Newsletter dated 17th August, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“On this Rakhi, let's bring back the lively spirit of childhood,
play pranks with each other and become that wacky siblings.
Happy Raksha Bandhan.”
Law Updates:
 Loss in open derivative contracts due to valuation on basis of mark
to market values was to be allowed: Tribunal Mumbai.
 TPO couldn't attribute revenue of 'Jungle Book Series' to assessee
when its IP rights were already sold to AE: Tribunal Hyderabad.
 Kerala VAT - Product 'Banarice' containing only banana powder
and rice powder would fall under residuary entry and liable to tax at
rate of 12.5 per cent.
 Proceedings concluded by HC couldn't be revived due to retro-
amendment to sec. 201; SLP dismissed: Supreme Court.
PROFESSIONALS INPUTS:
 CCI dated 16th
August 2016 has issued The Competition
Commission of India (Competition Assessment of Economic
Legislations and Policies) Guidelines, 2016.
 CBEC vide Notification No. 45/2016-Cus dated 13th
August, 2016
issued exemption for import of fabrics under Special Advance
Authorization Scheme under para 4.04A of FTP 2015-20 for
manufacture and export of garments.
 CBEC vide Notification No. 110/2016-Cus (NT) dated 13th
August,
2016 amends notification no. 110/2015-Customs (NT) dated
16.11.2015 to specify All Industry Rates of drawback for export of
garments under Special Advance Authorization Scheme under para
4.04A of FTP 2015-20.
MARKET WATCH:
SENSEX: 2,8064.61 -87.80 NIFTY: 8,642.55 -29.60
SILVER: 46.,517. 00 173.00 GOLD (MCX): 31,295.00 277.00
USD/INR: 66.76 -0.09 CRUDE OIL: 2,973.00 65.00
CS Rajiv Bajaj
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Date: 17th
August, 2016

2. www.csrajivbajaj.com
Jan Koum
Co-Founder of Whats App
Jan Koum (born February 24, 1976) is a Ukrainian-American internet
inventor and computer programmer. He is the CEO and co-founder
of WhatsApp (with Brian Acton), a mobile messaging application which
was acquired by Facebook Inc. in February 2014 for US$19 Billion.
In 2014, he entered the Forbes list of the 400 richest Americans at position
62, with an estimated worth of more than seven and half billion dollars. He
was the highest-ranked newcomer to the list that year.
Career
Koum was born in Kyiv Ukraine. He is Jewish. He grew up in Fastiv, outside Kyiv, and moved with his
mother and grandmother to Mountain View, California in 1992, where a social support program helped the
family to get a small two-bedroom apartment, at the age of 16. His father had intended to join the family
later, but finally remained in Ukraine. At first Koum's mother worked as a babysitter, while he himself
worked as a cleaner at a grocery. By the age of 18 he became interested in programming. He enrolled at
San Jose State University and simultaneously worked at Ernst & Young as a security tester.
In February 1996, a restraining order was granted against Koum in state court in San Jose, California. An
ex-girlfriend detailed incidents in which she said Koum verbally and physically threatened her. In October
2014, Koum said about the restraining order, "I am ashamed of the way I acted, and ashamed that my
behaviour forced her to take legal action".
In 1997, Jan Koum was hired by Yahoo as an infrastructure engineer, shortly after he met Brian
Acton while working at Ernst & Young as a security tester. Over the next nine years, they worked at
Yahoo. In September 2007 Koum and Acton left Yahoo and took a year off, traveling around South
America and playing ultimate frisbee. Both applied, and failed, to work at Facebook. In January 2009, he
bought an iPhone and realized that the then-seven-month-old App Store was about to spawn a whole new
industry of apps. He visited his friend Alex Fishman and the two talked for hours about Koum's idea for an
app over tea at Fishman's kitchen counter. Koum almost immediately chose the name WhatsApp because it
sounded like "what's up", and a week later on his birthday, February 24, 2009, he incorporated WhatsApp
Inc. in California.
WhatsApp became popular in just a small amount of time, and this caught Facebook's attention.
Facebook's founder Mark Zuckerberg first contacted Koum in the spring 2012. The two began meeting at a
coffee shop in Los Altos, California, then began a series of dinners and walks in the hills above Silicon
Valley.
On February 9, 2014 Zuckerberg asked Koum to have dinner at his home, and formally proposed Koum a
deal to join the Facebook board - 10 days later Facebook announced it was acquiring WhatsApp for US$19
Billion USD.
Over the first half of 2016, Koum sold more than $2.4 billion worth of Facebook stock, which was about a
half of his total holdings. He is estimated to still own another $2.4 billion in Facebook stock.
His mother died in 2000 of cancer in the United States, while his father died in Ukraine in 1997.