From 1st day of July, 2013, Authorised Dealer (AD) Category – I banks are required to upload the Liberalised Remittance Scheme (LRS) data in Online Returns Filing System (ORFS) on or before 5th of the following month.
Note that in case there is no data to furnish, AD banks shall have to upload ‘nil’ figures in the ORFS system.
Recently, the Council of the Institute of Chartered Accountants of India (ICAI) has revised the fee structure of the General Management and Communication Skills (GMCS) Course, a prerequisite for membership enrolment of the CA Institute under Regulation 51A/72A.
Accordingly, every participants have to pay Rs. 5,500 for each GMCS Course (GMCS – I and GMCS – II courses) including existing GMCS Course with effect from 1st July, 2013.
All students who has applied for Company Secretaries (CS) June, 2013 session examination to be conducted by the Institute of Company Secretaries of India (ICSI), may download their Admit Card or hall ticket in PDF form after entering their registration number.
However, all students should have to check at least 2 most important instructions otherwise it may entail cancellation of your examinations:
a) Check all entries/ particulars of your Admit Card just after downloading it.
b) Do not forget to carry your Student Identity Card along with Admit Card.
Thus, you may download your Admit Card from India Education after entering your 17 digit Reg. No. (e.g. 120271470/02/2011) as per Students Identity Card.
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Please read the following extract of important instructions as prescribed by the CS Institute:
1) Verification of Particulars: You should have to verify all particulars mentioned in your Admit Card/ Hall Ticket such as Name, Registration Number, Stage and Module(s) of Examination enrolled for, Examination Centre, Exemption granted, etc.
In case of any discrepancy, please inform to ICSI Institute immediately through:
a) E-Mail id: email@example.com;
b) Telephone No.(s) 0120-4522081-86;
c) Speed Post
The Director (Student Services),
The Institute of Company Secretaries of India, C-37,
Institutional Area, Sector-62, NOIDA – 201 309
2) Admission to the Examination Hall: Never forget to carry your Admission Certificate (i.e. Admit Card/ Hall Ticket) and Student Identity Card otherwise you will not be allowed to enter the Examination Hall.
3) Photograph/ Signature in Admit Card: If the downloaded Admission Certificate does not bear your photograph/ signature then don’t worry about it and just do the following instruction prescribed by CS Institute:
a) Affix your recent passport size photograph;
b) Put your signature;
c) Get it Attested by either from
i) Member of ICSI
ii) Gazetted Officer of State/ Central Government
iii) Principal of Recognised School
iv) Manager of Nationalised Bank.
e) Handover one identical photograph to the Superintendent of Examination Centre for affixing the same in the Attendance Sheet.
4) Allowable Calculator and Rough Work: Bring your own battery operated noiseless and cordless pocket calculator with not more than 6 functions, 12 digits and 2 memories. Remind that irrespective of use of calculator you have to show all working notes relating to solutions of practical problems along with their answers and rough work done should be marked as “ROUGH WORK TO QUESTION No. ……..” and scored off by drawing two parallel lines across such rough work.
5) Questions to be Attempted: ICSI has strictly stated that candidates must attempt questions in accordance with the directions given on each Question Paper. If the questions are attempted in excess of the prescribed number, only the questions attempted first upto the required number will be valued and awarded marks and the remaining answer(s) will be ignored.
6) Attempt Questions in Consecutive Order: You are required to start answering each question from a fresh page and all parts/sub-question(s) of that question should be attempted in a consecutive order and do not leave any blank space(s)/page(s) in between the answers or answer book(s). Always mention the respective Question No. at the start of answer in bold capital letters and draw parallel lines underneath the question number on the left-hand side margin of the page.
E.g. ANSWER TO QUESTION No. ….
Further, except the Question No. or Sub-Question No., do not write anything on the left-hand side margin of pages of answer books.
7) To the point Answers and Bad or illegible Handwriting: Institute has advised that the candidates are expected to write to-the-point answers to the questions in neat and legible handwriting citing relevant provisions, of the Acts/Rules quoting case law in support of the answers, wherever applicable. Bad and illegible handwriting will be penalised. Note that any answer book containing entirely illegible (unreadable) handwriting is liable to be awarded “ZERO” marks, if in addition to the original examiner; another examiner had examined and declared that the candidate’s handwriting in the answer book(s) was illegible.
