SEBI : Sebi Board Meeting – Sebi Budget for Year 2015-16; Sebi Guidelines for Ifsc; Conversion of Debt into Equity by Banks and Fis; Review of Continuous Disclosure Requirements for Listed Entities, etc.
Sunday, 22 March 2015
AO rightly rejected books when assessee failed to explain reasons for errors found in vouchers and b
IT : Where no plausible reason was extended by assessee for errors in vouchers and in other account books, rejection of books of account was justified
Steel Sector Seeks Govt Action On Cheap Chinese Imports
Tata Steel today said the Indian steel industry is seeking support from the government to face the challenge posed by import of steel from China and other countries at much lower prices.
“Indian steel industry is struggling because a lot of cheap imports are coming in, including from China, and they have approached the government. Let’s see what happens,” Tata Steel Managing Director T V Narendran told reporters on the sidelines of a CII event.
Asked about the impact of increase in import duty on steel in Budget proposals for 2014-15, Narendran said: “In the budget they have only increased the peak duty, they have not increased the basic duty so that’s something we are discussing with the government.”
He said the current import duty on steel in India was among the lowest in the world and if the government wanted to encourage local manufacturing and local investment, then there should be some sort of support. According to his estimates, total steel import by India in 2014 was around 8 million tonnes.
India’s steel imports during the first 10 months (April-Jan) of 2014-15 stood at 8.127 million tons, up 69 per cent as compared to only 4.803 million tons imported during the corresponding period of 2013-14, according to India Steel Market Watch data.
There is also a concern because in Russia the rouble is ruling very weak and that is also creating a pressure, Narendran pointed.
Asked about imposing dumping, he said: “That is the point of discussion because dumping is a very technical definition, but what industry is saying that there should be some sort of support because establishing dumping cases take some time.
Source:hellenicshippingnews.com
Rice Exports Up 6 Pc At 8.44 Million Ton In Apr-Dec 2014
India’s rice exports rose by 6.1 per cent to 8.44 million tonnes during the April-December period of current fiscal compared to 7.95 million tonnes in the same period of 2013-14.
In value terms, rice exports stood at Rs 35,157.38 crore during the period this fiscal against Rs 33,647.45 crore in the year ago period, Parliament was informed today.
Export of basmati rice during the nine-month period of this fiscal declined by 6.19 per cent to 2.57 million tonnes from 2.74 million tonnes in the same period last year, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.
Iran is the largest importer of basmati rice from India.
“During the current year, Iran had significant carry over stocks from domestic production and heavy imports in past two years and hence has imposed a restriction on issue of import permits from October 2014,” she said.
Exports to Iran during the nine-month period declined to 705.52 thousand tonnes as against 1.18 million tonnes during the same period last year.
Other major export destinations for basmati rice are Saudi Arabia, Iraq, Kuwait and the UAE. Major export destinations of non-basmati rice include Benin, Bangladesh, Senegal, South Africa and Liberia.
Replying to a separate question, the minister said India’s automobile exports have increased by 16.92 per cent at 3,322,581 units during April-February this fiscal.
In 2013-14, it was 3,107,893 units as against 2,898,907 units in 2012-13. “There is no significant fall as such in passenger vehicle exports,” she said.
In a separate question on third country export to Iran, she said the government has issued guidelines for allowing third country export of humanitarian goods (food, medicines and medical equipment) to Iran as part of oil payments due to that country.
“Ministry of Finance has decided that payments to the extent of USD 100 million per month for such third country exports to Iran would be allowed from the 45 per cent INR (domestic currency) vostro account (a kind of payment settlement mechanism) held with the UCO Bank,” Sitharaman said.
Payment over and above USD 100 million per month would be met from 55 per cent Euro component, the Minister said. “The balance in the INR Vostro Account of Iranian Commercial Banks with UCO Bank as on March 16, 2015 is Rs 17,895.50 crore,” she added.
Source:hellenicshippingnews.com
Ndian Rupee Opens With Marginal Gains At 62.40 Per Dollar
The Indian rupee opened with marginal gains at 62.40 per dollar on Monday versus Friday's closing value of 62.46 a dollar. The dollar slips across the board pulled lower by expectations US interest rates will rise more slowly than previously expected.
Agam Gupta of Standard Chartered said, "Any upticks to 62.55/dollar should see dollar supply from exporters and other accounts."
"Expect local government banks to have dollar buying interest on dips to 62.25/dollar. Since we are in the last few days of the financial year, we could continue to see the supply demand dynamics to be tilted in favour of dollar supply."
Source:moneycontrol.com
Providing computer in Govt. schools as per prescribed syllabus isn't commercial training or coaching
Service Tax : Providing computer education in government schools as per syllabus provided by State Government is not, prima facie, any commercial training or coaching
HC rejected application seeking amendment in company petition u/s 397 as it was filed after commence
CL: Application for amendment in company petition under section 397 filed at stage of commencement of arguments is not entertainable
Corporate guarantee provided to AE is subject to TP adjustment due to inherent risk in it
IT/ILT : Transaction of providing loans to subsidiary whether a direct loan or providing credit for initial expenditure, which is stated to be reimbursable, calls for transfer pricing adjustment
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