In a recent international survey Indian economy has been rated as the 3rd largest economy of the world, after USA and China, on the basis of Purchase Power Parity (PPP). IMF has also projected a smart recovery of growth rate of Indian GDP to around 5.5% to 6% in next 2 years.
COMPANIES ACT, 2013 - CORPORATE GOVERNANCE IN NEW DIRECTIONSNeha Sharma
The Government of India has already notified 98 sections of the new Companies Act and has also announced draft rules in 1st phase as well as in 2nd phase on most of the chapters of Companies Act, 2013. It may be an interesting debate to examine certain issues having wider implications.
INVESTMENT BY A FVCI REGISTERED UNDER SEBI; TRAI SHOW CAUSE NOTICE TO AIRTEL, VODAFONE AND IDEA; RBI POLICIES ON FOREIGN INVESTMENT IN “OTHER FINANCIAL SERVICES; SEBI MANDATES FREEZING OF PROMOTERS’ DEMAT ACCOUNTS ON NON-COMPLIANCE WITH CERTAIN PROVISIONS OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015; RBI POLICIES ON REVIEWS OF SECTORAL CAPS; MCA TO ESTABLISH A STEERING COMMITTEE TO CONDUCT ITS OWN NATIONAL CORPORATE SOCIAL RESPONSIBILITY AWARD
Ease of doing business challenges persistingNeha Sharma
The new government has been brought to power by electorate of our nation along with large expectations by industry, businesses and professions and other stakeholders of the Indian economy.
The general election to Lok Sabha is the most important democratic process in the Indian Constitutional Framework. Current elections have attracted a huge turnout of the voters, clearly indicating to the political leadership that India need change and Indian democracy, economy and expectations of public and society is under transformation.
FEMALE SECURITY - A MATTER OF MAJOR CONCERNNeha Sharma
The recent incidents in Delhi followed by the mass protests at India Gate and all across the nation have brought to light a major threat to safety and security of females in the country. The profession of Chartered Accountancy consists of a substantial number of female members and about 50% CA students are also female.
The Reserve Bank of India had recently directed to Public Sector Banks as well as Private Sector Banks to downgrade the asset classification of more than 150 borrower accounts, based upon Asset Quality review, to Non- Performing Assets (NPAs). The exposure of banking sector to such borrower accounts was in the range of ` 1,50,000 Crores to ` 2,00,000 Crores.
COMPANIES ACT, 2013 - CORPORATE GOVERNANCE IN NEW DIRECTIONSNeha Sharma
The Government of India has already notified 98 sections of the new Companies Act and has also announced draft rules in 1st phase as well as in 2nd phase on most of the chapters of Companies Act, 2013. It may be an interesting debate to examine certain issues having wider implications.
INVESTMENT BY A FVCI REGISTERED UNDER SEBI; TRAI SHOW CAUSE NOTICE TO AIRTEL, VODAFONE AND IDEA; RBI POLICIES ON FOREIGN INVESTMENT IN “OTHER FINANCIAL SERVICES; SEBI MANDATES FREEZING OF PROMOTERS’ DEMAT ACCOUNTS ON NON-COMPLIANCE WITH CERTAIN PROVISIONS OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015; RBI POLICIES ON REVIEWS OF SECTORAL CAPS; MCA TO ESTABLISH A STEERING COMMITTEE TO CONDUCT ITS OWN NATIONAL CORPORATE SOCIAL RESPONSIBILITY AWARD
Ease of doing business challenges persistingNeha Sharma
The new government has been brought to power by electorate of our nation along with large expectations by industry, businesses and professions and other stakeholders of the Indian economy.
The general election to Lok Sabha is the most important democratic process in the Indian Constitutional Framework. Current elections have attracted a huge turnout of the voters, clearly indicating to the political leadership that India need change and Indian democracy, economy and expectations of public and society is under transformation.
FEMALE SECURITY - A MATTER OF MAJOR CONCERNNeha Sharma
The recent incidents in Delhi followed by the mass protests at India Gate and all across the nation have brought to light a major threat to safety and security of females in the country. The profession of Chartered Accountancy consists of a substantial number of female members and about 50% CA students are also female.
The Reserve Bank of India had recently directed to Public Sector Banks as well as Private Sector Banks to downgrade the asset classification of more than 150 borrower accounts, based upon Asset Quality review, to Non- Performing Assets (NPAs). The exposure of banking sector to such borrower accounts was in the range of ` 1,50,000 Crores to ` 2,00,000 Crores.
“Global Regulatory Update” is a compilation of global and domestic news, opinions on regulatory issues, CII initiatives and representations on regulatory issues. The Update is aimed at keeping CII membership apprised of developments in the international and domestic corporate governance and regulatory landscape.
Big Announcements for MSME- U.K.Sinha Committee ReportCA PRADEEP GOYAL
While making on announcements for measures to boost Indian Economy yesterday, Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman said we are going to implement recommendations on Micro, Small & medium Enterprises by U.K.Sinha Committee in their report dated 25th June 2019 submitted to RBI.
Attached is my presentation on highlights of above said recommendations and if implemented strictly, nothing can stop India’s MSME sector flourishing like anything.
Have a look please.
It is a legislation in India that regulates all banking firms in India. it came into force from 16 March 1949 and changed to Banking Regulation Act 1949 from 1 March 1966. It is applicable in jammu and Kashmir from 1956.
Enacted: 10 March 1949
Enacted by: Parliament of India
Territorial extent: Whole of India
Cover Story Corporate no longer interested in Bank Licence?
Outlook Rubber
Stats Q2 economic growth at 4.8% signals recovery
Emerging Country Vietnam
In Focus Retail inflation-linked bonds on the anvil
This is a short article that I have made for Ind AS. I tried to do it in my own language but I have completed it with the help of internet and praveen sharma sir.
National General Election – Our vote to be decisiveNeha Sharma
The general elections have been announced and within 3 to 4 weeks voting process will commence. It is very important for the Chartered Accountants fraternity to actively participate in the election process not only by casting their votes but also actively participating in shaping the thought process of the society.
Scope for Insolvency Professionals - Sumedha IBCSumedha Fiscal
The Bankruptcy and Insolvency Code creates time-bound processes for insolvency resolution of companies & individuals which thereby will help India improve its World Bank insolvency ranking. The code has opened new opportunities for professionals particularly Chartered Accountants. This presentation looks at the wide scope for Insolvency Professionals.
