Newsletter dated 19th May,2015

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THOUGHT OF THE DAY
“Wisdom is the power that enables us to use knowledge for
the benefit of ourselves and others.…”
Law Updates:
 The Finance Ministry is likely to exempt assesses from sharing
details of company-sponsored foreign trips in the revised income
tax return or ITR forms, but may retain the disclosure of foreign
bank accounts.
 The Reserve Bank of India is in consultations with the government
to double the limit for capital account transactions for individuals to
$250,000 per financial year. Currently, all resident individuals,
including minors, are allowed to freely remit up to $125,000 per
financial year for any permissible current or capital account
transaction or a combination of both.
 The Shah Committee, constituted to go into levy of minimum
alternate tax (MAT) on FIIs (foreign institutional investors), will
look into all important “legacy” cases, FM Arun Jaitley said,
blaming conflicting judicial rulings for the controversy on the issue
that has riled foreign investors. FM blames foreign investors for
inviting MAT levy on themselves by approaching Authority of
Advance Rulings in 2012.
PROFESSIONALS INPUTS
 ICAI has issued Exposure Draft on the Managerial Remuneration
under the Companies Act 2013. Comments/suggestions may kindly
be sent within 10 days i.e. upto 27th May, 2015
 Vide Press Release: 2014-2015/2434 dated May 18, 2015, RBI urges
taxpayers to remit their income-tax dues in advance to avoid last
minute rush.
 Public Notice No. 12/2015-20 dated 18th May 2015, DGFT has
issued Revised procedure for issue of Pre-Shipment Inspection
Certificate.
 Vide Notification No. 46/2015 (Customs (N.T.) dated 18th May,
2015, the Central Board of Excise and Customs makes amendment
in Shipping Bill (Electronic Declaration) Regulations, 2011.
 Vide Circular No.10 dated 15/05/2015 issued by DVAT, the last date
of filing of online/hard copy of fourth quarter return for the year
2014-15, in Form DVAT-16, DVAT-17 and DVAT-48 along with
required annexures /enclosures has been extended to 22/05/2015.
MARKET WATCH:
SENSEX: 27644.63 -42.67 NIFTY: 8362.30 -11.35
SILVER: 40134.00 -336.00 GOLD (MCX): 27510.00 -107.00
USD/INR: 63.66 -0.06 CRUDE OIL: 3865.00 8.00
CS Rajiv Bajaj
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Date: 19thMay, 2015

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MANGU SINGH,
managing director, Delhi Metro
“Mangu Singh, the current managing director of Delhi
Metro, took over the position from E. Sreedharan,
upon his retirement on December 31, 2011. In 1997, He
joined the Delhi Metro Rail Corporation.”
EARLY LIFE:
Mangu Singh was born on 15 December 1955 in Najibabad, Uttar
Pradesh, and from a young age, he took a keen interest in science and mathematics. Even though Mangu
Singh received his early education in a small town, where educational facilities and resources were
inadequate, he never lost hope on the future. He dreamt big and worked hard to secure a place in one of
the top universities in the country – University of Roorkee, now known as the Indian Institute of
Technology Roorkee. In 1979, Mangu Singh graduated with an outstanding academic performance from
the department of Civil Engineering at the University of Roorkee, and later, received Master of Science in
Sustainable Development.
CAREER PROFILE:
It is true that success comes to those who work hard and are determined to achieve their goals. As a
student, Mangu Singh developed an interest to join the government sector and serve the community.
It was Mangu Singh’s determination to enhance the welfare of the Indian citizens that propelled him to
take the Union Public Service Commission examination in 1981. After clearing the examination, Mangu
Singh joined the Indian Railway Service of Engineers in 1983. During his tenure with the organisation,
Mangu Singh held various positions in the following departments – planning, procurement, and
operations. Between 1989 and 1996, Mangu Singh worked as the Deputy Chief Engineer at Kolkata Metro
Railway, during which he not only contributed significantly to the implementation of the Kolkata Metro
but also brought revolutionary changes in Metro engineering projects across the country, including
Mumbai, Chennai, Hyderabad, and Bangalore. In 1997, Mangu Singh joined the Delhi Metro Rail
Corporation at its inception stage and has been playing a significant role in the development of the Delhi
metro line ever since.
Mangu Singh has also headed several projects of Delhi Metro, including the Clean Development
Mechanism projects.
Mangu Singh was involved in metro projects that were relatively new in the Indian context. Implementing
something new is risky because one can never be sure of its returns and success rate.
AWARDS AND ACHIEVEMENTS:
For his great dedication and hard work in the successful implementation of the Kolkata Metro, Mangu
Singh received the National Railway Week Award in 1996. In addition, he received the distinguished
Alumni award at the Global Meet Indian Institute of Technology Roorkee in 2007 for being a role model to
graduates of the Indian Institute of Technology Roorkee. For his vast experience in the construction of
underground structures, Mangu Singh was given the Engineer of the Year award in 2012 by the Indian
Institution of Engineers and is considered one of the most experienced engineers in the country today.
SUCCESS MANTRAS…!!!
 Anyone can be successful in life if he puts his best foot forward.
 There is no limit to the scale of his dreams. Success comes to those
who dare and are not afraid of challenges in life.
 But one can never reap success until he tries.