"Happy Establishment-Day RBI"

India's central banking institution, The Reserve Bank of India was established on April 1st, 1935

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➨ Did you know :

The logo is a Tiger passing near to a palm tree. The same was used by East India Co at 19 th Century (queen victoria coin) . Instead of tiger previously it was Lion.

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✪ Functions of RBI

► Bank of Issue :

Under Section 22 of the Reserve Bank of India Act, the Bank has the sole right to issue bank notes of all denominations. The distribution of one rupee notes and coins and small coins all over the country is undertaken by the Reserve Bank as agent of the government. The Reserve Bank has a separate Issue Department which is entrusted with the issue of currency notes. The assets and liabilities of the Issue Department are kept separate from those of the Banking Department.

► Monetary authority :

The Reserve Bank of India is the main monetary authority of the country and beside that the central bank acts as the bank of the national and state governments.

► Managerial of exchange control :

The central bank manages to reach the goals of the Foreign Exchange Management Act, 1999. Objective: to facilitate external trade and payment and promote orderly development and maintenance of foreign exchange market in India.

► Issuer of currency :

The bank issues and exchanges or destroys currency notes and coins that are not fit for circulation. The objectives are giving the public adequate supply of currency of good quality and to provide loans to commercial banks to maintain or improve the GDP. The basic objectives of RBI are to issue bank notes, to maintain the currency and credit system of the country to utilize it in its best advantage, and to maintain the reserves.

► Banker of Banks :

RBI also works as a central bank where commercial banks are account holders and can deposit money.RBI maintains banking accounts of all scheduled banks.

Pallavi Sachdeva - Youngest person who has qualified CA, CS & CWA.

Pallavi Sachdeva - Youngest person who has qualified CA, CS & CWA.

She is 23-year-old Delhi girl and She has cleared her CA, CS and CWA courses from the Institute of Chartered Accountants of India ( ICAI), New Delhi the Institute of Company Secretaries of India (ICSI), New Delhi, and the Institute of Cost Accountants of India (ICAI), Kolkata, respectively -- becoming possibly the youngest person to complete all the three professional accounting courses.

"Once you understand the subject, it will not be difficult," Said Pallavi Sachdeva 

Which place or city is best for preparation...???

Few days back someone asked me a question, Sir, which city is best for preparation, should I go to a metro city B or C or D or stay at my place (a tier II city) ...!!!

My Take :

The most important element of preparation is your knowledge about yourself (SWOT) then your work towards your goal. Improve S, work on W, O & T will change automatically. 

For any test preparation, you just need 3M: Mission, Material & Mentor

1. Mission : Mission is the most important, it's your goal - Where you want to go, what are you targeting at (your aim of your %ile bracket or college or job). 

2. Material : Materials means online and offline materials along with mocks (test series). Here mocks do not mean All India Rank (AIR), but availability of it. AIR is important but most important is you should know your S W of (SWOT) after analyzing mocks.

3. Mentors : Last but not least, your guide is important. I believe your best mentor is you and only you, but I suggest find a guide or mentor for you, they give you a direction. 

Find a place where you will get all 3M's then move to that place. Rest factors are just perceived notions. 

If you feel that at place XYZ you can perform better for other reasons, you should go to XYZ. Perceived notions helps us or not is a question mark but works against our perceived notions are not as fruitful.

Now you decide where you want to go, but remember, at the time of preparation you are one man army. 

Be Commander, mentor and guardian of your one man army and start working.

All The Best...!!!
AMIYA

P.S.: You can add an extra "M" mehfil (peer group)

What If The World Were 100 People?

Here’s a fresh take on a complex set of data. What if you took all the statistics about everyone in the world and boiled it all down into one question: what if the world was just 100 people? What if you took the billions and billions of people on Earth and made it so only 100 people could represent them? You’d get some super-simplified but interesting stats, that’s for sure.

For example, there would be (obviously) 50 men and 50 women. But most of those men and women would live in Asia. A third would be Christian, and about 4 out of 5 would be able to read.