Relief Measures by RBI and Banks to MSME, Real Estate and NBFC SectorSumedha Fiscal
In order to alleviate the economic pain widely caused by the global pandemic, RBI announces new measures. Here is a breakdown of the steps taken and what the future holds.
Corporate Updates
RBI
RBI issues Master Directions on Foreign Investments in India
RBI permits overseas branches/subsidiaries of Indian banks to refinance ECBs
GOI announces launch of 7.75% Savings (Taxable) Bonds, 2018 commencing from 10th January 2018 - Government of India has announced to launch of 7.75% Savings (Taxable) Bonds, 2018 commencing from 10th January 2018 to enable resident citizens/HUF to invest in a taxable bond, without any monetary ceiling.
• NRIs are not eligible for making investments in these Bonds.
• The Bonds will be issued at par i.e. at Rs.100.00. The Bonds will be issued for a minimum amount of Rs.1,000/- (face value) and in multiples thereof.
• The Bonds will be issued in demat form (Bond Ledger Account) only.
• The Bonds will have a maturity of 7 years carrying interest at 7.75% per annum payable half- yearly.
• The Bonds are not transferable.
MCA
CODS 2018 - Reactivation of DIN is in Process
President Gives Assent to Companies (Amendment) Act, 2017
Insolvency professional to use Registration Number and Registered Address in all his communications.
Insolvency professional not to outsource his responsibilities
Insolvency professional to ensure compliance with applicable laws
Company Website-
www.acquisory.com
The election to the Council of the Institute of the Chartered Accountants of India- Central Council and Regional Councils has been notified and are scheduled on December 3, 2015 and Dec 4, 2015. These elections are very important for Chartered Accountants Community as a whole including members in practice, members in employment as well as members in Industry/ Businesses.
“Global Regulatory Update” is a compilation of global and domestic news, opinions on regulatory issues, CII initiatives and representations on regulatory issues. The Update is aimed at keeping CII membership apprised of developments in the international and domestic corporate governance and regulatory landscape.
Big Announcements for MSME- U.K.Sinha Committee ReportCA PRADEEP GOYAL
While making on announcements for measures to boost Indian Economy yesterday, Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman said we are going to implement recommendations on Micro, Small & medium Enterprises by U.K.Sinha Committee in their report dated 25th June 2019 submitted to RBI.
Attached is my presentation on highlights of above said recommendations and if implemented strictly, nothing can stop India’s MSME sector flourishing like anything.
Have a look please.
It is a legislation in India that regulates all banking firms in India. it came into force from 16 March 1949 and changed to Banking Regulation Act 1949 from 1 March 1966. It is applicable in jammu and Kashmir from 1956.
Enacted: 10 March 1949
Enacted by: Parliament of India
Territorial extent: Whole of India
Cover Story Corporate no longer interested in Bank Licence?
Outlook Rubber
Stats Q2 economic growth at 4.8% signals recovery
Emerging Country Vietnam
In Focus Retail inflation-linked bonds on the anvil
This is a short article that I have made for Ind AS. I tried to do it in my own language but I have completed it with the help of internet and praveen sharma sir.
National General Election – Our vote to be decisiveNeha Sharma
The general elections have been announced and within 3 to 4 weeks voting process will commence. It is very important for the Chartered Accountants fraternity to actively participate in the election process not only by casting their votes but also actively participating in shaping the thought process of the society.
Scope for Insolvency Professionals - Sumedha IBCSumedha Fiscal
The Bankruptcy and Insolvency Code creates time-bound processes for insolvency resolution of companies & individuals which thereby will help India improve its World Bank insolvency ranking. The code has opened new opportunities for professionals particularly Chartered Accountants. This presentation looks at the wide scope for Insolvency Professionals.
Relief Measures by RBI and Banks to MSME, Real Estate and NBFC SectorSumedha Fiscal
In order to alleviate the economic pain widely caused by the global pandemic, RBI announces new measures. Here is a breakdown of the steps taken and what the future holds.
Corporate Updates
RBI
RBI issues Master Directions on Foreign Investments in India
RBI permits overseas branches/subsidiaries of Indian banks to refinance ECBs
GOI announces launch of 7.75% Savings (Taxable) Bonds, 2018 commencing from 10th January 2018 - Government of India has announced to launch of 7.75% Savings (Taxable) Bonds, 2018 commencing from 10th January 2018 to enable resident citizens/HUF to invest in a taxable bond, without any monetary ceiling.
• NRIs are not eligible for making investments in these Bonds.
• The Bonds will be issued at par i.e. at Rs.100.00. The Bonds will be issued for a minimum amount of Rs.1,000/- (face value) and in multiples thereof.
• The Bonds will be issued in demat form (Bond Ledger Account) only.
• The Bonds will have a maturity of 7 years carrying interest at 7.75% per annum payable half- yearly.
• The Bonds are not transferable.
MCA
CODS 2018 - Reactivation of DIN is in Process
President Gives Assent to Companies (Amendment) Act, 2017
Insolvency professional to use Registration Number and Registered Address in all his communications.
Insolvency professional not to outsource his responsibilities
Insolvency professional to ensure compliance with applicable laws
Company Website-
www.acquisory.com
The election to the Council of the Institute of the Chartered Accountants of India- Central Council and Regional Councils has been notified and are scheduled on December 3, 2015 and Dec 4, 2015. These elections are very important for Chartered Accountants Community as a whole including members in practice, members in employment as well as members in Industry/ Businesses.
Young Chartered Accountants - New Age CAs, A New Age PowerNeha Sharma
The profession of chartered accountants has enrolled a large number of students in last 7 years and accordingly the number of young bright students who are qualifying as chartered accountants has also grown significantly. This is being seen as a major challenge for the entire profession. We perceive this as a major opportunity not only for the profession, the young chartered accountants, and young C.A. students but also for the entire nation - our motherland INDIA.
INDIAN ECONOMY THE SHOW MUST GO ON GROWTH PADDLENeha Sharma
The monsoon session of parliament was over without transacting any meaningful business.In this process, the government could not get the constitutional amendment passed by Rajya Sabha (Lok Sabha has already passed the bill) to bring Goods and Service Tax (GST) to replace Excise, VAT and few other indirect taxes. Even the Land Acquisition Bill to facilitate Industrial Development and other public purposes was deffered on the recommendation of the joint parliamentary comittees.
The Chartered Accountants community of Auditors is being exposed to new challenges and expectations while they are finalizing audits for the Financial Year ending March 31, 2015. The new provisions will ensure that all the serious and committed professional Chartered Accountants gain substantially as the value of the Audit Report and its credibility will be much higher in the light of new responsibilities and Corporate Governance Mechanism.
