Newsletter dated 3rd March,2015

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THOUGHT OF THE DAY
“Trust in dreams, for in them is hidden the gate to eternity.”
Law Updates:
 The Reserve Bank of India (RBI) revised guidelines for lending to the
priority sector on Monday, with loans to medium enterprises, sanitation
and renewable energy sectors coming under the ambit of priority sector
lending.
 Notification dated 28-02-2015 ref F. No. IRDAI/Reg/1/91/2015, issued
by IRDA, IRDA notifies norms on registration of insurance marketing
firms.
 Vide Press Note No 3(2015 series) issued by Department of Industrial
Policy and Promotion, Govt. reviews FDI policy in insurance sector-
amendment to “Consolidated FDI Policy Circular of 2014.”
 FM has raised Limit for Audit of Specified Domestic Transaction to Rs.
20 Crore from Rs. 5 Crore with effect from Assessment year 2016-17.
This may effectively take 90% Assessees out of Ambit of Transfer
Pricing Audit of Specified Domestic Transaction.
PROFESSIONALS INPUTS:
 Vide Notification No. 27/2015–Customs (N.T.) dated 1.03.2015 issued
by CBEC seeks to notify “resident firm” as class of persons for the
purposes of section 28E of the Customs Act, 1962 so as to extend the
scheme of Advance Ruling to Resident Firm.
 Vide Order No. 1/2015 -Service Tax dated 01.03.2015 issued by CBEC
regarding Simplification of Registration Procedures in Service Tax for a
single premises in Form ST-1 which shall come into effect from 1-3-
2015.
 Hon’ble FM has proposed to amend Sec 288 of the Income Tax Act,
1961 to provide that an auditor who is not eligible to be appointed as
auditor of a company as per the provisions of sub-section (3) of section
141 of the Companies Act, 2013 shall not be eligible for carrying out any
audit or furnishing of any report/certificate under any provisions of the
Act in respect of that company.
MARKET WATCH:
SENSEX: 29436.36 -22.78 NIFTY:8943.15 -13.60
SILVER: 36690.00 44.00 GOLD (MCX): 26491.00 -19.00
USD/INR: 61.86 -0.01 CRUDE OIL: 3115.00 -34.00
CS Rajiv Bajaj
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http://www.csrajivbajaj.com
Date: 3rd March, 2015

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Arun Jaitley,
Finance Minister
“This is Jaitley's first stint as Finance Minister. He had served
as Trade Minister and Law Minister more than a decade ago
under the National Democratic Alliance government led by
the BJP.”
Early Life:
Jaitley was born on December 28, 1952 to lawyer Maharaj Kishen Jaitley and social activist Ratan Prabha in
New Delhi. Having studied in prestigious institutions like St Xavier’s School (1957-69), Shree Ram College of
Commerce, Jaitley finally did his LL B from the University of Delhi from 1973-77.
An active debater since his childhood, he was also the president of the student union of his college. This marked
the beginning of what was to be a bright political career. At a time when the Congress’s rule was very strong, by
winning the election as an Akhil Bhartiya Vidyarthi Parishad (ABVP) candidate (ABVP is the BJP's student
wing), he made a never-ending impact on the people of India. He considered Jai Prakash Narain his mentor. In
1975, when the emergency was declared for 22 months, Jaitley was one of the leaders to be detained and was
imprisoned for 19 months in Tihar Jail in Delhi.
Career Profile:
In 1977, being the convener of the Loktantric Yuva Morcha at a time when the Congress suffered a humiliating
defeat, Jaitley was appointed the president of the Delhi ABVP and All India Secretary of the ABVP. He was then
made the president of the youth wing of the BJP and the secretary of the Delhi Unit in 1980, a short time after
joining the party. Jaitley started practicing law from 1977 onwards in the Supreme Court and several High
Courts.In 1990, Jaitley was promoted to senior advocate and was appointed Additional Solicitor General (ASG)
of India. As the Additional Solicitor General, he worked on the Bofors scandal, which was related to the illegal
kickbacks paid in the US$ 1.3 billion deal between Bofors, a Swedish arms manufacturer, and the Government
of India. He became the spokesperson for the BJP in 1999 just before the General Assembly elections. He took
over as the Minister of State, Department of Information and Broadcasting in 1999. Additionally, he headed the
Ministry of Law, Justice and Company Affairs. He further joined the Council of Ministers as the Minister of
State, and along with this, he was in charge of the newly formed Department of Disinvestment. In 2000, Jaitley
was made the member of the Rajya Sabha for the first time from Gujarat, and was again appointed the Minister
of Law, Justice and Company Affairs and the head of the Ministry of Shipping. After the resignation of Ramjeth
Malani as the Union Cabinet Minister, he was appointed the Cabinet Minister in November 2000. He was the
Law Minister in the cabinet and introduced many amendments to the Civil Procedure Code, the Criminal
Procedure Code (CrPC), and the Companies Act. He then left the cabinet to become the General Secretary of the
BJP in July 2002, and worked as the National Spokesperson till January 2003. Jaitley again joined the Union
Cabinet in 2003 as the Minister of Commerce and Industry and Law and Justice, and functioned there till May
2004. He was re-elected as the member of the Rajya Sabha in 2006 and again in 2012 from Gujarat, which was
his third term as a member of the Rajya Sabha. He is recognised as the Leader of Opposition (2009-2012) and
has put in constant efforts to bring about positive change. He played a vital role during the talks of the Women
Reservation Bill in the Rajya Sabha and also supported Anna Hazare for the Jan Lokpal Bill. He became a
member of the Rajya Sabha from Gujarat in 2006 and was credited for his brilliant oratory and research skills.
Jaitley was appointed the vice president of the BCCI from North Zone because of his love for the game of cricket.
Current Profile:
On May 26, 2014, Arun Jaitley became the Finance Minister with additional charge of Defence Ministry in the
new Narendra Modi-led government. Arun Jaitley was the one who introduced changes to the eighty-fourth and
ninety-first amendments to the Constitution of India in 2002.