Escolar Documentos
Profissional Documentos
Cultura Documentos
Kunal Banerjee
email : president@icwai.org
VICE PRESIDENT
A. S. Durga Prasad
email : vicepresident@icwai.org
CENTRAL COUNCIL MEMBERS
Chandra Wadhwa, V. C. Kothari,
A. N. Raman, S. R. Bhargave,
Somnath Mukherjee, G. N. Venkataraman,
Hari Krishan Goel, Dr. Sanjiban
Bandyopadhyaya, M. Gopalakrishnan,
Suresh Chandra Mohanty, Ashwin
G. Dalwadi, Balwinder Singh,
B. M. Sharma
GOVERNMENT NOMINEES
S. C. Vasudeva, R. K. Jain,
P. K. Sharma, Jaikant Singh,
T. S. Rangan
CHIEF EXECUTIVE OFFICER
Sudhir Galande
ceo@icwai.org.
Senior Director (Examinations)
Chandana Bose
exam.cb@icwai.org.
Senior Director
(Administration & Finance)
R N Pal
fna.rnpal@icwai.org.
Director (Technical)
J. P. Singh
technical.jps@icwai.org.
Joint Director (CEP)
D. Chandru
cep.chandru@icwai.org.
Joint Director (Membership)
Kaushik Banerjee
membership.kb@icwai.org.
Joint Director (International Affairs)
S. C. Gupta
admin.gupta@icwai.org.
EDITOR
Sudhir Galande
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The
Management
Accountant
Official Organ of The Institute of Cost and Works Accountants of India
91
Presidents Communique
92
Cover Features
Measurement and Management of
Risk
94
99
107
142
128
Legal Updates
144
E-mail Ids
164
Outsourcing
Outsourcing - an opportunity
by P. Subramanian
112
Accounting Issues
by K. S. Muthupandian
138
121
Emerging Issues
Employee Governance
by R. Soundara Rajan &
Chitra Rajan
123
Finance
Non-Performing Assets
Management of Non-banking
Financial Companies : An
Introspection
by Jafor Ali Akhan
132
89
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Editorial
Its a risky business
Readers will observe that ever since the financial
tsunami erupted, we have been carrying in each edition
of the journal, issues on which this global crisis has a
bearing - the likely impact of the financial upheaval on
the outsourcing sector (September issue); the effect
the slump will have on the globes efforts to tackle
climate change (October issue); the emergence of the
Micro Finance Institutions (MFIs) as an alternative
source to provide affordable credit with the drying up
of formal credit channels (November issue); the raging
debates over new accountancy norms (December
issue) and the increasing need towards Human Resource
Accounting (January issue). Inclusion of such articles
on different sectors of the economy that have current
relevance has been widely received and appreciated by
our readers. This has encouraged us to continue with
the practice of highlighting another area badly hit by
the financial crisis.
In this issue we focus on risk management. Risk
Management is an elite word in financial literature yet
much maligned against the backdrop of frequent crises.
Risk in financial parlance means the possibility of lower
earnings or downright loss. We are also aware that no
risk, no return. Hence, risk is an inseparable way of
doing business. Financial risk can either be ignored (if
it is small vis--vis return) or it can be avoided (by not
undertaking that business venture at all) or removed
and in the most likely case the impact mitigated. Risk
management would thus imply putting mechanisms and
measures in place to accept/ limit/ transfer this risk
that can emerge from any source- business operations,
fluctuations in market variables, possibility of default
in funds lent/ invested, external events etc. Risk
management architecture encompasses risk
identification, risk measurement (through sensitivity,
simulation models), risk monitoring (through VaR
models), risk mitigation (e.g. derivatives) and Board
oversight in the form of policy formulation, execution
and independent audit.
The characterizing feature of the financial world in recent
times has been the quantum jump in innovations relating
to risk management. Greater financial integration
among countries, more intense competition between
the financial players, development in the field of IT
which enabled the emergence of sophisticated risk
the management accountant, February, 2009
l Presidents Communique l
My dear Professional Colleagues,
We are living in turbulent times. Even before recovering from the global financial crisis,
we are confronted with more challenges, which are equally damaging albeit on a more
local scale. The Madoff scandal in US and back home in India the Satyam episode are
two such events, which have succeeded in denting the already sagging confidence
among the business community. Both are examples of greed and failure and inadequacy
of corporate governance and underscore the indispensability of ethics, proper regulation,
independent audit and above all effective checks and balancing with business
performance in a public organisation. The current situation arising out of serious lapses
in Corporate Governance in India drives home the point which we have been advocating
regarding Enterprise Governance. Corporate governance is about how companies are
directed and controlled. It is focused on conformance with regulations. This conformance
is of course necessary but a governance structure should also support an organizations
efforts to improve performance. It has to come out of a check-list mentality which leads to governance in name and not
in spirit. There is an urgent need to move from compliance governance to business governance which also happens to
be the considered view of the International Federation of Accountants (IFAC) (Report on Financial Reporting Supply
Chain).
In our view, this governance structure has to expand its horizon to include a system that ensures optimal utilisation of
resources for the benefit of shareholders while meeting societal expectations. There has to be a shift from compliance
or rule based governance to a performance management framework with enterprise governance in mind. To
achieve this IFAC has recommended suitable performance management systems for the functioning of the audit
committee. The Expert Group constituted to review the mechanism of cost accounting records and cost audit has also
recommended this shift of the framework of cost audit from being compliance or rule based governance to a performance
management framework with enterprise governance in mind. These recommendations acquire great significance in the
current context of governance failure. The Ministry should get the report examined at the earliest so that the issues of
enterprise governance and corporate competitiveness are addressed, to avoid repetition of another corporate financial
catastrophe.
SEBI has desired a second audit of all the listed companies. We feel that such an audit should be conducted by a firm
of Cost Accountants who have greater capabilities to focus on input-output structures in an enterprise and find
justification and correctness of the declared profits. Such an opinion is also echoed in the IFAC survey on the
Financial Reporting Supply Chain. Many developed countries have Accounting Oversight Boards to regulate the
statutory services of accounting professionals. An independent Regulatory body may be considered in India to
regulate the services of statutory auditors of companies.
The month of January was very eventful for the Institute. January 15, 2009 was a red letter day for our Institute when
Bharat Ratna Dr. A.P.J. Abdul Kalam addressed the members at Pune and delivered the Golden Jubilee Commemorative
Address marking the 50th year of enactment of the Cost and Works Accountants Act. The key message of Dr. Kalam
to the professionals was Promote Profit with Integrity Work with integrity and Succeed with integrity. You can
also find the speech in the web sites of Dr. Kalam as well as of the Institute.
Formal announcement of the Certificate Course in Accounting Technicians was held at New Delhi on January 9, 2009.
The details of the Memorandum of Understanding between our Institute and the Chartered Institute of Management
Accountants, UK were also announced at the same function. I am happy to inform you that a final passed ICWAI
candidate will be able to take direct admission for the Strategic Level Examination of CIMA after passing CIMA
Professional Gateway Examination (CPGA). The MoU with CIMA, UK heralds an era of opening up of globalization for
the Indian students and an opportunity to attain International accounting qualification at a fast pace. Ms. Tam Kam
Peng. Head of Alliances & Learning Partnerships, CIMA attended the function. The modalities regarding the CPGA
are appearing in our website. Members interested in getting the CIMA qualification can refer to the site of the Institute
for further details.
92
l Presidents Communique l
The National Institute of Securities Markets (Established by Securities and Exchange Board of India) organized
executive education programme in Mumbai for training of auditors of broking firms. Shri A. S. Durga Prasad, Vice
President attended the programme and addressed the Inaugural function on January 9, 2009. Shri Durga Prasad also
had discussions with SEBI officials regarding scope and areas where cost and management accountants can extend
their services to SEBI to enable SEBI to perform their regulatory functions in a more effective manner.
As a part of the ongoing Silver Jubilee Celebrations of SAFA, our Institute organized a Seminar on Target Costing at
New Delhi on January 17, 2009 along with CII-TCM Division and Automotive Components Manufacturers Association
as Technical Partners. Shri Jitesh Khosla, Joint Secretary, MCA inaugurated the Seminar which was very well attended.
The Institute is also planning to hold chain seminars on Enterprise Governance in collaboration with CIMA, UK,
seminars on Audit of Stock Brokers as mandated by SEBI as well as seminars in all the four regions on Ethics and
Practices for Professional Accountants, which is the need of the hour.
The Northern India Regional Council and Chandigarh Chapter organized the NIRC Regional Cost Convention at
Chandigarh during January 3-4, 2009. I take this opportunity of congratulating the organizers for a very successful
convention, which was inaugurated by Shri Randeep Singh Surjewala, Minister for Power & PWD, Govt. of Haryana.
Shri P. K. Bansal, Union Minister of State for Finance, Govt. of India presided over the function.
