23 December 2008

Compliance of CPE Credit Hours for the Calender Year 2008

Compliance of CPE Credit Hours for the Calender Year 2008 - (20-12-2008)
Important Announcement for Members holding Certificate of Practice (COP) with regard to Compliance of CPE hours requirements for the Calendar Year 2008
 
We would like to inform you that the Council at its 283rd Meeting held on 18th – 20th December 2008 noted the following CPE hours requirements for the members holding Certificate of Practice (COP):
 
Members holding Certificate of Practice (except those members who are residing abroad and senior members), unless exempted are required to:
  • complete at least 90 CPE credit hours in each rolling three year period starting from the calendar year 2008, of which 60 CPE credit hours should be of structured learning.
  • complete minimum 20 CPE credit hours of structured learning in each year.
The Council advised all the Members holding Certificate of Practice (COP), who have not so far completed the minimum 20 Structured CPE credit hours, to complete the same by 31st December, 2008. In cases, where members holding Certificate of Practice (COP) do not complete the CPE credit hours requirements, the Council decided as follows:

"In cases where members do not complete the CPE credit hours as above, the Council has decided that names of such members be not included in any panel that is forwarded by the Institute, on or after 1st January, 2009, to any regulators or other authorities. In the case of a firm, if any partner/paid assistant had not completed the requisite CPE credit hour for the year 2008, the names of such partner/paid assistant will not be included while considering the eligibility criteria and this fact will also be stated in case the firm is otherwise found eligible after excluding name(s) of such partner(s)/paid assistant(s).

This is for information and compliance of all members concerned."

UNSTRUCTURED CPE ADVISORY

CPE Advisory

 

8.     Unstructured CPE Learning Activities

 

8.A         Introduction

 

8. A.01   The CPE learning activities, which are eligible for CPE Credits are divided into Structured and Unstructured Learning Activities (ULAs). This Advisory is meant as guidance and direction to the members who want to avail CPE Credits through ULAs

 

8.A.02    As per the Statement on CPE, the indicative list of Unstructured CPE Learning Activities that are eligible for CPE Credit is as follows:

Ø      Web-based learning modules (e-learning)

§         e-learning is "instructional content or learning experiences delivered or enabled by electronic technology". Electronic technology encompasses everything from Computer-Based Training (CBT), to compact disks (CDs), to Web-based applications."

Ø      Self-learning modules and courses (use of audiotapes, videotapes, correspondence courses, computer based learning programmes)

Ø      Reading and individual home study

§         Reading and Individual Home Study may constitute reading articles in the Journal, 'The Chartered Accountant' of the Institute, reading technical, professional, financial or business literature.

Ø      Group or bilateral discussion on technical issues

Ø      Acting as visiting faculty or guest faculty at the various Universities / Management Institutions / Institutions of National Importance

Ø      Participation in CPE Teleconferencing Programmes without the supervision of the POU

Ø      Providing solutions to questionnaires / puzzles available on Web / Professional Journals

Ø      Internal Training Programmes being organised by firms of Chartered Accountants having seven or more partners

 

8.A.03    The Members would be required to fulfill the documentation requirements as mentioned in this advisory, to avail respective CPE Credits. The Members would also be required to maintain and retain proper records of ULAs undertaken by them, i.e. Type of unstructured activity, topic, date and the number of CPE hours requested by them.

 

8.A.04    The members are required to submit a Self-Declaration Form to the concerned Decentralized Office once in a year to avail the CPE Hours Credit for the ULAs undergone by them.

 

8.B         Basic Components of Unstructured Learning Activities (ULAs)

 

8.B.01     The members are advised to devote time to ULAs in continuity so as to maximize the benefits of learning activities.

 

8.B.02     The topics studied should be of relevance to the work profile of member/s and/or Chartered Accountancy Profession. The indicative list of topics is given in the CPE Calendar, which is announced by the CPE Committee every year.

 

8.B.03     The study material used for ULAs like Self-Learning Modules / Courses and Individual home study etc., should be of adequate standards and comprehensive in nature.

 

8.C         Self-Declaration Form

 

8.C.01    The Self Declaration Form has to be completely filled in and signed by the members.

 

8.C.02    The Members are required to indicate the time devoted to the ULAs in the areas that are related or relevant to the profession, in the Self Declaration Form.

 

8.C.03    A blank Self-Declaration Form would be sent to the members along with the Membership Fee Circular.  The same could also be downloaded by the members from the CPE Portal.

 

8.D.        Submission of Self-Declaration Form by the member

 

8.D.01    The members are required to submit their Self-declaration in the form enclosed as Annexure-I, once in a year before 31st May, to avail the CPE Hours Credit for the ULAs undergone by them in the previous year. These forms would have to be submitted to the concerned Decentralized Offices. The members could also submit the same to the Sub-Decentralized Offices for onward submission to the concerned Decentralized Offices.

