Newsletter dated 7th October, 2015

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THOUGHT OF THE DAY
THOUGHT OF THE DAY
“Everything comes to us that belongs to us if we create the
capacity to receive it…”
Law Updates:
 Finance Minister Arun Jaitley has promised a rational tax rate for
individuals and bringing down of corporate tax to 25 per cent flat in
four years beginning from next fiscal along with removal of exemptions
except those that encourage individual savings.
 High-level committee appointed by the government has recommended
a uniform tax for all corporate social responsibility (CSR) activities
carried out under the new Companies Act and also suggested lenient
treatment of non-compliant firms during the first two to three months.
 State-owned Bank of Baroda has detected Rs 350 crore bill discounting
irregularity and initiated an investigation into it. The bank has not
disclosed the name of the company and other details.
PROFESSIONALS INPUTS:
 Vide Notification No. RBI/2015-16/198 A.P. (DIR Series) Circular No
19 dated 6 October, 2015 RBI decided to enhance the limit for
investment by FPIs in Government Securities.
 Vide SEBI Circular No. CIR/IMD/FPIC/8/2015 October 06, 2015
issued detailed guidelines for hiking the overseas investment limits in
Government securities to Rs 1,86,500 crore by January 1, 2016.
 Vide DGFT Notification No.22/2015 – 20 dated 6 October, 2015
notified amendment relating to export of Narcotics Drugs and
Psychotropic Substances under which The ITC (HS) code of 1 – Phenyl
– 2 - Propanone in Schedule 2 of ITC (HS) Classification of Export and
Import Items has been amended.
 Vide Income-tax Notification No. 77/2015 /F. No. 500/137/2011-FTD-I
dated 30 September, 2015 notified that the Government of the Republic
of India and the Government of the United States of America have
signed an agreement to improve international tax compliance through
mutual assistance in tax matters based on an effective infrastructure for
the automatic exchange of information.
MARKET WATCH:
SENSEX: 27039.01 106.13 NIFTY: 8174.80 21.90
SILVER: 37391.00 58.00 GOLD (MCX): 26730.00 109.00
USD/INR: 65.2 -0. 21 CRUDE OIL: 3228.00 91.00
CS Rajiv Bajaj
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Date: 7th October, 2015

2. www.csrajivbajaj.com
Suhas Gopinath
Founder, CEO and Chairman of Global INC.
Mr. Suhas Gopinath Founded Globals Inc. in 2000 and serves as its Chief
Executive Officer, President and Vice Chairman. Mr. Gopinath serves as the
Chairman and Chief Executive Officer of Globals ITeS Private Limited. He was
selected as one of Youth Icons for the year 2006 by Times of India of Times
Group.
Early life
Gopinath was born on November 4, 1986 in Bangalore in the Indian state of Karnataka to his father, a
defense scientist and mother, a housewife. He taught himself to make websites with the help of books and
made his one as, www.coolhindustan.com, at the age of 14, and incorporated his company Globel INC., the
same year in 2000. He become CEO of his multinational company at the age of 17. He was thought to be,
for a time, the youngest CEO of a company.
Career
14-year-old Suhas Gopinath started Globals Inc ten years ago from a cyber cafe in Bengaluru. Today,
Globals is a multi-million dollar company with offices in the United States, India, Canada, Germany, Italy,
the United Kingdom, Spain, Australia, Singapore and the Middle East and has 100 employees in India and
56 abroad. Among the several honours that have been bestowed upon this young man, the most
prestigious is the invitation to be a member of the Board of the ICT Advisory Council of the World Bank..
In 2007, the European Parliament and International Association for Human Values conferred 'Young
Achiever Award' on him. He was also invited to address the European Parliament and other business
dignitaries assembled in the EU Parliament. He is also recognised as one of the 'Young Global Leaders' for
2008-2009 by the prestigious World Economic Forum. Suhas is the youngest member ever in the World
Economic Forum's history. The other members include the Louisiana governor Bobby Jindal, Hollywood
star Leonardo DiCaprio, musician A R Rahman, Prince of Brunei, etc.
Recognition
 In 2005, Gopinath was the youngest among the 175 recipients of Karnataka's Rajyotsava Award.
 On December 2, 2007, The European Parliament and International Association for Human Values
conferred "Young Achiever Award" on Gopinath at the European Parliament, Brussels.
 In November 2008, he was invited to represent the World Bank's ICT Leadership Roundtable for
adopting ICT in Africa to increase employability and fostering ICT skills in students from these
countries.
 Announced as "Young Global Leader" for 2008–2009 by the World Economic Forum, Davos. In
that position he would be involved in development programs across the world. He holds a diploma
on global leadership and public policy from the John F. Kennedy School of Government and
Harvard University.