Did You Know: Central Government (CG) has prescribed under section 383A of the Companies Act, 1956 that all companies having a paid -up share capital of Rs 5 crore or more are statutorily required to appoint a whole-time Company Secretary.
The present scenario of the world is based on the technology and therefore a Chartered Accountant (CA) in practice must have the profound knowledge of the digital environment so that he can help the present business world and form an opinion in a better way as to whether the financial statement of his client give true and fair views of its profit or loss for the period.
You may be acquainted with the words like ERP/ CAAT/ GAS/ E-Governance/ Network Security Audit & Review/ IT Enabled Services (ITES) etc. and all these IT challenges would be converted into opportunities for our ISA qualified CA professionals.
Did you know? India’s Central Bank will soon run a trial pilot project for plastic or polymer currency notes with a view to increase the shelf-life of notes.
According to the Reserve banks data, on an average, 20% i.e. 1 out of 5 paper notes in circulation gets disposed of every year after getting soiled and in the fiscal year 2012-13 that ended on 31 March 2013, the number of such soiled currency bills stood at over 13 billion units.
This is because , the Reserve Bank of India (RBI) always endeavours to ensure a steady supply of fresh banknotes to public and try to make improvement in quality of bank notes to dispose of the soiled bank notes and to discontinue the practice of stapling bank notes.
The expression “Articles” has been defined in section 2(2) of Companies Act, 1956 and accordingly, articles means
- the Articles of Association (AOA) of a company
- as originally framed or as altered from time to time
- in pursuance of any previous Companies Law or of Companies Act, 1956.
It is most important to note that articles cannot override the provisions of Companies Act. This is because section 9 of Co. Act clearly states that the provisions of Co. Act shall have effect notwithstanding anything to the contrary contained in the articles of a company and any provision contained in the articles shall, to the extent to which it is repugnant (inacceptable) to the provisions of Co. Act, become or be void, as the case may be.
The Institute of Chartered Accountants of India (ICAI) has clarified on 13th May, 2013 that due to unavoidable circumstances the examination of Group –II, Paper- 7 – Information Technology and Strategic Management of Intermediate (Integrated Professional Competence) Examination scheduled on 15th May-2013 stands postponed.
In other words, ICAI has cancelled the CA IPC exam of GP-II, Paper-7, ITSM scheduled to be held on 15th may, 2013.
Accordingly, the said examination for the candidates will now be held on 24th May, 2013 (Friday) from 2.00 PM to 5.00 PM.
The Institute of Chartered Accountants of India (ICAI) has declared the result of the Assessment Test of the Certificate Course on International Taxation. This test was organised by the Committee on International Taxation of ICAI on Sunday 24th March, 2013.
This year only 41 members has got success in this Assessment Test of the Certificate Course on International Taxation whereas total 168 chartered accountants were passed in the last year assessment test organised on Sunday 12th August, 2012.
It is well known to everyone that each public as well as private company registered under the companies act, 1956, shall have to comply the provisions contained in sections 224-233B [except sec. 224(1B) which applies only to public companies] of the Companies Act, 1956.
The power for appointment of the first auditor of a company confers in the hands of Board of Directors (BOD) of that company and it governs only with the provisions of sub-section (5) of sec. 224 of Companies Act, 1956.
Accordingly, the first auditors of a company which has been recently formed can not be appointed through the Memorandum of Association (MOA) or Articles of Association (AOA).
At present there are two routes for doing Chartered Accountancy (CA) course viz. CPT (Common Proficiency Test) route and Direct Entry route to enroll as a member of the Institute of Chartered Accountants of India (ICAI) to be designated as “Chartered Accountant”.
In both the routes there is a compulsory requirement of practical training for the period of 3 years as an Articled Assistants/ Audit Trainee to apply theoretical knowledge in practical situations and to acquire work experience of a professional nature.
Under the present scheme of education and training CA students may join Articleship Training / Audit Training (8 months equivalent to 6 months of articleship training) just after passing either Group I or Both Groups of Intermediate (Integrated Professional Competence) Course.