Newsletter dated 10.06.2015
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- Kiran Karnik is a prominent Indian businessman and former president of NASSCOM who has played a key role in developing India's outsourcing industry. - He is currently a trustee of NASSCOM and serves on the board of Satyam Computer Services. - Karnik has over three decades of experience working for organizations like ISRO, Discovery Networks India, and leading NASSCOM for 7 years. - He has received several prestigious awards including the Padma Shri for his contributions to the IT sector and promoting India's technology capabilities internationally.
Newsletter dated 10.06.2015
- 1. www.csrajivbajaj.com c THOUGHT OF THE DAY THOUGHT OF THE DAY “Patience is a necessary ingredient of genius..…” Law Updates: The Union government will not ease foreign direct investment (FDI) rules for electronic commerce. Centre is keen on promoting Indian manufacturing under the ‘Make in India’ programme. Foreign direct investment (FDI) in E-commerce is against consumers’ interest, says Department of Industrial Policy and Promotion. 100 % FDI is allowed in business-to-business e-commerce but prohibited in business-to-consumer segment CRISIL Research sees rollout of goods & services tax (GST) to reduce logistics costs of companies producing non-bulk goods by as much as 20%. The savings will accrue from a gradual phasing out of Central Sales Tax (CST), consolidation of warehouse space, and faster transit of goods since local taxes (such as octroi and local body tax) will be subsumed into GST. However, to maximise benefits from the rollout of GST, a complete phasing out of CST (currently paid for inter-state movement of goods) and dismantling of state-level check-posts are imperatives. PROFESSIONALS INPUTS Investors of rupee-linked bonds issued overseas can hedge both the foreign currency risk and credit risk through permitted derivative products in the domestic market. The cap for pricing these bonds has been set at not more than 500 basis points (bps) above yield on the government bonds of corresponding maturity, according to the Reserve Bank of India (RBI)'s draft norms. For the same purpose Vide Press Release: 2014-2015/2603 dated Jun 09, 2015 issued by RBI, RBI seeks comments/feedback on Draft Framework on Issuance of Rupee linked Bonds Overseas. SEBI has passed Exit Order in respect of UP and MP Stock Exchange(PR No. 155/2015 dated 08.06.2015) Circular No. 18/2015-Custom, Dated: June 09, 2015 issued by CBEC regarding Appointment of common adjudicating authority — Guidelines for Principal DG, DRI. Notification No. 17/2015 - Central Excise (N.T.) dated 08-06-2015 issued by CBEC regarding facility of centralized registration to manufacturers of aluminium roofing panel under Rule 9(2) of Central Excise Rules, 2002 MARKET WATCH: SENSEX: 26768.26 287.01 NIFTY:8107.00 84.60 SILVER:36863.00 2.00 GOLD (MCX): 26871.00 3.00 USD/INR: 63.9 -0.03 CRUDE OIL:3901.00 47.00 CS Rajiv Bajaj 9811453353 Bajajr66@gmail.com youtube.com/csrajivbajaj https://www.facebook.com/Rajiv 1Bajaj http://www.csrajivbajaj.com Date: 10thJune, 2015
- 2. www.csrajivbajaj.com Mr. Kiran S. Karnik, Trustee, NASSCOM.&Board Members, Satyam Computer Services Mr. Kiran Sharadchandra Karnik is a prominent figure and the guiding force behind the Indian outsourcing industry. Karnik is popularly known for his role as the President of NASSCOM, an apex body of the country’s software industry from 2001-2008. He worked closely with the industry and the Indian Central & State governments to formulate policies and strategies for the advancement of IT sector locally as well as internationally.He is presently one of the trustees of NASSCOM and has recently been appointed as one of the ten board members of newly constituted Satyam Computer Services after it was disbanded by the government owing to severe irregularities and fraud in accounting. EARLY LIFE: Born on 16 March 1947, is A post-graduate from Indian Institute of Management, Ahmedabad, Karnik holds a degree in Physics and from Mumbai University. During the outsourcing backlash he was the quiet strength to provide the background information and has been instrumental in promoting India’s technology strength to the world. CAREER PROFILE: Karnik has held many strategic positions at various points in his life and had some commendable work behind him. From 1983 to 1991 he was positioned as the Director of the Development and Educational Communicational Unit. Later he played a significant role in spearheading the launch of Discovery Channel in South Asia in 1995 and Animal Planet in 1999. During the period from 1995-2001 he became the Managing Director at Discovery Networks in India. He was associated with the Indian Space Research Organization (ISRO) for over 20 years. During his tenure, he worked in various domains related to the conception, planning and implementation of applications of space technology, focusing especially on the use of communications for development. He was also a key member of the management team for the India’s USA Satellite Instructional TV Experiment (SITE) and was honoured with the Frank Malina medal for Space Education by the International Astronautical Federation. In 2001 he was as appointed as the President of NASSCOM. A soft-spoken person, Karnik gave a shut up call to his critics while steering software and services industry to the anti-outsourcing wave in the US, the BPO data theft scandals, the H1B visa issue. A quiet strength he proved all that there is resolute will behind the quiet and courteous exterior. In a significant development in the rapidly evolving e-waste recycling sector joined the Attero Recycling Board as the first 'Independent Director' since the company's inception in 2008. In 2009, he was appointed as the additional director on the board of telecom services company Sasken Communication Technologies Ltd. Karnik was deeply involved in the conception and, for many years, overseeing the Kheda Communications Project. This pioneering effort won him national and international acclaim, including the first UNESCO-IPDC Prize for rural Communication. He has been a key member of the management team for the India – USA Satellite Instructional TV Experiment (SITE), the first every large scale use of satellite direct broadcasting (1975-76), which took education and development to remote parts of rural India. He served as Special Assistant to the Secretary-General of UNISPACE 82 in the United Nations. He has done consulting assignments for the WHO, World Bank, UN Institute for Disarmament Research, Ford Foundation, and an extended one for UNESCO in Afghanistan. AWARDS AND ACCOLADES: A career spanning over three decades Karnik has been conferred many awards and accolades. In 1998 he was awarded the Frank Malina medal for Space Education by the International Astronautical Federation. In 2007 was awarded the Padma Shri by the government of India and the ‘DATAQUEST IT Person of the Year – 2005’. Business Week named him as one of the ‘Stars of Asia’ in 2004 and was picked by the Forbes magazine as ‘Face of the Year 2003’ for being a driving force behind India’s offshoring wave.In 1998, International Astronautical Federation awarded Mr. Karnik with the Frank Malina medal for Space Education. Having a multi-faceted experience across media and the IT industry he is also a Member of Global Advisory Board of IDG Ventures India and served as a Director of Mid-day Multimedia Ltd.Karnik has authored and edited a large number of publications and lectures occasionally at major national institutes.