Newsletter dated 12th August, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
"Don't give up because things are hard, but work harder, when
you think of giving up."
Law Updates:
 Letter of comfort given to AE is outside the ambit of international
transaction: Tribunal Chennai.
 Until and unless something positive is brought on record about
sharing/incurring AMP expenditure by an assessee on behalf of its
AE, it cannot be held that it should have recovered some amount
from AE as expenditure incurred by it indirectly helped in
augmenting brand value owned by its overseas AE; if AMP
expenditure incurred by an assessee benefits AE indirectly, it would
not mean that it is an International transaction: Tribunal Mumbai.
 Company doing govt. affiliated certification services not
comparable with assessee operating in free market conditions:
Tribunal Delhi.
 Share premium couldn't be treated as business receipt if it wasn't
utilized for running business: Tribunal Mumbai.
 Presiding officer of Debt Recovery Tribunal is a Judicial post and
not a Civil post: Delhi High Court.
PROFESSIONALS INPUTS:
 RBI vide Notification No. RBI/2016-17/37 dated 11th
August 2016
has decided that factoring transactions on ‘with recourse’ basis shall
be eligible for priority sector classification by banks, which are
carrying out the business of factoring departmentally. The factoring
transactions taking place through TReDS shall also be eligible for
classification under priority sector upon operationalization of the
platform.
MARKET WATCH:
SENSEX: 27,859.60 84.72 NIFTY: 8,592.15 16.85
SILVER: 46,890. 00 -143.00 GOLD (MCX): 31,225.00 45.00
USD/INR: 66.80 0.06 CRUDE OIL: 2,784.00 -80.00
CS Rajiv Bajaj
9811453353
Bajajr66@gmail.com
youtube.com/csrajivbajaj
https://www.facebook.com/Rajiv
1Bajaj
http://www.csrajivbajaj.com
Date: 12th
August, 2016

2. www.csrajivbajaj.com
Ajaypal Singh Banga
President & CEO of Master Card
Ajaypal "Ajay" Singh Banga is the current president and chief executive
officer of MasterCard.
MasterCard announced on April 12, 2010 that Ajay Banga, previously
MasterCard’s president and chief operating officer, had been named by the Board of
Directors to serve as the company’s president and chief executive officer, effective
July 1, 2010. The company also announced that Banga would become a member of
MasterCard’s Board of Directors, effective immediately.
On Thursday, February 5, 2015, President Barack Obama appointed Banga to serve as a Member of the
President's Advisory Committee for Trade Policy and Negotiations.
Presently, he is also the chairman of the U.S.-India Business Council (USIBC) representing more than three
hundred of the largest international companies investing in India. He is also a member of board of directors of
the Dow Chemical Company; member of the Council on Foreign Relations; and member of International
Business Council of the World Economic Forum.
The Government of India awarded him the civilian honour of the Padma Shri in 2016.
Early life and Education
Born into a Saini Sikh family in Khadki, Pune, Maharashtra in India where his father, an army officer, was
posted. The family's origin is from Jalandhar in Punjab. His father is retired lieutenant-general Harbhajan Singh
Banga who is a decorated army general of Indian Army. He is also the younger brother of another well known
CEO M. S. Banga.
Banga grew up and schooled across India, successively in Secunderabad, Jalandhar, Delhi, Hyderabad and
in Shimla, where he finished his schooling.
Banga went on to graduate with a Bachelor of Arts (Honours) degree in Economics from St. Stephen's
College, Delhi University and MBA from the Indian Institute of Management, Ahmedabad.
Career
Beginning his business career with Nestlé in 1981, Banga spent the next 13 years working in jobs spanning
sales, marketing, and general management. He later joined PepsiCo and was involved in the launch of its
international fast food franchises in India as the economy liberalized.
Banga was vice chairman of the board of trustees of the New York Hall of Science and a board member of
the National Urban League. He was formerly a business sponsor of Citi's African heritage network – NYC.
Banga has a keen interest in social development issues, and over the period from 2005 to mid-2009, he
spearheaded Citi's strategy in the microfinance sector across the world.
Banga is a regular speaker at various fintech & leadership conferences, he appeared on the Mad Money show
hosted by Jim Cramer on Thursday, 6 Nov 2014.
Banga, was recently the keynote speaker at NYU Stern's 2014 Graduate Convocation on May 22, 2014 where
he spoke about the importance of diversity in driving innovation and leadership.