The Golden Jubilee National Convention was organised by the Western India Regional Council and Pune Chapter of
Cost Accountants at Pune during January 29-31, 2009. The Convention was preceded by a Students Convention,
Practitioners Meet and Lady Cost Accountants Meet on January 28, 2009. The technical sessions of the Convention
were very lively with intense participation of the delegates and participants. The Plenary Session was followed by a
meet of Industrialists discussing the role of cost and management accountants in making India Inc. globally competitive.
I congratulate the WIRC and Pune Chapter for a very successful organisation of the Convention, which was attended
by a large number of delegates across the country, all the regional councils and representatives of Chapters from
across the country.
The SAFA Assembly was held at Pokhara, Nepal on January 25-26, 2009, which elected Mr. Sheikh A Hafiz of ICA
Bangladesh as President and Mr. Komal Chitracar of ICA Nepal as Vice President of SAFA for the year 2009.
As part of the continuing knowledge initiatives, ICWAI organised a highly informative two-day session on International
Financial Reporting Standards (IFRS), the most important development towards convergence of global accounting
standards. Dr T.P.Ghosh, an expert in this field delivered the lectures on January 12 and 13, 2009. The programme was
attended by a wide cross section of practicing accountants, professionals, coprorates and students alike.
I am glad to inform you that we have released the final cost accounting standard on materials. Other Exposure drafts
have also been released and are available on the Institutes website. I request all our members to send their observations
and suggestions on the exposure drafts to the Technical Directorate to make the standards more meaningful and
comprehensive.
We have also released Management Accounting Guidelines on Internal Audit and Guidelines on Valuation for Captive
Consumption for the help and benefit of the members and the industry at large.
In this months journal we focus on the vast and dynamic area of risk management. Our members are likely to benefit
from the articles on risk management as a driver of growth.
With warm regards
Yours sincerely,
Kunal Banerjee
President
the management accountant, February, 2009
93
Cover Feature
Measurement and
Management of Risk
Risk is all-pervasive. The philosophy of treating risk has gained wide popularity
because it is not just a threat but also a powerful device to combat fierce
competition and ultimately to learn how to grow and survive amid all adversities.
There should be always a trade-off between return and risk. In the present era of
globalization and changing global environment risk measurement and
management is also one of the important functions of the financial manager. The
risk will influence in a greater way for its all future operations. Therefore, we
made an attempt to analyze different types of risk, methods for risk measurement
and the steps involved in the management of risk of a business firm.
Dr. V. Gangadhar*
Dr. G. Naresh Reddy**
Introduction
94
Yen Yee Chong and Evelynmay Brown: Managing Project Risk, Prentice Hall,
Pearson Education Limited, London, First Edition, Year 2000.
the management accountant, February, 2009
Cover Feature
Strategic Risks
Government and
Economic Factors
Customers
Competitors
New Technology
STRATEGIC RISKS
Have an impact upon the
Solutions can be found in
companys
Costs
Prices
Products
Sales
Strategic Planning of
Markets and Products
Empowerment
Quality Management
Customer Care
Investment Innovation
Cost Reduction
95
Cover Feature
Operational Risks
Suppliers
Interruption of
Supplies
Poor Quality
Supplies
Process and
Internal Risks
Fire
Pollution
Fraud
Computers
Accidents
Labor
Disputes
Terrorism,
Kidnap and Ransom
Distribution
Customers
Counterfeiting
Payment Problems
Tampering
Changing
Needs Product
Liability
Competitors
Competitor Activity
Cover Feature
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First-moment
information
describes income, the balance sheet and
cash flows at a point in time. It is by far
the type of information with the longest
tradition in accounting; it is, in fact, the
type with which accounting has often
been identified. In historical cost
accounting, much of this information is
of a contemporaneous or backwardlooking nature. However, even
according to this valuation principle, it
would inevitably include forwardlooking elements too, whenever the
valuation of an item is based on
expectations about the future. This is
true (implicitly) at inception, when the
transaction occurs. But it can also be
true in subsequent periods, whenever
the value of an item is adjusted based
on some estimate of future cash flows,
and the earnings figure is seen as the
period-to-period change in those
estimates. For example, loan loss
provisions are based on future
discounted cash flows. More generally,
forward looking elements are inherent
in accruals adjustments. By contrast, the
forward-looking component is intrinsic,
for instance, fair value accounting. It is
implicit to the extent that market values
embody such expectations. It is explicit
whenever models are used to derive
fair values.
Risk information is fundamentally
forward-looking. Future profits, future
cash flows and future valuations are
intrinsically uncertain. Risk information
is designed to capture the prospective
range of outcomes or statistical
dispersion for the variables of interest
as measured at a particular point in time.
More specifically, to the extent that the
behaviour of these variables can be
represented by probability distributions, risk information would ideally
provide the best estimate of the
corresponding
(unconditional)
probability distributions. Value-at-risk
or cash-flow-at-risk measures, for
example, are summary statistics of such
estimated probability distributions of
Risk information
Measurement Error
Illustrations
l Income statement
l Balance sheet statement
l Cash flow statement
l Earning-at-risk and
value-at-risk
l Portfolio stress test
l Sensitivity analysis to
parameter values
l Comparison of outcomes with
previous estimates
Availability
Very high
Medium
Low
101
Cover Feature
Cover Feature
Accounting
Individual basis
Excluded
Very short
Zero (face value)
Risk Management
Portfolio basis
Included (statistical basis)
Long (behavioural)
Fall (profit)
103
Cover Feature
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Operational Risk: An
Important Issue in
Modern Banking
Operational risk of banks is really a tough task to quantify and the nonavailability of data due to operational loss makes the task tougher. The revised
accord for regulating banking risk, known as BASEL-II, has given a new
dimension to the measurement procedure of this risk. This paper focuses on the
problems in the measurement procedure as suggested by BASEL-II in Indian
banks and the steps to be taken to overcome such problems.
Soumya Mukherjee*
Introduction:
isk is part of business lexicon
and understanding and
subsequently managing it is the
most difficult task for all organisations.
Like other organisations, management
of risks is also an important issue in
modern banking. The increased
pressure of globalization and severe
competition in the global economy has
forced the banking sector to redesign
their strategies regarding risk
management. Banking sector is exposed
to three types of risk e.g. credit risk,
market risk and operational risk.
Market risk arises due to assetsliability mismatch and exposure to
foreign currency transaction. Proper
management of market risk is very
essential in India because of our
increasing integration with the global
markets and also for the greater
frequency of economical and political
shocks.
On the other hand, credit risk arises
from lending activities of a bank e.g.
when a borrower does not pay the
interest and/or instalments as and when
it falls due, it leads to the conversion of
performing assets into non-performing
assets. The high incidence of non-
*2
107
Cover Feature
Based on causes
Based on effects
Based on events
Legal liabilities
Internal fraud
Regulatory compliance
External fraud
Technology oriented
cause
external cause
customers
Restitution
Damages to physical
assets
[ (G.1.1.....n )1.
n
Cover Feature
Business
Units
Investment
Banking
Banking
Others
Exhibit-3
Business Line
Indicator
Corporate Finance
Trading and Sales
Retail Banking
Commercial
Banking
Payment and
Settlement
Agency service
Retail Brokerage
Asset Management
Gross Income
Gross Income
Annual Average
Assets
Annual Average
Assets
Annual Settlement
Throughput
Gross Income
Gross Income
Total Funds Under
Management
Beta Factor
18%
18%
12%
15%
18%
15%
12%
12%
Cover Feature
IMPACT
High impact
Low occurrence
High impact
High occurrence
Low impact
High occurrence
Low impact
Low occurrence
OCCURRENCE
exhibit 1)
EXHIBIT : 1
AGGREGATE OPERATIONAL RISK LOSSES OF US COMMERCIAL BANK
No of
Year
Year participating
bank
Loss severity
Total loss
11
(US $ millions)
3
999
1999
0.60
0.10
000
2000
0.40
001
2001
13
002
2002
Loss frequency
(no of loss
events)
All
Per
banks
bank
6
7=62
300
2,000
333
0.06
77
5,167
738
2.40
0.18
313
7,667
590
19
6.12
0.32
448
13,667
719
003
2003
23
12.40
0.54
770
16,100
700
004
2004
20
24.00
1.20
1742
13,777
689
Sources: As reported in 1999-2004 [ODELL(2005)] DE FONTNOUVELLE (2005)The journal for operational risk , volume 2/
number 2; Summer 2007
110
Cover Feature
v We can say that the total loss of a
Cover Feature
Align strategy and corporate culture
Enterprise Risk
Management (ERM)
Adithya Bhat*
Introduction
n todays challenging global
economy, business opportunities
and risks are constantly changing.
There is a need for identifying,
assessing, managing and monitoring
the
organizations
business
opportunities and risks. The question
is how an organization takes practical
steps to link opportunities and risks
when managing the business, and what
does this have to do with enterprise risk
management?
To be effective, any Enterprise Risk
Management (ERM) implementation
should be integrated with strategysetting. ERM redefines the value
proposition of risk management by
elevating its focus from the tactical
to the strategic. ERM is about
designing and implementing capabilities for managing the risks that matter.