                       


 

8.E          Monitoring and Recording of CPE Credit Hours of Unstructured Learning Activities (ULAs)

 

8.E.01     The Decentralized Offices of the Institute are entrusted with the task of monitoring and recording the CPE hours Credit for the ULAs.  On the basis of Self Declaration submitted by the Members, the concerned Decentralized Offices would enter the CPE Hours Credit on the CPE Portal under the Head `Unstructured Learning Activities (ULAs)'.  The necessary provision for recording the CPE Hours for the ULAs has been provided on the CPE Portal.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Annexure I

 

Self-Declaration Form to avail CPE Hours Credit for Unstructured Learning Activities
For the Calendar Year _________

 

Name:

Membership No.:

Address:

                                                                                                     

Contact No.

E-mail id:

 

Details of Unstructured Learning Activities Undergone

Type of ULAs

Particulars

Details

Topic

Date

Requested CPE hours

 

Web-based

Web-based Learning modules

 

 

 

 

 

Self-learning

Self-learning Modules and Courses

(1)     Audio-tapes/video-tapes.

(2)     Correspondence courses.

(3)     Computer based learning programmes

 

 

 

 

Home study

Reading and Individual Home Study

 

 

 

 

 

Discussion on Technical Issues

Group or Bilateral Discussion on Technical Issues

 

 

 

 

 

Acting as Faculty

Acting as visiting faculty or guest faculty at various Universities / Management Institutions / Institutions of National Importance

 

 

 

 

Teleconferencing Programmes

Participation in CPE Teleconferencing Programmes without supervision of the POU

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Questionnaires/Journals

Providing solutions to questionnaires / puzzles available on Web / Professional Journals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internal Training Programmes

Internal Training Programmes being organised by firms of Chartered Accountants with seven or more partners

 

 

 

Total CPE Hours requested

 

 

Undertaking

 

I, _______________________________________________, (name of the Member) hereby declare that I have undergone the unstructured learning activities as indicated by me in this form above.

 

I also confirm that the information given by me for claiming CPE credit hours for each unstructured activity is correct.

 

 

Place:

Signature of the Member

Date:

 

Note:               Members may annex a separate sheet if the given format is not sufficient for filling in complete details.

 

--
| Ashwin Nagar | India +91-9833015352  |  
Success is not permanent and failure is not final

19 September 2008

Why Lehman Bros went bust; what it means for you......



Why Lehman Bros went bust; what it means for you

September 16, 2008



Lehman Brothers is no more. Merrill Lynch has gone down the Bank of America maw. AIG too could go belly up. With a doubt, these developments in America are the most shocking events to have hit global financial markets. So where did it all begin? And what does it mean for the Indian stock markets? Find out. . .

What is (or was) Lehman Brothers?

America's fourth-largest investment bank Lehman Brothers Holdings Inc has filed the biggest bankruptcy petition known to mankind.

The 158-year-old firm was founded by brothers Henry, Emanuel and Mayer Lehman, Jewish immigrants to the US from Germany, in 1850. Henry set up a general store in Alabama in 1844 and was later joined by his brothers. In 1850 they set up the merchant bank in New York after having made money in railway bonds. So what went wrong?



Image: The headquarters of the investment bank Lehman Brothers in Manhattan in New York C

Lehman Bros, which till June 2008 had not reported a quarterly loss even once, had earlier survived many an economic crises, like railroad bankruptcies of the 1800s, the Great Depression in the 1930s, and the collapse of Long-Term Capital Management in the 1990s.

Thus the collapse of the giant investment bank came as a major shock for the entire world markets that plunged after Lehman filed a Chapter 11 petition with US Bankruptcy Court in Manhattan.

The $613 billion (some estimates put the size at $639 billion) bankruptcy thus throws up the question: why did the Wall Street giant go bust? Here's why. . .


Image: The Wall Street bull. Photograph: Mario Tama/Getty Images

Why did Lehman Brothers go bankrupt?

The giant investment bank succumbed to the sub-prime mortgage crisis that has rocked the United States and the global economy. Lehman was strangled by a massive credit crisis and fast plummeting real estate prices.

The gargantuan $60 billion loss in bad real estate loans forced the bank to file for bankruptcy.

However, the fall of the 158-year-year institution that started cotton trade in US before the American Civil War and financed the railroad that built a nation, got hit by a large dose of bad luck, pride, arrogance and greed. Primarily, the pride of its chief executive office Richard Fuld.

But there were more reason. Check out what they were. . .

Image: Pedestrian and vehicular traffic pass the headquarters building of Lehman Brothers. Photograph: Michael


Lehman's collapse was also triggered by the refusal of other banks to do business with it because of its complex and, at times, opaque ways of trading. Housing loans made by the bank to people with little support made these loans very risky, and when interest rates rose, these borrowers could no more repay Lehman. This led to huge losses, the extent of which is not yet clear.

Thus other banks stopped trading with Lehman. This led to it losing almost all business and triggered its fall.

The final straw for Lehman was the fact that both Barclays Plc of the United Kingdom and Bank of America Corp pulled out of takeover talks. BofA bought out Merrill Lynch for $50 billion.