It’s quite fascinating, to be honest. I don’t know just how accurate these figures are but am assuming the creators at 100people.org took some necessary liberties in order to make it actually fall into nice (small)
round numbers. Here are some other stats courtesy of the site:

50 would be female
50 would be male

26 would be children
There would be 74 adults,
8 of whom would be 65 and older

There would be:
60 Asians
15 Africans
14 people from the Americas
11 Europeans

33 Christians
22 Muslims
14 Hindus
7 Buddhists
12 people who practice other religions
12 people who would not be aligned with a religion

12 would speak Chinese
5 would speak Spanish
5 would speak English
3 would speak Arabic
3 would speak Hindi
3 would speak Bengali
3 would speak Portuguese
2 would speak Russian
2 would speak Japanese
62 would speak other languages

83 would be able to read and write; 17 would not

7 would have a college degree
22 would own or share a computer

77 people would have a place to shelter them

1 would be dying of starvation

15 would be undernourished
21 would be overweight

87 would have access to safe drinking water
13 people would have no clean, safe water to drink

Comparison between a^b & b^a

Quotation Of The Day

Do not wait, and do not stop, wake-up and create your own path.

Tripura, Manipur and Meghalaya got their own High Courts

Tripura, Manipur and Meghalaya got their own High Courts

i. Tripura, Meghalaya and Manipur on 23 March 2013 got their own High Courts.

ii. Mr. Justice Abhay Manohar Sapre is the first Chief Justice of the new Manipur High Court


iii. Justice T Meena Kumari has become the first Chief Justice of Meghalaya High Court


iV. justice Deepak Gupta took over as the new Tripura High Court's Chief Justice.


NOTE: With the opening of the three high Courts in the North Eastern states of India, the total number of high Courts in India has gone up to 24 from previous 21.

How to solve questions in minutes or in seconds...???

How to solve questions in minutes or in seconds...???

Please give me tricks and some shortcuts..???
Above two questions are generally asked by aspirants to their mentors.



✪ If you want to solve questions is seconds "PRACTICE, PRACTICE & PRACTICE"

Remember your school days, In the examination, some of you know the answer of the few numericals, because you solved that questions several times in class and at home.

So my request to you, you have ample time, start solving questions practice more. Start from basic then application. Make a plan topic-wise, set small targets and execute.

I want after 6 months, if you see any question your first reaction should be, ohke this is questions of Number system or change in % or arrangement, blah blah blah....

If you know the question and its ingredients you are 75% near to answer. Rest is just start to solve. And you would be winner.

Last but not least "FACEBOOK IS FOR YOU, YOU ARE NOT FOR FACEBOOK".

Start from now, ASK FOR HELP, YOU WILL GET HELP.

Martyr Day

It's 23rd march 2013. India's 82nd Martyr Day.

Please pay your tribute to Shaheed Bhagat singh, Shaheed Rajguru and Shaheed Sukhdev, and remember them for there sacrifice.

We pay obeisance to these invaluable sons of Bharat, who are still inspirations to millions of Bharatiyas.

JAI HIND...!!!

+++++++++++++++++

♚ Martyr Bhagat Singh

Born : 27th Sept. 1907, Punjab.

Died: Hanged in the early hours of 23rd March 1931.

Bhagat Singh As a freedom fighter, he was considered to be one of the most famous revolutionaries of the Bharatiya Independence movement. For this reason, he is often referred to as Martyr Bhagat Singh. At such a young age, if anyone was smiling just before being hanged to death, it was Martyr Bhagat Singh. His uncle, Sardar Ajit Singh as well as his father, were both great freedom fighters, so Bhagat Singh grew up in a patriotic atmosphere. 

At an early age, Bhagat Singh started dreaming of uprooting the British Empire. Never afraid of fighting during his childhood, he thought of 'growing guns in the fields', so that he could fight the British. The Ghadar Movement left a deep imprint on his mind. Kartar Singh Sarabha, hanged at the age of 19, became his hero. The massacre at Jallianwala Bagh on 13th April, 1919 drove him to Amritsar, where he kissed the earth sanctified by the martyrs' blood and brought back home a little of the soaked soil. At the age of 16, he used to wonder why so many Bharatiyas could not drive away a fistful of invaders.

