the way the new NDA government views the tax
case and gauge how it wants to proceed with it. “It was a
courtesy call.
|
| RBI |
| RBI to offer first ever term reverse
repo auction on June 2 |
|
Maharashtra : Reserve Bank
of India ( RBI) on Friday announced its first-ever term
reverse repo auction to drain excess cash from the banking
system, which traders attributed to bunched-up government
spending after elections. The Reserve Bank of India said it
will conduct a 4-day term reverse repo variable rate auction
for 150 billion rupees ($2.54 billion) on June 2 and can also
accept an additional 100 billion rupees.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| DIPP for simplification of Land
Acquisition Act |
|
Delhi : The Department of
Industrial Policy and Promotion (DIPP) will pitch for
simplification of the land acquisition act to facilitate
investment and manufacturing in the economy by doing away with
the cumbersome rules and procedures in the legislation.
Commerce and industry minister Nirmala Sitharaman will likely
take the matter up with her rural development counterpart
Gopinath Munde. DIPP will likely propose doing away with the
social impact assessment process in the Act, which is a
pre-requisite for public-private partnership (PPP) and private
entities to acquire land.
|
| Govt flexes arms, pushes for
high-value exports, 100% FDI in defence
sector |
|
Delhi : The commerce
ministry, as part of its national strategy for local defence
production, is likely to give a major boost to hi-tech and
high value-added defence exports through incentives in the
upcoming Foreign Trade Policy (FTP) for 2014-19.The Department
of Industrial Policy and Promotion is also pushing for 100%
Foreign Direct Investment (FDI) in the sector. New defence
minister Arun Jaitley said the issue of relaxing the 26% FDI
ceiling in the sector was discussed after he took charge.
Defence production was opened up fully for the Indian private
sector in 2001, but FDI was capped at 26%.
|
| Finance & Money
Markets |
| Kotak Mahindra sells 3.24% to Canada
fund |
|
Maharashtra : Kotak Mahindra
Bank in an exchange release on Friday announced that its
promoters have sold 2.5 crore shares, representing 3.24%
stake, to Canada Pension Plan Investment Board.Following this
sale, promoter holding in the bank comes down to 40.33% from
43.58%. The bank had received a communication from the Reserve
Bank of India (RBI) on Tuesday to bring down its promoter
shareholding to 40% by September 30, 2014.
|
| YES Bank gets $500 mn via
QIP |
|
Maharashtra : Private Sector
lender YES Bank has raised $500 million via the qualified
institutional placement (QIP) route. With this issue, the
promoters have divested 12.9 per cent stake in the bank.
Earlier the promoter shareholding in the bank stood at 25.55
per cent but after the QIP issue the stake has come down to
12.65 per cent. The issue was aimed at raising capital to
support its growth plans and also to meet incremental capital
to facilitate the additional capital requirements under the
Basel-III norms. The issue was subscribed five times, showing
that investors have an appetite for equity deals
now.
|
| Rupee sees worst week in four months;
gains on month |
|
Maharashtra : The rupee
weakened on Friday after trading in a tight band for much of
the session as month-end dollar demand from oil importers
offset the large dollar inflows seen towards Yes Bank's share
sale.Yes Bank Ltd has raised $500 million in a share sale to
institutional investors, two bankers involved in the deal
said, the first of a raft of equity deals expected after a
landslide election victory for new Prime Minister Narendra
Modi.
|
| Micro finance industry's gross loan
portfolio up 35 per cent in FY14 |
|
Maharashtra : Micro finance
industry's gross loan portfolio (GLP) registered a growth of
35 per cent to Rs 27,931 crore in FY'2013-14 ended March 31.
The data was collected by Microfinance Institutions Network
(MFIN), an association for the micro finance industry which
has 46 NBFC-MFIs as its members. The report said NBFC-MFIs,
other than those under corporate debt restructuring (CDR)
witnessed a growth of 51 per cent in their gross loan
portfolio.
|
| Sensex snaps 3-week gains on
profit-taking; RBI policy eyed |
|
Delhi : Benchmark indices
fell 2 percent during the week, snapping a three-week winning
streak, as investors cashed in on some of their paper profits.
The 30-share BSE Sensex declined 476.01 points to 24,217.34
and the 50-share NSE Nifty slipped 137.15 points to
7,229.95.Second line shares too were under pressure, with the
CNX Midcap and BSE Smallcap indices falling 3 percent and 1
percent, respectively. Both these indices had hugely
outperformed benchmarks in preceding three weeks, gaining 20
percent and 26.4 percent, respectively.
|
| Commodities |
| Oil below $110 but supported by
supply risks, demand |
|
Delhi : Brent crude oil
slipped below $110 a barrel on Friday but stayed close to the
top of its range over the last three months, underpinned by
supply worries and evidence of strong oil demand in the United
States, the world’s top oil consumer.Fighting continued in
eastern Ukraine with the defence minister promising to push
ahead with an offensive against rebels until “normal life” was
restored.
|
| Iron Ore Heads for Record Losing
Streak on Growing Supply |
|
Delhi : Iron ore capped a
sixth monthly drop in the longest losing run on record as
rising supplies from Australia and Brazil spur a global glut.
