FROM THE DESK OF ASSOCIATE DEAN

Our mission in the university is “Global leadership in banking and

excellence in education”. Our perseverance and endeavor is guided by our vision to

transform the lives of our students, through exemplary education and training.

Outcome based education essentially shifts emphasis from the mere absorption of a

body of learning provided to students by an institution, to making students

demonstrate that they „know and are able to do ‟whatever the required outcomes of

that body of learning are The curriculum maintains a healthy balance between

depth and breadth of knowledge and skills, thus combining a strong conceptual

base with exposure to contemporary practices and trends.

We are happy that this time a group of women joining us in Feb for the KPO Program

and hope they will experience wonderful journey with Manipal. Wish you all the

best for your effort and hope your E-Newsletter will meet grand success.

Regards,

A.B.Kumaraswamy

(Associate

Dean)

MESSAGE

FROM HR

For all of us at Kotak Mahindra Bank Limited the event

of a new batch joining in KPO Program is always a

moment to us one as we continue our journey of

acquiring best in class talent. You all have left your home

to chase your dream; to know, to explore and to excel in

Banking. We feel proud to associate ourselves with stars

like you with so many ideas and when you perform and

excel. As a HR partner of your journey with KMBL we

appreciate your efforts and hard works towards making

this mission a grand success. We wish a grand success for

your effort towards E-News Letter. Wish you all a colorful

journey with us. Hope you will exceed our expectations

and take KMBL to the top of her glory

TEAM HR, KPO Program

FROM THE DESK

OF HOD

INFIN

ITY

IS

THE

JOUR

NEY

OF MY LIFE

Manipal University, Bangalore campus is being

developed with the PO trainings, educational,

residential and recreational facilities. Highly

qualified, experienced and dedicated faculty from

various banks and other reputed fields are committed

for imparting quality education. Students at Manipal

campus are achieving remarkable academic success

and enjoying socially and culturally rich campus life.

We want our students to show certain standards as they

step into their professional life, so we have imposed

certain rules and regulations which are supposed to be

followed. We feel glad when you take such initiatives

and this really sets higher standards. This February

your junior batch is stepping into the campus and I

take this opportunity to welcome all of them to our

premises. Wish you a successful journey ahead.

Regards,

RAVI PRAKASH KRISHNAMURTHY

HOD KPOP and AYBP

MESSAGE FROM STUDENT ENGAGEMENT OFFICER

First thing I always like to tell the children that we are

following code of conduct and not the rules, it is easy

to break or bend the rules, but codes are followed and

never be broken. You have to inform to the right person

where and when you are going. If you fail to follow

this, then it‟s a painful affair.

I want people would recognize you because of your

code and they should follow you that are my aim. Also,

I heartily welcome the 8th Batch of the Kotak and

opportunities for girls are now increasing in Kotak.

And I am sure they will enjoy their stay in academy.

Let the 8th batch enjoy their liberty till I meet them.

Colonel Rana

“We invented money and we use it, yet we cannot understand its laws or control its action. It has a life of

its own”. The most concerning chapter for India during last two years and specifically last two months is

the weakening of rupee against dollar. It is not only that rupee has lost its value in the global context but

also dollar has improved its performance in the global trading markets.

The government of India is still unable to generate heavy capital inflows. If US Federal Reserve

withdraws its bond buying programme, there will be unexpected outward flow of money leaving India

clambering for dollars. The slowdown in the economy has made the situation more fickle. The

government has a strong role in controlling currency in the form of policy regulation and reforms. As a

result the government has gradually lost its control over rupee depreciation. Investors‟ sentiment plays a

pivotal role over there and gold imports account for 35% and 11% of India‟s trade bill respectively. There

has been an uninterrupted demand for the dollar from oil importers pushing the rupee lower. Likewise the

falling gold prices have made the central bank to reduce imports, which increases CAD and hits the

currency directly. Indian economy requires a strong structural reform to maintain a positive balance of

payment. Also government spends excessively as election approaches just to win electorate votes. This

causes the rupee to depreciate, and then the government beats around the bush to control the currency

behavior. Most of the time these measure worsen the economic crisis to a great extent. As a result there is

a heavy demand for dollar and Indian currency, hence, economic situation is looking too gloomy.

