Newsletter dated 5th October, 2015

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THOUGHT OF THE DAY
THOUGHT OF THE DAY
"The secret of joy in work is contained in one word -- excellence.
To know how to do something well is to enjoy it…"
Law Updates:
 To check generation of domestic black money, the government will soon
make it mandatory to furnish PAN card details for cash transactions
beyond a certain threshold.
 RBI releases list of approved applicants for Registration of Institutions,
Organisations and Associations for grant of Financial Assistance from
the Depositor Education and Awareness Fund (DEA Fund).
PROFESSIONALS INPUTS:
 MCA notified that Version of Forms MGT-7 and AOC-4(Non-XBRL)
has been modified w.e.f 04 Oct 2015.
 Vide RBI Notification No.RBI/2015-16/196 DNBR.CC.PD.No. 069/
03.10.01/ 2015-16 dated October 01, 2015 issued instructions that on
pricing of credit by NBFC-MFIs, the maximum variance between the
minimum and maximum interest rate on loans cannot exceed 4 per
cent.
 The Public Company Accounting Oversight Board published a staff
inspection brief that highlights the objectives, focus, and scope of its
ongoing inspections in 2015 of auditors registered with the PCAOB.
 Vide DVAT Notification No. F.3(515)/Policy/VAT/2015/805-816
notified the Extension of the last date for filing of online returns for the
1st quarter of the year 2015-16, in Forms EC-II and EC-III to 15-10-
2015.
 Vide DVAT Notification No.F.3 (352) Policy/VAT/2013/818-829
notified that the Form DP-1 shall be submitted online by all the dealers
latest by 21-10-2015.
 Vide DVAT Notification No.F.7 (420)/VAT/Policy/2011/PF/832-838
dated 30 September, 2015 notified the Extension of filing of online
return in Form 9 for the year 2014-15 to 31/10/2015.
MARKET WATCH:
SENSEX: 26620.94 403.84 NIFTY: 8065.95 113.00
SILVER: 35704.00 1160.00 GOLD (MCX): 26152.00 369.00
USD/INR: 65.28 -0.24 CRUDE OIL: 3005.00 34.00
CS Rajiv Bajaj
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Date: 5th October, 2015

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Dr. Ajay Kela
President and CEO, Wadhwani Foundations
Early life
Ajay Kela has over 30 years of experience in the IT Industry in the US and
India, scaling start-ups and mid-size companies to several billion dollar
organizations. As the President and CEO of Wadhwani Foundations, Ajay
oversees the Foundations initiatives, including Skills Development Network,
Research and Innovation, and Indo-US Policy. Ajay received his Ph.D from
University of Rochester, USA, and his Bachelor’s degree from IIT Bombay.
Career
Ajay scaled start-ups and mid-stage companies to several billion dollar organizations during his tenure of
30 years in managing global software business, including at Autodesk, Symphony Teleca and other Silicon
Valley start-ups. His areas of expertise include Strategy, M&A, Business Development, and Global
launches. Ajay's passion for the underserved eventually led him to commit full time to the Wadhwani
Foundation in 2009. In his current role as President & CEO, he heads a team committed towards
accelerating economic development in emerging economies and creating jobs for millions. He has been
instrumental in devising sustainable strategy for national scale through market forces and partnerships
with Government. Ajay is now driving the Foundation's globalization footprints across Asia, Africa and the
US. Apart from authoring technical papers in journals and conferences, Ajay has authored articles on
divergent topics like Innovation, VCs & Start-ups and Offshore Centers, in leading publications. Over ten
years, Wadhwani Foundations has attempted to create jobs through a range of initiatives spanning
training of young people to inspiring entrepreneurship at institutes. Adding the non-profit’s Research and
Innovation Network and policy-related campaigns to the ongoing work by its National Entrepreneurship
Network, the big picture is about ‘high-value’ job creation.
Futuristic target
We work with about 1,400 schools across the country. But in India, every year, about 9 million exit
12{+t}{+h} grade and about 4 million go to 4-year colleges. We’re trying to build a vocational track for the
5 million that are left behind so that many of them can earn ₹15000 – 20,000 a month. Today, a
12{+t}{+h} grader can’t earn that much. Over a 10 year period, at NEN, we’ve now trained more than 3000
faculty across 500 institutes to teach entrepreneurship. Typically, it has taken us about 5 years from when
we signed on an institute to when we started producing entrepreneurs from those institutes. And yes, if
you want to create an impact at a national scale you cannot limit yourself to the IITs – you may start there,
but you have to go beyond that. When half a million students were exposed to our initiative, about a
100,000 show deeper interest and we have worked with them to provide practical training and skill
development. Some 1000 companies get started this way. But these are young entrepreneurs, so we also
have to make sure they succeed. Even in Silicon Valley among VC-funded companies the failure rate is
about 90%, so entrepreneurship is tough. We started global expansions one and half years ago. We’ve been
experimenting in Pakistan, Indonesia and Malaysia. But in many countries outside India, we will have to
customise our training content for local requirements – some things that work in Silicon Valley won’t work
elsewhere. By the end of this year, we should have a good idea of whether our replication model will work
in the 23 countries that we want to take this to- according to Dr Ajay Kela.