Fortescue Metals Group Ltd. (FMG) said there could be further
losses, with a risk prices may retreat to the lowest level
since 2009.Ore with 62 percent content delivered to Tianjin
tumbled 4.1 percent to $91.80 a dry ton, the lowest level in
20 months, according to data from The Steel Index Ltd.
|
| Marine products exports up 42 per
cent to USD 5 bn in 2013-14 |
|
Delhi : Marine products
exports grew by 42 per cent year-on-year to USD 5 billion in
2013-14. The exports were aggregated at USD 3.51 billion.
"During the financial year 2013-14, exports of marine products
reached an all-time high of USD 5 billion, an official
statement said. In volume terms, the exports were 9.83 lakh
tonne. Among marine products, "frozen shrimp continued to be
the major export value item accounting for 64.12 per cent of
the total exports earnings," it added.
|
| Banking |
| Canara Bank aims to reach aggregate
biz of Rs 8.50 lakh crore |
|
Kerala : Public sector
lender Canara Bank is targetting to reach an aggregate
business of Rs 8.50 lakh crore during this fiscal with plans
to add 1,250 branches, a top official today said. "The bank
was aiming to reach an aggregate business figure of Rs 8.50
lakh crore with a deposit growth of 16-17 per cent and
advances growth of 19-20 per cent by March 2015," bank's
Chairman and Managing Director R K Dubey told reporters
here.
|
|
 |
| Economy |
| India |
| North Block gets into pre-Budget
mode |
| Fiscal deficit at 4.5% of GDP in
2013-14 |
| Finmin may trim FY15 budgeted subsidy bill by
15-16% for fiscal fitness |
| International deposits of banks rose 36% in
Dec |
| Lower plan expenditure helps government compress
budget gap |
| |
| International |
| Japan inflation rate hits 23-year
high |
| Drop in Italian, Spanish inflation feeds euro
zone deflation worries |
| US consumer spending falls in
April |
| |
| Corporate
Watch |
| L&T beats expectations with 69% jump in
Q4 net, signals strong FY15 |
|
Maharashtra : The country’s largest
engineering and construction company by sales, Larsen &
Toubro (L&T) on Friday recorded a robust growth in
earnings for the quarter ended March 31, and the management
indicated that prospects in the current fiscal would be even
better with an expected upswing in the infrastructure sector
with a new government in place.L&T’s standalone net profit
increased 69% year-on-year to R2,723 crore during the
period.
|
| GMR Infra net profit doubles to R1,170 cr
for fourth quarter |
|
Karnataka : GMR Infrastructure's
net consolidated profit has doubled to R1,170 crore in the
quarter ended March from R579 crore a year ago, helped by
income from its stake sale in Istanbul's Sabiha Gokcen
international airport. The company had booked a profit of
R1,659 crore by divesting its 40% stake in the Istanbul
airport during the quarter.The asset sale also helped GMR post
a R10 crore profit for FY14, its second consecutive year of
profit following two years of losses. Shares of the company
rose 5.2% on the Bombay Stock Exchange during early trade on
Friday before closing at the previous day's level of R33.40
per share.
|
| Policybazaar raises $20
million |
|
Maharashtra : Online insurance
company PolicyBazaar.com has raised $20 million ( Rs. 119
crore) in a Series C round of funding from investors. The
capital will be used to strengthen the portal’s technology and
sharpen the focus on brand awareness.The future plans of
PolicyBazaar are directed towards consolidating its position
in the digital space. Yashish Dahiya, CEO, PolicyBazaar.com
said: “This development re-instates our core belief that both
consumers and industry will benefit equally through online
comparison and retail of financial products such as
insurance.”
|
| NBFC
CORNER |
A single window for auditors of non-banking
finance companies |
| |
| Tenders
& Assignment |
| 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
|
| 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
|
| 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
|
| |
| Reminders |
| Tenders |
| Cantonment Board,Bakloh Distt Chamba - Himachal
Pradesh 03/06/2014
|
| Cantonment Board,Dalhousie Distt Chamba -
Himachal Pradesh 04/06/2014
|
| Vijaya Bank 04/06/2014
|
| Public Works
Department 04/06/2014
|
| Department Of Agriculture - Panchkula
Haryana 05/06/2014
|
| Assam Gramin Vikash
Bank 05/06/2014
|
| Assam State Rural Livelihood Mission
Society 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
|
| |
| Notifications
& Circulars |
| RBI |
| Notification No.
RBI/2013-14/619 (Delhi) 30/05/2014
|
| Deferred Tax Liability on Special Reserve created under
Section 36(1) (viii) of the Income Tax Act, 1961-UCBs |
| Notification No.
RBI/2013-14/618 (Delhi) 29/05/2014
|
| Know Your Customer (KYC) Norms / Anti-Money Laundering
(AML) Standards /Combating of Financing of Terrorism (CFT) /
Obligation of NBFCs under Prevention of Money Laundering Act
(PMLA), 2002 - Amendment to Section 13(2) |
| Notification No.
RBI/2013-14/616 (Delhi) 28/05/2014
|
| Crystallization of Inoperative Foreign Currency
Deposits |
| Notification No.
RBI/2013-14/617 (Delhi) 28/05/2014
|
| Formation of new State of Telangana – Assignment of SLBC
Convenorship |
| |
|
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