However, Barclays has now said that it is in discussions with Lehman Brothers about buying certain assets of the stricken US investment bank.

"Barclays confirms that it is discussing with Lehman Brothers the possible acquisition of certain Lehman Brothers assets on terms that would be attractive to Barclay's shareholders," Britain's third largest bank said in a statement.

Image: A Wall Street sign is seen in front of the New York Stock Exchange. Photograph: Mario Tama/Getty Images

When other banks do not want to buy Lehman, why is Barclays interested?

Barclays wanted to buy Lehman out at a discount, so to speak. But when Lehman CEO Fuld decided that his bank was worth much more than what Barclays had apparently offered, Barclays stepped back.

Now that Lehman has filed for bankruptcy, its assets are available fairly cheap. However, the biggest problem is to take on Lehman's enormous liabilities.


Image: A Barclays Bank branch signboard pictured in North London, and an ABN Amro signboard below. Photograph: Rick Nederstigt/AFP/ Getty

How far is the CEO of the company responsible for Lehman's fall?

Wall Street analysts believe that it was the 'hubris' of Richard Fuld, the 62-year-old CEO of Lehman, who did not take the telltale signs of impending doom very seriously. Fuld, nicknamed The Gorilla for his foul temper, intimidating presence and tough talk, rejected many bids to save Lehman because he thought that the sinking giant was much bigger than Wall Street was giving it credit for, and wanted to get more price for the sale of the company.

Analysts say if the bank was sold just a week before it went kaput, it could have been saved the ignominy of a bankruptcy, but Fuld was far too adamant to see reason. Result: the end of a 158-year-old financial giant.

Image: Richard Fuld, CEO, Lehman Brothers. Photograph: Mandel Ngan/AFP/Getty Images

Could the United States government helped, like it helped Bear Stearns in May this year, and Fannie Mae and Freddie Mac earlier this month?

The US government could have helped, but US Treasury Secretary Henry Paulson said that it would not use up any more taxpayer dollars to bail out Lehman Brothers as it would lead to investment banks getting away with their gambling ways. Paulson had bailed out Fannie Mae, Freddie Mac and Bear Stearns, saying that if the government had not done so, the US housing loan market would have collapsed leading to gigantic losses for hundreds of banks all over the globe that have invested in US property.

Paulson, however, believes that a brokerage major like Lehman, which does not have a direct connection with ordinary people who have taken on home loans, need not be bailed out as it would not cause any systemic damage to the US economy.

Image: US Secretary of the Treasury Henry Paulson. Photograph: Jim Watson/AFP/Getty Images

Will everyone in Lehman lose their jobs?

The bankruptcy administrators, PricewaterhouseCoop ers, feels that as Lehman's operations were essentially centralized at New York, the folding up of the investment banker in the US will have a telling impact on all its operations globally.

Over 5,000 employees in the UK have already lost their jobs, while about 20,000 in the US might as well forget going back to their work stations. About 2,500 Lehman employees in India too face the axe.


Image: Some Lehman Brothers' employees leaving the bank's Canary Wharf office in London, England. Photograph: Cate Gillon/Getty Images

Will the whole bank be liquidated?

Unlikely, at least for now. The US Chapter 11 that deals with bankruptcy says that PwC, the administrators, can go about taking its time to find good offers and buyers for Lehman's 'least affected businesses.'

The entire exercise can take months before all of Lehman's assets are sold, given the complexities linked to the bankruptcy.

Image: Pedestrians walk by the New York Stock Exchange in New York City. Photograph: Spencer Platt/Getty Images

What about the Bank of America and Merrill Lynch deal?

Merrill Lynch's buy out by Bank of America is also a shocking development. ML, saw the writing on the wall once it guessed that Lehman was going bust, and decided to sell out before it actually has to file a bankruptcy petition..

What about the insurance giant AIG?

The world's largest insurer, American International Group, has been downgraded by credit rating agencies and is racing against time to find a multi billion dollar infusion to stay afloat. US Federal Reserve officials and two leading banks, JPMorgan Chase and Goldman Sachs, were negotiating to put together $75 billion package to save the insurance giant to stave off crisis.

AIG has sought $40 billion in bridge loan to stave off the crisis. But the Fed rebuffed the request. AIG's ills came to fore, when three leading credit rating agencies - Standard and Poor's Moody's and Fitch - lowered the company's credit scores.

Image: The American International Building, world headquarters of American International Group, in New York City.

Photograph: Chris Hondros/Getty Images

Who could be the next to fall?

Some Wall Street analysts, reports The Guardian, name Washington Mutual as the next financial major to 'find itself in serious trouble.'

However, the even bigger worry is whether the world's largest securities firms, Goldman Sachs and Morgan Stanley, would be able to survive this brutal financial crisis. But many say that these two gaints will not melt down as they have 'done a better job of spreading their bets across world markets and are also more diversified, less leveraged and have managed such risks much better.'