RBI has taken certain steps to be followed to have a control over rupee. But the big question comes here

“What are the implications and how bad it has affected?” The best business prototype anyone can have is

to spend in rupees and earn in dollars. Basically the sector which is targeting exports for its industrial

operations are the one who wins the game. Dollar appreciation would be positive for sectors such as IT,

pharmaceuticals, hotel, textiles and automobiles which have the total foreign exchange earnings of these

firms are far greater than their forex spends.

Sharply declining rupee triggers inflation, broadens the current account deficit, hits investor sentiment

and creates burdens for organization with high exposure to foreign debt. The government and the RBI

have taken several reform initiatives to resist the down turn, but their success stories are looking gloomy.

A weak rupee will create extra stress on oil marketing corporation(OMC) and this will surely be passed

on to the consumers as the companies are allowed to do so after the deregulation of petrol and partial

deregulation of diesel. If the OMC‟s increase fuel prices, there will be a substantial increase in overall

cost of transportation which will trigger inflation. If the depreciation is steep and beyond control, it will

hit inflation. Indians who have gone to abroad for tours or studies are highly affected in these times. The

only smiling people in this context are the NRI‟s who gain more on sending money to their homeland.

As a whole we can say that though weakening rupee is the reason for someone‟s smile it is the real threat

for the country‟s overall fiscal health. But in my opinion this huge downgrade is a temporary

phenomenon and the rupee is really oversold. Now the government and central bank should work hand in

hand and find out policy measures to stabilize the frightening scenario. I personally hope a further cut in

SLR to ease the liquidity to save rupee and also import duty hike in gold and other related materials. RBI

can buy bonds to ease liquidity in the market. Finally, we can say that the situation is tight and

challenging for us, but we cannot only hope for the best but also should contribute the most to get back

Indian Economy in the driving seat.

Shakshi KPO 7

SCOPE OF FINANCIAL INCLUSION IN GUJARAT

Financial inclusion is the delivery of banking services at an affordable cost to vast sections of this

advantaged and low income groups. The focus is basically on four products: a pure savings product with

inbuilt overdraft facility, a recurring deposit product, and remittance product and entrepreneurship credit

in the form of KCC/GCC. The basic reasons for exclusion are-geographical location, economic and social

factors, financial illiteracy, development in a country, accelerate economic growth of the country, the

regulators benefit from the audit trail and the customers can avail a variety of financial products provided

by institutions.

Some of the initiatives taken by the government and regulator are establishment of commercial banks,

RRBs, UCBs PACS MFIs, SHGs. Other initiatives currently underway are –launching national financial

literacy campaigns, facilitating low cost remittance products and setting up of financial literacy centres

and credit counselling and many more. Some of the measures taken by RBI are Project Financial Literacy,

Bank Branch and ATM Expansion Liberalized, targeting of villages where population is more than 2000

people, simplification of KYC Norms etc.

KMBL‟s initiative towards Financial Inclusion (as on 31st May 2013)

KMBL has more than 2.79 lakh BSBDA opened under its Financial Inclusion Initiative.

The Bank has started its ICT based Financial Inclusion Initiative in various districts of Gujarat.

KMB has covered 49 villages through its own rural bank branch network and 693 villages by way of

engaging Business Correspondents.

According to AISECT, the scheme offers services such as a/c opening, deposit withdrawal, issuing of

ATM cards and opening a/c‟s of minors.

Despite widespread expansion of the banking sector the data that has been collated comes out with the

following findings:

Though 87.3% respondents were covered under FI drive only 70% could open an a/c and hence the

coverage remains only 70%.

The facilities such as pass book, overdraft, GCC etc. were known to less than 10% respondents.

While 84.1% were acquainted with the facilities provided by the bank only 33.3% could actually utilize it.

Almost 88% persons transacted with the banks while 12% could not owing to various reasons such as the

procedures were found cumbersome, it required several visits to the bank and hesitant (6.5%), 12.5% had

no information about the a/c they had.