In search of revolutionary groups and ideas, he met Sukhdev and Rajguru. Bhagat Singh, along with the help of Chandrashekhar Azad, formed the Hindustan Socialist Republican Army (HSRA). The aim of this Bharatiya revolutionary movement was now defined as not only to make Bharat independent, but also to create a socialist Bharat.

A brutal attack by the police on veteran freedom fighter Lala Lajpat Rai at an anti-British procession caused his death on 17th November 1928, in Lahore. Bhagat Singh was determined to avenge Lajpat Rai's death by shooting the British official responsible for the killing, Deputy Inspector General Scott. However he shot down Assistant Superintendent Saunders instead, mistaking him for Scott. Then he made a dramatic escape from Lahore to Calcutta and from there to Agra, where he established a bomb factory. 

The British Government responded to the act by imposing severe measures like the Trades Disputes Bill. It was to protest against the passing of the Bill that he threw bombs in the Central Assembly Hall (now our Loksabha) while the Assembly was in session. The bombs did not hurt anyone, but the noise they made was loud enough to wake up an enslaved Nation from a long sleep.

After throwing the bombs, Bhagat Singh and his friend deliberately courted arrest by refusing to run away from the scene. During his trial, Bhagat Singh refused to employ any Defense counsel.

Despite great popular pressure and numerous appeals by political leaders of Bharat, Bhagat Singh, Sukhdev and Rajguru were accorded the death sentence and hanged in the early hours of 23rd March 1931. Their bodies were cremated on the bank of the Sutlej in Ferozepur. Bhagat Singh was just 23 years old at that time. Old timers say that in many places, not a single hearth fire burned that day.

The last paragraph of the leaflet that he distributed (and wrote) in the Assembly Hall said: "We are sorry that we who attach such great sanctity to human life, we who dream of a very glorious future when man will be enjoying perfect peace and full liberty, have been forced to shed human blood. But sacrifice of individuals at the altar of the Revolution will bring freedom to all, rendering exploitation of man by man impossible. Inquilab Zindabad (Long live the Revolution)."

There was a time when the very mention of the name of the young revolutionary stirred the passions of most Bharatiyas. 

We pay obeisance to this invaluable son of Bharat.

==============================

♚ Sukhdev Thapar

Sukhdev Thapar Sukhdev Thapar (15th May 1907 - 23rd March 1931) was a Bharatiya revolutionary from Punjab.

He was an active member of the HSRA, being one of its senior most leaders. He is known to have started study circles at the National College (Lahore), in order to delve into Bharat's past as well as to scrutinise the finer aspects of the world’s revolutionary literature. Along with Bhagat Singh and others he started the ‘Naujawan Bharat Sabha’ at Lahore. The main aims of this organisation were to activate the youth for the freedom struggle, inculcate a rational scientific attitude, fight communalism and end the practice of untouchability.

His letter to Mahatma Gandhi written just prior to his hanging, protesting against the latter's disapproval of revolutionary tactics, throws light on the disparities between the two major schools of thought among Bharatiya freedom fighters at that time.

================================

♚ Shivram Rajguru

Shivram Rajguru Shivram Hari Rajguru (1908 - 23rd March 1931) was born in an average middle-class Hindu Brahmin family at Khed in Pune District in 1908. He came to Varanasi at a very early age where he learnt Sanskrit and read the Hindu religious scriptures. He had a great admiration for Shivaji and his guerrilla tactics.

At Varanasi, he came in contact with revolutionaries. He joined the movement and became an active member of the Hindustan Socialist Republican Army (HSRA). Rajguru had a fearless spirit and indomitable courage. The only object of his adoration and worship was his motherland, for whose liberation, he considered no sacrifice too great. He was a close associate of Chandrashekhar Azad and Bhagat Singh and his field of activity was UP and Punjab, with Kanpur, Agra and Lahore as his headquarters. 

