Newsletter dated 22nd April 2017

1. www.csrajivbajaj.com
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THOUGHT OF THE DAY
THOUGHT OF THE DAY
"The secret to success is good leadership, and good leadership
is all about making the lives of your team members or workers
better."
Law Updates:
• Salary deduction for not serving during notice period couldn’t be
taxed: Ahmedabad Tribunal.
• No addition on GTC without evidence of depositing higher price of
Cigarettes in fictitious bank account: Mumbai Tribunal.
• Commission paid to agent for providing liasoning services relating
to govt. tender was allowable business expenses.
• SAT upholds one-month's suspension of certificate of registration of
broker 'Khadwala Securities'.
• ITAT stays Rs 837 cr. tax demand of Vodafone as its income was
assessed more than 70 times the returned income.
PROFESSIONALS INPUTS:
• CBEC vide Notification No. 17/2017-Cus. dated 21st
April 2017 has
Seeks to exempt goods, falling under the First Schedule to the
Customs Tariff Act, 1975, when imported into India by or along
with a unit of the Army, the Navy, the Air Force or the Central
Paramilitary Forces on the occasion of its return to India after a tour
of service abroad, from basic customs duty (BCD), CVD and SAD
subject to the specified conditions.
• Provisional Id and password of taxpayers who have registered in
February and March 2017 will be made available shortly for GST
enrolment.
MARKET WATCH:
SENSEX: 29365.30 -57.09 NIFTY: 9119.40 -17.00
SILVER: 41289.00 -216.00 GOLD (MCX): 29418.00 123.00
USD/INR: 64.61 0.05 CRUDE OIL: 3208.00 -93.00
CS Rajiv Bajaj
9811453353
Bajajr66@gmail.com
youtube.com/csrajivbajaj
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1Bajaj
http://www.csrajivbajaj.com
Date: 22nd
April, 2017

2. www.csrajivbajaj.com
Ross Maxwell McEwan
CEO of RBS
Ross Maxwell McEwan (born 16 July 1957) is a New Zealand banker, who
has been the chief executive officer (CEO) of The Royal Bank of Scotland
Group (RBS), a FTSE 100 company since 1 October 2013, succeeding
Stephen Hester.
Early Life & Education
McEwan was educated at Hastings Boys' High School, Hastings, followed by Massey University,
where he completed a degree in business studies and human resources, despite having failed an
accountancy module twice.
Career
McEwan's first top management position was as CEO of Axa New Zealand from 1996 to 2002. He had
spent the previous ten years at National Mutual New Zealand, 51% acquired by Axa in 1995. McEwan
was then appointed CEO of First NZ Securities, the stockbroking arm of First NZ Capital Securities,
the New Zealand affiliate of Credit Suisse Group.
In 2003 McEwan was hired as group executive for retail banking services for the Commonwealth
Bank of Australia (CBA). He had been expected to become the next CEO of CBA, but was passed
over for the post in 2011.
McEwan joined RBS in August 2012 as head of retail banking. He was appointed CEO in October
2013. It was expected that he would move the bank away from investment banking and reduce its
international exposure, to focus more on UK retail banking.
In February–March 2014, McEwan attracted press coverage for his view that "free banking" (no
current account charges for customers in credit) would have to end sooner or later, and that this would
in turn lead to greater transparency from the banks about how they funded their operations.
On 25 February 2015, RBS announced that McEwan would forgo a share award worth £1m saying
that he did not want his pay package to "be a distraction from the task of building a great bank". He is
still expected to be paid £2.7m despite turning down the award. The announcement came the day
before the bank, which is 80% owned by the UK government, was due to release annual results widely
expected to be disappointing following a series of fines by banking regulators for failures including for
failing to stop manipulation of the foreign exchange market.
Personal Life
McEwan and his wife Stephanie met through playing basketball, while they were both students at
Massey University. She has a degree in food technology and they have two adult daughters. They own
a farm in New Zealand