Image: A Morgan Stanley sign is seen at their world headquarters in New York City. Photograph: Stephen Chernin/Getty
Images

What do Indian markets fear?

The fall of two global financial behemoths -- Lehman Brothers and Merrill Lynch -- is expected to dent India Inc's ability to raise resources via the equity route.

Experts feel that such events significantly increase the risk perception, which in turn will put all future investments by institutional investors such as pension or endowment funds, on the back burner.

While the public issue market has already dried up, the private equity funds are also becoming conservative in terms of pricing. This is resulting in either inordinate delays in concluding deals or transactions being called off.

There are many instances of private equity fund managers refusing to go ahead with deals after signing the term sheet. Sources said that a leading fund conducted due diligence on two companies in the last fortnight but did not close either deal primarily because of the developments in the US, their home country.

The crisis faced by Merrill Lynch and Lehman Brothers is expected to have a cascading effect on PE firms too.

Image: A man walks out of Merrill Lynch's headquarters in New York. Photograph: Nicholas Roberts/AFP/ Getty Images

Will it hit the Indian growth story?

The ongoing financial sector crisis in the United States and its repercussions on developed markets worldwide will result in lower capital inflows into emerging markets like India, economists and government officials said today.

At the same time, they called for the government to make it easier for Indian companies to borrow overseas by easing the restrictions that have been imposed in the past to reduce excessive liquidity in the system and control inflation.

This will, in turn, lead to a slowing in investment growth in the months ahead. As lending gets tighter and investment flows dry, corporate India will find it more difficult to raise both equity and debt.

Image: The entrance to the Bombay Stock Exchange. Photograph: Indranil Mukherjee/AFP/ Getty Images

Technology firms are shivering

Lehman Brothers' bankruptcy filing may well prove to be the last straw for Indian IT firms, which were expecting the second half of FY09 to be better. As a result of the US financial market crisis, analysts do not expect Indian IT firms to sign any significant contracts in the banking, financial services and insurance (BFSI) space in the months to come.

While IT firms do not disclose client-specific details, it's estimated that Lehman Brothers has outsourced deals amounting to anywhere between Rs 550 crore and Rs 700 crore (annually) to numerous IT firms, including majors like Tata Consultancy Services, Satyam Computer Services and Wipro. Lehman Brothers, say sources, works with 14 services providers in India - Wipro and TCS being the largest. It also has investments in a few IT firms. It's not clear if these holdings will be liquidated to raise funds.

Moreover, the sources add that Lehman Brothers' unit in India has issued termination letters to a majority of its 2,500 employees.

Image: A Indian stock trader reacts during intra-day trade at a brokerage house in Mumbai. Photograph: Indranil Mukherjee/AFP/ Getty Images

What kind of investment does Lehman have in India?

Lehman does not have direct large holding in the Indian stock markets. These holdings are estimated at around $200 million, including Participatory Notes. This figure is not enough to cripple the Indian stock markets.

But Lehman has exposure to the Indian stock market through special purpose vehicles. This exposure to real estate stocks is said to be of about $1.5 billion, enough to shake up the markets.

Image: Equity traders work on the floor of the New York Stock Exchange in New York. Photograph: Nicholas Roberts/AFP/ Getty Images

Never take some one for granted,Hold every person Close to your Heart because you might wake up one day and realise that you have lost a diamond while you were too busy collecting stones." Remember this always in life.














--
Ashwin Nagar India +91-9833015352
Success is not permanent and failure is not final

21 August 2008

Withdrawal of Guidance Note on Treatment of Expenditure during Construction Period

Withdrawal of Guidance Note on Treatment of Expenditure during Construction Period - (19-08-2008)


The Council, at its 280th meeting, held on August 7-9, 2008, has decided to withdraw the Guidance Note on Treatment of Expenditure during Construction Period, as the same is no longer relevant in the present day context.


--
Ashwin Nagar India +91-9833015352
Success is not permanent and failure is not final

14 August 2008

Multipurpose Empanelment Form is hosted


Multipurpose Empanelment Form is hosted on
www.meficai. org

Last Date for submission 15 th sept 2008.

Hard copy acknowledgement should reach by 25 sept 2008


Download Multipurpose Empanelment Form (MEF) for the year 2008-09
http://www.meficai. org/verify2. jsp

Frequently Asked Questions (FAQs) related to Empanelment Form


Q1.
From where do I get the Form for application for empanelment for Bank Branch Auditor’s Panel? Frequently
Ans.
Please visit website
http://www.meficai. org/. Guidance in this regard is provided in 'Instructions and Applicant Guide' and ‘Technical Manual’ , which can also be downloaded from the same site.
Q2.
What programs should I have in computer for filling up the Form?
Ans.
Following programs are required:

