Newsletter dated 22nd june 2016

Newsletter dated 22nd june 2016

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  www.csrajivbajaj.com THOUGHT OF THEDAY THOUGHT OF THE DAY “It is not in the stars to hold our destiny but in ourselves.” Law Updates:  Ministry of Corporate Affairs on 21st June, 2016 has placed FAQs on CRC on its portal.  International Accounting Standards Board (IASB) has issued limited amendments to the International Financial Reporting Standards (IFRS) 2, Share-based Payment. IFRS 2 deals with the financial reporting of share-based payment transactions by an entity.  SEBI has placed consultation paper on amendments to SEBI (PORTFOLIO MANGERS) REGULATIONS, 1993 to seek comments from the public for the purpose of laying down an enabling framework for the registration of Eligible Fund Managers to manage Eligible Investment Funds pursuant to insertion of Section 9A in the Income Tax Act, 1961. Suggestions/ Comments can be forwarded by email to [email protected] latest by July 03. 2016. PROFESSIONALS INPUTS:  CBDT vide Notification No.48/2016 dated 20th June, 2016 has notified the Income–tax (15th Amendment) Rules, 2016.  CBEC Vide Notification No. 40/ 2016-Customs dated 21st June, 2016 seeks to further amend notification No. 53/2011-Customs dated 01st July, 2011 so as to provide deeper tariff concessions in respect of specified goods imported from Malaysia under the India- Malaysia Comprehensive Economic Cooperation Agreement (IMCECA) w.e.f. 30.06.2016.  CBEC vide Notification No. 39/2016-Customs dated 21st June, 2016 seeks to further amend Notification No. 96/2008-Customs dated 13.08.2008 so as to include ‘Republic of Togo’ and ‘Republic of Chad’ in the list of countries eligible for preferential tariff under the said notification. MARKET WATCH: SENSEX: 26813 .62 -54.14 NIFTY: 8219.00 -18.60 SILVER: 41359 .00 -439.00 GOLD (MCX): 30269.00 -426.00 USD/INR: 67.49 0.18 CRUDE OIL: 3357.00 -18.00 CS Rajiv Bajaj 9811453353 [email protected] youtube.com/csrajivbajaj https://www.facebook.com/Rajiv 1Bajaj http://www.csrajivbajaj.com Date: 22nd June, 2016
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  www.csrajivbajaj.com Carlos Slim Chairman andChief Executive Telmex Carlos Slim Helú is a Mexican business magnate, investor, and philanthropist. From 2010 to 2013, Slim was ranked as the richest person in the world. Known as the "Warren Buffett of Mexico", he derived his fortune from his extensive holdings in a considerable number of Mexican companies through his conglomerate, Grupo Carso. As of 3 November 2015 he was #2 on Forbes list of billionaires, with net worth estimated at US$77.1 billion. Slim is the chairman and chief executive of telecommunications companies Telmex and América Móvil, Latin America's largest mobile-phone carrier, which accounted for around $49 billion of Slim's wealth by the end of 2010. Slim's total conglomerate comprises a diverse portfolio of businesses from a wide array of industries that include telecommunications, education, health care, industrial manufacturing, food and beverages, real estate, airlines, media, energy, hospitality, entertainment, technology, retail, sports and financial services. Slim has overseen a vast business empire that is influential in every sector of the Mexican economy and accounts for 40% of the listings on the Mexican Stock Exchange, while his net worth is equivalent to about 6 percent of Mexico’s gross domestic product.. Early life and Education Slim always knew he wanted to be a businessman and began to develop his business and investment acumen at a young age. He received business lessons from his early childhood where his father Julian, often taught the young Carlos the value of financial literacy, management and accountability, teaching him how to read financial statements as well as the importance of keeping accurate financial records, a practice that Slim carries on to this day. Slim's first investment began at the age of 11, when he invested in a government savings bond that taught him about the concept of compound interest. He eventually saved every financial and business transaction he made into his personal ledger book which he keeps to this day. At the age of 12, he made his first stock purchase, by purchasing shares in a Mexican bank. By the age of 15, Slim had become a shareholder in Mexico’s largest bank. At the age of 17, he earned 200 pesos a week working for his father's company. He went on to study civil engineering at the National Autonomous University of Mexico, where he also concurrently taught algebra and linear programming, which meant that he was both a student and professor. Though Slim was a civil engineering major because of his fascination for numbers, he also displayed an interest in economics. He took economics courses in Chile once he finished his engineering degree. Graduating as a civil engineering major, Slim has stated that his mathematical prowess and his background of linear programming was a key factor in helping him gain an edge in the business world, especially when reading financial statements. Awards and Achievements  Entrepreneurial Merit Medal of Honor in 1985 from Mexico's Chamber of Commerce.  "Gold Patron" of the American Academy of Achievement.  Commander in the Belgian Order of Leopold II  CEO of the year in 2003 by Latin Trade magazine  CEO of the decade in 2004 by Latin Trade magazine  Fundacion Telmex received in 2007 the National Sports Prize of Mexico for sports promotion  In 2008 his philanthropy was recognised with the award of The National Order of the Cedar by the Lebanese government.  In 2011 the Hispanic Society of America awarded Fundacion Carlos Slim the Sorolla Medal for its contribution to the arts and culture.  On May 20, 2012. Slim was awarded a Honorary Doctorate in Public Service from George Washington University.