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THOUGHT OF THE DAY

THOUGHT OF THE DAY

"A great person attracts great people and knows how to hold them together…”

Law Updates:

A national Intellectual Property Right policy will soon be taken to the Cabinet for approval, Commerce and Industry Minister Nirmala Sitharaman said.

The Enforcement Directorate (ED) had opposed merger of the crisis-hit NSEL with Jignesh Shah-promoted FTIL, saying such a move would impede investigation in the Rs 5,600-crore payment scam.

The Supreme Court allowed citizens to voluntarily use Aadhaar cards to avail benefits under four schemes, the Mahatma Gandhi National Rural Employment Guarantee Scheme, the Pradhan Mantri Jan Dhan Yojana and schemes related to pension and PF.

PROFESSIONALS INPUTS:

Vide CBDT Notification F.No. 450/226/2014- Cus IV dated 14 October,

2015 CBDT issued Improving Ease of Doing Business Issuance of

Electronic Delivery Orders.

Vide CBDT Notification No. 19/2015-Service Tax dated 14 October,

2015 notified that no service tax will be levied on the service provided

by an Indian Bank or other entity acting as an agent to the Money

Transfer Service Operators (MTSO) in relation to remittance of foreign

currency from outside India to India from 1.7.12 to 13.10.14.

Vide Notification No. RBI/2015-16/206 DCBR. RCBD. BPD. No.4

/19.51.010/2015-16 October 15, 2015 notified Guidelines regarding

Financial Inclusion Fund by which the overall corpus of the new FIF

will be Rs. 2000 crore. Contribution to FIF would be from the “interest

differential” in excess of 0.5% on RIDF and STCRC deposits.

Vide Notification No. RBI/2015-16/207 DCBR.BPD.(PCB/RCB). Cir.

No. 3/13.05.001/2015-16 dated 15 October, 2015 notified Rules

regarding Advance against Pledge of Gold ornaments/jewellery

whereby RBI decided that the cooperative banks may also use the

historical spot gold price data of the preceding 30 days.

MARKET WATCH:

SENSEX: 26960.11 -50.03 NIFTY: 8163.50 -17.00

SILVER: 37344.00 -169.00 GOLD (MCX): 27150.00 -107.00

USD/INR: 64.96 0.13 CRUDE OIL: 3050.00 64.00

CS Rajiv Bajaj

9811453353

Bajajr66@gmail.com

youtube.com/csrajivbajaj

https://www.facebook.com/Rajiv1Bajaj

http://www.csrajivbajaj.com

Date: 16th October, 2015

www.csrajivbajaj.com

Jack Dorsey

Co-founder and CEO, Twitter

Jack Dorsey is an American programmer and businessman widely known as a co-founder and CEO of Twitter, and as the founder and CEO of Square, a mobile payments company. In 2008, he was named to the MIT Technology Review TR35 as one of the top 35 innovators in the world under the age of 35. For 2012, The Wall Street Journal gave him the "Innovator of the Year Award" for technology.

Early life

Born in St. Louis, Missouri, on November 19, 1976. Growing up in St. Louis, Dorsey became interested in computers and communications at an early age and began programming while still a student at Bishop DuBourg High School. He was fascinated by the technological challenge of coordinating taxi drivers, delivery vans and other fleets of vehicles that needed to remain in constant, real-time communication with one another. When he was 15, Dorsey wrote dispatch software that is still used by some taxicab companies today.

Creation of Twitter

After a brief stint at the Missouri University of Science and Technology, Dorsey transferred to New York University. In the tradition of computer science entrepreneurs such as Bill Gates, Steve Jobs and Mark Zuckerberg, he dropped out of college before receiving his degree. Instead, Dorsey moved to Oakland, California, and in 2000 started a company offering his dispatch software through the Web. Shortly after starting his company, Dorsey came up with the idea for a site that would combine the broad reach of dispatch software with the ease of instant messaging. Dorsey approached Silicon Valley company called Odeo to pitch the concept. "He came to us with this idea: 'What if you could share your status with all your friends really easily, so they know what you're doing?'" said Biz Stone, a former Odeo executive. Dorsey, Stone and Odeo co-founder Evan Williams started a new company, called Obvious, which later evolved into Twitter. Within two weeks, Dorsey had built a simple site where users could instantly post short messages of 140 characters or less, known in Twitter parlance as "tweets." On March 21, 2006, Jack Dorsey posted the world's first tweet: "just setting up my twttr." Dorsey was named the company's chief executive officer.

Twitter Success

Twitter was initially derided by some as a tool for the shallow and self-centered to broadcast the minutiae of their lives to the universe. Late-night comedy host Conan O'Brien even featured a segment called "Twitter Tracker" that mocked users of the service. In its early days, the site also suffered from frequent service outages. But as celebrities and CEOs alike began tweeting, Twitter was no longer the brunt of so many jokes. Suddenly the head of the "microblogging" movement, Twitter became a powerful platform for U.S. Presidential candidates Barack Obama and John McCain in 2008, as a method for updating their supporters while on the campaign trail. Twitter vaulted to international prominence after the June 2009 presidential elections in Iran, when thousands of opposition supporters took to the streets to protest the claimed victory of incumbent Mahmoud Ahmadinejad. When the government blocked text messaging and satellite feeds of foreign news coverage, Iranian Twitter users flooded the site with live updates. A U.S. State Department official even emailed Dorsey to request that Twitter delay its scheduled maintenance so that protestors could keep tweeting. "It appears Twitter is playing an important role at a crucial time in Iran. Could you keep it going?" said a State Department spokesman, describing the call. Twitter complied.Dorsey, however, had set his sights on other projects. He became an investor in the social networking company Foursquare and launched a new venture, Square, which allows people to receive credit card payments through a tiny device plugged in to their mobile phone or computer.