The Indian profession of Chartered Accountants has in recent past faced a large number of challenges including aspersions on their integrity and independence arising out of certain large scale financial frauds and manipulation of financial statements by banks, investment banks and large companies outside India including companies like Satyam in India. The Institute of Chartered Accountants of India have severely punished those who were found guilty in various financial frauds and even removed certain chartered accountants found guilty for Satyam scam for their life from the membership of the Institute. Most of these corporate failures did not had any Indian origin CA firm as their Auditors.
Election in 4 States: Expectations from the GovernmentNeha Sharma
The Indian democracy is in an active mode in the backdrop of NovemberDecember Elections in 4 important States. The performance of the State Government as well as of the Central Government is under active analysis. The national economic and political scenario will have a major bearing on the voting pattern.
FALL IN RUPEE - A MAJOR CONCERN FOR THE ECONOMYNeha Sharma
The recent fall of the Indian rupee visà-vis US Dollar and other major currencies have caused serious concern in the business, profession and Indian intellectuals. The fall of Indian rupee indicate serious inherent weakness of the Indian economy and in spite of some arrests of the inflationary tendency the overall outlook is very weak. Some major indicators include:
The initiatives proposed by honourable Finance Minister in his budget speech on February 28, 2016 to effectively deal with the problem of black money, which eats into vitals of our society and economy, are highly commendable. The measures initiated by the government in the last nine months to bring back the black money in Swiss Banks has already brought very fruitful results and the names and the details of possible offenders have already been disclosed to Special Investigation Team set up by honorable Supreme Court.
ICAI Elections -Your Vote will make the DifferenceNeha Sharma
The most crucial time for the profession of CAs i.e. 3 yearly elections of the Institute are scheduled for December 4-5, 2015. How we exercise our vote will decide future of each one of us. The role being played by the Elected Central Council & the Regional Council is very crucial and it is important to understand while voting that We need a leadership which takes the profession in a right Direction, new and larger professional opportunities are harnessed nationally as well as internationally,we meet various challenges as a profession and all members are effectively, efficiently and respectfully deliver professional services and add a highly acclaimed value to the corporate, while being in employment.
NATION UNDER ANGUISH - ACRIMONIOUS ENVIRONMENT Neha Sharma
The recent announcements of election results are historic and has brought to light serious concerns of the nation, the economy, society and most importantly public at large about the current political as well as economic state of affairs. This is very clear from active involvement and a record turnout of voters for the election.
Companies Act 2013 and the draft Rules towards better corporate GovernanceNeha Sharma
The Companies Act 2013 has already been passed by the Parliament and has also received the assent of the President. The government is expected to announce the date from which the specific section of the new Act will come in force.
The general public and the society including top bureaucrats, politicians, media personnel, social activists, thinkers, intellectuals and policy makers and those who determine the future directions of the society and the economy expect the auditing profession to perform the roles of a watchdog who can monitor the auditee entity comprehensively to ensure that interest of owners, minority shareholders, investors, bankers, government, regulators, suppliers, customers and other stake holders are fully protected. Most importantly interest of the auditee entity are preserved and various financial and operational decisions taken by the management at various levels were in the interest of the company and were within the policy framework laid down by the Board.
The Delhi high court, in a leading judgement delivered on 3rd June, 2016, has declared service tax audit being conducted by Central Excise and Service tax department as ultra virus, in the matter of Mega Cabs Vs UOI. The matter was argued by Mr. J.K. Mittal, FCA as advocate of the petitioner.
Large Bank Borrowers - Are they willful defaultersNeha Sharma
The RBI advisory for mandatory provisions of Non-Performing Assets and inclusion of most of the top borrowers in the list of 150 groups covering lakhs of crores of borrowings has brought to surface a very major issue.
NON PERFORMING ASSETS – NEED FOR PRAGMATIC & PRACTICAL REGULATORY FRAMEWORK Neha Sharma
The Reserve Bank of India, Indian Banks Association, almost all Public Sector Banks and the Indian businesses are deeply concerned about significant rise in nonperforming assets during last one year. The Indian economy has been passing through unprecedented turbulent times. Many important sectors of the economy have been adversely affected.
The Challenges and Opportunities of IFRSNeha Sharma
The Ministry of Corporate Affairs (MCA) has drawn up a revised roadmap for companies for implementation of the Indian Accounting Standards (Ind AS) converged with the International Financial Reporting Standards (IFRS) for companies other than banking companies, insurance companies and NBFCs.
INCOME DECLARATION SCHEME A time to come cleanNeha Sharma
The IDS scheme announced by the government is open till 30th September, 2016. It is an important opportunity and the government has committed to not to seek any details or source of money earned and assets created once disclosed in terms of the scheme.
This study focus on the non banking financial companies in India – a conceptual framework It should be noted that during the 36 month period fromApril1997 to March2000, Crisis downgraded 149 NBFCs due to their deteriorating business and financial risk profiles and credit fundamentals. The stringent regulations, refusals for registration and the notifications regarding the cancellation of the permissions to raise deposits have gradually reduced the fly by night operators. NBFCs are now struggling hard to find reasons for continued existence, strategies for such existence and business areas for growth and earnings. Dr. S. Mahalingam | B. Ashokkumar "Non-Banking Financial Companies in India – A Conceptual Framework" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-6 , October 2020, URL: https://www.ijtsrd.com/papers/ijtsrd33278.pdf Paper Url: https://www.ijtsrd.com/management/marketing-management/33278/nonbanking-financial-companies-in-india-–-a-conceptual-framework/dr-s-mahalingam
Make in india – a formidable step in right directionNeha Sharma
Make in India campaign of Prime Minister Narendra Modi has evoked lots of attention all over the world. Prospective investors from China, Japan, USA etc are eagerly watching changes being made in the directions of investment liberalization . There is no doubt that with this PM has taken a major initiative to bring Indian and International Corporate Sector on one platform to aggressively boost industrial production and growth in India.
"Humility will teach you knowledge, arrogance will teach you ignorance. If you think you know it all, you have learned nothing" Hi good morning, attached today's newsletter 01.09.2020. great day ahead
The BJP Government is on the verge of completing a year and has now stabilised. Major economic initiatives and actions are emerging for a high growth oriented economy.
NPA’s have reached over 10 lakh crore.
Credit off-take is in single digits.
Over a dozen banks have been classified as potential weak banks.
NBFC’s are facing Asset-Liability mismatches.
Liquidity has shrunk.
