Newsletter dated 23rd February, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“To improve is to change; to be perfect is to change often.”
Law Updates:
 Budget session of Parliament commences from today. The
Government has prioritized 32 items for the session including the
pending bills in the Rajya Sabha viz. GST, Real Estate, etc.
 IRDA notifies norms for filing of appeal to Securities Appellate
Tribunal.
 Company having related party transactions in excess of 25% of
total revenue could not be selected as comparable: Pune Tribunal.
PROFESSIONALS INPUTS:
 CBEC vide Notification No. 5/2016-Customs (ADD) dated 22nd
February, 2016 seeks to amend notification No. 51/2015- Customs
(ADD) dated 21.10.2015.
 RBI vide Press Release 2015-2016/1983 dated 22nd
February, 2016
announced cancellation of the certificate of registration of the 26
(twenty six) non-banking financial companies (NBFCs) in exercise
of the powers conferred on it under Section 45-IA (6) of the
Reserve Bank of India Act, 1934 as these companies are not doing
the business of a non-banking financial institution.
 CBDT vide Notification No. 7 /2016 dated 19th
February, 2016 has
notified the ‘Atal Pension Yojana (APY)’ as a pension scheme for
the purposes of the section 80CCD(1) of the Income-tax Act, 1961.
 CBDT vide Notification No. 6/2016 dated 18th
February, 2016
seeks to amend the notification of the Government of India in the
Ministry of Finance (Department of Revenue), published in the
Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii),
vide number S.O. 1827(E), dated the 6th of July, 2015.
MARKET WATCH:
SENSEX: 23560.42 -222.27 NIFTY: 7162.40 -74.20
SILVER: 37199.00 218.00 GOLD (MCX): 29190.00 224.00
USD/INR: 68.61 0.14 CRUDE OIL: 2266.00 -63.00
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Date: 23rd
February, 2016

2. www.csrajivbajaj.com
Kirthiga Reddy
Former Managing Director at Facebook India
Kirthiga Reddy (born c.1972), is an Indian businesswoman and Managing
Director (CEO) at Facebook India.
She has the distinction of being the first employee of the social media giant in
India and has been one of the leading forces behind the company's expansive
growth in the country.
In 2011, she became Fortune India's Top 50 Most Powerful Women and also
has been placed among India's 25 most influential women.
Brief Details
Reddy grew up in India. Born to middle-class parents, her father was a government employee. She finished her
Bachelors in computer engineering from Mahatma Gandhi Mission’s College of Computer Science and
Information TechnologyNanded, Maharashtra and stood second. After her graduation, she moved
to Nagpur along with her parents and then briefly worked helping Yashavant Kanetkar with the programming
examples in his books to illustrate key concepts. She then moved to United states and did her Master's in
business administration from Stanford University and an M.S. in computer engineering from Syracuse
University.
Reddy has worked with established companies such as Silicon Graphics and Motorola. During her tenure at
Silicone Graphics, she was the youngest director of engineering and the only woman at that level in her team. In
2008, Reddy moved back to India and started working with the US-based Phoenix Technologies.
In July 2010, Reddy Joined Facebook. As the first employee of the company in the country, not only did she
start the India operations from scratch but also had to actually open the office shutters on day one. Under her
leadership, Facebook India has managed to not only grow its user base but also made significant contribution to
its global business through ad sales with major tie-ups like Coca Cola India and Yepme.
A day after shutting down 'Free Basics' scheme in India, Reddy announced her decision to step down from her
post and relocate to the United states in six to twelve months.
On February 12, 2016, In her post in Facebook, she wrote:
"When my family relocated to India, we knew that we would move back to the US some day. It’s a bittersweet
moment to share that the return timeframe is coming up in the next 6-12 months. Our two daughters start high
school and middle school this coming year— which serves as a natural transition point to make this move back"
FB's India numbers are impressive: 93 million users, second only to the US user base, and as many as 75
million of these are on mobile. Given FB's globally announced emphasis on exploiting the mobile platform, FB
India seems to have the right kind of platform.
She topped the list of IMPACT’s 50 Most Influential Women list in media, marketing and advertising in 2015.
Being a mother to two young girls, Kirthiga Reddy has perfected the art of work-life integration. With her
passion for learning and the courage to take risks, Kirthiga Reddy is all set to take the tech world head on!