The greater the gaps in the current state
and the desired future state of the
organizations risk management
capabilities, the greater the need for
ERM infrastructure to facilitate the
advancement of risk management
capabilities over time.
Definition of ERM
The Treadway Commissions
Committee of Sponsoring Organizations (COSO) has defined ERM as
a process, effected by an entitys
board of directors, management and
other personnel, applied in strategysetting and across the enterprise,
designed to identify potential events
that may affect the entity, and manage
risk to be within its risk appetite, to
112
Cover Feature
113
Cover Feature
Value Proposition
Directors and CEOs face many
challenges. They must focus their
organizations to capitalize on emerging
opportunities. They must continually
invest scarce resources in the pursuit
of promising though uncertain
business activities. They must manage
the business in the face of constantly
changing circumstances. And as they
do all of these things, they must
simultaneously be in a position to
provide assurance to investors,
directors and other stakeholders that
their organizations know how to protect
and enhance enterprise value. Amid
constantly changing risk profiles,
directors and CEOs need a higher level
of performance from every discipline
within the organization, including risk
management.
These value added contributions
NOTIFICATION
Accounting Issues
IAS 17 : Leases
A Closer Look
K.S.Muthupandian*
Accounting Issues
Accounting Issues
Accounting Issues
118
Accounting Issues
International
Financial
Accounting Issues
rentals.
The operating and finance lease
classifications would be eliminated.
In January 2009, the FASB has made
the decision that lessor accounting
(including subleases) should be further
analysed and included as a high level
discussion in the DP with specific
questions, but without changing the
scope of the DP. The FASB has also
discussed whether in-substance
purchases should be within the scope
of the project, but decided no change
in scope. Furthermore, FASB discussed
how a right-of-use model as proposed
for lessees in the DP could be applied
to lessor and decided that its DP should
have a high-level discussion of lessor
accounting. In this situation, the IASB
decided to issue the IASB DP in the
first quarter of 2009 and publish any
output from the FASB as a
supplementary DP.
Following publication of the DP, the
Boards will move towards publication
of an exposure draft on lease
accounting. This exposure draft will
take into account comments received
from constituents on the DP. The staff
of the Boards expects a final standard
on lease accounting to be published in
the second quarter of 2011.
Comparative Indian Standard
The Accounting Standard issued
by the Institute of Chartered
Accountants of India (ICAI)
comparative to IAS 17 is AS 19, Leases.
AS 19 is based on the earlier IAS 17
(1997). IAS 17 has been revised in 2004.
The major differences between IAS 17
and AS 19 are conceptual differences
and described hereinafter:
1. Keeping in view the peculiar land
lease practices in the country, lease
agreements to use lands are
specifically excluded from the scope
of AS 19 whereas IAS 17 does not
contain this exclusion.
Contd. on Page 122
Outsourcing
Outsourcing an opportunity
P. Subramanian*
Cost in Manufacturing
15%
7%
3%
55%
11%
9%
Material costs
Manpower Cost
Contract Cost
Conversion cost
Overheads cost
Interest & Finance cost
121
Outsourcing
l
l
l
l
l
Gap Analysis
Stake Holder Satisfaction
Performance & Cost trends
SWOT Analysis
Degree to which outsourcing goals
were achieved
l Benchmarking performances
l Updated knowledge on technology
applications
l Information on new service
providers who have evolved since
last agreement.
Based on the above inputs and new
requirements , if any, the scope of the
outsourcing can be revised so that the
outsourcing goals can be achieved.
For the next cycle options are
available :
1. Retaining the same outsourcing
agency
2. Re-Tendering
3. Back office outsourcing
RETIREMENT
Shri Dilip Kumar Choudhuri, Senior Assistant cum Computer Operator has retired
from the Institutes business on January 31, 2009. We at ICWAI place on record his
long and distinguished services to the Institute and wish him a very happy, fruitful and
healthy life ahead.
122
Emerging Issues
Employee Governance
R.Soundara Rajan*
Chitra Rajan**
Emerging Issues
Emerging Issues
l Market condition,
l Cost of living
l Demand and supply of the ,
l And organizational ability to pay.
Emerging Issues
Emerging Issues
specify
the
employee
governance and the steps taken
by the management in that
direction.
l HR leaders must also take the
127
128
Conclusion
I have seen three dreams which have
taken shape as vision, mission and
realization. Space programme of ISRO
(Indian Space Research Organization),
AGNI programme of DRDO (Defence
Research
and
Development
Organization) and PURA (Providing
Urban Amenities in Rural Areas)
becoming the National Mission. Of
course, these three programmes
succeeded in the midst of many
challenges and problems. I have worked
in all these three areas. I want to convey
to you what I have learnt on leadership
from these three programmes:
a. Leader must have a vision.
b. Leader must have passion to realize
the vision.
c. Leader must be able to travel into
an unexplored path.
d. Leader must know how to manage a
success and failure.
e. Leader must have courage to take
decisions.
f. Leader should have nobility in
management.
g. Leader should be transparent in
every action.
h. Leader must work with integrity and
succeed with integrity.
For success in our mission of
integrated development of the nation,
we have to create large number of
creative leaders. Creative leadership
means exercising the vision to change
the traditional role from the commander
to the coach, manager to mentor, from
director to delegator and from one who
demands respect to one who facilitates
self-respect. For a prosperous and
developed India, the important thrust
will be on the generation of a number of
creative leaders from all walks of life
including cost audit.
My best wishes to all the members
of ICWAI success in the mission of
reducing the cost of all products and
services delivered by the Indian
industries and thereby making India
internationally competitive in all fields.
May God Bless You.q
131
Finance
Non-performing Assets
Management of Non-banking
Financial Companies:
An Introspection
Dr. Jafor Ali Akhan*
The Non-Banking Financial Companies (NBFCs) have been playing a very
significant role in the present day rigorous money-market conditions. They are
serving the nation by supporting the economic reconstruction and giving a
booster to industrial production. They are engaged into the business of providing
loans and advances of small amounts for a short-period to small borrowers. The
activities of NBFCs carries credit risk, which arises from the failure of the borrower
to fulfill its contractual obligation by not paying interest or instalments in time.
The level of non-performing assets is an important indicator of the performance
of NBFCs. The research paper makes an attempt to highlight the present level of
NPAs of NBFCs and different reasons thereon along with different remedial
measures to control NPAs.
Introduction
he Non-Banking Financial
Companies (NBFCs) play an
important role in channelizing
these savings into investment. They
have supplemented the role played by
the banks. While functioning as
financial intermediaries between the
savers and the users, they have catered
to the different segments of the society.
NBFCs have made great strides in recent
years and are meeting the diverse
financial needs of the economy. They
have greatly influenced the direction of
savings and investments. Thus, from
the macro economic perspective and the
structure of the Indian system, the role
of NBFCs has become increasingly
important.
The main function of NBFC is to
collect deposits as their resources and
invest the funds in their core activities
be it leasing or hire-purchase or
investments or granting loans. The loan
132
Finance
(a) NBFC; or
(b) External auditors; or
(c) Internal auditors; or
(d) RBIs inspector during inspection.
From the above discussion it has
been observed that any NPA will be either classified as sub-standard or loss
asset at the first instance. After it had
become sub-standard asset then only
it can become doubtful. The doubtful
asset can also become loss asset. This
can be easily shown by the following
diagram.
DIAGRAM
NPA
(At first instance)
Sub-standard Asset
Loss Asset
Finance
NBFCs
SCBs
Gross NPAs to
Net NPAs to
Gross NPAs to
Net NPAs to
Gross
Net Advances.
Gross
Net Advances.
Advances
Advances.
1997-98
11.4
6.7
14.4
7.3
1998-99
10.2
7.0
14.7
7.6
1999-00
9.9
9.5
12.7
6.8
2000-01
11.5
5.6
11.4
6.2
2001-02
10.6
3.9
10.4
5.5
2002-03
8.8
2.7
8.8
4.4
2003-04
8.2
2.4
7.2
2.9
2004-05
5.7
2.5
5.2
2.0
2005-06
3.6
0.5
3.3
1.2
2006-07P
1.9
0.4
2.5
1.0
Mean
8.18
4.12
9.06
4.49
S.D.
3.18
2.84
4.19
2.42
C.V (%)
38.87
68.93
46.24
53.91
Source: Compiled and computed from RBI, Report on Trend and Progress of Banking in
India, 1997-98 to 2006-07, & Hand Book of Statistics on Indian Economy 2005-06, p-117.