Capital has become scarce.
The government is going for consolidation of PSB’s
Loss of confidence in NBFCs ( 15% of banking system)
Systemic risk caused by huge borrowings of NBFCs.
The most significant problem is Bad Loans.
Making NBFCs relevant to ‘Make-in India’& ‘Start-up India, Stand-up India’ - ...Resurgent India
The dynamic and evolving NBFC sector necessitates reforms and evolution to ensure orderly growth. While NBFCs have been on the growth trajectory over the years, there are few areas of concern which need to be addressed. The key challenges have been highlighted below:
Similar to Indian economy towards growth momentum strategic moves needed (20)
INDIAN ECONOMY LOOKING FOR DIRECTION FOR INDIA TO SHINE AGAINNeha Sharma
The Indian economy is in the threshold of a big leap towards India shining once again, but the main stumbling block being a sense of confusion about government policies, scarcity of low cost adequate money for funding further investments and most importantly India Inc. awaiting for specific policy decisions and creative actions in the areas which has been adversely impacted due to lack of policy initiative.
FINANCE BILL 2012 – MAJOR ISSUES AND CHALLENGESNeha Sharma
The Finance Bill 2012 was presented in the Lok Sabha recently and is under consideration of the Parliament. A very heated debate is happening on several new provisions and issues arising there from.
RBI AS WELL AS GOVERNMENT OF INDIA MUST RECONSIDER RELAXATION ALLOWED RECENTL...Neha Sharma
The RBI had set up a committee to review various important aspects of audit of public sector banks. The committee, despite serious objections by the Central Council of the Institute of Chartered Accountants of India, gave its interim report recently which inter alia include exemption from audit of branches having Rs. 100 crore advances for large banks and Rs. 50 crore advances for mid size banks. On the basis of the report, RBI has recommended that all the branches of public sector banks having less than Rs. 20 crore advances should be exempted from audit, except once in 5 years.
INDIAN ECONOMY: CHALLENGES AND EXPECTATIONSNeha Sharma
The Reserve Bank of India has recently released a small dose of liquidity by reducing Cash Reserve Ratio (CRR) by 0.5% for the commercial banks. Government borrowings have swallowed significant resources from the banking sector in recent months. The Liquidity with banking sector is still a major issue.
INDIAN MANUFACTURING SECTOR NEED FOR A POSITIVE ENVIRONMENT FOR GROWTHNeha Sharma
The Indian Economy, the Government, the public at large and specially the people who are in industry, manufacturing sector, service sector or any other arena of business activity , all are deeply concerned with poor growth rate of manufacturing sector during last 2 to 3 years and specially in 2012-13.
GOVERNMENT SHOULD DESIST FROM INTERFERING IN THE CA PROFESSIONNeha Sharma
Over the last few years, the Government is bent upon interfering in the affairs of the CA profession being regulated by the Institute of Chartered Accountants of India, a body set up by an Act of the Parliament. Satyam episode is being cited as the example for mismanagement and lack of regulation.
The Union Budget was presented on 28th February, 2013 in the Parliament. It was being touted as a good mix of growth and reform. The major challenges outlined by the Economic Survey, RBI as well as by the FM were in respect of considerably reduced estimated growth of GDP, increase in fiscal deficit, mounting current account deficit and high inflation rate.
At the outset, the new BJP led NDA Government is to be congratulated for winning the General Election with a thumping majority. The agenda of the BJP government in the shape of their visionary Election Manifesto will lead the direction to a Growth oriented, people friendly, consensus driven policies.
Indian economy towards growth momentum strategic moves neededNeha Sharma
In a recent international survey Indian economy has been rated as the 3rd largest economy of the world, after USA and China, on the basis of Purchase Power Parity (PPP). IMF has also projected a smart recovery of growth rate of Indian GDP to around 5.5% to 6% in next 2 years.
The recent statement of Shri Narendra Modi, the Prime Ministerial Candidate of BJP that the BJP is very seriously examining to bring in a more friendly tax structure is heartily welcome. It is important to analyze the current issues and options available before the policy makers to initiate a meaningful public debate.
Our Honorable Chief Minister of Delhi, announced a special seven day drive of removing Malba, dust and garbage in case he receives photographs through a special mobile application. Huge amounts were spent on the entire exercise specially on advertisement. Delhi did not see any result and the outcome couldn't be measured, in the absence of accounting, Management Information System, proper checks and control and no provision for monitoring of outcome.
The issues of proper Financial Management and Corporate Governance have taken a centre stage. The Public Sector Banks as well as Private Sector Banks are witnessing acute rise in nonperforming assets, moving up to 4.6% in March, 2015, whereas stressed advances have increased to 11.1% of the total advance, from 8% about 2 year ago. The major reasons as per a research of a large sample are as follows:
Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Indian economy towards growth momentum strategic moves needed
1. * Mr. Vinod Jain, FCA, FCS, FICWA, LL.B., DISA (ICA), Chairman, INMACS and Vinod Kumar & Associates. vinodjain@inmacs.com, vinodjainca@gmail.com, +91 9811040004
In a recent international survey
Indian economy has been rated as
the 3rd largest economy of the
world, after USA and China, on the
basis of Purchase Power Parity
(PPP). IMF has also projected a
smart recovery of growth rate of
Indian GDP to around 5.5% to 6%
in next 2 years.
A large cross section of Indian
Industry and Services Sector, including Public Sector has
not undertaken any major expansion or diversification plans
during last 2 years due to adverse economic outlook,
uncertainty and major policy issues in the area of coal,
power, ports, highways and banking sector. Even the
agricultural sector has not received any major technical,
financial or institutional support. The Litigative and
aggressive approach of taxation wing, retrospective
amendments, GAAR, proposal to disregard Double
Taxation Treaties etc. had resulted in loss of Government
credibility. The corruption related prosecutions and
harassment of even genuine businesses, political leaders,
bankers and Government officials had further spoiled the
working atmosphere.
India has taken a new initiative in last few months, as an
active democracy and has decided to bring in the forefront,
a new visionary leadership to support every Indian to grow
and prosper in an atmosphere of trust, honesty and
transparency.
The message of Indian democracy is clear, to jolt and push
the economy into a creative growth momentum. The new
Government need to support public initiative with
CA Vinod Jain*
Indian Economy towards Growth Momentum:
Strategic Moves Needed
EDITORIAL
Volume XXV, No. 5, May, 2014
Chartered Accountants seek fair
treatment from RBI, Banking Sector
and Government
The All India CA Society has made a very strong
representation on 12th May, 2014 to Governor, RBI to
adequately recognize devoted contribution by Chartered
Accountants to Indian banking sector monitoring and
growth besides ensuring regulatory compliance. RBI
professional regulation and CAs contribution towards
compliance of RBI and Government directions have
contributed immensely to resilience of Indian banking
sector.