Now coming to future endeavour a major challenge for the system is that along with tackling illiteracy we

also need to develop the ability to include people who are not in the system. Legal identity as a challenge

also follows, but with AADHAR in action, it will slowly diminish. We can also look to include more

facilities via the Rupay card especially for a customer at one bank to carry out transactions at another.

Since the idea is to target people with low buying this is done to make them lucrative for the private

enterprises to get abilities , we have to build economically feasible business models around the services

offered. This is done to make them lucrative for the private enterprises to get actively involved. The

government should cater to tax benefits up to a certain value to promote electronic money transfers.

Similarly we need to keep working to reduce the cost of electronic transactions so that more people can

make avail of this utility. At last we can say that government bodies, banks and private players together

need to build an eco-system that is largely driven by retail transactions, rather than only a/c opening or

remittance , so that India attains true “digital” financial inclusion.

Prachi KPO 7

ALUMNI SPEAKS

Q: What are your leanings from previous experiences?

Ans: As such I am not having much experience but yes I was

working for KFC as a „Shift Manager‟. There I learnt the value of

Management.

Q: When did you get to learn the most, was it during your

training period or after your posting?

Ans: -I leant the most in Bangalore because I was new to banking, I

really want to thank my faculty members for their guidance.

During training I learnt about the reality of banking, more

practically I guess.

Q: What is your message to KPOs who are going under

training right now? What key preparations they need to do

before entering?

Ans: The key preparation is make your mindset as flexible as your

mindset as flexible as you can, don‟t presume things early.

Let’s Walk in Empty Street: BANGALORE

Visvesvaraya Industrial and Technological Museum

......Treasure house of knowledge

Q: What are the areas of expertise you

feel you still need to fulfil as a

professional? Ans: Some areas of expertise I still feel

needed is EXTROVERSION.

Our work is business, but as we are

professionals don‟t assume the client to

be the same.

We all will meet many varieties of

people, adjust yourself in those situations,

but you being truly professional.

Q: We would like to have an overview

of your qualifications?

Ans: My qualification is basically, I am a

Hotel Management Graduate from IHM

Bhubaneshwar.

My schooling was from Stewart School,

Cuttack, Orrisa.

Q: Why did this type of work interest

you and how did you get started?

Ans: My personal satisfaction says am

doing a white collar job. Dissatisfaction;

nothing yet.

Q: What are the most important

personal satisfaction and dissatisfaction

connected with your occupation?

Ans: Particular talent is knowledge about

banking and most important the ability to

showcase it in front of the world.

Q: what part of this job do you

personally find most satisfying and

most challenging?

Ans: If my work life progress as it is

going now, I would prefer to become

Branch Relationship Manager soon.

Name: Sourav Kesari

Batch: 4th

The Visvesvaraya Industrial and Technological Museum (VITM) is

a museum in Bangalore, India. Its management comes under the

National Council of Science Museums (NCSM), Government of India. The

museum was instituted as part of the centenary celebrations of the

engineer-statesman Sir M. Vishvesvaraya. This is the only museum in the

world other than the Smithsonian Institution‟s in the US, to have a full

scale replica of the 1903 flyer of Wright brothers. Vishveshwaraya Museum

is not a 'museum' in its classical sense, because it has interactive exhibits

unlike stationary models of a museum. It is more of a "Science Centre".

Each floor of this museum is dedicated to a scientific discipline. It has

Engine hall, Electro Techno gallery, Fun Science Gallery, Space Gallery,

Science for Children and other attractions. I can say that it is a place for

each and every age group.

By spending 3 hours in the museum one can understand the concepts of

engineering, can have a glimpse of this treasure house of knowledge in the

heart of Bangalore, can have fun in fun gallery, can learn about

dinosaurs can make their children to learn while playing as here is a big

piano over which they can dance to play music. The museum which

attracts close to one million visitors a year and is opened on all days from

10 am to 6 p.m.

WASSUP?

Sr. No.

Date Events Participants Organizing team Concerned Faculties

1 12.01.2014 Marathon Inter bank Sports Pls Manipal mgt.

