Newsletter dated 05th January, 2016

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THOUGHT OF THE DAY
THOUGHT OF THE DAY
“The secret of genius is to carry the spirit of the child into old age,
which means never losing your enthusiasm.”
Law Updates:
 President has given his assent for the new Juvenile Justice Act, 2015.
 Employees with salary upto Rs. 21,000/- is entitled to bonus; President
clears amended Payment of Bonus Act.
 RBI has issued the Master Direction on various Acts and Regulations on
4th
January, 2015.
 Debit Cards and ATM Cards are notified as currency under FEMA.
PROFESSIONALS INPUTS:
 SEBI vide Circular No. CIR/CFD/DIL/1/2016 dated 01st
January, 2016 has
notified revised contents of Application-Cum-Bidding Form and Manner
of disclosure. This circular shall be applicable for all public issues opening
on or after January 01, 2016.
 Ministry of Law and Justice vide Notification dated 31st
December, 2015
has notified the Scheduled Castes and the Scheduled Tribes (Prevention of
Atrocities) Amendment Act, 2015 enforcing stringent actions against
persons involved in crime against SC/ST persons.
 CBEC vide Notification No. No.1/2016-Customs dated 04.01.2016
seeks to further amend notification No 27/2011-Customs dated
1.03.2011.
 SEBI vide Circular No. CIR/MRD/DSA/01/2016 dated 01st
January,
2016 laid the procedures for ensuring compliance with Securities
Contracts (Regulation) (Stock Exchanges and Clearing
Corporations) Regulations, 2012 (SECC Regulations) by Listed
Stock Exchanges.
MARKET WATCH:
SENSEX: 25587.50 -35.85 NIFTY: 7782.95 -8.35
SILVER: 33640.00 107.00 GOLD (MCX): 25343.00 -54.00
USD/INR: 66.53 0.30 CRUDE OIL: 2474.00 9.00
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Date: 06th
January, 2016

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Levi Strauss
Founder of Levi Strauss & Co.
Levi Strauss (February 26, 1829 – September 26, 1902) was a German-
American businessman of German Jewish descent who founded the first
company to manufacture blue jeans. His firm, Levi Strauss & Co., began in
1853 in San Francisco, California.
Origin
Levi Strauss was born in Buttenheim, Germany, on February 26, 1829, in the
Franconian region of Bavaria, Germany, to an Ashkenazi Jewish family. He
was the son of Hirsch Strauss and his second wife Rebecca Strauss. At the
age of 18, Strauss, his mother and two sisters traveled to the United States to join his brothers Jonas and Louis,
who had begun a wholesale dry goods business in New York City called J. Strauss Brother & Co. Young Loeb
soon began to learn the trade himself, and by 1850 he was known among his family and customers as “Levi” (in
the census of that year, his name is spelled “Levy”).
When news of the California Gold Rush made its way east, Levi immigrated to San Francisco to make his
fortune, though he knew he wouldn’t make it panning gold. At the end of January 1853 he became an American
citizen, and in February he headed for the West coast via the Isthmus of Panama. He arrived in bustling, noisy
San Francisco in early March, establishing a wholesale dry goods business under his own name and also serving
as the West Coast representative of the family’s New York firm. His new company imported dry goods —
clothing, underwear, umbrellas, handkerchiefs, bolts of fabric — and sold them to the small stores that were
springing up all over California and the West.
Business career
Levi's sister and her husband David Stern moved to St. Louis, Missouri, while Levi went to live in Louisville,
Kentucky, and sold his brothers' supplies in Kentucky. In January 1853, Levi Strauss became an American
citizen.
The family decided to open a West Coast branch of the family dry goods business in San Francisco, which was
the commercial hub of the California Gold Rush. Levi was chosen to represent the family and he took a
steamship for San Francisco, arriving in early March 1853, where he joined his sister's family.
Strauss opened his dry goods wholesale business as Levi Strauss & Co. and imported fine dry goods—clothing,
bedding, combs, purses, handkerchiefs—from his brothers in New York, but right before he made jeans, he
made tents. Levi lived with Fanny's growing family.
Jacob Davis, one of Strauss's customers and one of the inventors of the first pair of riveted denim pants in
1871,went into business with Strauss to produce blue jeans. The two men patented the new style of work pants
in 1873.
Sad Demise
Levi Strauss died on September 26, 1902, in San Francisco at the age of 73. He never married, so he left the
business to his four nephews, Jacob, Sigmund, Louis, and Abraham Stern, the sons of his sister Fanny and her
husband David Stern. He also left bequests to a number of charities, such as the Pacific Hebrew Orphan Asylum
and the Roman Catholic Orphan Asylum. Levi's fortune was estimated to be around 6 million dollars (about
$164 million in 2014 dollars). He was buried in Colma, California.
Legacy
A Levi Strauss museum is maintained in Buttenheim, Germany, located in the 1687 house where Strauss was
born. There is also a Visitors Center at Levi Strauss & Co. world headquarters in San Francisco, which features
a number of historical exhibits. There is a Levi Strauss Foundation starting with an 1897 donation to the
University of California, Berkeley.