Newsletter dated 05th February, 2016

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THOUGHT OF THE DAY
THOUGHT OF THE DAY
“Take a lesson from the mosquito. It never waits for an
opening; it makes one.”
Law Updates:
 No interest could be levied on amount of tax suo-motu paid by
assessee, though not demanded in SCN: CESTAT Chennai.
 CBEC in order to reduce the Government litigation has asked all
the Principal Commissioners/ Chief Commissioners to send a copy
of each application filed for withdrawal of such appeal before
CESTAT to the Chief Commissioner (AR), CESTAT as per the
Board’s instructions dated 17.12.2015 & 18.12.2015.
 Deductor to get interest on TDS refund from date of filing claim
and not from date of deposit of TDS.
 No separate deduction of expenditure while computing income on
presumptive basis under sec. 44BB: Mumbai Tribunal.
PROFESSIONALS INPUTS:
 CBEC vide Notification No. 18/2016 - Customs (N.T.) dated 04th
February, 2016 notified the rate of exchange of conversion of the
foreign currency with effect from 5th February, 2016.
 CBEC vide Circular No. 1015/3/2016-CX dated 3rd
February, 2016
has notified regarding refund of Excise duty on purchase of cars by
physically handicapped persons.
 RBI vide Press Releases: 2015-2016/1836 dated 04th
February, 2016
stated that in consultation with the Government of India, it has
revised nine regulations issued under the Foreign Exchange
Management Act, 1999 (FEMA).
MARKET WATCH:
SENSEX: 24519.00 180.65 NIFTY: 7464.70 58.30
SILVER: 35780.00 48.00 GOLD (MCX): 27427.00 162.00
USD/INR: 67.57 -0.50 CRUDE OIL: 2162.00 -19.00
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Date: 05th
February, 2016

2. www.csrajivbajaj.com
Khwaja Abdul Hamied
Founder- Chemical, Industrial and Pharmaceutical
Laboratories (CIPLA)
Dr. Khwaja Abdul Hamied’ born on 31 October 1898 in
Aligarh to Khwaja Abdul Ali and Masood Jahan Begum. He
was an Indian nationalist and anti-imperialist scientist who
founded Cipla, India's oldest pharmaceutical company in
1935. His son, Yusuf Hamied headed the company after him
for the next 52 years.
Early life and background
Hamied was born in Aligarh, Uttar Pradesh, and later graduated from Allahabad University in Allahabad, Uttar
Pradesh and held M.A. and PhD degrees from the Humboldt University of Berlin in Germany. He was a
disciple of M.K. Gandhi and former founder professor along with Zakir Husain of the Jamia Milia Islamia in
Aligarh, now based in Delhi.
Career
Hamied followed Mahatma Gandhi's Indian nationalism. Hamied's family raised money to send him to study
chemistry in England, India's colonial master, in 1924. Instead, he changed ships and went to Germany, then the
world's leader in chemicals. On a Berlin lake, he met a Lithuanian Jewish socialist, whom he married. They fled
as the Nazis rose to power in Germany.
Chemical, Industrial and Pharmaceutical Laboratories (CIPLA) was founded in 1935 with an initial capital of
Rs. 2 lakhs. The company commenced production in 1937 making it the oldest pharmaceutical company in
India. His eldest son Yusuf Hamied, who did study chemistry in England, is now Chairman of Cipla. Yusuf still
refers to his chemistry notebooks from Cambridge.
Apart from conceiving the idea of establishing a National Chemical Laboratory and making it a reality, Dr
Khwaja Hamied floated the idea and conceptualized the establishment of the Council of Scientific and
Industrial Research (CSIR) as an umbrella organization to run a clutch of laboratories. He remained a Member
of the Governing Body of the CSIR right from its inception till the very last.
During the last four decades of his life, he played an important role in raising the pharmaceutical and chemical
industry standards in India to an extraordinarily high level through founding the firm Cipla.
Dr. Hamied was an honorary professor and a member of the executive council of the Aligarh Muslim
University, member of the Senate of Bombay University and a fellow of the Royal Institute of Chemistry, UK.
He was also a member of the Bombay Legislative Council from 1937–1962, refusing the offer of becoming a
Muslim Minister in the cabinet in Bombay. Hamied also served as Sheriff of Bombay.
Dr Khwaja Abdul Hamied died in 1972 after a brief illness.