2 16.01.2014 Youth Festival All Kpos Batch7 Raj Mohan Sir

4 Feb.2014 Paper Presentation competion All Kpos Academic Pls Bislaiah Sir, Chandrakala Mam

5 Feb.2014 Blood donation camp Inter bank CSR Pl Raghvi Mam

6 04.02.2014 Creative Crafts All Kpos Art Pl Raghvi Mam

7 Feb.2014 Sales Fortnight Batch 6 Academic Pls Murli Sir

8 05.02.2014 Magazine launch All Kpos All Pls Ritu Mam

9 06.02.2014 Debate competition All Kpos Academic Pls Murli Sir

10 08.02.2014 Volley ball competition Inter bank Sports Pls Jayanth Sir

11 09.02.2014 Table Tennis tournament & Onset of Football Cluster(Inter bank)

Inter bank Sports Pls Jayanth Sir

11 13.02.2014 Junk art All Kpos Art Pl Raghvi mam

12 13.02.2014 Treasure Hunt All Kpos Cultural Pls Kavita mam

13 15.02.2014 Cricket Tounament All Kpos Sports Pls Jayanth Sir

14 Feb.2014 Educating poor volunteers CSR Pl Raghvi Mam

15 20.02.2014 Interbank Cultural Event (back up date: 23rd Feb)

Inter bank Cultural Pls Kavita mam

16 20.02.2014 Advertisement Making All Kpos Art Pl Raghvi Mam

17 22.02.2014 Football Cluster Inter bank Sports Pls Jayanth Sir

18 27.02.2014 Jam Session Inter bank Academic Pls Murli Sir

19 Feb.2014 Health Check up All Kpos CSR Pl Raghvi Mam

20 27.02.2014 Arts Mela All Kpos Art Pl Raghvi Mam

OPEN LETTER TO MY MUSE

Dear Muse,

Thanks for your ignorance and hope that this phase will continue…perhaps you

will be glad to learn that I like your ignorance the most; in fact this is my

favourite pastime. I am habituated will all these kind of garlands since my early

days.

I don‟t know why it happened…how it happened and when it happened? I don‟t

have any answer for these questions. I never dared to face these questions from

you. I know even if the Almighty gives me the courage to reach you and express my

ECG report in words, you will defeat me with all your tough questions. I never tried

to decode what my every heart beat utters. I am not that great that I will be able

to decode them, all I know is that I can feel them when you eye at me or when you

call me by my name. Hey you are getting bored, right? Ok, let me tell you one

interesting story.

Someone always remains busy with his mobile phone. Friends do ask every time the

reason and he remains silent. No one knew that fellow simply tries to hide his

nervousness behind fake busy moments. Perhaps one day you to asked me the same

and I just replied a meaningless idiotic smile. There are people who have got

excellent skill to express their thoughts; I look at them with great honour. Lucky

people they are! They can decode easily but I can‟t…

This may be totally insignificant for someone like you that somewhere someone

feels blessed with the moments when he gets the privilege to look at your smiling

face, your beautiful pair of eyes. I don‟t know how to praise but I feel a pool of

blood wants to come out from my heart as you adjust your hair…my heart starts

raining as you manage your cloud. I keep looking at you during all the lectures

and somehow time flies. I felt my day was made when probably for the first time

you looked at me and called me by my name… wish I could make you listen what

my heart wanted to tell you; I got speechless.

Someone lost all his belief in such feelings and lost respect towards life. Your

ignorance brought me back to the main stream of life…it‟s you who made me

believe again that life is not yet over. Life is something beyond this insignificant

day and night where I feel my significance among all mundane happenings.

Dear muse, I don‟t know how you feel…but my conviction not yet lost. I know your

ignorance will keep me alive. Ignore me if you can; but you must admit this time

you lost and I won. You failed to ruin my conviction…I believe today that it can

happen twice.

Keep smiling.

From,

Someone who deserves your ignorance till Death.

Magic Moments

Cultural Events:

Program Leaders: Deepshikha Tiwari, Ankita Naik, Ankit Jain, Mayank Jain

FRESHERS (Batch 7) AND FARWELL PARTY (Batch 5): On 13-12-13 batch 6 Cultural PLs had organized this

event at M&E BUILDING, Guest of honors were Mr. THAMMIAH (Director) and Mr. KUMARASWAMY

(Associate Dean). The following programs were conducted; Memento distribution by Dean sir and HOD sir, Singing

by batch 6 and 7, Group dance, Drama, Ramp walk and then the final closing event, DJ night.