Rajguru was a good shot and was regarded as the gunman of the party. He took part in various activities of the revolutionary movement, the most important being Saunder's murder. Chandrashekhar Azad, Shivram Rajguru, Bhagat Singh and Jai Gopal were deputed for the job. On 17th December 1928, while Saunders came out of his office and started his motor-cycle, he was shot dead in front of the police headquarters at Lahore by Rajguru.

At the time of his martyrdom, Rajguru was hardly 23 years of age.

=====================================

We pay obeisance to these invaluable sons of Bharat.

JAI HIND...!!!

Essential to being a good manager

WHY EMPLOYEES LEAVE ORGANISATIONS ? - Azim Premji, CEO- Wipro 

Every company faces the problem of people leaving the company for better pay or profile. 

Early this year, Mark, a senior software designer, got an offer from a prestigious international firm to work in its India operations developing specialized software. He was thrilled by the offer. 

He had heard a lot about the CEO. The salary was great. The company had all the right systems in place employee-friendly human resources (HR) policies, a spanking new office, and the very best technology, even a canteen that served superb food. 

Twice Mark was sent abroad for training. "My learning curve is the sharpest it's ever been," he said soon after he joined. 

Last week, less than eight months after he joined, Mark walked out of the job. 

Why did this talented employee leave ? 

Arun quit for the same reason that drives many good people away. 

The answer lies in one of the largest studies undertaken by the Gallup Organization. The study surveyed over a million employees and 80,000 managers and was published in a book called "First Break All The Rules". It came up with this surprising finding: 

If you're losing good people, look to their manager .... manager is the reason people stay and thrive in an organization. And he 's the reason why people leave. When people leave they take knowledge, experience and contacts with them, straight to the competition. 

"PEOPLE LEAVE MANAGERS NOT COMPANIES," write the authors Marcus Buckingham and Curt Coffman. 

Mostly manager drives people away? 

HR experts say that of all the abuses, employees find humiliation the most intolerable. The first time, an employee may not leave, but a thought has been planted. The second time, that thought gets strengthened. The third time, he looks for another job. 

When people cannot retort openly in anger, they do so by passive aggression. By digging their heels in and slowing down. By doing only what they are told to do and no more. By omitting to give the boss crucial information. Dev says: "If you work for a jerk, you basically want to get him into trouble. You don 't have your heart and soul in the job." 

Different managers can stress out employees in different ways - by being too controlling, too suspicious, too pushy, too critical, but they forget that workers are not fixed assets, they are free agents. When this goes on too long, an employee will quit - often over a trivial issue. 

Quotation Of The Day

Life is a boxing match, you don't loose when you fall down, 
but you loose when you refuse to get up...!!!


For this quote, Special thanks to an unsung hero...!!!

Criminal Law (Amendment) Bill, 2013

Bill of Protection :

Key changes to the law dealing with crimes against women. The Lok Sabha on Tuesday passed the Criminal Law (Amendment) Bill, 2013

Courtesy  : The Telegraph, Ranchi Jamshedpur edition.

One of the most important concept of Geometry : Integral Sided Triangle by Alcuin's sequence

One of the most important concept of Geometry : Integral Sided Triangle by Alcuin's sequence

Courtesy : Counting integral triangle by Krier and Manvel

Printer's Error Number or Typo-Error Number

Did you know this or heard anywhere :

Printer's Error Number or Typo-Error Number :

Generally we do lot of mistakes in typing, even maths do this too but correct itself. 

Printer's Error Number or Typo-Error Number are number even if you error in typing you would get same value... INTERESTING :)

In this generally we add exponential(power) and multiplication function in between digits (LHS=>RHS in example) or forget to raise power and put multiplications sign (RHS=>LHS in example)

e.g. 

34425 = 3^4*425 
312325 = 31^2*325
492205 = 49^2*205

There are many more.

Thanks Ms. Yashita Jha for sharing smallest such number in decimal base.