Finance
Gross
Advances
1
AFC*
2007P
EL
2002
2003
2004
2005
2006
2007P
Gross NPAs
Net
Advance
Percent
to Assets
11525
-15
-0.1
-0.1
28.0
11.1
13.3
11.0
2.2
3.7
1330
5506
3067
4018
2786
973
351
469
344
345
-23
-21
26.3
8.5
11.2
8.6
-0.8
-2.1
15.2
5.6
7.8
7.4
-0.7
-1.9
17.1
7.8
9.0
3.8
2.5
1.8
14.8
6.8
7.3
3.6
2.4
1.6
6068
15305
9748
15544
17238
17842
410
104
253
253
74
83
6.8
0.7
2.6
1.6
0.4
0.5
5.2
0.5
2.0
1.5
0.4
0.4
2
11
15
10
1
1.6
11.9
23.8
17.2
2.8
0.1
2.1
2.6
1.8
0.1
147
90
55
58
59
31
1
8
7
10
1
0.4
8.9
12.7
17.2
2.8
0.0
1.5
1.2
1.8
0.1
3986
2707
2038
1955
549
144
142
117
13.8
5.3
7.0
6.0
10.1
4.8
4.1
5.1
3615
2503
1833
1772
177
-63
-65
4.9
-3.4
-3.7
3.3
-1.8
-2.8
690
7551
252
94
36.5
1.2
19.3
4.6
483
7548
45
91
9.3
1.2
3.4
4.4
Percent
to Assets
11799
258
2.2
2.1
1625
5969
3306
4187
2878
1035
646
932
582
514
69
41
39.7
15.6
17.6
12.3
2.4
4.0
HP
2002
2003
2004
2005
2006
2007P
6825
16489
10437
15900
17607
18079
1167
1288
942
610
444
321
IC
2002
2003
2004
2005
2006
2007P
149
93
63
58
59
31
LC
2002
2003
2004
2005
2006
2007P
Net NPAs
Percent
to
Net
Adv
8
Percent
to gross
Adv.
4
Amount
Amount
135
Finance
As at end March.
NBFC
Group
End
March.
1
Standard Assets.
Gross
Advances.
Doubtful Assets.
Loss Assets.
Gross NPAs.
Amount
Amount
Percent
Amount
Percent
10
11
12
0.0
258
2.2
11799
207
102
39
36
35
3.5
3.1
0.9
1.2
3.4
932
582
514
69
41
15.6
17.6
12.3
2.4
4.0
5969
3306
4187
2878
1035
269
226
94
212
85
1.6
2.2
0.6
0.8
0.5
1288
942
610
444
321
7.8
9.0
3.8
1.6
1.8
16489
10437
15900
17607
18079
6
0
0.2
8.9
0.0
11
15
10
1
11.9
23.8
17.2
2.8
93
63
58
59
31
88
82
61
134
8
3.2
4.0
3.1
19.4
0.1
145
142
117
252
94
5.3
7.0
6.0
36.5
1.3
2708
2038
1955
690
7551
Amount.
Percent
2007P
11540
97.8
241
2.0
15
2003
2004
2005
2006
2007P
5037
2724
3673
2809
994
84.4
82.4
87.7
97.6
96.0
520
396
383
12
4
8.7
12.0
9.2
0.4
0.4
205
84
91
21
2
2003
2004
2005
2006
2007P
15201
9495
15290
28170
17759
92.2
91.0
96.2
97.5
98.4
746
613
386
184
185
4.5
5.9
2.4
0.6
1.0
273
103
130
47
51
2003
2004
2005
2006
2007P
82
48
48
59
31
88.1
75.8
82.0
100.0
97.2
9
1
1
9.3
1.1
2.8
2
10
10
0
2003
2004
2005
2006
2007P
2563
1896
1837
438
6913
94.7
93.0
94.0
63.5
98.7
37
40
14
19
9
1.3
2.0
0.7
2.7
0.1
20
20
42
99
78
Percent
7
AFC*
0.1
ELC
3.4
2.5
2.2
0.7
0.2
HPFC
1.7
1.0
0.8
0.3
0.3
IC
2.4
15.3
16.7
0.0
LC
0.7
1.0
2.2
14.3
1.1
P= Provisional
AFC*= Asset Finance Company became effective in December 2006, ELC= Equipment Leasing Company, HPFC= Hire-Purchase
Finance Company, IC= Investment Company, LC= Loan Company, Data Source: - www.bankreport.rbi.org.in
Note: - Data relating to standard assets, Sub-standard assets and Loss assets of different group-wise NBFCs are available only from the
end March 2003 and onwards.
Finance
(S. M. Galande)
Chief Executive Officer
137
Behavioral Finance -A
Discussion on Individual
Investors Biases
(A Conceptual paper)
In this article, an attempt has been made to throw light on the investors biases
that influence decision making process. Retail investors are an important segment
in the stock market and their prudent presence is very essential for a healthy
growth of stock market. The long belief of the Efficient Market Hypothesis is
gradually being eroded. Empirical studies have time and again proved that the
irrational behaviors have caused stock market bubbles and crashes. The
knowledge so developed through the studies would provide a framework of
behavioral principles within which the investors can critically inspect their
investing decisions and if need be ,take corrective actions to hopefully make
their future financial decisions a bit more rational and a lot more lucrative as
well. To this end, the article finally, suggests for a time bound program to educate
and counsel the individual investors about the wisdom required in stock trading
and be aware of unethical and tactical practices of brokers ,shady dealings of
the companies and the insider trading.
138
Confirmation Bias
The investors would be more likely
to look for information that supports his
or her original idea about an investment
rather than seek out information that
contradicts it. They tend to confirm their
actions with the filtered data. In other
words, they try to look at only green
flags while glossing over the disastrous
red flags. As a result, this bias can often
result in faulty decision making because
one-sided information tends to skew an
investors frame of reference, leaving
them with an incomplete picture of the
situation.
Hindsight Bias
Investors have the tendency to
believe, after an event has occurred, that
they predicted it before it happened. If
investors think that they have predicted
the past better than they actually did,
they may also believe that they can
predict the future better than they
actually can. The belief that they can
easily predict the future based on the
past events may result in incorrect
oversimplifications and disastrous
investment decision.
Gamblers Fallacy
Often, Investors erroneously
believe that the onset of a certain
random event is less likely to happen
following an event or a series of
events.Investors can easily fall prey to
this gamblers fallacy. For example, some
investors believe that they should
liquidate a position after it has gone up
in a series of subsequent trading
sessions because they dont believe
that the position is likely to continue
going up. Conversely, other investors
might hold on to a stock that has fallen
in multiple sessions because they view
further declines as improbable. Just
because a stock has gone up on six
consecutive trading sessions does not
mean that it is less likely to go up on
during the next session. This is because
past events do not change the
probability that certain events will occur
in the future.
139
Herd behavior
One of the most infamous financial
events in recent memory is the bursting
of the internet bubble. This happened
because of Herd Behavior. Investors
have the tendency to mimic the actions
(rational or irrational) of a larger group.
There are two reasons: First, is the
social pressure of conformity. Investors
have a natural desire to be accepted by
a group, rather than be branded as an
outcast. Second, is the common
rationale that its unlikely that such a
large group could be wrong. After all,
even if it is convinced that a particular
idea or course or action is irrational or
incorrect, the investor might still follow
the herd, believing they know
something that he does not.
Researchers have theorized that
investors follow the crowd and
conventional wisdom to avoid the
possibility of feeling regret in the event
that their decisions prove to be
incorrect. Many investors find it easier
to buy a popular stock and rationalize it
going down since everyone else owned
it and thought so highly of it. Even
though they loose ,they feel happy
because others have also lost!
Justification is easy when a bad event
occurs to others also. Buying a stock
with a bad image is harder to rationalize
if it goes down. The Crowd effects
have resulted in nasty turbulences in
the stock market (Showry & Tabassum,
2007)
Over Confidence
Investors are often over confident
in areas where they have some
knowledge. However, increasing levels
of confidence frequently show no
correlation with greater success.
Investors are consistently overconfident in their ability to outperform
the market, however, most fail to do so
(James Montier,2006). They see other
investors decisions as the result of
disposition but they see their own
choices as rational. They frequently
trade on the information they believe to
be superior and relevant, when in fact,
140
(5)
(6)
(7)
(8)
141
Intellectual Property(IP) has become a critical success factor for most hightechnology companies. There are many high-technology companies that rely
solely on IP assets for generating revenues and earning income. The accounting
system, as it currently exists, is asymmetric in its treatment of acquired and
internally developed IP. Balance sheets prepared according to generally accepted
accounting principles (GAAP) fail in most cases to provide investors with relevant
and timely information about the most important value creating assets of
companies. This Paper is an attempt to discover the true importance of IP and
how can it be valued as accurately as possible.
142
143
Legal Updates
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
New Delhi, the 5th December, 2008
Notification No.57/2008 - Central Excise
G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the
Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further
amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 3/2005Central Excise, dated the 24th February, 2005, namely:In the said notification, in the Table, after S. No.80 and the entries relating thereto, the following S. No. and entries shall be
inserted, namely :S. No.
81.