On 16th

of January all KPOs celebrated Swami Vivekananda 150th

Birth

anniversary. A good participation was being witnessed by all the KPOs. The presence of Associate Dean, HOD and

other faculties made this event much more spellbind. The event experienced inspirational speeches on Swami

Vivekananda, Bhajans , Inspirational Songs , Dances and a fantastic play describing some events of Swamiji‟s life.

Academic Events:

Program Leaders: Tanya Nain, Rosalyn K.Joseph, Utkarsh Tomar, Siddhartha Daryani

Persuasive Skills: The event ended on a good note and we had winners as:

1st Rank: Rohit Thakkar 2nd Rank: Anjali Gupta 3rd Rank: Meghjit Bose and Gagandeep Singh

Extempore: This event saw

massive participation from 7th batch students.

Prachi Jain and Supriya Dhaneshwar secured the top two positions.

Sports Events:

Program Leaders: ReetuKandari, Shalini Sharma, Piyush Pachori, Nitesh Kumar

Sports Day: It was conducted on 21stNovember, „13 by Sports PLs. It includes participation from 5th and 6th batch

Kotak students. Udit Bhatnagar Batch 5 and Ankita Naik Batch 6 were awarded for Best athletes.

Swami Vivekananda Birth Day Celebration

Marathon: Inter-bank

marathon was conducted on 11th January, „14, Youth Day. It invited open participation from all other banks in the

Manipal Campus. 60 students had participated along with the presence of Dean sir, Wardens of both Girls and Boys

hostels, Venkatesh Sir. The names of the Winners are:

Female: Male:

Girisha Lakhani (ICICI Bank) – 1st RankKhuspreet (ING Vysya)

Bhumika Thakur (ICICI Bank) – 2nd

Rank P Avinash Kumar (ICICI Bank)

Arts Events:

Program leader: Nitesh Sharma &Nagaraju Sales Exhibition:Kalakunj 2013 on 19/12/2013, idea was to concentrate on sales skills and CSR as the fund raised

from this event was used for helping NGO.

Cross Word

Sourabh KPO 7

Peenya Branch Report

1 6 2

18

7 12

14 4 8 15

10 5

3 16

13 17

11 21

19 20 22 23

9

Across Down

1. Scheme is related to Financial Inclusion. 3. Founder & Executive Vice Chairman of Kotak Mahindra Bank

Ltd Mr. _____ Kotak.

4.Series of Annual Economic Report Published by Asian Development Bank is “Asian Development ____________ ” .

7. Identify the Logo

9. When someone move money into or out his account he is

making a ____________.

13. A _____ market is a general decline in the stock market over a period of time.

14. Currency of Japan.

16. Association of Lawyers. 17. Tata Sons & ______ Joint Venture will start full service

Airlines in India.

19. _______ of a corporation constitutes the equity stakes of its owners.

22. Service provided by NPCI for instant mobile remittance.

1._______ Scheme is restructured as National Rural Livelihood Mission (NRLM).

2. First Indian company to be listed in NASDAQ.

3. Identify the Logo

5. Currency Name of International Monetary Fund.

6. ____ bank launched the Rupay card for the first time.

8. Banking _________ is a quasi judicial authority was created pursuant to the decision by the Government of India to enable

resolution of complaints of customers of banks.

10. Number of Banks Nationalized in first phase of

Nationalization.

11. ______ is a mechanism for subscribing to application in IPO.

12. Union Cabinet cleared the Jet Airways

proposed sale of 24% equity to _____ Airways. 13. ______ is a system of exchange by which goods or

services are directly exchanged for other goods or services

without using a medium of exchange. 15. Head of “Hindu Undivided Family”

18. _____ is a type of public offering where shares of stock in

a company are sold to the general public, on a securities exchange, for the first time.

20. _______ provides international coverage to Indian

Broadcasting Network. 21. Department of ____ (Govt Organization) applied for new

bank licence.

23. “KotakAutoInvest” is a kind of _______ service.

