Newsletter dated 21st October, 2015

1. www.csrajivbajaj.com
c
THOUGHT OF THE DAY
THOUGHT OF THE DAY
"Every single person who is successful at what they do, is
successful because they love doing it..."
Law Updates:
 A strong and secure information technology infrastructure will make
India's tax administration effective and efficient. The authorities plan to
do paperless income tax assessment over emails. CBDT has rolled out a
pilot project whereby e-hearing would be conducted in 100 cases. Pilots
would be conducted in Mumbai, Delhi, Bengaluru, Ahmedabad and
Chennai for non-corporate cases.
 RBI came out with final guidelines for BBPS in November 2014, which
will help track all the payments being made in the economy, including
cash payments to utilities. RBI has invited applications from entities
currently engaged in bill payments and desirous of operating as Bharat
Bill Payment System Operating Units under the Bharat Bill Payment
System. (Press Release : 2015-2016/956)
PROFESSIONALS INPUTS:
 Vide RBI Press Release : 2015-2016/958 dated October 20, 2015 RBI
seeks Comments/Feedback on Report of the Working Group on
Implementation of Ind AS by Banks in India.
 Vide CBDT Notification No. 83/2015 F.No.142/25/2015-TPL dated 19
October, 2015 notified Income- tax (16th Amendment) Rules, 2015
under which CBDT notified new rules to compute ALP when more than
one price is determined by most appropriate method.
 Vide CBDT Press Release dated 20 October, 2015 CBDT notified
Transfer Pricing Rules to incorporate “range concept” and “use of
multi-year data” to reduce litigation on transfer pricing issues. The
amended regime will be applicable for computation of ALP of
international transactions and specified domestic transactions
undertaken on or after 1/04/2014.
 Vide Circular No. 1008/15/2015-CX dated 20th October, 2015 issued
clarification regarding tower and blades constitute an essential
component of Wind Operated Electricity Generators (WOEG).
MARKET WATCH:
SENSEX: 27417.40 110.57 NIFTY: 8286.20 24.10
SILVER: 37080.00 38.00 GOLD (MCX): 27142.00 30.00
USD/INR: 65.12 0.07 CRUDE OIL: 3019.00 10.00
CS Rajiv Bajaj
9811453353
Bajajr66@gmail.com
youtube.com/csrajivbajaj
https://www.facebook.com/Rajiv
1Bajaj
http://www.csrajivbajaj.com
Date: 21st October, 2015

2. www.csrajivbajaj.com
Ajai Chowdhry
Founder member of HCL
Ajai Chowdhry is one of the six founder members of the HCL group established in
1975. A highly decorated Indian Industry icon, today he is an inspiration for young
Indians. Currently, he is the President and CEO of HCL Infosystems and a
member of its Board of Directors. HCL Infosystems, the erstwhile joint venture
between HCL and HP, is the country‟s largest hardware vendor. It continues to
maintain its leadership in the domestic PC market with a 11 per cent share.
Early life and education
Ajai‟s parents migrated to India, from Pakistan, during the Partition of India, along with six children. They came
to a refugee camp in Delhi. Later, Ajai‟s father picked up a job in Mount Abu, to get the accession of the princely
states. Ajai was born in Mount Abu, on 29 August 1950. Ajai is the youngest of the seven siblings. In 1955, his
father joined Indian Administrative Service. Ajai Chowdhry did his schooling from Christ Church School,
Jabalpur. He passed out of school in 1966. Thereafter, he graduated with a Bachelor of Engineering (Electronics
and Telecom) degree, from Jabalpur Engineering College, in 1971. He has also completed an Executive Program
from the University of Michigan, in 1994. He was appointed as Chairman, Board of Governors of IIT Patna.
Career
Beginning his career in 1972, Ajai Chowdhry worked with DCM Data Products. In 1975, he quit his job to start
Microcomp. Ajai Chowdhry works closely with the Government of India, for various endeavors and initiatives.
Ajai Chowdhry has been part of several Government of India committees. These endeavors aim at increasing IT
proliferation in India, and also towards facilitating the growth of the IT and Electronics industry in India. In
August 2009, the Department of Information Technology, Ministry of Communications & IT and the
Government of India constituted the IT Task Force, under the leadership of Ajai Chowdhry. He is a member of
National Manufacturing Competitiveness Council (NMCC), which is an apex body providing advisory inputs for
shaping government policy. He is also the Chairman of CII National Committee on Technology. He is a panelist
on the USC Forum on Globalization and Innovation. In 2010, Ajai Chowdhry co-chaired the „World Economic
Forum on Africa' in Tanzania.
Awards and accolades
 In 2011, Government of India awarded Ajai Chowdhry with Padma Bhushan, the third-highest civilian
award, recognizing his consistent contribution to the Indian IT industry.
 In 2010, was conferred the Honoris Causa, Doctorate of Science, by IIT Roorkee.
 In 2010, was presented the "ELCINA-EFY Electronics Man of the Year Award", by the Electronic
Industries Association of India (ELCINA).
 In 2009, Ajai Chowdhry was ranked third in the "Power List of 75 Most Powerful Brand Builders of
India".
 In 2009, was adjudged among "India Inc‟s Most Powerful CEOs" by The Economic Times.
 In 2007, was named the "Dataquest IT Person of the Year 2007", for his focus on the Indian domestic
market, and his belief in the potential of computer hardware manufacturing in India.
 In 2006, EFY presented the "Electronics Man of the Year - 2006" to Ajai Chowdhry, for being
instrumental in driving the growth of HCL Infosystems.
 Wisitek Foundation presented Ajai Chowdhry with the "Corporate Ratna – IT Industry of the
Millennium" Award.
 In 2004, Skoch Consultancy awarded Ajai Chowdhry with the 'IT Man of the Year' title.
 The Foundation of Indian Industry and Economists has presented Ajai Chowdhry the "Best IT Man of
the Year" award.