Newsletter CS Rajiv Bajaj 19th September, 2014

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THOUGHT OF THE DAY
“The flower that blooms in adversity is the rarest and most beautiful of all.”
Law Updates:
 RBI/2014-15/237 DGBA.GAD.No.H-1204/42.01.035/2014 -15- Implementation of Cheque Truncation System (CTS): Dispensation of the requirement of forwarding of government cheques in physical form to Government - Change in the Memorandum of Instructions for reporting of government transactions.
 SEBI issued CIR/MRD/DP/27/2014-Establishment of Connectivity with both depositories NSDL and CDSL–Companies eligible for shifting from Trade for Trade Settlement (TFTS) to Normal Rolling Settlement.
 Ministry of Corporate Affairs, Notification-National Advisory Committee on Accounting Standards.
 Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified the Central Board of Excise and Customs (CBEC) hereby determines that the rate of exchange of conversion of each of the foreign currency specified in Schedule I and Schedule II into Indian currency or vice versa shall, with effect from 19th September, 2014 be the rate mentioned against it in the corresponding entry.
PROFESSIONALS INPUTS:
 The finance ministry on Thursday said 40 million bank accounts have been opened under the Pradhan Mantri Jan Dhan Yojana and that banks have mobilised Rs 3,700 Crore so far.
 New trends in tax evasion under CBDT lens-Tax authorities are planning to look more actively into suspicious transaction reports (STRs) that provide information on dubious funds as they step up efforts against the menace of black money.
 Delhi HC Adjourned the TAR Deferment Case tomorrow for Final Hearing-Delhi High Court asked the CBDT for revenue losses in case ITR date extended. CBDT lawyer not able to answer. He wants time to file the counter affidavit. Court also asked why the Forms for Tax Audit was not available on 1st April.
MARKET WATCH:
SENSEX: 27208.6996.48 NIFTY: 8152.7037.95
SILVER:41129.00 0.61 GOLD (MCX): 26518.00141.00
USD/INR: 60.78 .06 CRUDE OIL: 5722.000.17
CS Rajiv Bajaj
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Date: 19th September 2014

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VSS Mani
He has given the meaning to what Lincon said: “That some achieve great success is a proof to all that others can achieve it as well.”
Mani now stands for money! He started his company in 1992 with his Rs. 50,000 from a garage in a Mumbai. Today it has become a leading local search company in India that bridges the gap between buyers and sellers by helping a buyer find the right providers of products and services, while helping sellers improve the efficiency of their marketing channels. Just Dial recently bagged the Red Hat Innovation Award in the Carved out costs Category. It’s the first Indian Company to bag this award.
Mani, like Henry Ford failed thrice before his idea hit the “sixer”! Any Failure of an entrepreneur teaches him more than they teach at Harvard or Ahmadabad. Mani is a Tamilian Brahmin born and brought up in Kolkata. He observed that we Indians are lazy and won’t make efforts to find out what we need to know and will keep on asking friends and relatives. Thinking out-of-the box works only when you put into your box many ideas during your life’s journey.
How big is justdial today and what are its plans? Mani replies to SME World. Aug 2010, “ With a team of 4,000 associates, and 8 Centers across India, on a single national number 69999999, the company caters to over 25 million unique users spread across 240 cities. In India Justdial receives over 2,50,000 calls every-day and over 2,20,000 visits its Website.
“ We have expanded our reach to include the World’s Capitalist heartland, the US and would soon expand to other English speaking countries. And to think that all this started with almost Zero capital makes the accomplishments even more special”! He is sitting on cash of Rs.120 Crore and is planning to go public to gain higher public profile.