Newsletter dated 24th April 2017

1. www.csrajivbajaj.com
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THOUGHT OF THE DAY
THOUGHT OF THE DAY
"Take time to deliberate; but when the time for action arrives,
stop thinking and go in."
Law Updates:
• Sale proceeds of land appurtenant to residential house is entitled to
section 54 relief: Delhi Tribunal.
• Sum paid to NR for logistic services isn’t ‘FTS’ as per India-USA
treaty: Chennai Tribunal.
• Salary deduction for not serving during notice period couldn’t be
taxed: Ahmedabad Tribunal.
• Gujarat Sales Tax : Penalty on difference of tax liability in return
and assessment order is mandatory: High Court.
• No addition on GTC without evidence of depositing higher price of
Cigarettes in fictitious bank account.
• POEM of Foreign Shipping Co. wasn't in India as all important
decisions were taken from Denmark: Rajkot Tribunal.
PROFESSIONALS INPUTS:
• CBDT vide Circular No.14 of 2017 dated 21st
of April 2017 has
Extended due date for filing declaration under the Taxation and
Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
till 10th
May 2017.
• CBDT vide Circular No. 15 of 2017 dated 21st
April 2017 has
issued clarification regarding removal of Cyprus for the list of
notified jurisdictional areas under section 94A of Income Tax Act,
1961.
MARKET WATCH:
SENSEX: 29365.30 -57.09 NIFTY: 9119.40 -17.00
SILVER: 41289.00 -216.00 GOLD (MCX): 29418.00 123.00
USD/INR: 64.61 0.05 CRUDE OIL: 3208.00 -93.00
CS Rajiv Bajaj
9811453353
Bajajr66@gmail.com
youtube.com/csrajivbajaj
https://www.facebook.com/Rajiv
1Bajaj
http://www.csrajivbajaj.com
Date: 24th
April, 2017

2. www.csrajivbajaj.com
Peter Sands
Former CEO of Standard Chartered
Peter Alexander Sands is a British banker. He was the chief executive (CEO)
of Standard Chartered from November 2006 to June 2015.
Early Life & Education
Peter Sands was born in the UK on 8 January 1962 to British parents who had
themselves been born in Asia. His father, was born in Malaya, a British colony until 1957, where his
grandfather ran rubber plantations for the London Asiatic Rubber and Produce Co and his mother was
born in India, another former British colonial outpost.
Sands was taken to Malaysia as a baby and spent much of his life outside Britain, mostly in Malaysia
and Singapore. He was educated at Crown Woods Comprehensive School in London, and the United
World College of the Pacific in British Columbia, Canada before he went to Oxford.
Sands graduated with a BA degree from Brasenose College at Oxford in 1984. He started as a trainee
at UK's Foreign and Commonwealth Office, which he left to take a Harkness Fellowship at Harvard
University to earn a master’s degree in public administration from Kennedy School of Government
Career
In 1988, Sands started his career as a consultant for the management consulting firm, McKinsey in its
London office. He held positions of increasing responsibilities in the firm, and in 1996 he became a
partner, and later in 2000 rose to position of a director.
In 2002, Standard Chartered PLC, a client of McKinsey, hired Peter Sands as its Group Finance
Director. Four years later in 2006, he was chosen as its Group Chief Executive Officer.
Between 2002 and 2008, the headcount of Standard Chartered nearly doubled to 70,000 and by 2009,
more than 90% of its profits came from fast-growing emerging markets mainly in Asia. Standard
Chartered had weathered the economic downturn far better than most of its competitors and
announced its seventh successive year of record profits in 2009. The British bank rescue plan, which
was copied around the world, was based on a blueprint devised by Sands. Standard Chartered itself did
not take "any taxpayer money or used any central bank liquidity schemes".
In February 2015, amidst growing shareholder calls for his resignation, Sands announced that he
would be stepping down as CEO, effective June 2015. At the time of the announcement, the Wall
Street Journal noted that Sands, having served at the helm of Standard Chartered for nine years, was
among the "longest-serving chiefs of a major Western bank." On 26 February 2015, it was announced
that his successor would be Bill Winters, former co-CEO of JP Morgan's investment banking business.
Sands is a senior fellow at the Mossavar-Rahmani Center for Business and Government of the Harvard
John F. Kennedy School of Government and is the lead non-executive board member of the
Department of Health in the United Kingdom. He is also chair of the International Commission on a
Global Health Risk Framework for the Future under the auspices of the National Academy of
Medicine.