The document discusses several topics: 1) Updates on laws related to companies act and tax issues. 2) Revisions to certain MCA21 forms and an extension of anti-dumping duties. 3) Market indicators for stocks, currencies, commodities. 4) Biographical details of Urjit Patel, the current Governor of the Reserve Bank of India, including his education, career positions, and contributions.

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THOUGHT OF THE DAY
THOUGHT OF THE DAY
“Everytime you subtract negativity from your life, you make
room for positivity.”
Law Updates:
 There is express omission from section 58 of the Companies
Act,2013 of CLB's power which it had under section 111(7) of the
Companies Act,1956 to examine questions of title of the intended
transferee of shares, CLB has no power to decide questions of title.
 Any dishonest act of CA isn’t a professional misconduct if it is done
in Individual capacity.
 Royalty income not connected with PE when no services were
rendered by employees of PE in India: Tribunal Delhi.
 No chance to cross-examine witness in penalty proceedings when
assessee failed to examine it in quantum proceedings: Supreme
Court.
PROFESSIONALS INPUTS:
 Forms AOC-4, AOC-4 CFS, DIR-12, FC-2 and MGT-15 are likely
to be revised on MCA21 Company Forms Download page w.e.f
24th August 2016. Stakeholders are advised to check the latest
version before filing.
 CBEC vide Notification No. 47/2016-Cus (ADD) dated 19th
August, 2016 has seeks to extend the levy of anti-dumping duty on
imports of 1-Phenyl-3-Methyl-5-Pyrazolone originating in, or
exported from, People's Republic of China, (imposed vide
notification No.80/2011-Customs, dated the 24th August, 2011) for
a period of one year i.e. upto and inclusive of the 23rd August,
2017.
MARKET WATCH:
SENSEX: 2,8077.44 -46.44 NIFTY: 8,666.90 -6.35
SILVER: 45.,577. 00 -291.00 GOLD (MCX): 31,252.00 179.00
USD/INR: 67.10 0.23 CRUDE OIL: 3,221.00 91.00
CS Rajiv Bajaj
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Bajajr66@gmail.com
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http://www.csrajivbajaj.com
Date: 22nd
August, 2016

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URJIT PATEL
Governor-RBI
Urjit R Patel (born 28 October 1963) is an eminent economist,
consultant and banker, currently serving as Governor of the Reserve
Bank of India. He was also Advisor of the Boston Consulting Group. As
Deputy Governor of RBI, Dr Patel looks after Monetary Policy,
Economic Policy Research, Statistics and Information Management,
Deposit Insurance, Communication and Right to Information.
Early life and Education
Dr. Patel obtained his BA from the London School of Economics [LSE, University of London], M. Phil. degree
from Oxford University in 1986. He received his doctorate in Economics from Yale University in 1990. He
joined IMF as a Kenyan citizen. He was at IMF India desk during the 1991-1994 transition period. He was
posted to IMF country mission in India 1992-1995. He has also been a non-resident Senior Fellow at
the Brookings Institution since 2009.
Professional Career
After obtaining his PhD, Dr. Patel joined the International Monetary Fund in 1990 worked on the USA, India,
Bahamas and Myanmar desks at IMF till 1995. Thereafter he went on deputation the IMF to the Reserve Bank
of India, where he played an advisory role in the development of the debt market, banking sector reforms,
pension fund reforms, targeting of real exchange rate. After the two-year deputation with RBI, Patel became a
Consultant to the Government of India in the Ministry of Finance, Department of Economic Affairs - a position
he held from 1998 to 2001.
Between 2000 and 2004, Dr. Patel worked with several High Level Committees at both Central and State
Government level, including Competition Commission, Task Force on Direct Taxes, Prime Minister’s Task
Force on Infrastructure, Group of Ministers on Telecom Matters, Advisory Committee on Research Projects and
Market Studies, Committee on Civil Aviation Reforms, Expert Group on State Electricity Boards and High
Level Expert Group on Civil & Defence Services Pension System.
On 11 January 2013, Urjit Patel was appointed as Deputy Governor of RBI for a period of three years. He took
over charge of the vital Monetary Policy Department, succeeding Subir Gokarn to the post
Important Position
 Advisor, Boston Consulting Group
 President, Reliance Industries Limited
 Executive Director, Infrastructure Development Finance Company (1997-2006)
 Member, Integrated Energy Policy Committee, Government of India (2004-2006)
 Non-Executive Director, Gujarat State Petroleum Corporation Limited.
 Non-Executive Director, Multi Commodity Exchange of India Limited
Other Contributions
When the UPA Government in India came into power for a second term in 2009, it announced a ‘100 day’
action plan, which became a hot topic for media discussion. Surprisingly, Urjit Patel was the expert
commentator on UPA's first 100 days on Hindi News Channel, although he had no prior media exposure in
India.