Newsletter dated 01st January, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“A positive attitude is something everyone can work on, and
everyone can learn how to employ it.”
Law Updates:
 CBDT asked AOs to prepare satisfaction note under Section 153 as per
SC’s guidelines in Knitwear’s case.
 No penalty for disallowance under normal provisions if tax was levied
under MAT for cases prior to 01.04.2016: CBDT.
 To enhance efficiency in cheque clearing, Reserve Bank has introduced
Cheque Truncation System (CTS) for clearance of cheques, facilitating the
presentation and payment of cheques without their physical movement.
Taking this initiative forward, it has now been decided in consultation with
the Office of the Controller General of Accounts (CGA), Ministry of
Finance, Government of India, to dispense with the current requirement of
forwarding the paid Central Government cheques in physical form
(commonly known as P2F) to the Government departments.
 Apex Court held that the Company Court has no jurisdiction to issue
directions to a securitization company or a secured creditor who has opted
to stay outside winding up and invoke its power u/s 13 of SARFAESI ACT
to enforce its security interest by sale without intervention of court or
tribunal.
PROFESSIONALS INPUTS:
 CBDT vide Notification dated 30/12/2015 has notified the Income–tax
(22nd Amendment) Rules, 2015 amending rules 114B, 114C, 114D and
114E in the Income-tax Rules, 1962. Rules 114B, 114C and 114D shall
come into force from the 1st day of January, 2016 and rule 114E shall
come into force from the 1st day of April, 2016.
 RBI vide Notification No. RBI/2015-16/279 DBR.IBD.BC.No.68/23.37.
001/2015-16 dated 31st
December, 2015 extended the Credit Facilities to
Overseas Step-down Subsidiaries of Indian Corporates.
MARKET WATCH:
SENSEX: 26116.06 -1.48 NIFTY: 7944.95 -1.40
SILVER: 33250.00 -140.00 GOLD (MCX): 24941.00 -41.00
USD/INR: 66.24 -0.21 CRUDE OIL: 2497.00 55.00
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http://www.csrajivbajaj.com
Date: 01st
January, 2016

2. www.csrajivbajaj.com
Binod Chaudhary
Chairman of Chaudhary Group
Binod Chaudhary (born 14 April 1955) is a Nepalese businessman, industrialist
and philanthropist. He is the current Chairman of Chaudhary Group (CG), a
conglomerate that consists of nearly 80 companies. Chaudhary is also the first
Nepali billionaire as listed by Forbes.
Besides business, Chaudhary has been involved in various other government and
social sectors. He worked as a member of constituent assembly and parliament of
Nepal from April 2008 to May 2012. His CG Foundation works for the social
welfare and he often contributes in the areas of art, music and literature as well.
Early Life and Education
Chaudhary was born in Kathmandu, Nepal as the son of Lunkaran Das and Ganga Devi Chaudhary. He was raised in
Kathmandu with his two brothers Arun and Basant Chaudhary.
His grandfather was a textile trader and owned a small textile store. His father transformed the store to Arun Emporium
which is considered to be Nepal’s first department store. Chaudhary, the eldest of three brothers, converted the store to a
conglomerate which is one of the biggest corporate houses in Nepal. He left his studies and started business at the age of 18
when his father got heart illness.
Business and Industry
Inspired from his industrious father, Chaudhary always envisioned to become a very big industrialist of Nepal.
With more than four decades of continuous hard work, he is living his dreams as he developed the Chaudhary
Group to the biggest conglomerate of Nepal which is worth a billion dollars and more. Forbes magazine has
listed him as a billionaire in 2014 and he is the 1,460th richest person in the world.
Today CG stands as a transnational conglomerate which consists of nearly 80 companies spanning five
continents. It has more than 60 brands in 30 countries with more than 6000 employees. Of its food brands, ‘Wai
Wai’ noodles has been the most successful business. The brand produces more than a billion packets of noodles
annually and is traded over 35 countries worldwide. The Group’s other notable areas of interests are finance,
banking, cement, real estate, hotels, electronics and home appliances, education, energy, biotech, power, retail.
His biggest asset is a controlling stake in Nepal's Nabil Bank. These days Chaudhary, whose family hails from
India, is busy expanding his portfolio of hotels, which includes a long-standing joint venture with the Taj hotels
chain. The group recently acquired a 51% stake in India's Fern hotel chain and is building new hotels there as
well as in Africa and Dubai. Back in Nepal, Chaudhary's recent investments include telecom and hydropower.
His three sons work with him; the recent wedding of his second son Rahul, which was celebrated in Jaipur, was
a 3-day extravaganza that drew 1,000 guests.
Philanthropy
Chaudhary has founded the Chaudhary Foundation which makes significant contributions on the fields of
education, health, sports and youth empowerment.
Gyan Udaya Scholarship, which provides scholarships for needy students (more than 350 students have
received this scholarship till date) and Samata Siksha Niketan, which provided a fund of Rs. 3.5 million for the
infrastructure are some of the major initiatives taken by CG foundation in education field. Similarly, CG
Operation Dristi provides eye care services and CG Medicare provides health services to locals.
Moreover, Chaudhary has taken several new initiatives like Gen Nep and Social Building Fund to improve the
financial condition of many Nepali through numerous social business activities.