1. www.csrajivbajaj.com
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THOUGHT OF THE DAY
THOUGHT OF THE DAY
“Whatever your work is, dignify it with your best thought
and effort.....”
Law Updates:
 India will become the first country to make non-financial audit
mandatory for companies of certain class. The audit, also known as
secretarial audit, will ensure that all listed companies and public limited
companies with paid-up capital of at least Rs 50 crore or public
companies with a turnover of at least Rs 250 crore comply with all
sections of Companies Act 2013.
 Forms for a three-month compliance window under the Undisclosed
Foreign Income and Assets and Imposition of Tax Act, the „black
money‟ legislation, will be separate from the normal income tax forms
and may also be filed online, though they will initially go only to centres
in Delhi. Upon fulfiling the conditions of the compliance window, a
person or entity “shall not be prosecuted under the Act and the
declaration made by him will not be used as evidence against him under
the Wealth Tax Act, the FEMA, the Companies Act or the Customs Act.
However, ambiguity continues on protection from Prevention of Money
Laundering Act (PMLA)
 SEBI will soon issue a new set of guidelines to govern outsourcing by
stock exchanges and other key entities in the marketplace. The new
guidelines will ensure that exchanges, clearing corporations and
depositories do not outsource their core and critical activities to third-
parties, while they would need to put in place a robust system to
monitor outsourced activities on a real-time basis.
PROFESSIONALS INPUTS
 Vide Circular ref RBI/2015-16/110 A.P. (DIR Series) Circular No.1
dated July 02, 2015 issued by RBI, RBI has provided clarifications
regarding Re-export of unsold rough diamonds from Special Notified
Zone of Customs without Export Declaration Form (EDF) formality.
 Vide RBI Notification ref RBI/2015-16/112 DBR.Leg.BC.25./
09.07.005/2015-16 dated July 02, 2015 and With a view to improve
credit discipline and reduce NPA level, the RBI asked lenders to make
use of credit information available with Central Repository of
Information on Large Credits (CRILC) for opening of current accounts.
MARKET WATCH:
SENSEX: 28090.69 144.89 NIFTY: 8482.10 37.20
SILVER: 35864.00 -9.00 GOLD (MCX): 26227.00 32.00
USD/INR: 63.38 -0.23 CRUDE OIL: 3606.00 -35.00
CS Rajiv Bajaj
9811453353
Bajajr66@gmail.com
youtube.com/csrajivbajaj
https://www.facebook.com/Rajiv
1Bajaj
http://www.csrajivbajaj.com
Date: 3rd July, 2015

2. www.csrajivbajaj.com
DR VERGHESE KURIEN,
Founder, AMUL; THE MILKMAN OF INDIA
“The story of the man who is credited for making India one of the
largest milk producers in the world is a truly inspiring one for every
Indian to read...”
EARLY LIFE & EDUCATION:
Born on November 26, 1921 in Kozhikode, Kerala, Verghese Kurien studied at
Madras University for a Bachelor of Science in 1940, a Bachelor of Mechanical
Engineering (Honours) from Madras University (1943), and was a graduate of the
Tata Iron and Steel Company Technical Institute, Jamshedpur (1946). He took a Master of Science in
Mechanical Engineering (Distinction) from Michigan State University (1948) and then went for specialised
training in dairying at the National Dairy Research Institute, Bangalore.
CAREER PROFILE:
When he came back to India, he was posted at the dairy department of the Government of India in Anand,
Gujarat, to take charge as the dairy engineer. At the time, private dairies, middlemen, and inefficient collection
and distribution systems resulted in milk of varying quality being erratically available across the country, often
at high prices to consumers but with little profit for the producers. Dr. Kurien used his experience to work with
the manager of the local Kaira District Cooperative Milk Producers' Union (now famous as Amul) to build an in-
house processing plant and organize the cooperative to handle its own marketing directly to consumers. This
marked the birth of AMUL.
Dr. Kurien then built this organization into one of the largest and most successful institutions in India. The
Amul pattern of cooperatives had been so successful that Dr. Kurien setup NDDB (National Dairy Development
Board), to replicate it across India. He also set up GCMMF (Gujarat Cooperative Milk Marketing Federation) in
1973 to sell the products produced by the dairies. Today GCMMF sells AMUL brand products not only in India
but also overseas.
MILKMAN OF INDIA
Dr Verghese Kurien is called the father of the White Revolution in India. Also known as the Milkman of India,
he has served as the chairman of the Gujarat Co-operative Milk Marketing Federation Ltd. - GCMMF (which
markets Amul products).
He is credited with architecting Operation Flood *-- the largest dairy development programmeme in the world
started by India's National Dairy Development Board (NDDB) in 1970. The objective of the programmeme was
to create a nationwide milk grid ("a flood of milk"), which allowed dairy farmers to own and operate milk
production, processing, and marketing for the urban areas of that country. He set up the Anand model of
cooperative dairy development, engineered the White Revolution in India that brought tangible profits to milk
farmers and initiated a dramatic change in their lives.and made India the largest milk producer in the world.
AWARDS AND ACCOLADES:
He was Founder Chairman of the National Cooperative Dairy Federation of India Limited (1986-1993), (1995-
2000), and (2003-2006), and the Board of Governors, Institute of Rural Management, Anand (1979-2006),
amongst several other posts he held in his working life.
He was the recipient of several distinguished Indian and international awards. To give a short selection of them:
nationally, the Padmashri (1965); Padmabhushan (1966); Krishi Ratna (1986); and the Padma Vibhushan
(1999). Outside India, it was the Ramon Magsaysay Award for Community Leadership (1963); the “Wateler
Peace Prize” Award of the Carnegie Foundation for the year 1986; the World Food Prize award for the year
1989; the “International Person of the year” by the World Dairy Expo, Wisconsin, U.S. (1993), the “Ordre du
Merite Agricole” by the Government of France (in March 1997); and the Regional Award 2000 from the Asian
Productivity Organization, Japan.
SAD DEMISE:
Verghese Kurien, who became a legend in his lifetime for building a cooperative movement that transformed the
lives of poor farmers while making India self-reliant in milk production, died on 9th Sept. 2012 in Nadiad at the
age of 90.