1. WINDOWS 98/2000/XP/VISTA
2.
ADOBE ACROBAT READER (5.0 or above)
3.
WINZIP
4.
INTERNET EXPLORER 6.0 or later version
If you do not have 2,3,4, you can download them by clicking on the names of the programs above. These are also available on the website
http://www.meficai. org/ where the Form is hosted.
Q3.
Why is my Firm Registration No./Membership No. not being accepted?
Ans.
Membership No. should be of 6 digits. If required, prefix `0' [Zero(es)]. If your Membership No. is ‘12345’, fill ‘012345’
Firm registration no. should be of 7 characters (six numerals and one alphabetical suffix). If required, prefix `0' [Zero(es)], e.g. for firm registration no. `12345N', please fill-up `012345N'."Guidance in this regard is also provided in
'Instructions and Applicant Guide'
Q4.
I do not have Unique Code Number. How do I obtain it?
Ans.
Unique Code Number is allotted when the application for the empanelment for Bank Branch Auditors' Panel is accepted for the first time. New applicants or those whose numbers are not available in the ICAI database, will be allotted new Unique Code Numbers during the process of preparation of panel for the year 2008-09. The same will be intimated by email when the Panel is finalised. In case of first time applicants or in cases where the Number is not available in ICAI records, “NOT ALLOTTED” will be displayed in the box for ‘Unique Code No.’. Where it is allotted in the past and is available in the ICAI database, the same will be displayed in this box. For more details please refer Section ‘C’ of Instruction & Application Guide.
Q5.
Why am I not able to fill some of the entries/annexures after downloading the Form?
Ans.
Please check whether you have all the required programs as mentioned at FAQ No 2. It is necessary to have all these programs to fill up the Form.
Q6.
Why am I getting a message titled “Error 500” on trying to download the MEF?

Ans.
Please disconnect the Internet, connect again and fill-up the complete name of the website for downloading the Form. The complete name of the website on which the Form is hosted is
http://www.meficai. org/
Q7.
When we are filling up MEF, the program gets terminated automatically intimating performance of an illegal operation. What is the solution?
Ans.
The mshtml.dll file is corrupted or missing from your system. Please follow the below mentioned steps to rectify the said problem (as suggested by microsoft corporation) .Error:IExplore Caused an Invalid Page Fault in Module Mshtml.dllTranslation:If you are attempting to use Microsoft Internet Explorer, you may see this error message if the Dynamic Link Library file, Mshtml.dll, is corrupted or missing.Solution:Internet Explorer uses Mshtml.dll to render Web pages, so you need it to access the Internet effectively. You will need to replace the Mshtml.dll file on your computer using the System File Checker tool and your Windows 98 installation CD.
Exit and close any programs you have running and insert the Win98 installation disc in the CD drive. At the Start menu, select Programs, Accessories, and System Tools. Select System Information. Go to the Tools menu and select System File Checker and click OK. When System File Checker appears, select Extract One File From Installation Disk. In the Specify The System File You Want To Restore field, type mshtml.dll and click Start. In the Extract File dialog box, type d:\win98 (if d:\ is the letter name of your CD drive) in the Restore From field. Click OK. You'll then see a Backup File dialog box; click OK. If a message appears that says, "The backup folder does not exist, do you want to create it?" click Yes. When the extraction process ends, click Yes to restart the computer.
Q8.
Can we download the MEF again?
Ans.
Yes, the applicant can download MEF again after deleting the previously downloaded MEF. The applicant will receive the same MEF Application No.
Q9.
What is the last date to fill up and submit the MEF?

Ans.
The last date for submission of application on the website is 12th September, 2008 and the last date for receipt of duly signed hard copy of Declaration (alongwith the acknowledgement of electronic submission of application received by e-mail) at the following address is 22nd September, 2008:

The Secretary,
Professional Development Committee,
The Institute of Chartered Accountants of India
’ICAI Bhawan’
Indraprastha Marg
New Delhi –110002.
Q10.
I had not applied for the panel last year i.e. 2007-08. However, Unique Code Number has already been allotted to me in earlier years. But I am unable to fill the same in the Multipurpose Empanelment Application Form for this year and only the words 'NOT ALLOTTED' is displayed there and its a non-editable field.
Ans.
Incase, the applicant had not applied for the panel last year but had been allotted a Unique Code Number in the earlier years, the applicant is requested to mention the same in Memorandum of Changes column provided in the main form of the MEF. However, in the declaration, the applicant may mention the Unique Code Number at the designated place. The same will be considered during the preparation of the panel at the Institute's end.
Q11.
When I download the Form, it does not indicate the name – it is blank. How do I go about it?

