Newsletter dated 07th june, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“Don’t make excuses make improvements.”
Law Updates:
 ICAI's income from coaching is exempt as its main purpose is to
train future CAs, ICAI is an educational institute and its coaching
activities fall within meaning of charitable purpose under section
2(15), hence entitled to exemption under section 11: Tribunal Delhi.
 No service-tax on sale of under-construction flats if contract price
includes value of land: Delhi High Court.
 SEBI debars asset management Cos. from restricting redemption
requests upto units worth Rs. 2 lakhs.
 RBI allows NBFCs to refinance existing infrastructure and project
loans by way of take-out financing.
 Quotation of identical price as per last purchase price given on
Ordnance factory's website wasn't anti-competitive: CAT New
Delhi.
:.
 Disclosure prior to search held as undisclosed income for block
assessment as assessee had never filed tax return: Supreme Court.
PROFESSIONALS INPUTS:
 Forms MR-1, CHG-1, CHG-4 and MGT-14 are likely to be updated
on MCA21 Forms Download pages w.e.f 7th Jun 2016.
Stakeholders are advised to check the latest version before filing.
 CBEC vide Circular No. 23/2016-Cus (ADD) dated 06th
June, 2016
Seeks to impose definitive anti-dumping duty on
Polytetrafluoroethylene (PTFE)” [Tariff Item 3904 61 00],
originating in or exported from Russia, for a period of five years
(unless revoked, superseded or amended earlier).
MARKET WATCH:
SENSEX: 26,777.45 -65.58 NIFTY: 8,201.05 -19.85
SILVER: 39,171. 00 92.00 GOLD (MCX): 29,450.00 63.00
USD/INR: 66.96 -0.29 CRUDE OIL: 3,303.00 50.00
CS Rajiv Bajaj
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1Bajaj
http://www.csrajivbajaj.com
Date: 07th
June, 2016

2. www.csrajivbajaj.com
Raghuram Rajan
Governor of the Reserve Bank of India
Raghuram Govind Rajan (born 3 February 1963) is an Indian economist currently
serving as the 23rd Governor of the Reserve Bank of India, the central bank of India.
He was chief economist at the International Monetary Fund from 2003 to 2007, the
youngest to occupy the position. He was a professor of finance at the University of
Chicago Booth School Of Business from 1991 to 2013, when he went on public
service leave.
Early Life
Raghuram Rajan was born on 3 February 1963 in Bhopal, Madhya Pradesh into
a Tamil Brahmin family. He is the third of four children of R Govindarajan,
an Indian Police Service officer who topped his 1953 batch.
Assigned to the Intelligence Bureau, R Govindarajan was posted to Indonesia in 1966. In 1968 he joined the
newly created external intelligence unit of the Intelligence Bureau, the Research and Analysis Wing (R&AW)
where he served as staff officer underspymaster R. N. Kao and became part of the "Kaoboys". In 1970 he was
posted to Sri Lanka, where Raghuram Rajan missed school one year because of political turmoil. After Sri
Lanka, R Govindarajan was posted to Belgium where the children attended a French school. In 1974 the family
returned to India.
Education
From 1974 to 1981 Rajan attended Delhi Public School, RK Puram, where he learnt Hindi for the first time. In
1981 he enrolled at Indian Institute of Technology, Delhi for a bachelor's degree in electrical engineering. In the
final year of his four-year degree, he headed the Student Affairs Council. He graduated in 1985 and was
awarded the Director's Gold Medal as the best all-round student. In 1987 he earned a Post Graduate Diploma in
Business Administration from the Indian Institute of Management Ahmedabad where he was a gold medalist.
After graduation he joined Tata Administrative Services as a management trainee but left after a few months to
join the doctoral program in management at the MIT Sloan School of Management. In 1991 he received
a PhD for his thesis titled Essays on Banking. Rajan's research interests were in banking, corporate finance, and
economic development, especially the role finance plays in it.
Awards
 In 2003, Rajan won the inaugural Fischer Black Prize awarded by the American Finance Association
for contributions to the theory and practice of finance by an economist under age 40.
 In February 2010 NASSCOM named him Global Indian at its 7th annual global leadership awards.
 In 2010 he was awarded the Financial Times-Goldman Sachs best business book of the year prize for
his book, Fault Lines: How Hidden Fractures Still Threaten the World Economy.
 In November 2011 he received the Infosys Prize for Social Sciences – Economics for his work in
analyzing the contribution of financial development to economic growth, as well as the potentially
harmful effects of dysfunctional incentives that lead to excessive risk-taking.
 In 2013 he was awarded the fifth Deutsche Bank Prize in Financial Economics for his "ground-breaking
research work which influenced financial and macro-economic policies around the world".
 In 2014 he was conferred the Best Central Bank Governor award by Euromoney Magazine.
 In 2014 He was conferred with the Governor of the Year Award 2014 from London-based financial
journal Central Banking