Turning to the topic of today’s lecture, the title is admittedly borrowed from a recent book, the very influential historical work on financial crisis by Carmen Reinhart and Kenneth Rogoff1. Besides being a very catchy title, which is always very tempting to borrow, I felt that there was some similarity between the historical dynamic described in the book and the situation we are facing with food inflation in India today. Crises recur because there are just enough differences between the circumstances that cause them for people to be able to deny their inevitability. However, the underlying drivers of virtually every crisis are essentially similar. In the story of financial crises that the book tells, unsustainable build-ups of exposures, underestimation of risks and an erosion or inadequacy of regulatory capacity are the common elements of all crises.
It is indeed a pleasure to be here in your midst today. Young people infuse energy and vigour into any gathering but bright, young bankers like you also make it a learning experience. Convocations are always a very special occasion as they signify both an end and a beginning. An end – to a formal learning process and, hence, a moment of great satisfaction and joy for everyone involved. And a beginning – as it marks the threshold of the next stage for applying practically the knowledge and skills acquired through the formal learning process, thereby, acquiring real world learning and experience.
The Union Finance Minister Shri Pranab Mukherjee has said that we need to further our understanding of issues where greater and coordinated policy actions are needed to sustain growth and create inclusive outcomes for the people. He was delivering the inaugural address at the International Conference on “Economic Policies for Emerging Economies” here today. The […]
Good evening. On behalf of the Reserve Bank of India, I have great pleasure in welcoming Prof. Maurice Obstfeld, who will shortly be delivering the L.K. Jha Memorial Lecture. Warm welcome also to Mrs. Jeniffer Obstfeld. I also have pleasure in acknowledging the presence here of members of the family of late Dr. L.K. Jha – Smt. Dipika Maharaj Singh, Smt. Sharika Glover and Master Kiran Glover. Your presence here means a lot to us. Thank you very much. Of course, a warm welcome to all our distinguished invitees who have made time to be here for this lecture.
This Guidance Manual for Audit Quality deals with a firm’s responsibilities for its system of quality control for audits and reviews of cost / financial statements, and other assurance and related services engagements. This Manual is to be read in conjunction with the requirements of the Cost and Works Accountants Act, related Regulations, the Code of Ethics and other relevant pronouncements of the Institute.
The Cabinet Committee on Economic Affairs today approved setting up of the National Electricity Fund (Interest Subsidy Scheme) to provide interest subsidy etc. aggregating to Rs. 8466 crore for a period of 14 years for projects of electricity distribution sector.
It gives me great pleasure to deliver the inaugural address at the International Conference on “Economic Policies for Emerging Economies” organized jointly by the Ministry of Finance, Government of India and the National Institute of Public Finance and Policy. The initiative by Prof Kausik Basu last year of bringing together economists, policy makers, industry captains and other stakeholders to deliberate on topical economic issues has now grown into a week-long “Delhi Economics Conclave”. I understand that this is the plenary day of the Conclave, which is a collaborative effort with seminars being hosted by the Delhi School of Economics, Confederation of Indian Industry and Indian Statistical Institute.
Cost and Works Accountants will now only be known as Cost Accountants, with Parliament approving amendments to the existing legislation earlier today. Also, there will be some brand confusion as the Institute of Cost and Works Accountants of India will now be called the Institute of Cost Accounts of India. As a consequence, the Chartered Accounts Institute and the Cost Accounts Institute will share the same acronym – ICAI.
Rajya Sabha has approved amendments to three separate acts – the Cost Accountants, Chartered Accountants and Company Secretary acts will also enable professionals to form limited liability partnerships and offer multidisciplinary services. Link To download the Acts are as Follows:- COMPANY SECRETARIES (AMENDMENT) BILL, 2011 THE CHARTERED ACCOUNTANTS (AMENDMENT) BILL, 2011 THE COST AND WORKS ACCOUNTANTS (AMENDMENT) BILL, 2011
Various statutes prevailing in India like DVAT,2004 requires the assessee to furnish an audit report in a form duly signed and verified by such particulars as may be prescribed under section 44AB of the Income-tax Act, 1961 i.e. Form 3CB/3CD. This had lead to the doubts as to whether such audits would be included in the ceiling of ‘specified number of tax audit assignments’.