Ans
Pl open the Index file with Internet Explorer only and not with any other program like Firefox etc.You may go through the Frequently Asked Questions related to Empanelment Form, Instruction and Applicant Guide and Technical Manual which can be downloaded from the site www.meficai. org for further guidance.
Q12.
I had applied for empanelment last year. Do I have to fill the Form again ?
Ans.
Yes. You are required to fill in the Form again.
Q13.
I had applied for empanelment last year but I do not remember my UCN. What should I do?
Ans.
UCN, as available in the record of the ICAI, will be displayed automatically in the fields displayed in the Form.
Q14.
Getting following error(s) on clicking the link “Download Multipurpose Empanelment Form”:
Error: 500Location: /step1.jspInternal Servlet Error:java.io.FileNotFoun dException: D:\tomcat\webapps\ ROOT\step1. jspat org.apache.jasper. compiler. JspReader. pushFile(JspReader.java: 214)at org.apache.jasper. compiler. JspReader. pushFile(JspReader.java: 165)at org.apache.jasper. compiler. JspReader.(JspReader. java:283)at org.apache.jasper. compiler. JspReader. createJspReader(JspReader.java: 289)at org.apache.jasper. compiler. Compiler. compile(Compiler.java: 159)at org.apache.tomcat. facade.JasperLia ison.jsp2java( JspInterceptor. java:636)
at org.apache.tomcat. facade.JasperLia ison.processJspF ile(JspInterceptor. java:592) at org.apache.tomcat. facade.JspInterc eptor.requestMap(JspInterceptor. java:410)at org.apache.tomcat. core.ContextMana ger.processReque st(ContextManager. java:831)atorg.apache. tomcat.core. ContextManager. internalService(ContextManager. java:743at org.apache.tomcat. core.ContextMana ger.service(ContextManager. java:701)atorg.apache. tomcat.modules. server.Ajp13Inte rceptor.processC onnection( Ajp13Interceptor .java:16at org.apache.tomcat.
util.net. TcpWorkerThread. runIt(PoolTcpEndpoint. java:424)atorg.apache. tomcat.util. threads.ThreadPo ol$ControlRunnab le.run(ThreadPool. java:497)at java.lang.Thread. run(Thread.java: 534)
Ans.
Please use
http://www.meficai. org and NOT http://meficai. org/.
Q15.
I do not have branch (
es) but, I am unable to fill “Nil” in Annexure C.
Ans.
You need not fill Annexure C at all in such cases. Value ‘0’ will itself flow to the database.
Q16.
I have applied for Certificate of Practice on 2nd July 2008. Whether I am eligible for applying for the Panel for the year 2008-09?
Ans.
The status of the applicant as on 01.01.2008 is to be considered for Empanelment Form 2008-09, therefore, you are not eligible to apply for the Panel for the year 2008-09.
Q17.
I have not received the Acknowledgement E-mail. What should I do to receive the acknowledgement?

Ans.
Please go to the Section ‘ download acknowledgement “ in the main page and download the acknowledgement or visit the link
http://www.meficai. org/mymefstatus. jsp and download the acknowledgement mail.
Q18.
All the partners who were partners on 1.1.2008 are now not partners. Whether the retired partners should also sign the Form?
Ans.
Only the continuing partners are required to sign the Form. Please see the declaration which reads as follows:"The declaration should be signed by the individual /proprietor in case of sole proprietary concern and by all continuing partners (from out of the partners as on 01.01.2008) as on the date of the application in case of a partnership firm. The credit/points will be given only for those continuing partners who have signed the declaration. The credit/points for the partners who have joined subsequent to 01.01.2008 will not be given."

Q19.
I am a Fellow member of the Institute w.e.f. 23-04-2008 . Whether I have to fill up FCA or ACA in Annexure A ?
Ans.
The position is to be filled in as on 1.1.2008. So if you were an ACA on that date, you need to fill in ACA.

07 August 2008

Announcement reagrding MEF for the year 2008-09

Announcement reagrding MEF for the year 2008-09
Multipurpose Empanelment Application Form for the year 2008-09

Multipurpose Empanelment Application Form for the year 2008-09 is expected to be hosted by 12th August 2008.

Everyone is advised to check their last year's data and fill in all the blank columns and the relevant details. This is for your own safety and benefit.

New applicants should of course, fill in all the details of the form.

06 August 2008

Due Dates of August Month

Important dates to Remember for the month of August 2008

Due Date

Obligation

Challan/ Forms

5 Aug

Monthly Payment of Excise Duty for the Month of July – Non SSI Units - Rule 8 Challan.

GR-7

5 Aug

Monthly Payment of Service Tax for the Month of July - Other than Individual / Proprietary Firm or Partnership Firms - Rule 6(1)

GR-7

7 Aug

TDS/TCS Deposit, deducted in the Month of July 2008

281

7 Aug

Deliver a copy of from 15G/15H/27C to CCIT or CIT for declarations received in the month of July 2008

10 Aug

Monthly Return of Central Excise for the Month of June - EOU / STP Units - Rule 12

ER-1

10 Aug

Monthly Return of Central Excise for the Month of July – Non SSI Units - Rule 12

ER-2

16 Aug

Monthly Payment of Excise Duty for the Month of July – SSI Units - Rule 8 TR - 6 Challan

GR-7

16 Aug

Deposit TDS (VAT) in Challan no. DVAT 20 and issue certificate for TDS in form DVAT-43 for deductions in the month of July 2008

20 Aug

Monthly payment of EPF

21 Aug

ESI Deposits

A1/B

25 Aug

EPF MONTHLY RETURN

Form 12A

25 Aug

Electronic Monthly Return of VAT for the month of July 2008

DVAT-16

28 Aug

Monthly Return of VAT for the month of July 2008

DVAT-16

31 Aug

Issue TDS/TCS certificates for credit/payment made in the month of July 2008

16 A

31 Aug

Furnish Annual information return u/s 285BA of I.T. Act in respect of specified financial transactions.