In recent past certain decisions of RBI and Government
in respect of delegation of Appointment of Central
Statutory Auditors and Branch Auditors, reduced
number of branches being subjected to audit, restriction
of 6 years on appointment of CAs on Board of
Directors, prohibiting CA Directors as Auditors in any
other Banks are some of the retrograde steps, which
are likely to adversely affect the banking sector as the
control on Fraud, mis-statement in financial statements
and money laundering will be loose. The Society has
urged upon the RBI and Government to clearly
recognize and appreciate positive role of CA profession
and be not misguided by negative views of miscreants,
who wish to play fraud and manipulate by impacting
of CAs supervision monitoring and controls adversely.
(www.aicas.in for detailed representation)
Contd Page-8
The Chartered Accountancy profession need to play
a centre stage role to strategize and plan growth
2. 2 THE CHARTERED ACCOUNTANT WORLD – May 2014
LATEST IN FINANCE / ACCOUNTING
LATEST IN FINANCE
1.0 Minors can Operate their Account
The Reserve Bank of India has said that minors
above the age of 10 years may be allowed to
open and operate savings bank accounts
independently, if they so desire and not
necessarily through parents/ guardian.
2.0 RBI Panel moots Centralised Bill Payment
System
Reserve Bank of India (RBI) panel made a case
for centralised bill payment system catering to
different financial instruments, like cheques, debit
cards and mobile banking.
3.0 Levy of Penal Charges on Non-maintenance
of Minimum Balances in Inoperative
Accounts - Banned
It is advised by the Reserve Bank that henceforth
banks are not permitted to levy penal charges for
non-maintenance of minimum balances in any
inoperative account.
4.0 RBI steps in to end ‘Unfair’ Scrutiny of PSU
Bankers
The banking regulator Reserve Bank of India has
begun a dialogue with the Central Vigilance
Commission (CVC) to define terms like frauds
and diversion of funds with an aim to put an end
to numerous cases of officers paying a price for
genuine business decisions going wrong and
rivals using CVC as a tool to stall many a career.
A bank chief from a public sector bank who did
not want to be named while questioning the modus
operandi of the CVC has said that if funds are
diverted, but the business does not suffer, it’s
not a fraud. If funds are diverted by a rich
company, isn’t it a fraud? But if the business
fails, then the authorities are quick to say there is
an element of fraud.
5.0 RBI firm on Scrapping Pre-payment Penalty
Reserve Bank of India (RBI) officials believe
there is no justification for banks to charge pre-
payment penalty on any loan since the entire
system has moved to floating rates, be it deposits
or loans where rates are charged based on the
prevailing markets, though with a lag of a few
days or weeks. The central bank had advised
lenders to stop levying such penalties.
6.0 Pay Interest First, then Principal
The Supreme Court ruled that when a court passes
a money decree against an insurance company,
the amounts paid will go first to satisfy the interest
part and then towards the principal amount.
ACCOUNTING
1.0 Proposed New Roadmap for Implementation
of Ind AS converged with IFRS
As stated in earlier roadmaps for achieving
convergence, there shall be two separate sets of
Accounting Standards notified under the
Companies Act, 1956. First set would comprise
the Indian Accounting Standards (Ind AS)
converged with the IFRSs which shall be
applicable for preparation of consolidated
financial statements as defined in the Companies
Act, 2013, of the specified class of companies
(listed companies or companies having networth
of `500 crores or more) for the accounting period
beginning on or after April 1, 2016, with
comparatives for the year ending 31st March
2016 or thereafter. The second set would
comprise the existing notified Accounting
Standards (AS) and shall be applicable for
preparation of individual financial statements of
the companies preparing consolidated financial
statements as per Ind AS and for financial
statements of other companies.
Companies not mandatorily required to follow
Indian Accounting Standards (Ind AS) shall have
the option to apply the Indian Accounting
Standards (Ind AS) voluntarily for their
consolidated financial statements. The option shall
be irrevocable.
2.0 RBI comes up with Uniform Accounting Rules
for Asset Reconstruction Companies
The Reserve Bank of India has come up with
some uniform accounting rules for asset
reconstruction companies or ARCs.
In the wake of deteriorating credit quality, banks
have of late started selling bad loans to ARCs,
which acquire them from lenders and try
recovering pending dues from defaulting
borrowers. In between companies earn
commissions. Such transactions can take place
in a combination of security receipts or SRs and
cash. SRs are securities to be subscribed by select
qualified institutional buyers including banks and
traded in the secondary market. As and when
ARCs recover loans, it repays back to those SR
holders.
3. 3A JOURNAL OF ALL INDIA CHARTERED ACCOUNTANTS’ SOCIETY
CORPORATE & ECONOMIC LAWS / DIRECT TAXATION
CORPORATE & ECONOMIC LAWS
1.0 Order to ensure Minimum Wage to Contract
Labour
To ensure payment of notified minimum rates of
wages to all categories of worker in both
organized and unorganized sectors, an order has
been recently issued directing all the employers,
including contractors, to upload their employee
and payment details on their websites. Employers
have been given 90 days time for compliance.
The Labour Department officials ordered that no
fresh license and no renewal of licenses and
registration certificates shall be done by Labour
Department under the Contract Labour
(Regulation andAbolition)Act, 1970. Employers
have also been directed to pay wages to workers
by ECS or Cheque. Defaulters shall be prosecuted
under the provisions of law.
2.0 SEBI Stringent Corporate Governance Norms
regarding Related Party Transactions
approvals
According to Securities & Exchange Board of
India (SEBI), all ‘material’ related party
transactions need to be approved by non-related
party shareholders. Material means greater than
5 per cent of turnover or 20 per cent of net worth.
However, as per the new company law, related
party transactions require such shareholder
approval only if not at ‘arms-length’ or not in the
‘ordinary course of business.’
3.0 Top 100 Companies told to set up Risk
Management Committees
The Securities and Exchange Board of India has
said that the top 100 companies must constitute
risk management committees immediately, in line
with its revised corporate governance norms.
4.0 Tenants stall SARFAESI action
In a large batch of appeals moved by tenants of
properties mortgaged to banks, the Supreme
Court stated that a lease of a secured asset made
by the borrower after he receives notice from
the creditor will not be a valid lease. The judgment
also discussed the rights & remedies available to
lessees when the property is being taken over by
the creditors for the fault of the borrowers.