Description of goods
Bura, makhana, mishri, hardas or
battasa (patashas)
Rate of duty
Nil
Legal Updates
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
New Delhi, the 7th December, 2008
Notification No.58/2008 - Central Excise
G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the
Central Government, being satisfied that it is necessary in the public interest so to do, hereby directs that each of the
notifications of the Government of India in the Ministry of Finance (Department of Revenue), specified in column (2) of the
Table hereto annexed shall be amended or further amended, as the case may be, in the manner specified in the corresponding
entry in column (3) of the said Table, namely :S.
No.
(1)
1.
2.
3.
4.
Notification
Amendments
number and date
(2)
(3)
23/2003-Central Excise,
In the said notification, in the Table, dated the 31st March, 2003 (i) against Sr. No. 5, for the entry in column (4), the entry In excess of Nil
Explanation.- The value of the goods shall be determined in terms of section 4 of
the Central Excise Act. shall be substituted;
(ii) against Sr. No. 5A, for the entry in column (4), the entry In excess of amount
equal to 4% of duty of excise specified in the First Schedule to the Central Excise
Tariff Act, 1985( 5 of 1986).
Explanation.- The value of the goods shall be determined in terms of section 4 of
the Central Excise Act. shall be substituted;
(iii) against Sr. No. 6, for the entry in column (4), the entry In excess of amount
equal to 4% of duty of excise specified in the First Schedule to the Central Excise
Tariff Act, 1985( 5 of 1986).
Explanation.- The value of the goods shall be determined in terms of section 4 of
the Central Excise Act. shall be substituted;
(iv) against Sr. No. 7, for the entry in column (4), the entry In excess of Nil
Explanation.- The value of the goods shall be determined in terms of section 4 of
the Central Excise Act. shall be substituted;
(v) against Sr. No. 7A, for the entry in column (4), the entry In excess of amount
equal to 4% of duty of excise specified in the First Schedule to the Central Excise
Tariff Act, 1985( 5 of 1986).
Explanation.- The value of the goods shall be determined in terms of section 4 of
the Central Excise Act. shall be substituted.
29/2004-Central Excise,
dated the 9th July, 2004
In the said notification, in the Table, in column (4),(i) for the entry 8%, wherever it occurs, the entry 4% shall be substituted;
(ii) for the entry 4%, wherever it occurs, the entry Nil shall be substituted.
3/2005-Central Excise,
In the said notification, in the Table, against S. No.73, for the entry 8% in column
dated the 24th
(4), the entry 4% shall be substituted.
February, 2005
3/2006-Central Excise,
In the said notification, in the Table, in column (4), dated the 1st March, 2006 (i) for the entry 14%, wherever it occurs, the entry 10% shall be substituted;
(ii) for the entry 8%, wherever it occurs, the entry 4% shall be substituted.
145
Legal Updates
5.
4/2006-Central Excise,
dated the 1st March, 2006
6.
5/2006-Central Excise,
dated the 1st March, 2006
7.
6/2006-Central Excise,
dated the 1st March, 2006
8.
10/2006-Central Excise,
dated the 1st March, 2006
49/2006-Central Excise,
dated the 30th
December, 2006
2/2008-Central Excise,
dated the 1st March, 2008
9.
10.
In the said notification, in the Table, in column (4), (i) for the entry 12%, wherever it occurs, the entry 8% shall be substituted;
(ii) for the entry 8%, wherever it occurs except for the entry occurring against
S. No. 22 and 27, the entry 4% shall be substituted;
(iii) for the entry Rs.220 per tonne, wherever it occurs, the entry Rs.145 per
tonne shall be substituted;
(iv) for the entry Rs.370 per tonne, wherever it occurs, the entry Rs.250 per
tonne shall be substituted;
(v) for the entry Rs.350 per tonne, wherever it occurs, the entry Rs.230 per
tonne shall be substituted;
(vi) for the entry 12% of retail sale price, wherever it occurs, the entry 8% of
retail sale price shall be substituted;
(vii) for the entry Rs.250 per tonne, wherever it occurs, the entry Rs.170 per
tonne shall be substituted;
(viii) for the entry 14% or Rs.400 per tonne, whichever is higher, wherever it
occurs, the entry 10% or Rs.290 per tonne, whichever is higher shall be substituted
(ix) for the entry 14% of the value of such gold potassium cyanide excluding the
value of gold used in the manufacture of such goods, wherever it occurs, the entry
10% of the value of such gold potassium cyanide excluding the value of gold used
in the manufacture of such goods shall be substituted;
(x) for the entry 14% of the value of material , if any, added and the amount charged
for such manufacture, wherever it occurs, the entry 10% of the value of material ,
if any, added and the amount charged for such manufacture shall be substituted.
In the said notification, in the Table, in column (4), (i) for the entry 14%, wherever it occurs, the entry 10% shall be substituted;
(ii) for the entry 12%, wherever it occurs, the entry 8% shall be substituted;
(iii) for the entry 8%, wherever it occurs, the entry 4% shall be substituted.
In the said notification, in the Table, in column (4), (i) for the entry 24%, wherever it occurs, the entry 20% shall be substituted;
(ii) for the entry 24% + Rs.15,000 per unit, wherever it occurs, the entry 20% +
Rs.15,000 per unit shall be substituted;
(iii) for the entry 14%, wherever it occurs, the entry 10% shall be substituted;
(iv) for the entry 14% + Rs.10,000 per chassis, wherever it occurs, the entry 10%
+ Rs.10,000 per chassis shall be substituted;
(v) for the entry 12%, wherever it occurs, the entry 8% shall be substituted;
(vi) for the entry 12% + Rs.10,000 per chassis, wherever it occurs, the entry 8% +
Rs.10,000 per chassis shall be substituted;
(vii) for the entry 8%, wherever it occurs, the entry 4% shall be substituted.
In the said notification, in the Table, in column (4), for the entry 8%, wherever it
occurs, the entry 4% shall be substituted.
In the said notification, in the Table, in column (4), for the entry 12%,
wherever it occurs, the entry 8% shall be substituted.
In the said notification, in the Table, in column (3), (i) for the entry 14%, wherever it occurs except for the entry occurring against
S. No. 14, 16 and 18, the entry 10% shall be substituted;
(ii) for the entry 14% + Rs.10,000 per chassis, wherever it occurs, the entry 10% +
Rs.10,000 per chassis shall be substituted.
[F. No.354/210/2008-TRU]
[Unmesh Wagh]
Under Secretary to the Government of India
146
Legal Updates
Circular No.878/16 /2008-CX
F.No. 201/19/2007-CX-6
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
***
New Delhi dated 21st November , 2008
To
The Chief Commissioners, LTU (All)
The Chief Commissioners of Central Excise (All)
The Commissioners of Central Excise (All)
The Director General of Custom and Central Excise (All)
Subject: Instructions regarding Large Taxpayer Unit-reg.
***
Sir/ Madam,
I am directed to invite your attention to para VI of the Boards Circular No. 834/11/2006-CX dated 05.10.2006 wherein
the large taxpayers were requested to opt for e-payment of taxes. The Principal Chief Controller of Accounts, Central Board
of Excise & Customs, has reported that e-payment of central excise and service tax has since stabilized.
2.
Accordingly, this matte was reviewed by the Board. It was noted that most of the large taxpayers are already covered
under the mandatory e-payment clause. Hence, in order to ensure proper accounting of the departmental revenues, the said
para of the circular is amended as follows:
VI. Duty Payment:
As e-payment facility has been provided for payment of central excise duty and service tax, large taxpayers shall pay
the central excise and service tax dues electronically only, through internet banking. However, in case of difficulties in epayment, a large taxpayer is permitted to pay the duty through banks (except in such cases where e-payment is mandatory)
in the jurisdiction of the LTU Commissionerate only.
3.
The field formations may be suitably informed.
4.
Hindi version will follow.
Yours faithfully,
(Rahul Nangare)
Under Secretary to the Government of India
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
New Delhi, the 7th December, 2008
Notification No. 59/2008 -Central Excise
G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of
1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the
goods falling under the Chapter, heading, sub-heading or tariff item of the First Schedule to the Central Excise Tariff Act, 1985
( 5 of 1986), as are specified in column (2) of the Table below, from so much of the duty of excise leviable thereon under the
said First Schedule as is in excess of the amount calculated at the rate specified in the corresponding entry in column (3) of
the Table aforesaid.
Explanation. - For the purposes of this notification, the rates specified in column (3) of the said Table are ad valorem rates,
unless otherwise specified.
the management accountant, February, 2009
147
Legal Updates
Table
S.No.
(1)
1.
22.
23.
24.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
Rate
(3)
4%
4%
4%
4%
4%
4%
4%
8%
4%
4%
8%
4%
4%
4%
4%
4%
4%
4%
8%
20% +
Rs 20,000
per unit
20%
20% +
Rs 10,000
per chassis
4%
4%
Legal Updates
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
Notification No. 61 /2008-Central Excise
New Delhi, the 24 th December, 2008.
