Newsletter dated 10.06.2015

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THOUGHT OF THE DAY
THOUGHT OF THE DAY
“Patience is a necessary ingredient of genius..…”
Law Updates:
 The Union government will not ease foreign direct investment (FDI)
rules for electronic commerce. Centre is keen on promoting Indian
manufacturing under the ‘Make in India’ programme. Foreign direct
investment (FDI) in E-commerce is against consumers’ interest,
says Department of Industrial Policy and Promotion. 100 % FDI is
allowed in business-to-business e-commerce but prohibited in
business-to-consumer segment
 CRISIL Research sees rollout of goods & services tax (GST) to
reduce logistics costs of companies producing non-bulk goods by as
much as 20%. The savings will accrue from a gradual phasing out of
Central Sales Tax (CST), consolidation of warehouse space, and
faster transit of goods since local taxes (such as octroi and local
body tax) will be subsumed into GST. However, to maximise
benefits from the rollout of GST, a complete phasing out of CST
(currently paid for inter-state movement of goods) and dismantling
of state-level check-posts are imperatives.
PROFESSIONALS INPUTS
 Investors of rupee-linked bonds issued overseas can hedge both the
foreign currency risk and credit risk through permitted derivative
products in the domestic market. The cap for pricing these bonds
has been set at not more than 500 basis points (bps) above yield on
the government bonds of corresponding maturity, according to the
Reserve Bank of India (RBI)'s draft norms. For the same purpose
Vide Press Release: 2014-2015/2603 dated Jun 09, 2015 issued by
RBI, RBI seeks comments/feedback on Draft Framework on
Issuance of Rupee linked Bonds Overseas.
 SEBI has passed Exit Order in respect of UP and MP Stock
Exchange(PR No. 155/2015 dated 08.06.2015)
 Circular No. 18/2015-Custom, Dated: June 09, 2015 issued by
CBEC regarding Appointment of common adjudicating authority —
Guidelines for Principal DG, DRI.
 Notification No. 17/2015 - Central Excise (N.T.) dated 08-06-2015
issued by CBEC regarding facility of centralized registration to
manufacturers of aluminium roofing panel under Rule 9(2) of
Central Excise Rules, 2002
MARKET WATCH:
SENSEX: 26768.26 287.01 NIFTY:8107.00 84.60
SILVER:36863.00 2.00 GOLD (MCX): 26871.00 3.00
USD/INR: 63.9 -0.03 CRUDE OIL:3901.00 47.00
CS Rajiv Bajaj
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Date: 10thJune, 2015

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Mr. Kiran S. Karnik,
Trustee, NASSCOM.&Board Members, Satyam Computer Services
Mr. Kiran Sharadchandra Karnik is a prominent figure and the guiding force behind the Indian outsourcing
industry. Karnik is popularly known for his role as the President of NASSCOM, an apex
body of the country’s software industry from 2001-2008. He worked closely with the
industry and the Indian Central & State governments to formulate policies and
strategies for the advancement of IT sector locally as well as internationally.He is
presently one of the trustees of NASSCOM and has recently been appointed as one of
the ten board members of newly constituted Satyam Computer Services after it was
disbanded by the government owing to severe irregularities and fraud in accounting.
EARLY LIFE:
Born on 16 March 1947, is A post-graduate from Indian Institute of Management, Ahmedabad, Karnik holds a
degree in Physics and from Mumbai University. During the outsourcing backlash he was the quiet strength to
provide the background information and has been instrumental in promoting India’s technology strength to the
world.
CAREER PROFILE:
Karnik has held many strategic positions at various points in his life and had some commendable work behind
him. From 1983 to 1991 he was positioned as the Director of the Development and Educational
Communicational Unit. Later he played a significant role in spearheading the launch of Discovery Channel in
South Asia in 1995 and Animal Planet in 1999. During the period from 1995-2001 he became the Managing
Director at Discovery Networks in India.
He was associated with the Indian Space Research Organization (ISRO) for over 20 years. During his tenure, he
worked in various domains related to the conception, planning and implementation of applications of space
technology, focusing especially on the use of communications for development.
He was also a key member of the management team for the India’s USA Satellite Instructional TV Experiment
(SITE) and was honoured with the Frank Malina medal for Space Education by the International Astronautical
Federation. In 2001 he was as appointed as the President of NASSCOM.
A soft-spoken person, Karnik gave a shut up call to his critics while steering software and services industry to
the anti-outsourcing wave in the US, the BPO data theft scandals, the H1B visa issue. A quiet strength he proved
all that there is resolute will behind the quiet and courteous exterior.
In a significant development in the rapidly evolving e-waste recycling sector joined the Attero Recycling Board
as the first 'Independent Director' since the company's inception in 2008. In 2009, he was appointed as the
additional director on the board of telecom services company Sasken Communication Technologies Ltd.
Karnik was deeply involved in the conception and, for many years, overseeing the Kheda Communications
Project. This pioneering effort won him national and international acclaim, including the first UNESCO-IPDC
Prize for rural Communication. He has been a key member of the management team for the India – USA
Satellite Instructional TV Experiment (SITE), the first every large scale use of satellite direct broadcasting
(1975-76), which took education and development to remote parts of rural India.
He served as Special Assistant to the Secretary-General of UNISPACE 82 in the United Nations. He has done
consulting assignments for the WHO, World Bank, UN Institute for Disarmament Research, Ford Foundation,
and an extended one for UNESCO in Afghanistan.
AWARDS AND ACCOLADES:
A career spanning over three decades Karnik has been conferred many awards and accolades. In 1998 he was
awarded the Frank Malina medal for Space Education by the International Astronautical Federation. In 2007
was awarded the Padma Shri by the government of India and the ‘DATAQUEST IT Person of the Year – 2005’.
Business Week named him as one of the ‘Stars of Asia’ in 2004 and was picked by the Forbes magazine as ‘Face
of the Year 2003’ for being a driving force behind India’s offshoring wave.In 1998, International Astronautical
Federation awarded Mr. Karnik with the Frank Malina medal for Space Education. Having a multi-faceted
experience across media and the IT industry he is also a Member of Global Advisory Board of IDG Ventures
India and served as a Director of Mid-day Multimedia Ltd.Karnik has authored and edited a large number of
publications and lectures occasionally at major national institutes.