DIRECT TAXATION
1.0 Date of Allotment is Key in Under-
construction Flat for Tax Exemption under
Section 54F
The Central Board of Direct Taxes (CBDT) has
also clarified that to qualify as an investment for
construction under section 54F the crucial date
is the date of allotment of flat by an institution
and payment of installments was only a follow-
up action and taking possession of the flat is only
a formality.
However, one needs to remember that the court
needs to be satisfied that the sales consideration
was used for investment in the new residential
house.
2.0 Swiss Units of US Banks to tell all on Tax
Evasion by Americans
The Swiss units of Goldman Sachs Group Inc &
Morgan Stanley have agreed to hand over details
to US authorities about how they may have helped
Americans to evade taxes, the Wall Street Journal
reported.
3.0 ICAI flags concerns over DTC’s Definition
of ‘Accountant’
Raising serious concerns over the proposal to
widen the definition of ‘accountant’ in the Direct
Taxes Code, ICAI has told finance ministry that
the proposed change could result in huge revenue
leakages for exchequer.
ICAI, the apex grouping of Chartered
Accountants, has contended that expanding the
definition would result in individuals with “limited
knowledge” issuing requisite certificates.
Such a scenario would lead to huge revenue
leakages, the body said during a recent meeting
with senior finance ministry officials.
4.0 Transfer Pricing – IT & ITeS – MAP – US
pushes for 12-13% Margin Levels
A joint effort by India and the US to amicably
decide on their respective shares of taxes from
IT and ITeS companies operating in both
countries is taking place under MutualAgreement
Procedure (MAP).
While New Delhi is unwilling to accept the margins
made by India-registered IT companies from
4. 4 THE CHARTERED ACCOUNTANT WORLD – May 2014
DIRECT TAXATION
DIRECT TAXATION
services rendered to related parties in the US in
certain past cases to be anything less than 18%,
the US tax authorities want India to agree to a
much lower rate of 12-13%.
5.0 Section 9, read with section 195 - Fees for
Technical Services
The Agra Bench of ITAT has held that a
retrospective amendment in law does change tax
liability in respect of an income, with retrospective
affect, but it cannot change withholding liability,
with retrospective effect.
Deputy Commissioner of Income-tax, Circle 1, Agra v.s
Virola International [2014] 42 taxmann.com 286
6.0 Transfer Pricing: Comparability
Where a comparable selected by Transfer Pricing
Officer (TPO) was engaged in diversified
activities and no segmental reporting was
available, such comparable was to be excluded
while determiningArm Length Price of functional
difference.
Carlyle India Advisor (P.) Ltd. vs. Deputy Commissioner
of Income-tax, [2014] 43 taxmann.com 184
7.0 Tax Benefit for Charitable Trusts
The Supreme Court has held that a charitable
institution established for the benefit of any
particular religious community or caste will not
be eligible for income tax exemption under
Section 11 & 12 of the Income Tax Act. But if
such an institution based on religious tenets serves
other communities as well, it can avail of the
benefit, the court stated in its judgment.
Commissioner of IT vs. Dawoodi Bohara Jamat
8.0 Section 44BB - Non Residents - Mineral Oils,
business for prospecting exploration, etc., in
case of (Service Tax)
The Delhi Bench of ITAT has held that Service
tax being a statutory liability could not form part
of gross receipts for purpose of deemed profit
under section 44BB.
Pride Foramer SAS vs. ACIT, International Taxation
[2014] 43 taxmann.com 38
9.0 Section 44AB, read with section 271B- Tax
Audit (Penalty)
The Mumbai Bench ITAT has held that where
value of speculative share transactions exceeded
prescribed limit for tax audit under Section 44AB,
levy of penalty under section 271B for tax audit
default was justified.
Anahaita Nalin Shah v.s Deputy Commissioner of Income-
tax -4(1), Mumbai [2014] 43 taxmann.com 206
10.0 Section 54F: Capital Gains - Exemption in
case of Investment in Residential House
The Hyderabad Bench of ITAT has held that
subsequent change in usage of property does not
disentitle assessee to relief under section 54F, if
what was acquired was originally a residential
property.
Shyamlal Tandon v.s Income-tax Officer, Ward -7(4),
Hyderabad [2014] 43 taxmann.com 155
11.0 Section 94 - Avoidance of Tax by certain
Transactions in Securities - Bonus Stripping
The Bangalore Bench of ITAT has held that where
assessee purchased certain shares immediately
prior to allotment of bonus shares and after
allotment of those shares original shares whose
value had reduced to almost 50 per cent were
sold, said transaction being in nature of ‘bonus
stripping’ was covered under section 94(8) and,
since said section covered only ‘units’ and not
‘securities’, assessee’s claim for set off of said
loss could not be disallowed.
Deputy Commissioner of Income-tax, Circle -5(1),
Bangalore v.s B.G. Mahesh [2014] 43 taxmann.com 158
FINANCIAL INDICATORS
CurrentRate* MonthAgo 3Month 6Month
3 Month LIBOR (%) 0.22 0.23 0.24 0.24
3 Month MIBOR (%) 9.17 8.10 9.52 9.19
SENSEX 22994.23 22715 20334 20273
NIFTY 6858.80 6796 6053 6079
CRR (%) 4% 4% 4.00 4.00
REPO (%) 8% 8% 8.00 7.75
REVERSE REPO (%) 7% 7% 7.00 6.75
Gold (per 10 gm) 29725.00 28781 29881 30143
Silver (per kg) 41251.00 43486 44585 48373
Crude (USD/bbl) 107.97 107.1 108.35 106.40
` vs USD 60.04 60.21 62.34 62.73
` vs Euro 82.49 83.69 85.06 84.06
` vs 100 Yen 58.93 59.19 61.03 63.94
` vs RMB 9.64 9.70 10.29 10.40
` vs Pound 101.03 101.13 102.36 100.92
MCX Aluminium 103.15 112.80 103.95 110.70
MCX Copper 405.05 406.45 444.45 448.15
*As on 10th May 2014 (Sources: MoneyControl, NSE, BSE, RBI, MCX)
5. 5A JOURNAL OF ALL INDIA CHARTERED ACCOUNTANTS’ SOCIETY
DIRECTTAXATION/TELECOM/INDIRECTTAXATION
12.0 Section 48, read with Section 55- Capital
Gains - Transfer of Trademark
The Pune Bench of ITAT has held that where
asset under transfer was self-generated
trademark, its cost of acquisition being NIL and
same is not capable of improvement at an
ascertainable cost in terms of money, computation
of capital gains is not possible and, thus, same is
not taxable under section 45.