To check her number : https://www.facebook.com/MathsByAmiya/posts/528026533916134

BEWARE OF SOCIAL MEDIA’S “THIRD RAIL” LESSONS FROM DISNEY

At a recent conference in Europe, two Disney executives tell the audience that Disney learned it needed to operate by completely different rules when it interacted "socially" with a consumer. Offering cross-sell deals, discounts and other promotions to email newsletter subscribers was fine, but the company quickly learned that whenever they tried to make such offers to the Facebook friends of one of their many Disney characters, a large number of them took offense.

It wasn't just that the response rate of Facebook friends was lower. Disney found that just making the offers generated so much negative feedback and ill will that it was worse than no marketing campaign at all. Disney had accidentally electrocuted its marketing program by hitting social media's "third rail."

This certainly doesn't happen to all social media campaigns, but it is likely to happen whenever your business wanders across the unofficial but sharp dividing line between what people consider "social" and "commercial" activities. We can visualize the problem easily with an example from the offline world:

Suppose you run into a friend who asks you for a favor. His sister is just out of college and is trying to break into consulting. Since you work at a big consulting firm, he wonders whether you might be able to arrange an interview for her there. You say sure, you can arrange that, you’d be more than happy to.

But what if, when he asks for this favor, he says he’ll pay you $100 if his sister gets an interview, and another $500 if she actually gets a job at your firm? Wouldn't you be totally put off by this? Maybe he's not really your friend after all, you might think. This is certainly not how friends do favors for friends.

As your firm revs up its social-media presence you’ll need to keep in mind the very big differences between how we interact in the commercial domain versus the social domain. We don’t often think about these differences, but this story perfectly demonstrates how obvious they are to everyone. They’re so obvious that if you do try to use commercial-domain marketing in a social-domain setting, you will run the risk of electrocuting yourself on this “third rail.”

Not that you shouldn’t ever offer free stuff and incentives to customers via social media, but you have to think more carefully about how and what you’re communicating to them. In a future post I'll take up the issue of how to motivate brand advocates and fans without hitting the third rail.

Courtesy : LinkedIn

Article link : http://www.linkedin.com/today/post/article/20130318130854-17102372-beware-of-social-media-s-third-rail

Lessons in good governance from former 'Bimaru' states Bihar, Odisha and Chhattisgarh

Bihar, Odisha, Chhattisgarh and Madhya Pradesh, once derisively called Bimaru states, have suddenly started growing much faster than the national average. They have followed widely divergent paths to success, which need elucidation.

In 2011-12, national GDP growth was 6.21%. But Bihar(13.26%), Madhya Pradesh (11.81%), Jharkhand(8.92%) and even Uttar Pradesh (6.86%) fared better than the national average. Odisha (4.92%) lagged behind , but this was a one-time departure from an average of 8% in the last decade. Provisional data for 2012-13 are no more than projections, but they once again show most backward states growing faster than the national average of 5%.

Graft Out, Growth In 

Odisha chief minister Naveen Patnaik has won three successive elections. In 2000, Odisha had the biggestfiscal deficit and debt:GDP ratio among all states. Today, it has become a revenue-surplus state and, amazingly , so have almost all the once-backward states. Fast state-level growth has generated a revenue bonanza, over and above which fast national growth has hugely increased the states' share of central revenue (poor states benefit disproportionately from such transfers).

Odisha always had minerals, but was held back by the licence-permit raj and high corruption. Politicians sought to get re-elected through patronage networks and wooing vote banks, not economic development.

Patnaik transformed this by weeding out corruption and focusing on development. He has sacked more than 20 ministers for corruption in the last decade, and quashed revolts from those sacked . Despite many big projects - Posco's steel plant and Vedanta's aluminium smelter - getting hamstrung by tribal agitations, Odisha has averaged 8% growth for a decade.

End for Gangsters 

In Bihar, Nitish Kumar focused first on restoring public order and ending endemic gangsterism that had flourished under his predecessor . Through imaginative use of the Arms Act, he quickly tried and jailed over 50,000 gangsters. This hugely encouraged economic activity earlier held back by fear of gangsters.