G.S.R. (E) - In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1of 1944), the
Central Government hereby exempts Motor Spirit (commonly known as petrol) (hereinafter referred to as said goods), falling
under heading No.27.10 of the First Schedule and the Second Schedule to the Central Excise Tariff Act, 1985 (5 of 1986)
(hereinafter referred to as said Schedules), manufactured in and cleared from an oil refinery or cleared from a registered
warehouse, intended for use in ethanol blended petrol, that is, a blend,
a) consisting, by volume, of 90% Motor spirit, (commonly known as petrol) and of 10% ethanol; and
b) conforming to Bureau of Indian Standards specification 2796
from so much of the duty of excise leviable thereon under the said Schedules, as is in excess of the duty that would have been
leviable on such goods under the said Schedules, if sold by the manufacturer for delivery at the time of removal of such
goods or at any other time nearest to the removal of such goods, where the manufacturer and the buyer are not related and
the price is the sole consideration.
[F .No. 354/62/2008-TRU]
(Unmesh Wagh)
Under Secretary to the Government of India
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
Notification No. 63 /2008-Central Excise
New Delhi, the 24th December 2008
G.S.R. (E) - In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944),
read with sub-section (3) of section 147 of the Finance Act, 2002 (20 of 2002), the Central Government, being satisfied that it
is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the
Government of India in the Ministry of Finance (Department of Revenue), No. 28/2002-Central Excise, dated the 13th May,
2002 and published in the Gazette of India vide number G.S.R.361 (E), dated the 13 th May 2002, namely:In the said notification, in the Table, after S. No. 3 and the entries relating thereto, the following shall be inserted, namely:(1) (2)
(3)
4 10% ethanol blended petrol that is a blend ,Nil.
(a) consisting, by volume, of 90% Motor spirit, (commonly known as petrol), on which the
appropriate duties of excise have been paid and, of 10% ethanol on which the appropriate
duties of excise have been paid, and
(b) conforming to Bureau of Indian Standards specification 2796.
Explanation: For the purposes of this exemption appropriate duties of excise shall mean the
duties of excise leviable under the First Schedule and Second Schedule to the Central Excise
Tariff Act, 1985 (5 of 1986), the additional duty of excise leviable under section 111 of the
Finance (No.2) Act, 1998 (21 of 1998) and the special additional excise duty leviable under
section 147 of the Finance Act, 2002 (20 of 2002), read with any relevant exemption
notification for the time being in force.
[F. No. 354/62/2008-TRU]
(Unmesh Wagh)
Under Secretary to the Government of India
Note: - The principal notification No. 28/2002-Central Excise, dated the 13th May, 2002 was published in the Gazette of India,
Extraordinary vide G.S.R 361 (E), dated the 13th May 2002 and was last amended vide notification No.40/2004-Central Excise,
dated the 4th August, 2004, published in the Gazette of India, Extraordinary vide G.S.R 502 (E) dated the 4th August, 2004.
the management accountant, February, 2009
149
Legal Updates
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
Notification No. 64 /2008-Central Excise
New Delhi, the 24th December, 2008.
G.S.R.(E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944),
the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following
further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.
4/2006-Central Excise, dated the 1st March, 2006 which was published in the Gazette of India, Extraordinary, part II, section 3,
sub-section (i) vide number G.S.R. 94(E) of the same date, namely:In the said notification, in the Table, (i) after S.No. 1C and the entries relating thereto, the following S.No. and entries shall be inserted, namely:-
(1)
1D
(2)
2523 10 00
(3)
All goods
(4)
Rs 300 per tonne
(5)
-;
(ii) after S. No. 24 and the entries relating thereto, the following S. No. and entries shall be inserted, namely:-
(1)
(2)
24A.
2710
(3)
(4)
(5)
10% ethanol blended petrol that is a blend ,(a) consisting, by volume, of 90% Motor spirit, (commonly known
as petrol), on which the appropriate duties of excise have been paid
and of 10% ethanol on which the appropriate duties of excise have
been paid; and
(b) conforming to Bureau of Indian Standards specification 2796.
Nil
Legal Updates
TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART-II, SECTION 3, SUB-SECTION (i)
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
NEW DELHI, THE 6th JANUARY, 2009.
16th PAUSA, 1930 (SAKA ).
NOTIFICATION No. 4 / 2009-Customs (N.T.)
G.S.R. E.- In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of
1962), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the
Government of India in the Ministry of Finance (Department of Revenue), No.12/97-Customs (N.T.), G.S.R. No.193(E) dated
the 2nd April, 1997, namely:In the Table to the said notification, against serial number 8, relating to the State of Madhya Pradesh, after item (v), the
following items in column (3) and the corresponding entries in column (4) shall respectively be inserted, namely:(3)
(vi) Pithampur (Indore)
(vii) Ratlam
(4)
Unloading of imported goods and the loading of export goods
Unloading of imported goods and the loading of export goods.
Sd./( M.M. Parthiban )
Director (Customs)
[F.No.450/91/2008-Cus.IV]
Note: The principal notification was published in the Gazette of India vide notification No. 12/97-Customs (N.T.), dated the
2nd April, 1997 [G.S.R. No.193(E) dated the 2nd April, 1997] and was last amended by notification No.117/2008-Customs(N.T.),
dated the 12th November, 2008 [G.S.R.No.785(E), dated the 12th November, 2008].
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii) ]
Government of India
Ministry of Finance
(Department of Revenue)
Notification No. 5 / 2009-Customs (N.T.)
New Delhi, dated the 6th January, 2009.
16 Pausa, 1930 Saka.
S.O. (E). In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs
Act, 1962 (52 of 1962), the Central Board of Excise and Customs for the purpose of adjudicating the Show Cause Notices
pertaining to M/s Haldex India Limited, B-71,MIDC, Ambad, Nashik, Maharashtra hereby appoints the Commissioner of
Customs (Export), Nhava Sheva, to act as a common adjudicating authority to exercise the powers and discharge the duties
conferred or imposed on the following adjudicating authorities in column 3 in respect of Show Cause Notices against their
names in column 2 of the Table below, namely:Sr. No.
(1)
(2)
Adjudicating Authority
(3)
(M.M.Parthiban)
Director (Customs) to the Government of India
[F.No. 437/77/2007-Cus.IV]
the management accountant, February, 2009
151
Legal Updates
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUBSECTION (ii) ]
Government of India
Ministry of Finance
(Department of Revenue)
Notification No. 6 / 2009-Customs (N.T.)
New Delhi, dated the 6th January, 2009.
16 Pausa, 1930 Saka.
S.O. (E). In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs
Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs, Inland
Container Depot, Tughlakabad, New Delhi to act as a common adjudicating authority to exercise the powers and discharge
the duties conferred or imposed on the Commissioner of Customs (Import), Jawaharlal Nehru Port Trust, Nhava Sheva,
Mumbai, Maharashtra, for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s Victory
International, WZ-219C, Madipur Village, New Delhi 110063 and others vide, DRI. F.No. 50D/138/2006-C.I., dated the 6th
August, 2008, by the Additional Director General, Directorate of Revenue Intelligence, 7 th Floor, D Block, I.P.Bhavan,
I.P.Estate, New Delhi - 110002.
(M.M.Parthiban)
Director (Customs) to the Government of India
[F.No. 437/52/2007-Cus.IV]
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
Notification No. 60/2008-Central Excise
New Delhi, the 24th December, 2008
G.S.R. (E). -In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944),
read with section 91 and section 93 of the Finance (No.2) Act, 2004 (23 of 2004), the Central Government, being satisfied that
it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the
Government of India, in the Ministry of Finance (Department of Revenue), No. 32/2005-CENTRAL EXCISE, dated the 17th
August, 2005, number G.S.R.537 (E), dated the 17th August, 2005, namely:In the said notification,(i)
in paragraph 3, for clause (d), the following shall be substituted, namely:The jurisdictional excise officer shall, after satisfying himself that the said goods have been used for the specified purposes,
and on production of documentary evidence about the duty paid on the said goods, and the completion certificate and the
consolidated consumption certificate as specified in clause (ca) above, by the approved construction agency, sanction the
refund claim, at the rate of 6% of the cost of construction of such house or houses, as the case may be, subject to a maximum
of Rs.9000 per house constructed:
Provided that in respect of houses constructed by the approved agency in Andaman and Nicobar Islands, the refund claim
shall be sanctioned at the rate of 6% of the cost of construction of such house or houses, as the case may be, subject to a
maximum of Rs.21500 per house constructed; and
(ii)
in paragraph 4, the following proviso shall be inserted, namely:Provided that in respect of houses constructed by the approved agency in Andaman and Nicobar Islands, the amount of
refund shall not exceed 6% of the cost of construction or Rs.21500 per house constructed, whichever is less, in any case.
(iii)
in paragraph 5, for the figures, letters and word 31st March, 2008, the figures, letters and word 31st December, 2008
shall be substituted.
[F.No.341/2/2005-TRU (Pt)]
(Unmesh Wagh)
Under Secretary to the Government of India
Note. - The principal notification was published in the Gazette of India, Extraordinary, vide number G.S.R.537(E), dated the
17th August, 2005 and was last amended vide notification number 27/2007-Central Excise, dated the 14th June, 2007, published
in the Gazette of India, Extraordinary, vide number G.S.R. 428 (E), dated the 14th June 2007.