Institute For Micronutrient Technology v.s Deputy
Commissioner of Income-tax, Circle -2, Pune [2014] 43
taxmann.com 426
13.0 Section 68 - Cash Credits (Share Capital)
The High Court of Delhi has held that addition
can be made only for amount which pertained to
those subscribers/investors to share capital
whose particulars could not be verified and who
did not respond to notices issued by Assessing
Officer.
Commissioner of Income-tax –IV v.s Empire Buildtech
(P.) Ltd., [2014] 43 taxmann.com 269
14.0 Section 80, read with Sections 139 and 154-
Loss Return
The High Court of Karnataka has held that where
original return filed was not a loss return but loss
was determined in assessment proceeding, carry
forward of loss on account of violation of section
80 could not be denied.
Commissioner of Income-tax, Central Circle v.s Srinivasa
Builders[2014] 44 taxmann.com 35
15.0 Section 80P– Deductions
The High Court of Gujarat has held that Section
80P deductions to be denied only to Co-operative
banks and not to Co-operative society after CBDT
clarification on Section 80P.
Commissioner of Income-tax –II v.s Surat Vankar
Sahakari Sangh Ltd. [2014] 43 taxmann.com 431
1.0 Taxable Services - Commercial or Industrial
Construction Services
The Chennai Bench of CESTAT has held that
merely because fees are charged for education,
educational institutions cannot prima facie be
considered a commercial institution and,
therefore, construction thereof cannot be charged
to service tax. Explanation to section
65(105)(zzzc) is not applicable for interpreting
scope of Construction Services.
Chettinadu Constructionsv. Commissioner of Central
Excise (ST), Madurai*[2014] 44 taxmann.com 14
2.0 Uttar Pradesh ValueAdded Tax - Charge/Levy
- Works Contract
The High Court of Allahabad has held that where
assessee-builder had done substantial
construction from his own funds on his own land
and amount deposited by prospective buyers as
earnest money was not substantial, such
construction could not be regarded as ‘work
contract’.
Commissioner of Commercial Tax v.s Rani Sundri Estates
Ltd. 2014] 43 taxmann.com 308
3.0 Andhra Pradesh General Sales Tax Act, 1957
- Charge/levy - Transfer of Right to Use Goods
The Supreme Court of India has held that where
project owner had hired out sophisticated
machinery to its contractors engaged in
construction/execution of said project, such
hiring did not amount to ‘transfer of right to use’,
as effective control and enjoyment remained with
assessee; therefore, same cannot be charged to
VAT, it is liable to service tax only.
State of Andhra Pradesh v.Rashtriya Ispat Nigam Ltd.
[2014] 43 taxmann.com 310 (SC)
4.0 Central Excise Act, 1944 - Charge/levy -
Excise Duty
The High Court of Karnataka has held that Sugar
Cess is tax, and to be precise it is ‘duty of excise’
and not ‘fee’. It is a duty of excise on all sugar
produced by any sugar factory in India. Assessee
can claim CENVAT credit in respect of cess paid
as additional duty (CVD) on raw sugar imported.
Commissioner of Central Excise, Belgaum v.s Shree
Renuka Sugars Ltd. [2014] 44 taxmann.com 56
TELECOM
1.0 Vodafone, Airtel, Idea get Major Relief from
TDSAT
The Telecom Disputes Settlement and Appellate
Tribunal (TDSAT) has overturned a ban imposed
in 2011 on Bharti Airtel, Vodafone India and Idea
Cellular for intra-circle roaming (ICR) pacts
among operators, which allows them to offer 3G
services even in circles where they do not have
2,100-MHz spectrum.
INDIRECTTAXATION
6. 6 THE CHARTERED ACCOUNTANT WORLD – May 2014
FEMA
FEMA
1.0 Foreign Direct Investment in
Pharmaceuticals Sector – Clarification
The extant FDI policy for pharmaceutical sector
has since been reviewed by the Reserve Bank of
India and it has now been decided with immediate
effect that the existing policy would continue with
the condition that ‘non-compete’ clause would
not be allowed except in special circumstances
with the approval of the Foreign Investment
Promotion Board (FIPB) of the Govt. of India.
2.0 Booking of Forward Contracts –
Liberalisation
With a view to further liberalising the existing
facilities, it has now been decided to allow all
resident individuals, firms and companies, who
have actual or anticipated foreign exchange
exposures to book foreign exchange forward
contracts up to US$ 250,000 on the basis of a
simple declaration without any requirement of
further documentation.
3.0 Foreign Direct Investment (FDI) in Limited
Liability Partnership (LLP)
· LLP formed and registered under the LLP Act,
2008 shall be eligible to accept FDI
· A person or an entity resident outside India shall
be eligible except :
i. A citizen/ entity of Pakistan and Bangladesh ,
ii. Foreign Institutional Investor (FII),
iii.Foreign Venture Capital Investor (FVCI)
iv.Qualified Foreign Investor (QFI) or
v. Foreign Portfolio Investor (FPI)
· An LLP, existing or new, operating in sectors/
activities where 100% FDI is allowed under the
automatic route would be eligible to receive FDI.
· An LLP engaged in the following sectors/
activities shall not be eligible to accept FDI:
a. Sectors subject to FDI-linked performance
related conditions (for example minimum
capitalisation norms applicable to ‘Non-
Banking Finance Companies’ or ‘Development
of Townships, Housing, Construction-
development projects’, etc.); or
b. Agricultural/plantation activity & print media;
· Any FDI in a LLP, directly or indirectly, shall
require prior Government/FIPB approval.
· Pricing: FDI in an LLP permitted more than or
equal to the fair price as worked out with any
valuation norm which is internationally accepted/
adopted as per market practice.
· An Indian company, having foreign investment
(direct or indirect, irrespective of percentage of
such foreign investment), will be permitted to
make downstream investment in an LLP only if
both, the company as well as the LLP, are
operating in sectors where 100% FDI is allowed
under the automatic route and there are no FDI-
linked performance related conditions.
· An LLP with FDI will not be eligible to make any
downstream investments in any entity in India.
· A designated partner would also have to satisfy
the definition of “person resident in India” under
Foreign Exchange Management Act, 1999.
· LLPs shall not be permitted to avail External
Commercial Borrowings (ECBs).
