Newsletter dated 27th june, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
"One who gains strength by overcoming obstacles possesses the
only strength which can overcome adversity."
Law Updates:
 Forms AOC-4, AOC-4 XBRL, GNL-1, INC-6, INC-2 and CRA-2
were recently revised on MCA21 Company Forms Download page.
Stakeholders are advised to check the latest version before filing.
 CLB dismisses complaint filed by petitioner-mother against her
three daughters for oppression and mismanagement as she had
approached the bench with clean hands by suppressing the material
facts.
 Penalty not leviable under Rule 25 of Excise until intention to evade
duty is proved: Delhi High Court.
 RBI releases uniform format of ‘Statutory Auditor’s Certificate’ to
be submitted by NBFCs.
 Commission income from rendering market support services to AE
would form part of operating income: Delhi Tribunal.
PROFESSIONALS INPUTS:
 CBEC vide Notification No. 89/2016 - Customs (N.T.) dated 24th
June, 2016 hereby makes the further amendments in the
Notification of the Central Board of Excise and Customs
No.87/2016-CUSTOMS (N.T.), dated 16th June, 2016, with effect
from 25th June, 2016.
 CBEC vide Circular No. 30/2016-Customs dated 24th
June, 2016
has Increase in All Industry Rates (AIR) of Duty Drawback on gold
jewelry and silver jewelry/articles- reg.
MARKET WATCH:
SENSEX: 26397.71 -604.57 NIFTY: 8088.60 -181.85
SILVER: 42392.00 1202.00 GOLD (MCX): 31401.00 1487.00
USD/INR: 67.96 0.71 CRUDE OIL: 3266.00 -89.00
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Date: 27th
June, 2016

2. www.csrajivbajaj.com
Rakesh Mohan
Former Deputy Governor -RBI
Rakesh Mohan (born 1948) is an Indian economist and former Deputy
Governor of Reserve Bank of India. He is the Vice Chairperson of
Indian Institute for Human Settlements. He was appointed in
November 2012 as an Executive Director of the IMF for a three-year
term, and in April 2010, he joined Nestle India, as a non-executive
director.
He remained an adviser to numerous ministries in Government of
India, including industry, and finance, and later became an important part of Indian economic
reforms in the 1990s, and his report under the 'Rakesh Mohan Committee on Infrastructure', became a
"landmark document in the evolution of thinking on economic policy issues". He is the Professor in
the Practice of International Economics of Finance, School of Management, and Senior Fellow,
Jackson Institute or Global Affairs at Yale University and will shortly be taking over as India's
Executive Director at the International Monetary Fund, Washington DC, USA.
Early life
Mohan did his schooling from Mayo College, a boarding school in Rajasthan, followed by BSc
(University of London) 1969; BA in Economics, Yale University 1971, MA in Economics, 1974 and
PhD 1977 from Princeton University.
Career
Mohan started his career in urban economics, 1974 to 1988. During this period, as a part of the World
Bank's, City Study project, he studied the city of Bogota, Colombia, 1976–1980. He returned to India
in 1980, where he first joined the Planning Commission as a senior consultant, while Manmohan
Singh was also a member.
In 1985 according to the American Economic Association he was listed as "Economist" in the
Philippines Division of the World Bank with research interests listed as "Economic policy and analysis
of the Philippines".
He became the Deputy Governor, Reserve Bank of India (RBI) in September 2002 and moved
to North Block in October 2004 as Secretary, Department of Economic Affairs and Chief Economic
Adviser to the Finance Minister of India till July 2005, before returning to RBI, where he remained till
June 2009, when he took up an assignment at Stanford Centre for International Development
at Stanford University, US, and subsequently joined McKinsey and Co's economic research wing. In
2010 back in India from his project, he worked with Nandan Nilekani, Shirish Patel, Keshub
Mahindra, Deepak Parekh, to set up Indian Institute for Human Settlements, in Delhi.
In April 2010, he joined the board of directors of Nestle India.
In November 2012, he joined IMF as executive director.In addition to India, Mohan will also represent
three other countries including Bangladesh, Sri Lanka and Bhutan on the IMF board. Also, he is on the
advisory board of OMFIF where he is regularly involved in meetings regarding the financial and
monetary system.