Updates of the day...

Updates Of the Day
1.RBI has relaxed the conditions of facilities for residents for hedging of foreign currency borrowings.
2.W.e.f. 15th November, 2015 ‘Swachh Bharat Cess’ @ 0.5% will apply on value of all taxable services and effective rate of service tax will be 14.5%.
3.No TDS liability u/s 194A on interest paid which is compensatory in nature. [ITAT Chennai held In the case of The ACIT vs. M/s. Trimex Industries (P) Ltd.].
4.CIT not authorized to verify charitable activities of trust while granting registration u/s 12AA: [Jaipal Singh Sharma Trust vs. CIT (ITAT Delhi)].
5.Government approved for amending the Double Taxation Avoidance Convention (DTAC) signed between India and Turkmenistan.
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Credit card spending growth declines on RBI gaze, stress build-up

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Brigade Hotel Ventures files draft papers with Sebi for Rs 900 crore IPO

Brigade Hotel Ventures Ltd, owner and developer of hotels in South India, has filed draft papers with capital markets regulator Sebi to raise Rs 900 crore through an initial public offering (IPO).The proposed IPO is entirely a fresh issue of equity shares with no Offer-for-Sale (OFS) component, according to the draft red herring prospectus (DRHP).Proceeds from the issue to the tune of Rs 481 crore will go towards payment of debt, Rs 412 crore will be allocated to the company and Rs 69 crore to its material subsidiary, SRP Prosperita Hotel Ventures Ltd.Additionally, Rs 107.52 crore will be used to purchase an undivided share of land from the Promoter, BEL, and the remaining funds will support acquisitions, other strategic initiatives, and general corporate purposes.The company may raise up to Rs 180 crore through a Pre-IPO Placement. If the placement is undertaken, the issue size will be reduced.Brigade Hotel Ventures Ltd is a wholly-owned subsidiary of Brigade Enterprises ...

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