7. IFC launches $2.5 blnrupee-denominated bonds for infra
projects in India The World Bank's private-sector arm on Wednesday
launched $2.5 billion, rupee-denominated bonds to fund
infrastructure investments in India, the International Finance
Corporation (IFC) said in a statement. Under the programme, IFC
will use a combination of rupee- denominated bonds and swaps to
raise local-currency financing of up to $2.5 billion, or 150
billion rupees, over the next five years," the statement said.
Source: http://in.reuters.com
8. HDFC Bank is most valuable brand in India: BrandZReport
Mumbai:HDFCBankLtd,Indiassecondlargestprivatebankbyassets,emergedtheNo.1brandwithavalueof$9.4billioninalistofIndias50mostvaluablebrandsreleasedonTuesday.Thefirst-everBrandZrankingwascommissionedbyWPPPlc,theworldslargestcommunicationsservicesgroup,
andthevaluationwasconductedbyresearchagencyMillwardBrown,whichspecializesinbrandequityresearchandbrandvaluation.HDFCBankhasanetworkin2,100citiesandtownsacrossIndiaand28millioncustomers.TheNo.2brand,BhartiAirtelLtd,isthefourthlargestmobilephoneoperatorintheworldwithnearly300millioncustomers,whileIndiaslargestcommercialbank,StateBankofIndia,isatNo.3intherankings.
Source : http://www.livemint.com
9. Dena Bank admits fraud at Malabar Hill branch; suspends
manager Dena Bank on Wednesday said it has suspended an erring
branch manager at its Malabar Hill branch in Mumbai and has
transferred some staff for conducting irregularities in the
handling of fixed deposits. The bank admitted that some of its
branch level employees committed financial fraud by creating fake
overdraft facilities. The bank has lodged a complaint with the
central bureau of investigation in this regard, it said in a
communication to exchanges. According to the communique, the
Malabar Hill Branch of the Bank received bulk term deposits from
various entities and government organizations between January 30,
2014 and May 05, 2014. Subsequently, term deposits amounting to Rs
256.69 crorewere pledged to the bank by the same signatories to
obtain overdraft facilities of Rs 223.25 crore. The funds were
surreptitiously transferred out of the Bank by creating fake
overdraft facility, resulting in a fraud on the Bank and the
concerned entities/Government organizations, the communication
said. Source: http://firstbiz.firstpost.com
12. Raj KumariAgarwal vs. DCIT (ITAT Agra), I.T.A. No.:
176/Agra/2013: We are alive to the fact that in the case of a
business assessee, and in a situation in which the borrowings
against fixed deposits were resorted to for use in business,
consideration for end use of funds so borrowed would be relevant
because the interest deduction is claimed as a business deduction
under section 36(1)(iii). That aspect of the matter, however, is
academic in the present context as the limited issue for our
consideration is whether or not, on the facts before us, the
interest on borrowings against the fixed deposits could be said to
protect the interest income from fixed deposit interest and thus,
incurred wholly and exclusively for the purposes of earning such
income. -See more at:
http://taxguru.in/income-tax-case-laws/interest-expense-
incurred-earn-interest-income-allowable-section-
57iii.html#sthash.MtD67B4X.dpuf Source: http://taxguru.in Interest
Expense incurred to earn Interest Income is allowable Section
57(iii)
15. Employees Provident Fund Organisation-ShimlaHimachal
Pradesh Last Date :22/08/2014Empanelment of chartered accountant
firm for regional officeAddress:Shimla-Himachal Pradesh Source:
http://pdicai.org/OppDetail.aspx?MoreBtnId=oppurtunity
16. SECTION 6 (SPORTS UPDATE)
17. MUDGALCOMMITTEE TO DECIDE ON EXTENSION AUG 27 The
MukulMudgalcommittee Wednesday rubbished media reports of its
members interrogating International Cricket Council (ICC) chairman
N. Srinivasanand his son-in-lawGurunathMeiyappaninChennaiand said
it will meet Aug 27 to decide whether to seek more time from the
SupremeCourtto submit its report on the spot fixing and betting
scandal that hit the 2013 IndianPremierLeague (IPL). The Supreme
Court, while setting up the committee in May, had asked the panel
to submit its findings by the end of August. Justice (retd.)