152
Legal Updates
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii) ]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
Notification No. 7 / 2009-Customs (N.T.)
New Delhi, dated the 6th January, 2009.
16 Pausa, 1930 Saka.
S.O. (E). In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs
Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs (Export),
Jawaharlal Nehru Custom House, Nhava Sheva, Raigad, Maharashtra to act as a common adjudicating authority to exercise
the powers and discharge the duties conferred or imposed on,(i) the Commissioner of Customs (Import), Jawaharlal Nehru Custom House, Nhava Sheva, Raigad, Maharashtra;
(ii) the Commissioner of Customs, New Central Excise Building, Port Area, Vishakhapatnam;
(iii) the Commissioner of Customs, New Custom House, Panambur, Mangalore;
(iv) Commissioner of Customs (Import), New Customs House, Ballard Estate, Mumbai; and
(v) the Commissioner of Central Excise, Delhi I, C.R.Building, I.P.Estate, New Delhi
for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s Bagsons International, 38/2079,
Naiwala, Karol Bagh, New Delhi - 5 and others issued vide, F.No. DRI/BZU/F/03/2006, dated the 25th June, 2008, by the
Additional Director General, Directorate of Revenue Intelligence, Mumbai Zonal Unit, Mumbai.
(M.M.Parthiban)
Director (Customs) to the Government of India
[F.No. 437/54/2008-Cus.IV]
[ TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii) ]
Government of India
Ministry of Finance
(Department of Revenue)
Notification No. 8 / 2009-Customs (N.T.)
New Delhi, dated the 6th January, 2009.
16 Pausa, 1930 Saka.
S.O. (E). In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs
Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs, Inland
Container Depot, Tughlakabad, New Delhi to act as a common adjudicating authority to exercise the powers and discharge
the duties conferred or imposed on:(i) the Commissioner of Customs (Export), New Custom House, New Delhi;
(ii) the Commissioner of Customs, Customs Commissionerate, Jaipur;
(iii) the Commissioner of Customs, Custom House, Kandla;
(iv) the Commissioner of Customs (Export), Custom House, JNPT, Nhava Sheva;
(v) the Commissioner of Customs (Export), Custom House, Chennai; and
(vi) the Commissioner of Customs and Central Excise, Hyderabad II, Hyderabad,
for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s Skipper Electricals India Limited,
F-667-668, RIICO Industrial Area, Phase-II, Bhiwadi and others issued vide, F.No. 840/JPR/19-XXI/2007, dated the 13th
August, 2008, by the Additional Director General, Directorate of Revenue Intelligence, Delhi Zonal Unit, New Delhi.
[F.No. 437/62/2008-Cus.IV]
(M.M.Parthiban)
Director (Customs) to the Government of India
the management accountant, February, 2009
153
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154
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Circular No 880/18/2008-CX
22nd December 2008
F.NO. 6/12/2008 CX 1
Government Of India
Ministry Of Finance
Department Of Revenue
Central Board Of Excise & Customs
Sub: Determination of the value of the excisable goods for the purposes of charging central Excise Duty in respect of
industrial units located in Jammu & Kashmir and availing VAT remission vide SRO 91 dated 16.03.05.
Representations have been received from the Trade in J&K on the above referred subject.
2
The Notification SRO-91 dated 16.03.2006 issued by the Government of J & K states that every registered industrial
unit claiming tax (VAT) remission shall make price adjustment in the selling price equivalent to the amount of tax chargeable
on the finished goods sold, where after the tax shall be charged on the net selling price so that the benefit of such price
adjustment is passed on to the purchasing dealer/consumer. In order that transparency is maintained in the transactions,
every sale invoice shall invariably mention the amount of price adjustment made in the selling price. In case no price
adjustment is made the industrial unit shall not be entitled to any tax remission. Following examples given in SRO 91 make the
scheme of remission clear:
In the case mentioned below at a there shall be no remission of tax and in respect of case mentioned at b, there shall
be remission of Tax.
a.
No remission of Tax
Qty
Description of goods
Unit price
Value (Rs.)
VAT Rate
Amount of VAT
(Rs.)
1
Transformer
10000
10000
4%
400
Total
10000
400
Total Amount Paid by the Buyer = Rs. 10,400.00 (Rs 400 is paid by the manufacturer to the state as VAT hence total
value of transaction for the manufacturer is Rs 10000)
b. Price adjustment Method for tax remission.
Unit Price
Qty
Description of
Before
Price
Net unit
Value(Rs.)
VAT
Amount of
goods
Price adj.
Adjustment
Price
Rate
VAT(Rs)
1
Transformer
10,000
384.6
9615.4
9615.4
4%
384.6
Total
9615.4
384.6
Total Amount Paid by the Buyer = Rs 10,000 ( Since no VAT is paid to the state, total value of transaction for the
manufacturer is Rs 10000)
3.
In case mentioned at a, the transaction value of Rs 10,000 is exclusive of the VAT, and the VAT of Rs 400, is charged
separately from the customer and paid to the exchequer. In this case, there is no remission of VAT by the state, and
transaction value inclusive of excise duty, for determination of the excise duty is Rs 10,000. In case mentioned at b, the
assessee has determined the assessable value taking transaction value as Rs 10,000, because for the said transaction he gets
Rs 10,000 from the customer inclusive of a notional amount of Rs 384.6 as VAT. However this VAT is not paid to the state.
Thus in both the cases transaction has earned Rs 10,000 for the assessee. This scheme implies that the VAT element is only
notional as far as the manufacturer is concerned and is neither paid nor payable to the Government. The question for
consideration is what shall be the transaction value inclusive of excise duty, for determination of excise duty in case b.
4
Section 4 defines the term transaction value as the price actually paid or payable for the goods, .........but does not
include the amount of duty of excise, sales tax and other taxes, if any, actually paid or actually payable on such goods;..
5
Further, the circular F.No. 354/81/200-TRU dated 30.6.2000 in paras Nos. 10 and 11 explains that only those taxes
which are actually paid or are payable to the concerned governments are deductible for determination of Assessable value.
Those amounts which are neither paid nor payable at a later date cannot be deducted while arriving at the assessable value.
6
In view of above, it is clarified that the VAT element indicated as price adjustment in the invoices in terms of SRO 91
and remitted by the state is not to be deducted for determining the assessable value.
7
Trade & industry as well as field formations may please be informed suitably.
8
Receipt of the Circular may be acknowledged.
9
Hindi version will follow.
(Ashima Bansal)
Undersecretary to the Government of India
the management accountant, February, 2009
155
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RBI/2008-09/343
A.P. (DIR Series) Circular No. 46
6 Months LIBOR*
300 bps
500 bps
157
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158
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159
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(j) The Chief Commissioner of Income -tax may withdraw the approval granted under clause (iia) of sub-section (1) of
section 35 if he is satisfied that the company has ceased to carry on its activities or its activities are not genuine or are not
being carried on in accordance with all or any of the conditions under this rule :
Provided that no order treating the application as invalid or rejecting the application or withdrawing the approval shall be
passed without giving a reasonable opportunity of being heard to the company.
(k) A copy of the order invalidating or rejecting the application or withdrawing the approval shall be communicated to the
applicant, the Assessing Officer and the Commissioner of Income-tax.
(3) Approval to a company under clause (iia) of sub-section (1) of section 35 shall be subject to the following conditions,
namely:(a) The sum paid to the company shall be used for scientific research;
(b) The applicant company shall carry on scientific research through its own employees using its own assets;
(c) A company approved under clause (iia) of sub-section (1) of section 35 shall maintain separate books of account in
respect of the sums received by it for scientific research, reflect therein the amount used for carrying on research, get
such books of account audited by an accountant, and furnish the report of such audit duly signed and verified by
such accountant to the Commissioner of Income-tax having jurisdiction over the case, by the due date of furnishing
the return of income under sub-section (1) of section 139. Explanation.- For the purpose of this clause accountant
shall have the same meaning as assigned to it in Explanation to sub-section (2) of section 288 of the Act.
(d) The company shall maintain a separate statement of donations received and the amount used for research and a copy
of such statement duly certified by the auditor shall accompany the report of audit referred to in sub-rule (3).
(e) Subsequent to approval, the company shall, every year, by the due date of furnishing the return of income under subsection (1) of section 139, furnish a statement to the Commissioner of Income-tax containing the following information, namely:(i) a detailed note on the research work undertaken by it during the previous year;
(ii) a summary of research articles published in national or international journals during the year;
(iii) any patents or other similar rights applied for or registered during the year;
(iv)programme of research projects to be undertaken during the forthcoming year and the financial allocation for such
subjects.