02 August 2008

Happy Friendship Day




Happy Friendship Day..

And be my Friend always...

--
Ashwin Nagar India +91-9833015352
Success is not permanent and failure is not final


four-step procedure for talking about fees:

Dr. James Grubman, a psychologist and consultant on wealth
management for high income families, has had success with a four-
step procedure for talking about fees:

1. Don't procrastinate. Fees aren't necessarily the first thing you
want to talk about, but plan the moment when you will bring it up,
and then do it without fail.

2. Present the fee structure clearly. This is easier if the
structure is simple. Clients don't want to grapple with shades of
gray. Don't muddle the issue with discussion of what other clients
have to pay or what your client might have to pay. Complex
structures designed to keep things fair are less effective than
structures that are easy to understand. Keep it simple. Explain it.
Move on.

3. Put your fees in context. Provide a chart comparing your fees
with your competitors'. This might be a good time to explain what
you're delivering for the fee.

4. Put it in writing. Don't let somebody's bad memory create a nasty
surprise. And don't put it in small print or legalese. Make it clear
that you're not hiding anything.

In short, don't be afraid to talk about fees. Use it as an
opportunity to build trust. If you're open, honest, specific and
unapologetic, your clients will trust you, and that trust is the
support system of a productive and long-term relationship.

01 August 2008

U CAN MAKE A HUGE DIFFERENCE TO THE INDIAN ECONOMY BY FOLLOWING FEW SIMPLE STEPS.

U CAN MAKE A HUGE DIFFERENCE TO THE INDIAN ECONOMY BY FOLLOWING FEW SIMPLE STEPS.


Please spare a couple of minutes here........for the sake of India ... our country.


I got this article from one of my friend, but it's true, I can see this from day to day life,

Small example
Before 5 months
1 CAN $ = IND Rs 32
After 5 months. Now it is 1 CAN $ = IND Rs 37


Do you think Canadian Economy is booming? No, but Indian Economy is Going Down.

Our Economy is in u'r hands


INDIAN economy is in a crisis. Our country like many other ASIAN countries is undergoing a severe economic crunch. Many INDIAN industries are closing down. The INDIAN economy is in a crisis and if we do not take proper steps to control those, we will be in a critical situation.


More than 30000 crore rupees of foreign exchange are being siphoned out of our country on products such as cosmetics, snacks, tea, beverages...etc which are grown, produced and consumed here .


A cold drink that costs only 70 / 80 paisa to produce is sold for NINE rupees, and a major chunk of profits from these are sent abroad. This is a serious drain on INDIAN economy.


"COCA COLA "and" SPRITE " belong to the same multinational company, "COCA COLA"?


Coke advertisements says ' JO CHAHO HOJAYE, COCACOLA ENJOY'

(Whatever the hell, let it happen, you drink coke)
What can you do?

You can consider some of the better alternatives to aerated drinks.
You can drink LEMON JUICE, FRESH FRUIT JUICES, CHILLED LASSI (SWEET OR SOUR), BUTTER MILK, COCONUT WATER, JALJEERA, ENERJEE, MASALA MILK..........


Everyone deserves a healthy drink, including you!
Over and above all this, economic sanctions have been imposed on us. We have nothing against Multinational companies, but to protect our own interests we request everybody to use INDIAN products only for next two years. With the rise in petrol prices, if we do not do this, the rupee will devalue further and we will end up paying much more for the same products in the near future.


What you can do about it?

1 . Buy only products manufactured by WHOLLY INDIAN COMPANIES.
2 . ENROLL as many people as possible for this cause.


Each individual should become a leader for this awareness.

This is the only way to save our country from severe economic crisis. You don't need to give-up your lifestyle. You just need to choose an alternate product.

All categories of products are available from WHOLLY INDIAN COMPANIES.

LIST OF PRODUCTS

BATHING SOAP:

USE - CINTHOL & OTHER GODREJ BRANDS, SANTOOR, WIPRO SHIKAKAI, MYSORE SANDAL, MARGO, NEEM, EVITA, MEDIMIX, GANGA , NIRMA BATH & CHANDRIKA

INSTEAD OF - LUX, LIFEBOY, REXONA, LIRIL, DOVE, PEARS, HAMAM, LESANCY, CAMAY, PALMOLIVE


TOOTH PASTE:

USE - NEEM, BABOOL, PROMISE, VICO VAJRADANTI, PRUDENT, DABUR PRODUCTS, MISWAK

INSTEAD OF - COLGATE, CLOSE UP, PEPSODENT, CIBACA, FORHANS, MENTADENT .