Kumar also built roads and bridges that were in terrible shape. No theory of Marx or the World Bank said that double-digit growth could be generated in a state with hardly any electricity, simply by improving law and order and building roads. Kumar has driven home the key importance of these.

He has followed up by focusing on primary education and primary health. The state historically was at the very bottom of most social indicators . But in the decade 2001-11 , its literacy rate improved 16.8 percentage points and female literacy improved a whopping 20 points, perhaps the best anywhere in the world. Infant mortality in Bihar used to be among the highest in India, but by 2012, had fallen enough to equal the national average of 44 per 1,000.

Courtesy : ET

INTELLECTUAL PROPERTY RIGHTS (IPR)

Why is IPR becoming important?

• Increasing dominance of the new knowledge economy
• Exponential growth of scientific knowledge
• Increasing demand for new forms of intellectual property protection as well as access to IP related information
• Address the emerging complexities linked to IP in traditional knowledge, community knowledge and animate objects
• All these pose a challenge in setting up the new 21st century IP agenda, especially for a country like India

TRIPS
The WTO’s TRIPS Agreement is an attempt to narrow the gaps in the way these rights are protected around the world, and to bring them under common international rules. It establishes minimum levels of protection that each government has to give to the intellectual property of fellow WTO members. In doing so, it strikes a balance between the long term benefits and possible short term costs to society. Society benefits in the long term when intellectual property protection encourages creation and invention, especially when the period of protection expires and the creations and inventions enter the public domain. Governments are allowed to reduce any short term costs through various exceptions, for example to tackle public health problems. And, when there are trade disputes over intellectual property rights, the WTO’s dispute settlement system is now available.
The agreement covers five broad issues:

• how basic principles of the trading system and other international intellectual property agreements should be applied

• how to give adequate protection to intellectual property rights

• how countries should enforce those rights adequately in their own territories

• how to settle disputes on intellectual property between members of the WTO

• special transitional arrangements during the period when the new system is being introduced.

• Entailed significant changes for the protection of pharmaceutical products and processes
• Made product patent protection binding on all member countries
• Strengthened process patents. 
• Narrowly defined the conditions for establishing exceptions to patent rights 
• Limited the possibility of applying special modalities of compulsory licences to pharmaceuticals
India and IPRs
• India has enacted several laws to protect IPR

• Copyright Act
• Trademark Act
• Designs Act
• Patent Act, 1970
• Geographical Indications Act

India and TRIPS
• India has met its entire TRIPS obligations in various stages starting from providing mailbox applications in 1999 with retrospective effect
• Amendment to the Patent Act in 2003

• This amendment brought the Indian Patent Act more or less on a par with the developed countries by providing a 20 year patent term 
• Safeguarded national interest by remodelling compulsory licence provisions by introducing Bolar and Import Provisions

• 3rd amendment to Patents act in 2005 provided product patenting in pharmaceuticals, food, and chemicals, rationalising and reducing timelines for processing of patent applications and doing away with Exclusive Marketing Rights

Issues & Resolutions

• Effect on India’s pharmaceutical industry

• Resolution: the industry is taking steps to cope with the challenge. It is increasing its investment in R&D. Moving from imitative research to innovative research

• Effect on other knowledge based industries in India, such as the IT industry, biotechnology, and microelectronics
• Effect on limiting monopolies
o Resolution: there is voluntary licensing and compulsory licensing. For important drugs the government can resort to compulsory licensing. 
• The grant of patents on non-original innovations (particularly those linked to traditional medicines) which are based on what is already a part of the traditional knowledge of the developing world is a cause of concern

•  CSIR successfully challenged the US Patent on the wound healing properties of turmeric. Similarly patent on Neem was quashed. 
•  These issues need to be addressed jointly by the developing and the developed worlds
•  CSIR has created a Traditional Knowledge Digital Library (TKDL)

Way Forward
• India should nurture a strong innovation base through a balanced system of recognition and rewards
• India will have to invest liberally to enhance the skills and knowledge base of scientists and on understanding, interpreting and analysing the techno-legal business information contained in IP documents and in drafting of IP documents
• We must properly protect our inventions

Direct Tax Code (DTC)

The direct tax code seeks to consolidate and amend the law relating to all direct taxes, namely, income-tax, dividend distribution tax, fringe benefit tax and wealth-tax so as to establish an economically efficient, effective and equitable direct tax system which will facilitate voluntary compliance and help increase the tax-GDP ratio. Another objective is to reduce the scope for disputes and minimize litigation.

