Newsletter CS-Professional 1st October,2014

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THOUGHT OF THE DAY
“Don’t stop when you are tired, stop when you are done.”
Law Updates:
 Govt. notifies business of storing, safeguarding and retrieving specified records under Money Laundering Act.
 CBDT has issued instructions to all the Commissioners of Income Tax, stating the scope of enquiry for Scrutiny Cases selected on the basis of AIR/TDS Mismatch.(INSTRUCTION NO.7/2014 [F.NO.225/229/2014-ITA.II],)
 RBI/2014-15/246 DGBA.GAD.No.H -1463/42.01.035/2014 -15 Implementation of Cheque Truncation System (CTS) - Dispensation of the requirement of forwarding of government cheques in physical form to Government - Change in the Memorandum of Instructions for reporting of government transactions-date of implementation of the revised procedure in respect of government cheques has been extended by three months to January 1, 2015.
 RBI/2014-15/248RPCD.RCB.BC.No.33/07.51.012/2014-15 Instruments for Augmentation of Capital Funds – Modification- StCBs/CCBs may issue Long Term (Subordinated) Deposits (LTDs) subject to compliance with their bye-laws / provisions of the Co-operative Societies Act under which they are registered and with the approval of the Reserve Bank of India and the concerned Registrar of Co-operative Societies.
 RBI/2014-15/251 IDMD.PCD.06/14.03.07/2014-15Secondary market transactions in Government Securities - Short Selling
PROFESSIONALS INPUTS:
 The Reserve Bank of India, RBI, relaxed Know Your Customer, KYC norms by allowing self-certification of documents for opening bank accounts.
 The Reserve Bank of India did not spring up any surprise move in its fourth bi-monthly monetary policy review. The central bank has kept key rates unchanged.
MARKET WATCH:
SENSEX: 26601.6528.86 NIFTY: 7957.107.70
SILVER:38168.00 0.92 GOLD (MCX): 26995.00134.00 USD/INR: 61.82 .05 CRUDE OIL: 5686.000.23
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Date: 1st October 2014

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Shashi and Ravi Ruia
Essar Group
Shashi and Ravi Ruia born entrepreneurs. Essar Group was founded in 1969 and then migrated from Rajasthan to Mumbai.
Ruia is a Marwari family business and is in his blood. Essar Group's story is not new. His family business dates from 1800.In 1969, after the death of his father, Nand Kishore Ruia, Shashi Ruia and his brothers hiecieron by the group and began to expand in just three decades have transformed a small family business into a diversified multinational company in the areas of energy, steel, communications and construction.
Essar Group is today the fourth largest house in India, according to the assets.
Ravi is the Chairman of Essar Group. The steel business was extended to North America with the acquisition of Minnesota Steel and Algoma Steel of Canada. Recently, in April 2010, the Ruia brothers have made literally billions of dollars Essar energy in the London Stock Exchange.
The Ruia brothers consider the 13 as his lucky number and will not fly together. Essar Power is only part of the huge retail Ruia steel conglomerate and the brothers are only 25% owners of the Company.
For years, the brothers share an office, sitting at "opposite ends of a long room with mahogany walls, ceilings and paint," and always meet in playing cricket.
Business runs in the veins of the Ruias, are members of the Marwari community from Rajasthan - famous for their business acumen and drive. The bones of his empire was a shipping company and exports, founded by his father, Nand Kishore Ruia, in 1956. He named it after the first letters of Essar names of their children - S and R. The brothers moved to the deepwater port and pipeline construction. His big break came in 1990 when they took advantage of the liberalization of India's economy to move to sponge iron ", a raw material unattractive, but essential for steel.
In 2000, it reached an agreement with Hong Kong tycoon Li Ka-shing to form Hutchison Essar. When Li Ka-shing sold to Vodafone in 2007, the value of participation Ruias "skyrocketed by 33%. The combined company is now the third largest operator in India.