4.0 RBI curbs Banks from extending Guarantees,
‘Letters of Comfort’ to Overseas Arms of
Firms
The Reserve Bank of India (RBI) imposed
restrictions on non-fund based credit facilities
guarantees, stand-by letters of credit, letters of
comfort, and so on, extended by banks to Indian
companies’ overseas arms.
Further, the central bank disallowed repayment
of rupee loans taken from the domestic banking
system through external commercial borrowings
(ECBs) extended by overseas branches/
subsidiaries of Indian banks.
The overseas arms of India companies include
joint ventures, wholly-owned subsidiaries, and
wholly-owned step-down subsidiaries. The RBI
directed banks, including their overseas branches/
subsidiaries, not to issue non-fund based credit
facilities on behalf of overseas arms of Indian
companies for the purpose of raising loans/
advances of any kind from other entities except
in connection with the ordinary course of
overseas business.
5.0 Foreign Investment in India in Government
Securities
On a review, to encourage longer term flows, it
has now been decided by the Reserve Bank that
7. 7A JOURNAL OF ALL INDIA CHARTERED ACCOUNTANTS’ SOCIETY
FEMA / AUDIT
foreign investment by all eligible investors
including Registered Foreign Portfolio Investors
(RFPIs) shall henceforth be permitted only in
Government dated securities having residual
maturity of one year and above and existing
investments in T-bills and Government dated
securities of less than one year residual maturity
shall be allowed to taper off on maturity/ sale.
1.0 Limit on Number of Audits as per Section
141(3)(g) of the Companies Act, 2013
ICAI has requested the Government to invoke
the powers conferred by Section 470 of the
Companies Act, 2013 to remove difficulties by
issuing an order to make the provision of Section
143 (3)(g) not to apply to private companies, small
companies & one person companies.
2.0 Applicability of the Companies Act, 2013 to
Auditor's Report to FY 2014-15 and Onwards
The provisions of the 2013 Act would apply only
to the financial years commencing on or after
1st April 2014. Thus, for example, the statutory
auditor's report signed in respect of the financial
year of the company ended 31st March 2015
would need to be issued in accordance with the
provisions of the Companies Act, 2013.
3.0 Deferred Tax Liability on Special Reserve
AnAnnouncement has been issued by theAuditing
&Assurance Standards Board under theAuthority
of the Council of ICAI regarding manner of
reporting by the auditors in respect of RBI's
circular on Deferred Tax Liability on Special
Reserve created under Section 36(1) (viii) of the
Income Tax Act, 1961.
4.0 CAG can Audit Private Telecom Firms: SC
The Supreme Court made it clear to private
companies that share of revenue from natural
resources such as spectrum with the government
would be subjected to audit by the Comptroller
and Auditor General.
5.0 I-T dials Nokia again, orders Special Audit
The special audit against Nokia India would be a
comprehensive one, as the Income Tax
Department suspects "considerable suppression"
of income by the firm, sources said. Scrutiny of
transactions between Nokia India and Nokia
Finland will be part of the audit.
AUDIT
6.0 Satyam Scam: CA Institute removes PWC
Partners for Life
The CA Institute, which regulates the audit
profession, has removed three people found guilty
of professional misconduct in the Satyam
Computer Services scam from its membership
list for life.
The three are S. Gopalakrishnan, Srinivas Talluri
& V. Srinivasu. Both Gopalakrishnan and Talluri
were signing partners from Pricewaterhouse,
which had conducted the statutory audit of the
company. Srinivasu was a Senior Vice-President
and Director in Satyam Computers. Prabhakar
Gupta,who was in charge of internal audit at
Satyam Computer Services has already been
removed from the CA Institute's member list,
albeit for a different reason.
7.0 Big Loan Defaulters to Face RBI Audit
The Board of Financial Supervision (BFS), chaired
by Reserve Bank of India (RBI) governor
Raghuram Rajan, has, in fact, cleared a proposal
that the central bank will conduct an independent
forensic audit of corporates declared fraudulent
by banks. Independent audits, however, will be
restricted to corporates that have borrowed more
than `1,000 crore.
8. 8 THE CHARTERED ACCOUNTANT WORLD – May 2014
Contact details : Dharampal (9013363257) All India Chartered Accountants’ Society - CFO World 909, Chiranjiv Tower, 43, Nehru Place,
New Delhi-110019. Ph: 26223712, 26228410, 26226933 E-mail:aicas.cfo@gmail.com / cfoworld@gmail.com EDITOR: Pankaj Gupta, LLB, FCS
E-mail: pankajguptafcs@gmail.com PUBLISHED & PRINTED: At New Delhi by Satish Chandra, Administrative Officer, on behalf of All India Chartered
Accountants’ Society, 4696, Brij Bhawan, 21A, Ansari Road, Darya Ganj, New Delhi-110 002 Phone 23265320, 23288101 E-mail : aicas.cfo@gmail.com
Printed at: EIH Ltd., Unit : Printing Press, No. 7, Sham Nath Marg, Delhi-110054. Views expressed by contributors are their own and the Society does not accept
any responsibility.
If undelivered, please return to :
All India CharteredAccountants’Society
4696, Brij Bhawan 21A, Ansari Road,
Darya Ganj, New Delhi-110 002
Date of Printing : 12th
May, 2014
R.N.I. No. 50796/90
Posting Date: 14/15 May, 2014
Registration No. DL(c)-01/1268/2012-14
Licenced to post without prepayment No. U-(C)-82/2012-14
an effective and efficient manner and support
entrepreneurship initiative and provide them right direction.
Our role is crucial to achieve the target of highest growing
economy.
The country, society and Government also need to ensure
that education; medical facilities, justice, housing and all
basic amenities are within easy reach of all Indians with
good employment opportunities. It is important to eradicate
corruption, bring transparency, fair and compassionate
approach in the Government and Private Sector. India is
committed to work as an integrated committed society
without caste, creed or religion differentiation and will
not tolerate any compromise on cultural and ethical values
inherited from our ancestors.
EDITORIAL
IndianEconomy...Contd...
transparent, visionary, development and growth oriented
positive policies. The businessmen, professionals,
agriculturist, bureaucrats, mind workers, hand workers,
educationists, media, bankers, regulators and of course
the common man need to be respected by the society for
their contribution and working atmosphere for each one
has to improve.
The Chartered Accountancy profession need to play a
centre stage role to strategize and plan growth, contribute
in organizing and channelizing resources, putting necessary
internal control and MIS to monitor growth direction, in