It is said that „Opportunities knocks your door only once,

another time it is just pure luck‟ every single person of selected

40 KPOs for Branch visit to Peenya will agree to that. Peenya

Branch is unique because it is the 1st SME branch of Kotak

bank in an industrial estate of Peenya near to Yeshwantpur

Railway Station, which is divided into 4 phases and is housing

nearly 6000 small and medium companies. The twenty-four

carat golden opportunity was awarded to handpick 40 KPOs

from batch 6.

The day started by Mr.Sandeep (Head of SME branch) with

Every team was able to cover minimum of 25

companies and the highest profiling was done by

Md. Zibrail Ansari and Haffiz Ahmed (23 in total).

At last, bank officials interviewed the pairs one by one for feedback and recommendations. For the first time batch 6

KPOs were exposed to Branch visits and according to them spending time in market was a good investment.

Everybody had something to take away from this practical worthy experience

By Siddhartha Daryani, KPO Batch 6

Record Breakersfrom Batch 5 (toppers)-

Aashima Dhiman Mohan Prathapani SaikumarPonugupati 13125430001 13125430039 13125430062

GPA- 8.86 GPA- 9.18 GPA- 9.18

40 people were broken into 4 groups of 10 each and then 1

group was again broken into 5 pairs to increase penetration

into the market. As there was a huge area to cover so

everybody was asked to concentrate on Phase-1, it is

considered most attractive due to high net worth clients.

Teams faced some challenges like: Teams were not having

appointments with any of the concerned persons so they

weren‟t allowed to get in, if luckily they got in there were

not many people to entertain them due to vacation mood

of employees. And the major issue was Security guards, as

if they were specially trained in keeping KPOs away.

Tax Haven- Is it a Trap? History

What comes in our mind as soon as we hear the term „Haven‟- Any place of shelter or safety?

This itself tells the basis of the story. Combining both the terms, it gives us the idea of keeping

money in a safe place. In Ancient Greece, some of the Greek Islands were used as depositories

by the sea traders to place their foreign goods to avoid the two-percent tax imposed by the city-

state of Athens on imported goods.

Tax haven is defined as, “a country that offers foreign individuals and businesses little or no tax

liability in a politically and economically stable environment”. They also provide little or no

financial information to foreign tax authorities. However, pressure from foreign governments

that want to collect all the tax revenue, are entitled to has caused some tax haven countries to

sign tax information exchange agreements (TIEAs) and mutual legal assistance treaties (MLAT)

that provide foreign governments with formerly secret information about investors' offshore

accounts. As a result, there was a considerable influx of capital into the country for tax related

reasons.

Classifications

Corporations, in order to achieve effective tax avoidance, use various types of tax havens. Three

types of tax haven types are as follows:

Primary Tax Havens: The location where financial capital winds up. Subsidiary shell companies

there have obtained rights to collect profits from corporate intellectual property (IP) by transfers

from their parent.

Semi- Tax Havens: The locations that produce goods for sale primarily outside of their territorial

boundaries and have flexible regulations to encourage job growth, as free trade zones, territorial-

only taxation, and similar inducements.

Conduit Tax Havens:The locations where income from sales, primarily made outside their

boundaries, is collected, and then distributed. Semi-taxhavens are reimbursed for actual product

costs, perhaps with a commodity mark-up. The remaining profits are transferred to the primary

taxhaven, because it holds rights to profits due to the corporate IP

Socioeconomic factors

Other than lower taxes and secrecy there are several other reasons that makes a particular

destination a tax haven: Political and economic stability

Lack of exchange controls

Treaties.

Corporate Laws

Communication and Transportation

Banking, professional and support service

Location

No or only nominal taxes

Protections of personal financial information

Lack of transparency

Blacklisted Tax Havens

At the London G20 summit on 2 April 2009, G20 countries agreed to issue a blacklist for tax

havens, to be categorized according to a four-tier system, based on compliance with an

"Internationally agreed tax standard.” The four tiers were:

Those that have substantially implemented the standard (includes most countries but China still

excludes Hong Kong and Macau).

Tax havens that have committed to – but not yet fully implemented – the standard (includes

Montserrat, Nauru, Niue, Panama, and Vanuatu).