Mudgaltold IANS that the committee would decide next week if it
needs more time to file the report. "We will meet Aug 27 to decide
whether we need more time. Accordingly, we would seek an extension
from the Supreme Court to submit the report," Mudgalsaid, adding
that the committee has no intention to interrogate any Indian
cricketer in England since it may disturb the struggling team's
concentration. Source: http://www.business-standard.com
18. SeniorCongressleader K V Thomas was today made the new head
of Parliament's Public Accounts Committee (PAC), a prestigious
panel which examines CAG reports after they are tabled in
Parliament. The post of PAC Chairman usually goes to the main
opposition party inParliamentbut the development assumes
significance as it comes amidst the bad blood between the
government and Congress over denial of Leader of Opposition post
status to the latter. The PAC, constituted every year, consists of
not more than 22 members--15 members elected byLokSabhaand not more
than seven members from RajyaSabha. "We will work as a team. We
will examine whatever issues are placed before us," Thomas, the
former Union minister, told PTI after taking over. Source:
http://www.business-standard.com
19. Section 8 (movies updates)
20. Not just Mary Kom, all Bollywoodfilms banned in Manipur
PriyankaChopra's next film, a hard hitting tale of celebrated
boxer, 'Mary Kom' is set to hit the screens on September 5. However
the home state of Mary Kom, Manipur will reportedly not have the
film released there. According to a report on ndtv.com, the film
will not be released in Manipur. And its not just Mary Kombut all
Hindi films have been banned there since almost 15 years now. The
report stated that separatists organisationsfelt that movies would
undermine Manipur's culture, and that there is a bit of bitter
feeling over PriyankaChopra portraying Mary Kom, over a local
actress from Manipur. Source:
http://timesofindia.indiatimes.com
21. Section 9 (Amazing Facts)
22. Amazing facts The sentence, The quick brown fox jumps over
the lazy dog uses every letter in the English language. The
shortest war in history was between Zanzibar and England in 1896.
Zanzibar surrendered after 38 minutes. Source:
http://indianrealist.com
23. Section 10 (Educational)
24. Result of CA IPCC Exam held in May/June,14 are likely to be
declared today Source: http://220.227.161.86/34465exam24170.pdf The
result of the Chartered Accountants Intermediate (IPC) Examination
held inMay/June, 2014 are likely to be declared on Thursday, the
21st August, 2014 around4.00 P.M. and the same as well as the merit
list (candidates securing a minimum of 55%and above marks and
uptothe maximum of 50th Rank on all India basis will be available
onthe following website: http://www.caresults.nic.in
25. SECTION11 (WORLDNEWS)
26. IMRANKHAN'SPROTESTAGAINSTPAKPM NAWAZSHARIF:
ALLYOUNEEDTOKNOW Several thousand protestors were on the streets of
Islamabad through Tuesday night and all of Wednesday morning in a
bid to depose Prime Minister NawazSharif. The coordinated protests
are being led by former international cricketer ImranKhan, head of
the country's third-largest political party the PDP, and cleric
Tahirul-Qadri, who controls a network of Islamic schools and
charities. Source: http://www.firstpost.com
27. SECTION12 (SCIENCEANDTECHNOLOGY)
28. TOPHONOURFORINDIAN-ORIGINWOMANINSOUTHAFRICA JOHANNESBURG:
Indian-origin South African academic Leila Patel has been named the
African country's one of the top women researchers in the annual
Women in Science Awards hosted by the ministry of science and
technology here. Patel, who got her PhD from the University of the
Witwatersrand, is currently a professor of social development
studies and director of the Centre for Social Development in
Africa, which she founded in 2002 at the same institution. These
annual awards recognize the work of those women who are involved in
full-time research leading to a master's or doctoral degree in
areas in which the participation of women is traditionally low.
Source: http://timesofindia.indiatimes.com
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