It is designed to provide stability in the tax regime as it is based on well accepted principles of taxation and best international practices. It will eventually pave the way for a single unified taxpayer reporting system.

The salient features of the code are:

1. Single Code for direct taxes: all the direct taxes have been brought under a single Code and compliance procedures unified. This will eventually pave the way for a single unified taxpayer reporting system.

2. Use of simple language: with the expansion of the economy, the number of taxpayers can be expected to increase significantly. The bulk of these taxpayers will be small, paying moderate amounts of tax. Therefore, it is necessary to keep the cost of compliance low by facilitating voluntary compliance by them. This is sought to be achieved, inter alia, by using simple language in drafting so as to convey, with clarity, the intent, scope and amplitude of the provision of law. Each sub-section is a short sentence intended to convey only one point. All directions and mandates, to the extent possible, have been conveyed in active voice. Similarly, the provisos and explanations have been eliminated since they are incomprehensible to non-experts. The various conditions embedded in a provision have also been nested. More importantly, keeping in view the fact that a tax law is essentially a commercial law, extensive use of formulae and tables has been made.

3. Reducing the scope for litigation: wherever possible, an attempt has been made to avoid ambiguity in the provisions that invariably give rise to rival interpretations. The objective is that the tax administrator and the tax payer are ad idem on the provisions of the law and the assessment results in a finality to the tax liability of the tax payer. To further this objective, power has also been delegated to the Central Government/Board to avoid protracted litigation on procedural issues.

4. Flexibility: the structure of the statute has been developed in a manner which is capable of accommodating the changes in the structure of a growing economy without resorting to frequent amendments. Therefore, to the extent possible, the essential and general principles have been reflected in the statute and the matters of detail are contained in the rules/schedules.

5. Ensure that the law can be reflected in a Form: for most taxpayers, particularly the small and marginal category, the tax law is what is reflected in the Form. Therefore, the structure of the tax law has been designed so that it is capable of being logically reproduced in a Form.

6. Consolidation of provisions: in order to enable a better understanding of tax legislation, provisions relating to definitions, incentives, procedure and rates of taxes have been consolidated. Further, the various provisions have also been rearranged to make it consistent with the general scheme of the Act.

7. Elimination of regulatory functions: traditionally, the taxing statute has also been used as a regulatory tool. However, with regulatory authorities being established in various sectors of the economy, the regulatory function of the taxing statute has been withdrawn. This has significantly contributed to the simplification exercise.

8. Providing stability: at present, the rates of taxes are stipulated in the Finance Act of the relevant year. Therefore, there is a certain degree of uncertainty and instability in the prevailing rates of taxes. Under the Code, all rates of taxes are proposed to be prescribed in the First to the Fourth Schedule to the Code itself thereby obviating the need for an annual Finance Bill. The changes in the rates, if any, will be done through appropriate amendments to the Schedule brought before Parliament in the form of an Amendment Bill.

=======================================================

What is Direct Tax code?

In Simple layman's language, there are basically two types of taxes - Direct and Indirect

Direct tax is one which is taken by taking into consideration the individual characteristics of the tax payer such as Income tax.

While Indirect tax means the tax which is levied by taking into consideration the number of transactions such as Sales Tax.

Recently the IT department of India has put the new proposal for Direct Tax in front of Government of India and this is known as Direct Tax code (DTC).

What is the Aim of DTC?

The aim of DTC is to make the current tax structure in India easy. Well, yes. This is the basic aim of DTC.