Financial centres that have committed to – but not yet fully implemented – the standard (includes

Guatemala, Costa Rica and Uruguay).

Those that have not committed to the standard (an empty category)

Why Criticized??

Many tax havens are thought to have connections to "fraud, money laundering and terrorism."

While investigations of illegal tax haven abuse have been ongoing, there have been few

convictions.Lobbying pertaining to tax havens and associated transfer pricing has also been

criticized.Tax havens usually have currency easily convertible or linked to an easily convertible

currency. Most are convertible to US dollars, euro or to pounds sterling.

Corrective Measures, is there any?

Attributing the income and gains of the company or trust in the tax haven to a taxpayer in the

high-tax jurisdiction on an arising basis. Controlled Foreign Corporation legislation is an

example of this.

Transfer pricing rules, standardization of which has been greatly helped by the promulgation of

OECD guidelines.

Restrictions on deductibility, or imposition of a withholding tax when payments are made to

offshore recipients.

Taxation of receipts from the entity in the tax haven, sometimes enhanced by notional interest to

reflect the element of deferred payment. The EU withholding tax is probably the best example of

this.

Exit charges, or taxing of unrealized capital gains when an individual, trust or company

emigrates.

„GAAR‟ is an acronym for General Anti-Avoidance Rules which are framed to minimize tax

avoidance. Tax Avoidance is an area of concern across the world. The rules are framed in

different countries to minimize such avoidance of tax.News for GAAR has been in prominence

in last few years as Indian Government has taken initiative to introduce GAAR with a view to

increase tax collections.

The methods adopted to reduce their tax liability can be broadly put into four categories : "Tax

Evasion"; "Tax Avoidance", "Tax Mitigation" and "Tax Planning". The difference between

these four methods sometimes becomes blurred owing to the perception of the tax authorities or

tax payers.

Australia introduced such rules way back in 1981. Later on countries like Germany, France,

Canada, New Zealand, South Africa etc too opted for GAAR. However, countries like USA and

UK have adopted a cautious approach and have not been aggressive in this regard.

Conclusion

The existence of tax havens has many effects. At one level, the lower taxes or no taxes in one

country put pressure on other countries for keeping their taxes low. The secrecy and opacity

associated with some of the tax havens may encourage Money Laundering or other illegal

activities that can harm the world economy. The crackdown on tax evaders in some countries

shows that taxpayers need to tread with caution. There could be a landmine right under your feet.

SUPRIYA KPO 7

What I SAW... We have come here from different parts of the country and also from different educational backgrounds. So Kotak & Manipal is here to help us bridge the gap to Banking and make us industry ready. Banking has evolved in the last decade and had been following leaps and bounds. So Manipal is actually helping us in the evolution and make us versatile so that in the long term we can outperform and outshine ourselves in the respective jobs and take Kotak to new heights. We are a cluster of trainees where we range between people with working experience and naive people who just came out from the comfort of the house for the first time. So the faculties in Manipal are doing their best to give us a true picture of the corporate jungle outside and giving us the tips and tricks of “HOW TO RULE LIKE A LION”. I want to part this message to my fellow existing batch mates and the upcoming KPOs of the next batch that we are here to make a name in our life and forward our own legacy. So to do this we need to keep our five senses open and keep a sharp lookout for opportunities. And always give your extra percentage and be ready to go that extra mile and stretch your limits so that after nine months you can fly out with flying colours. MEGHJIT KPO 6

Moving towards into the whimsical world not being aware about the other end of the world where I was bound to reach the with dread in my heart unknown faces on verge of losing my familiar world I met new faces which was followed by first day of campus. I knew a fear kept in my heart but with the strong mind I led myself towards my destination, giving my world a hand to support me through the tides. I was very much apprehended by the thought that how I would survive in this tough world with new people and secure a band with them. I was very thankful to our seniors and faculty of Manipal supported me in a very warm manner. They embraced us with open hands the glimpse of college provided me a bliss. It was very magnificent campus which was equipped with all basic amenities. Summing up my experience the first of my campus was little scary because of new world which I was going to enter containing profuse remembering memories which would be tucked safety in deep corner of my heart and leads to a new journey.

My First Day at the Campus- IPSA KPO 7