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THOUGHT OF THE DAY
THOUGHT OF THE DAY
“Freedom is the open window through which pours the
sunlight of the human spirit and human dignity....”
Law Updates:
The Finance Ministry on Wednesday asked taxpayers to file their I-T
returns for 2015-16 early to avoid the rush towards the last date of
August 31. The tax department has released the software for preparing
the Income Tax Return forms -- ITR 1-Sahaj, ITR 2, 2A and 4S-Sugam
for Assessment Year 2015-16.
Deloitte & Touche LLP will pay more than $1 million to settle charges
that it violated auditor independence rules, after its consulting arm
maintained a relationship with a trustee who served on boards for
funds Deloitte audited, U.S. regulators said. SEC rules require auditors
to maintain a degree of independence from clients whose books they
review.
Vide PR issued by CBDT dated 01.07.2015, Those with undeclared
overseas assets or income will have a three-month window to come
clean beginning July 1 and a further three months to deposit the
appropriate tax and penalty. The central government has notified the
30th day of September, 2015, as the date on or before which a person
may make a declaration in respect of an undisclosed asset located
outside India. The last date for depositing tax is December 31, 2015.
PROFESSIONALS INPUTS
Vide Master Circulars, ALL dated 1-7-2015 ON NON-BANKING
SUPERVISION, RBI releases master circular on NBFCs.
Vide RBI Master Circular’s ref 7/2015-16; 11/2015-16; Master Circular
DBR.NO.DIR.BC.8/13.03.00/2015-1612/2015-16; Master Circular DBR
NO.DIR.BC.14/04.02.002/2015-16; Master Circular DBR.NO.DIR.BC.
7/13.03.00/2015-16 dated 01-07-2015, RBI issues master circular for
Scheduled Commercial banks on FEMA norms.
Vide Public Notice ref 23/2015-2020 dated 30.06.2015, Government
notifies norms for metallic scrap imports whereby Provision relating to
import of certain categories of processed metallic scrap, at designated
ports having scanner/ Radiological Detection Equipments (RDEs), has
been notified.
MARKET WATCH:
SENSEX: 28074.24 53.37 NIFTY: 8472.35 19.30
SILVER: 35301.00 -75.00 GOLD (MCX): 26320.00 -91.00
USD/INR: 63.56 -0.05 CRUDE OIL: 3641.00 -8.00
CS Rajiv Bajaj
9811453353
Bajajr66@gmail.com
youtube.com/csrajivbajaj
https://www.facebook.com/Rajiv
1Bajaj
http://www.csrajivbajaj.com
Date: 2nd July, 2015
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MICHAEL RUBIN,
Entrepreneur, Founder of Kynetic
“In my opinion there are two kinds of business people – one
who dares to take risk and the other who prefers to be
rational. As I consider myself to be the one who loves taking
risks; therefore running ski business in 98 degree weather
sounds amazing to me...”
Michael Rubin’s risky characteristic and hard work paid him well. Michael G. Rubin, at 41, is the founder and
CEO of a billion dollar e-commerce services company Kynetic that has more than 2,000 full-time employees
with several seasonal part-timers.
EARLY LIFE & EDUCATION:
Rubin was born to a Jewish family, the son of Paulette and Ken Rubin. His mother is a psychiatrist and his
father a veterinarian. He grew up in Lafayette Hill, PA where he started a ski-tuning shop in his parents’
basement when he was 12 and two years later - using $2,500 in bar mitzvah gifts as seed capital and a lease
signed by his father - he opened a formal ski shop inConshohocken, Pennsylvania. By the age of 16, he was some
$200,000 in debt and was able to settle with his creditors using a $37,000 loan from his father under the
condition he attend college. Rubin agreed, continuing to operate the business, which grew to five ski shops
before he entered college. He attended Villanova University for a semester before dropping out after realizing a
large gain on an opportunistic transaction (buying $200,000 in overstock equipment with $17,000 borrowed
from a friend and re-selling it for $75,000).
CAREER PROFILE:
From the very childhood, at the age of 8, he nurtured his entrepreneurial spirit by selling vegetable seeds door-
to-door in his Philadelphia neighborhood. At the age 12, he managed to set up a ski tune-up shop in the
basement of his parents’ house, investing $2,500 seed capital received in bar mitzvah gifts and a lease signed by
his father. In coming years he ran chain of shops and businesses – at the age of 14, he opened a ski equipment
retail shop; he founded an athletic equipment company KPR sports, which successfully reached $50 million in
sales by 1995; and in 1998 he founded a multi-billion dollar e-commerce company GSI Commerce, which he
sold to eBay in 2010 for $2.4 billion. Later he merged three companies – a licensed apparel retailer Fanatics, a
fashion flash site seller Rue La La, and a retail benefit program Shop Runner and shaped them into a new
company called Kynetic.
By the age of 16, Rubin was buried in debt of over $200,000, which he recalls as a near-to-death like experience.
He somehow managed to settle with his creditors with a $37,000 loan that he took from his father under the
agreement that he would attend college. College life, in his words, was boring and barely after six weeks he
dropped to devote full time in growing his business.
In 1998, Rubin created Global Sports, which would later turn into GSI Commerce, a multi-billion dollar e-
commerce company.At 38, Rubin sold his company GSI Commerce to eBay for $2.4 billion reaping a $150
million windfall. As eBay just wanted the order fulfillment business for large retailers so it could better compete
with Amazon.com, Rubin was able to buy back the consumer businesses of GSI at a fire sale price.He
repurchased: Fanatics, Inc., a licensed sports merchandiser; Rue La La, a flash seller, and Shop Runner, a retail
benefits program, merging the three companies into a new entity named Kynetic. Rubin serves as executive
chairman on each of his companies’ boards.
AWARDS AND ACCOLADES:
Rubin has been featured in popular magazines and newspapers including People Magazine, The New York
Times and Forbes, which enlisted him in 2011’s ‘20 Most Powerful CEOs under 40’. In October 2011, Rubin
bought a minority share in the Philadelphia 76ers. Rubin is a member of the investment group that won a $280
million bid for the team.
