Newsletter dated 30th june, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“Evaluate the people in your life; then promote, demote, or
terminate. You’re the CEO of your life!”
Law Updates:
 Delay in filing appeal condoned on payment of costs though no
detailed explanation given by assessee for delay.
 Even 'Quoted Prices' may be accepted for comparability analysis
under CUP method: Tribunal Delhi.
 Supreme Court admits SLP to decide whether Indian subsidiary of
'E-Fund Inc.' would be treated as its PE: Supreme Court.
 SLP admitted to decide whether Credit Society is eligible for sec.
80P relief on interest from surplus parked in FDs: Supreme Court.
PROFESSIONALS INPUTS:
 SEBI vide Circular No. CIR/IMD/FPI&C/61/2016 dated 29th
June,
2016 has given clarification regarding grandfathering of ODI
issuers and modification of replies of FAQ 70 and FAQ 71 of SEBI
FAQs to SEBI (FPI) Regulations, 2014.
 CBEC vide Notification No. 91/2016-Cus (NT) dated 29th
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 30th June, 2016.
 CBEC vide Instruction No. F.No.276/104/2016-CX.8A (Pt.) dated
29th
June, 2016 has issued inclusion of Show Cause Notices issued
in relation to sub-section (11) of Section 28 of the Customs Act,
1962 on the competency of officers of DGDRI, DGCEI and
Customs (Prev.), in the "Call Book".
MARKET WATCH:
SENSEX: 26740.39 215.84 NIFTY: 8204.00 76.14
SILVER: 43160.00 76.15 GOLD (MCX): 31327.00 12.00
USD/INR: 67.67 - 0.28 CRUDE OIL: 3220.00 94.00
CS Rajiv Bajaj
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Date: 30th
June, 2016

2. www.csrajivbajaj.com
Vijay Kelkar
Chairman of Forum of Federations
Vijay L. Kelkar (born 15 May 1942) is an Indian economist and academic, who
is currently the Chairman of the Forum of Federations, Ottawa & India
Development Foundation, New Delhi and Chairman of Janwani – a social
initiative of the Mahratta Chamber of Commerce,Industries and Agriculture
(MCCIA) in Pune. He has been appointed as a trustee of Sri Sathya Sai Central
Trust (Puttaparthi, A.P.) on 4 January 2014. He was also the Chairman of the
Finance Commission until January, 2010. He was earlier Advisor to
the Minister of Finance (2002–2004), and is known for his role in economic
reforms in India. Prior to this, he remained Finance Secretary, Government of India 1998–1999, and in 1999 he has
been nominated as Executive director of India, Bangladesh, Bhutan and Sri Lanka on the board of the International
Monetary Fund (IMF).
Early Life and Education
Kelkar, holds B.E., from College of Engineering Pune, India, 1963, M.S., from University of Minnesota, USA,
1965 and Ph. D in Economics from University of California Berkeley, USA, 1970.
Career
Kelkar has taught at Administrative Staff College of India, Hyderabad, Center for Economic Development and
Administration, Kathmandu, Nepal, South Asia Institute, Heidelberg University, Germany and University of
California, Berkeley.
He has held various senior-level positions in the Government of India, as well as in international organizations:
 Chairman, CSIR-Tech Pvt Ltd (www.csirtech.com)
 Chairman, National Stock Exchange of India Limited
 Chairman, Forum of Federations, Ottawa
 Chairman, India Development Foundation
 Vice President, Pune International Center
 Chairman, Finance Commission, India
 Chairman, IDFC Private Equity, Mumbai
 Advisor to Minister of Finance, Government of India in the rank of a Minister of State, from August
2002 to September 2004
 Executive Director for India, Sri Lanka, Bangladesh and Bhutan at the International Monetary Fund,
Washington, D.C., USA from August 1999 to August 2002
 Finance Secretary, Government of India, 1998–1999
 Chairman, Tariff Commission, Government of India, 1997–1998
 Secretary, Ministry of Petroleum & Natural Gas, Government of India, 1994–1997
 Director & Coordinator, International Trade Division, UNCTAD, Geneva, Switzerland, 1991–1994
 Chairman, Bureau of Industrial Costs & Prices and Secretary to the Government of India, New Delhi,
1987–1991
 Secretary, Economic Advisory Council to the Prime Minister, Government of India, New Delhi, 1985–
1988
 Advisor, Economic Policy & Planning, Ministry of Petroleum & Natural Gas, Government of India,
New Delhi, 1982–1987
 Economic Advisor, Ministry of Commerce, Govt of India, 1977–1981
 Chairman of the Board of Green Infra Limited
 Chairman of the Joint Venture (JV) Committee of NCAD (90seater National Civil Aircraft)
Kelkar was awarded the 2011 Padma Vibhushan, the second highest civilian award, in January 2011.