TOOTH BRUSH:
USE - PRUDENT, AJANTA , PROMISE

INSTEAD OF - COLGATE, CLOSE UP, PEPSODENT, FORHANS, ORAL-B

SHAVING CREAM:
USE - GODREJ, EMANI

INSTEAD OF - PALMOLIVE, OLD SPICE, GILLETE


BLADE:

USE - SUPERMAX, TOPAZ, LAZER, ASHOKA

INSTEAD OF - SEVEN-O -CLOCK, 365 , GILLETTE


TALCUM POWDER:

USE - SANTOOR, GOKUL, CINTHOL, WIPRO BABY POWDER, BOROPLUS
INSTEAD OF - PONDS, OLD SPICE, JOHNSON BABY POWDER, SHOWER TO SHOWER


MILK POWDER:

USE - INDIANA , AMUL, AMULYA

INSTEAD OF - ANIKSPRAY, MILKANA, EVERYDAY MILK, MILKMAID.


SHAMPOO:

USE - LAKME, NIRMA, VELVET
INSTEAD OF - HALO, ALL CLEAR, NYLE, SUNSILK, HEAD AND SHOULDERS, PANTENE

MOBILE CONNECTIONS
USE - BSNL, AIRTEL

INSTEAD OF - HUTCH


Every INDIAN product you buy makes a big difference. It saves INDIA .
Let us take a firm decision today.


BUY INDIAN TO BE INDIAN we are not against of foreign products.

WE ARE NOT ANTI-MULTINATIONAL.

WE ARE TRYING TO SAVE OUR NATION.
EVERY DAY IS A STRUGGLE FOR A REAL FREEDOM.

WE ACHIEVED OUR INDEPENDENCE AFTER LOSING MANY LIVES.

THEY DIED PAINFULLY TO ENSURE THAT WE LIVE PEACEFULLY. THE CURRENT TREND IS VERY THREATENING.


MULTINATIONALS CALL IT GLOBALISATION OF INDIAN ECONOMY. FOR INDIANS LIKE YOU AND ME IT IS RECOLONISATION OF INDIA ...

THE COLONIST'S LEFT INDIA THEN. BUT THIS TIME THEY WILL MAKE SURE THEY DON'T MAKE ANY MISTAKES.


WHO WOULD LIKE TO LET A" GOOSE THAT LAYS GOLDEN EGGS" SLIP AWAY.

PLEASE REMEMBER: POLITICAL FREEDOM IS USELESS WITHOUT ECONOMIC INDEPENDENCE .


RUSSIA , S.KOREA , MEXICO ..........THE LIST IS VERY LONG!!
LET US LEARN FROM THEIR EXPERIENCE AND FROM OUR HISTORY.

LET US DO THE DUTY OF EVERY TRUE INDIAN.


FINALLY: IT'S OBVIOUS THAT U CAN'T GIVE UP ALL OF THE ITEMS MENTIONED ABOVE,


SO GIVE UP ATLEAST ONE ITEM TO FOR THE SAKE OF OUR COUNTRY.

We would be sending useless forwards to our friends daily.
Instead please forward this mail to all your friends to create awareness.

"LITTLE DROPS MAKE A GREAT OCEAN ."


--
Ashwin Nagar India +91-9833015352
Success is not permanent and failure is not final

27 July 2008

My Message on Program of CAA on Working hours for Articles

With reference to the program to be held by CAA on 25th July, I have to expess my greetings to members and students and convey my message that Members and students should keep complete faith in the Central Council, and collective wisdom of our elected central council and regional council members. Any decision taken by Council is always made after due deliberation and thread bare discussion. We should not have fiantest of the doubt on the integrity or the objectivity of any decision taken by Council, becasue each decision is taken in larger interest of profession and students looking at the entire professional fraternity spread over the globe.

Having said that, I strongly believe that there is always scope for deliberation, discussion and debate. Any objective debate is always welcome and in my opinnion ICAI is always open for any positive and constructive suggestion. I request the august body of CAA to forward their suggestions with respect to any subject relating to Institute including the subject under discussion.

I beleive CAA will continue to work for the noble cause of services to the members of profession and students as it has always been doing.

02 April 2008

Dissatisfaction over Bank Branch Audit Allotment

Hello, This year I have seen a very large No। of mails from members who are not satisfied with the new norms of Bank Branch Audit Allotment, I have also seen people feeling very sad and criticising ICAI for that. We have read and listened the Central Council Views also on that.

I invite all of you to express your views on this blog। You can write freely, if you wish you can write anonymously also. What you feel, and What IndianCAs feel.

Come and express your views on this Blog. Click the "Comment" Button Below and Write.

Statistics: Viewers of this blog were

Sanjay Nikam, Ankit Agarwal and Ketan Saiya crosses quota at elimination of Jayesh Kala. Ishwar Jivani crosses quota at final elimination of...