Ø Adani Ports acquiring Warburg Pincus affiliate’s stake in Gangavaram Port
Ø India's YoY sugar production till Feb jumps 20%: ISMA
Ø India regains top slot in Honda’s global two-wheeler sales
Ø MDL pays dividend of Rs 92.56 cr to Def Min
Ø Airtel raises USD 750 mn via allotment of unsecured senior fixed rate notes
Ø Franklin Templeton under ED scanner
Ø Cabinet nod to pact between India, Fiji for co-operation in agri sector
Ø Sebi asks bourses, clearing cos to put in place mechanism to prevent fraud
Ø US private payrolls rise less than expected in February, shows data
Ø OPEC+ are considering oil output roll over for April: Report
Ø NCLT upholds Doha Bank plea, Reliance Infratel to get 100% recovery
Ø No automatic renewal of slots for Jet Air: Ministry
Ø ICAI finds First Leasing auditors guilty of ‘professional misconduct’
Ø Renault begins sale of new SUV Kiger; delivers over 1,000 units on Day 1
Ø Chinese company CRRC begins work on Metro Coach factory in Sri City
Ø Auto component sector’s demand outlook upbeat for FY22
Ø Bajaj Electricals, Mahindra Logistics sign ₹1,000 crore project
Ø Samsung details plans for $17 billion chip facility in US
Ø Policybazaar.com IPO in 12-15 months; firm gets capital boost from Bay Capital
Ø Sebi cancels Sahara India Financial Corp's registration as sub-broker
Ø UK to hike corporation tax to 25% from 19% from 2023, says FM Sunak
Ø With $4.9 billion inflows so far in 2021, India continues to attract FPIs
Ø Govt mulls hiking MSP for jute
Ø BPCL to sell NRL stake to OIL, EIL for Rs 9.9K cr
Ø Indian economy in +ve zone, grows 0.4%
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⚫PM said, India will invest $82 billion in port projects by 2035, raise the share of clean renewable energy source in the maritime sector, develop waterways, augment seaplane services, boost tourism around lighthouses, and generate 2 million jobs.
⚫The Govt has fixed a target to purchase 42.73 million tonnes of wheat in the coming crop marketing season that will start from April, which is 9.56% more than the actual purchase of the previous year.
⚫The Centre would get Rs 77,815 crore from the two day auction. Reliance Jio has emerged the highest bidder in the 4G telecom spectrum auction.
⚫The Supreme Court has ruled in favour of companies by rejecting the I-tax dept’s stand that the money paid by Indian co's for use of software developed by foreign firms amounts to royalty and is taxable in the country.
⚫The Co-WIN portal, has seen more than 5 million registrations in the last two days, with no technical glitches.
⚫Around 15 million people have received at least one dose of vaccine so far and more than 200,000 doses have been given to citizen beneficiaries those above 60 years and over 45 with comorbidities.
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👉 Announcement regarding Insertion of Rule specifying Companies that are not considered as Listed Companies by CL&CGC ICAI - (02-03-2021)
https://resource.cdn.icai.org/63194clcgc51148.pdf
👉 Announcement regarding planning of extension of few of the provisions of the Companies Act, 2013 to the LLP Act, 2008 by CL&CGC ICAI - (02-03-2021)
https://resource.cdn.icai.org/63195clcgc51149.pdf
👉 41st SAARCFINANCE Governors’ Group Meeting and SAARCFINANCE Governors’ Symposium, March 01-02, 2021
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51210
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Income-tax Penalties (other than exclusions), imposable by Addl. CIT/JCIT & below, shall remain with National Faceless Assessment Centre. CBDT Order of 26.2.21.
Governments decision to do away with the mandatory Goods and Services Tax (GST) annual audit requirement by professionals such as chartered accountants will help over 10 million firms save audit fees worth about RS. 30,000 crore annually, besides reducing compliance burden.
Securities and Exchange Board of India has proposed sweeping changes to rules governing independent directors, including norms that pertain to their appointment and removal, eligibility criteria and remuneration structure. The regulator plans to introduce the dual-approval system for the appointment and removal of independent directors.
Establishment of Branch office (BO), Liaison office (LO) or Project office (PO) in India. Establishment of a BO/LO is permitted under General permission route and specific permission (‘Govt.’ approval route)
Read More: http://femainindia.com/Image/LO%20BO%20PO_19.pdf
RBI remained net buyer of the US dollar in December after it purchased USD 3.991 billion from the spot market, data showed. During the reporting month, the central bank bought USD 10.014 billion and sold USD 6.023 billion in the spot market.
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⚫Services sector activity grew at its fastest pace in a year, helped by improved domestic demand and more favourable market conditions, even as their exports continued to decline in February. Purchasing Manager Index rose to 55.3 in February from 52.8 in January, owing to a quicker increase in new orders.
⚫Cross-border trade with Bangla, Bhutan, Nepal from next month, Distribution co's have signed long term power purchase agreements for meeting 90-92% of the demand.
⚫The year 2020 recorded venture capital and PE investments worth $41 billion across 831 deals. The surge in deal value was primarily supported by telecom and retail segments with Reliance Jio and Reliance Retail alone receiving $16 billion VC and PE investment.
⚫Franklin Templeton Mutual Fund, which shut its six schemes in April 2020, is facing the heat from the ED & SEBI. The ED has registered a money laundering case against the fund house and eight others, the market regulator has issued a show-cause notice and summons to the company and its key personnel who redeemed their investments days or weeks before the closure announcement.
⚫Maharashtra reported 9,855 new COVID-19 cases on Wednesday.
⚫Germany is extending its coronavirus shutdown by three weeks until March 28, but easing some restrictions to allow nonessential stores and other businesses to reopen in areas with relatively low infection rates.
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✅Income Tax: CBDT relaxes ‘residency rule’ for NRIs, if forced stay in India due to COVID-19 resulted in Double Taxation. Circular no.2 of 2021 dated 3rd March.
✅ ICAI has published twenty new publications on various procedural aspects of GST.
Link to Download.
https://idtc.icai.org/publications.php
✅Greetings from ICAI Exams. Kindly visit observer portal i.e. http://observers.icaiexam.icai.org and apply for acting as observer for CA Exams May 2021 on of before 20/03/2021.
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