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THOUGHT OF THE DAY

THOUGHT OF THE DAY

“Big jobs usually go to those who prove their ability to outgrow small ones…”

Law Updates:

Government to appoint arbitrator in Rs 12,000-crore Cairn tax case,

which industry sees as a softening of its earlier stance, although it has

maintained that it still believes that tax issues are outside the purview

of the bilateral investment promotion and protection agreement.

CBDT has extended due date for Punjab & Haryana, Gujarat assessees

subject to SLP from 30th September 2015 to 31st October, 2015.

Nearly 638 declarations have been received through the one-time

compliance window for disclosing black money under a new law enacted. The total unaccounted foreign assets declared under this one-time compliance window stood at Rs. 3,770 crore, an official said.

PROFESSIONALS INPUTS:

Vide CBDT Notification No. 75/2015/F. No.142/02/2015-TPL dated 23

September, 2015 notified Income-tax (Thirteenth Amendment) Rules,

2015 under which exemption regarding transport allowance of Rs.

3200/- has been extended to deaf and dumb also.

MCA notified that New Form AOC-4 (XBRL) is available for filing w.e.f

1st Oct 2015.

Vide CBDT Notification No. 76/2015/F.No.133/50/2015-TPL dated 29

September, 2015 notified Income-tax (14th Amendment) Rules, 2015

whereby CBDT simplifies format and procedure for Form No. 15G, 15H.

Vide RBI Notification No. RBI/2015-16/195 A.P. (DIR Series) Circular

No.18 dated September 30, 2015 notified rules regarding regularisation

of assets held abroad by a person resident in India under Foreign

Exchange Management Act, 1999.

Vide RBI Press Release: 2015-2016/799 dated 30 September, 2015

notified that pricing of credit by NBFC-MFIs – applicable average base

rate for the quarter beginning October 01, 2015 is 9.82% percent.

MARKET WATCH:

SENSEX: 26257.92 103.09 NIFTY: 7963.55 14.65

SILVER: 34720.00 173.00 GOLD (MCX): 25805.00 -51.00

USD/INR: 65.61 0.02 CRUDE OIL: 3014.00 35.00

CS Rajiv Bajaj

9811453353

Bajajr66@gmail.com

youtube.com/csrajivbajaj

https://www.facebook.com/Rajiv1Bajaj

http://www.csrajivbajaj.com

Date: 1st October, 2015

www.csrajivbajaj.com

Romesh Wadhwani

Founder & Chairman, Wadhwani Foundations

“The economic greatness of a country is fueled by the strength and vitality of its entrepreneurs…”

Dr. Romesh Wadhwani has been Founder, Chairman and CEO of three companies in Silicon Valley, spending ten years at each one before either going public or selling them. His third company, Aspect development, was sold to i2 Technologies in what was then the largest merger in software history. His latest venture, Symphony Technology Group, is a leading technology investor in the software universe. He has also been a director on the boards of several other companies and organizations.

Education

Wadhwani received his Bachelor of Science degree from the Indian Institute of Technology, Bombay and his MS and PhD degrees in electrical engineering from Carnegie Mellon University.

Career Romesh is a successful Silicon Valley entrepreneur and philanthropist with passion for wealth creation. After building three large scale successful companies in three decades, the last of which was sold for over $9 billion. Romesh founded the Wadhwani Foundations in the year 2000 to which he has committed to donate most of his wealth. Romesh envisions high impact social change in emerging economies through sustained economic acceleration. He is a member of the Gates Buffet Giving Pledge. Romesh is also the Founding Chairman and CEO of Symphony Technology Group, a 12 year old PE firm comprising of 23 companies, with a combined revenue of USD 3.5 billion and 18,000 employees. In August 2012, Romesh was appointed by U.S President Barack Obama as General Trustee, Board of Trustees of the John F. Kennedy Center for the Performing Arts, Washington DC, a key administration post. Romesh is also a Board Member of Center for Strategic and International Studies, Washington DC.

Focused on entrepreneurship development Passionate about advancing entrepreneurship, Romesh believes that the most effective way for countries to create jobs is to create entrepreneurs who start high-growth companies. It was, in fact, this conviction that led him to start the Foundations first and longest-running initiative, the National Entrepreneurship Network (NEN), in 2003. Today, NEN impacts more than 70,000 graduate-students and 6,000 entrepreneurs across the country, annually, by providing them the knowledge, skills and networks they need to start and scale high-growth companies. NEN is now poised to take its proven model of advancing entrepreneurship to other emerging economies. Alongside NEN, Romesh and his Foundations are working closely with the Indian government to ease the regulatory and policy environment for young businesses in the country, and strengthen the grant-making environment for innovative startups. Additionally, the Foundations other initiatives are geared to help entrepreneurs find skilled and employable professionals they need to grow their companies.

Awards & Recognition

Romesh is proud recipient of the prestigious ‘Non Resident Philanthropist’ award at the Forbes India Philanthropy Awards 2013 and also features in Forbes 400 list.