The last Tax code in India was designed in 1961 and that's why we call it Income Tax Act 1961. But after half a century everything is changed and we can not simply rely on the age old tax system.

India needs a new taxation system. So if this proposal gets approved, our new tax code will be Income Tax Act 2010 or 2011 something......Understand?

Than why DTC is so much criticized?

Even though, the basic aim behind DTC is simple and helpful to the people, it is very much creticized because many provisions under this proposal may harm the investors and FIIs. Say for Example, there is a proposal of taking long term capital gains tax on listed Equity Investments. Now, till date the long term capital gains tax on equity was 0%. Means if you invest in equity for more than 1 year of time horizon than all your capital gains is tax free.

But according to this proposal, there will be long term capital gains tax on equity investments. this may harm the investors.

Did You Know

► 121 is the only square known of the form 1+p+p^2+p^3+p^4, where p is prime.

121 = 11^2 = 3^0 + 3^1 + 3^2 + 3^3 + 3^4

Quotation Of The Day

You have to fight through some bad days to 

earn the best days of your life....!!!

Who is Sundar Pichai?

In what came as a very unexpected move, Andy Rubin stepped down as the executive in charge of Google's Android operating system for smartphones and tablet computers. In case you're unaware, Rubin is being replaced with Sundar Pichai, an executive in charge of the company's Chrome Web browser and operating system for lightweight laptop computers. 

Hailing from the southern state of Tamil Nadu, Sundar Pichai was born in 1972. His educational background includes degrees in B.Tech from the Indian Institute of Technology Kharagpur, an M.S. from Stanford University and an MBA from the Wharton School, where he was named a Siebel Scholar and a Palmer Scholar. He had earlier worked at Applied Materials and McKinsey & Co. On the home front, Pichai is married and has one daughter and one son.

Sundar Pichai began his journey with Google in the year 2004 largely involved in product management and leading the innovation team for Google's Chrome and Chrome OS as the Vice President of Product Management of the company. 

He was also involved with other Google search products, like Google Toolbar, Chrome, Desktop Search, Gadgets, Google Pack, Google Gears, Firefox extensions, apps such as Gmail and Google Maps and Mac products. It was under his supervision that the Chrome OS now resides on products such as the Chromebook Pixel. 

Pichai has more than 15 years of experience developing high-tech consumer and enterprise products. He serves as a Member of Board of Advisors at Ruba, Inc. He has been a Director of Jive Software, since April 2011.

Google Chrome was launched in September 2008 and ten months later, in July 2009, the Chrome OS was born. "Google Chrome OS is being created for people who spend most of their time on the web, and is being designed to power computers ranging from small netbooks to full-size desktop systems. While there are areas where Google Chrome OS and Android overlap, we believe choice will drive innovation for the benefit of everyone, including Google", Pichai mentioned in a blog post.

On November 19, 2009, Pichai gave a demonstration of the Chrome OS. On May 20, 2010, he announced the open-sourcing of the new video codec VP8 by Google and introduced the new video format WebM to the public. 

This was also the same year when Pichai got noticed for being approached by Twitter to lead Product after Jason Goldman, VP of Product for Twitter left in December 2011. But Pichai decided to stay with Google.

Pichai's newly added responsibility comes at a crucial time for Android and Google executives have begun to worry about Samsung's dominance over Google's OS. The South Korean company sells about 40 percent of the gadgets running on the Android OS and is about to unveil it highly anticipated flagship, Galaxy S IV.

Speaking about Pichai's accomplishments, Google CEO Larry Page expressed himself via a blog postsaying, "Sundar has a talent for creating products that are technically excellent yet easy to use--and he loves a big bet. Take Chrome, for example. In 2008, people asked whether the world really needed another browser. Today Chrome has hundreds of millions of happy users and is growing fast thanks to its speed, simplicity and security. So while Andy's a really hard act to follow, I know Sundar will do a tremendous job doubling down on Android as we work to push the ecosystem forward. 

Image Courtesy: CNET
Article Courtesy : NDTV