(f) If the Commissioner of Income-tax is satisfied that the company,
(i) is not maintaining separate books of account for research activities, or
(ii) has failed to furnish its audit report, or
(iii) has not furnished its statement of the sums received and the sums used for research, or a statement referred to in
subclause (e),or
(iv) has ceased to carry on its research activities, or its activities are not genuine, or
(v) is not fulfilling the conditions subject to which approval was granted to it,
he may after making appropriate enquiries, furnish a report on the circumstances referred to in sub-clauses (i) to (v)
to the jurisdictional Chief Commissioner of Income-tax within six months from the date of furnishing the return of
income under sub-section (1) of section 139.
3. In the Income-tax Rules, 1962, in Appendix II, after Form 3CF-II, the following form shall be inserted, namely: FORM NO. 3CF-III
[See rule 5F]
Application form for approval under clause (iia) of sub-section (1) of section 35 of the Income-tax Act, 1961 in the case of
company
1. (i) Name and address of the registered office of the applicant.
(ii) Enclose a copy of the Memorandum and Articles of Association, and if the company was approved earlier, furnish
notification number and date of the latest notification. [Please enclose a copy]
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2
3
8
9
10
(iii) If approval was withdrawn in the past, mention reasons on account of which the approval was withdrawn. [Enclose
a copy of the Order/Orders withdrawing approval/approvals]
(iv) Date from which approval has been sought for.
Legal status of the applicant: (Enclose a copy of certificate of incorporation)
(i) Address(es) of the research laboratory/research facility of the applicant.
(ii) Year of establishment.
(iii) Name and address of the Officer in-charge of the Laboratory/research facility.
(iv) Total number of employees engaged in scientific research.
List of research facilities or assets acquired by the applicant:
(i) Plant and machinery.
(ii) Land and building along with cost of acquisition.
(iii) Any other research facility/asset along with cost of acquisition.
Research subjects and projects undertaken by the applicant:
(i) Research projects completed by the organization during last three years, if any.
(ii) Research projects which have been taken up during the year and research projects which are underway from the past
years.
(iii) Research papers published in any eminent national or international research journal.
Other details of scientific research :
(i) New products, processes, methods, techniques developed.
(ii) Improvements in existing products, processes, methods, techniques.
(iii) Import substitution.
(iv) Patents filed: obtained, if any, and if so, in whose name?
(v) Whether products, processes methods and techniques mentioned at (i) above have been commercialized or implemented and if so, by whom?
(vi) New theories/models developed.
(vii) New hypothesis which has been widely accepted.
(viii) Any copyrights applied for/obtained.
(ix) Earnings from patents or registered trade marks, if any.
Enclose details of seminars, conferences, workshops, and training courses, etc., conducted by the applicant during the
last three years and a brief note regarding the relevance of such exchanges to the research area or activity carried on by
the applicant.
Programmes contemplated for research in future and financial projections to meet the likely expenditure on such
programmes.
(i) Sources of income of the applicant (for the last three years)
(ii) Indicate assessment particulars:
(PAN, Ward/Circle if assessed to tax)
(iii) When was the last return of income furnished?
Amount received by the company and actually applied for research conducted by it during the last three years:
Year
Amount received
Amount actually utilized for
research out of the amount
at column (2)
(1)
(2)
(3)
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As regards incomplete invoices/bills etc,., rule 4A of the Service Tax Rules, 1994 prescribes the statutory requirement.
Compliance of this rule requires that the invoices/challan/bills should be complete in all respect. Therefore, the exporter
claiming refund of service tax under notification No. 41/2007-ST should ensure in their own interest that invoices/bills/
challan should contain requisite details (name, address and registration No. of service provider, S. No. and date of invoice,
name and address of service receiver, description, classification and value of taxable service and the service tax payable
thereon). Refund claim cannot be allowed on the basis of invoices not having complete details as required verification
cannot be carried out by the department on the basis of incomplete invoices.
5. ISSUE NO. Ill: Vide instruction F. No. 341/15/2007-TRU, dated 17.4.2008, direction has been issued that refund claim be
disposed of within thirty days. Commissioners have stated that it is not practically feasible in all cases to dispose of the
refund claim within this time frame in view of procedural and other issues involved in processing of claim.
CLARIFICATION: The difficulties arising in processing of claims may be brought to the notice of the Board. The procedural
difficulties brought so far to the notice of the Board have been clarified earlier vide circular No. 101/4/2008-ST, dated
12.5.2008 and vide this circular. This should enable the field formations to dispose of the pending refund claims expeditiously.
Therefore, every effort should be made by field formations to adhere to the prescribed timelines.
The Board has further decided that simplified procedure for refund, as prescribed by the Board vide circular No. 828/5/
2006-CX dated 20.4.2006 for sanction of refund/rebate of unutilized CENVAT credit under rule 5 of the CENVAT Credit Rules,
2004/rebate would mutatis mutandis apply to refund claims under notification No. 41/2007-ST. Under this simplified procedure,
80% of the due refund amount is sanctioned as adhoc interim refund to specified category of exporters having good track
record, within 15 days of filing of a refund claim, subject to the condition that refund claim is complete and contains the
requisite documents. For this purpose, the specified category of exporters would be (i) all exporters having export turnover
of more than Rs 5 crore in the current or preceding financial year; (ii) PSUs including PSUs of State Governments; (iii) Star
Export Houses as specified under Chapter 3.5 of the Foreign Trade Policy, 2004-2009; (iv) manufacturer-exporters registered
with Central Excise who have been exporting during the previous two financial years and have minimum export of Rs. 1 crore
or more during the preceding financial year, (v) exporters registered with service tax or central excise who have paid central
excise duty and/or service tax amounting to Rs. 1 crore or more during the preceding financial year; (vi) All Export Oriented
Units.
6. Wide publicity may be given (in the form of trade notices, advertisements) to make the stakeholders aware of the above
clarification and compliance should be monitored. Any difficulty faced in processing of refund claims under aforesaid
notification may be immediately brought to the notice of the undersigned.
Yours faithfully,
(Gautam Bhattachraya)
Commissioner (ST)
163
DEPARTMENT IDS
S. No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12
13
14
15
16
17
Department/Activity
A&F, Delhi Office
A&F, HQ, Kolkata
CEO, ICWAI
Continuing Education Programmes, PD&P
Cost Accounting Standards Board
Examinations Department
Information Technology Department
Membership Department
Newsletter
Public Information Officer, ICWAI
Research & Journal
SAFA
S C Gupta, JD
Secretary, ICWAI
Studies Department
Technical Department
Training & Placement Department
E-Mail Id
admn_delhi@icwai.org
finance@icwai.org
ceo@icwai.org
mdp@icwai.org
casb@icwai.org
exam@icwai.org
it@icwai.org
membership@icwai.org
newsletter@icwai.org
pio@icwai.org
research@icwai.org
safa@icwai.org
gupta@icwai.org
secretary@icwai.org
studies@icwai.org
technical@icwai.org
training@icwai.org
Department/Activity
Shri Kunal Banerjee
Shri AS Durga Prasad
Shri AG Dalwadi
Shri BM Sharma
Shri SR Bhargave
Shri VC Kothari
Shri AN Raman
Shri GN Venkataraman
Shri M Gopalakrishnan
Shri Sanjiban Bandyopadhyaya
Shri SC Mohanty
Shri Somnath Mukherjee
Shri Balwinder Singh
Shri Chandra Wadhwa
Shri Hari Krishan Goel
E-Mail Id
president@icwai.org
vicepresident@icwai.org
dalwadi@icwai.org
bmsharma@icwai.org
bhargave@icwai.org
kothari@icwai.org
anraman@icwai.org
gnv@icwai.org
mgopala@icwai.org
sanjiban@icwai.org
mohanty@icwai.org
smukherjee@icwai.org
balwinder@icwai.org
wadhwa@icwai.org
hkgoel@icwai.org
CHAPTER IDS
S. No.
1
2
3
4
5
6
7
8
164
Area
NIRC
EIRC
SIRC
WIRC
Ahmedabad
Aurangabad
Baroda
Bhilai
E-Mail Id
nirc@icwai.org
eirc@icwai.org
sirc@icwai.org
wirc@icwai.org
ahmedabad@icwai.org
aurangabad@icwai.org
baroda@icwai.org
bhilai@icwai.org
the management accountant, February, 2009
CHAPTER IDS
S. No.
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
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Area
Bhopal
Bilaspur
Chandrapur
Goa
Indore-Dewas
Jabalpur
Jhagrakhand-Chirimiri
Kalyan-Ambarnath
Kolhapur-Sangli
Korba
Konkan
Kutch-Gandhidham
Nagpur
Nasik-Ojhar
Pune
Rajkot
Surat-South Gujarat
Vindhyanagar
Bangalore
Bhadravati-Shimoga
Cochin
Coimbatore
Godavari
Hyderabad
Kolar Gold Fields
Kothagudem
Kottayam
Madurai
Mangalore
Mettur-Salem
Mysore
Nellai-Pearl City
Neyveli
Palakkad
Pennar
Pondicherry
Ranipet-Vellore
Tiruchirapalli
Thrissur
Trivandrum
Ukkunagaram
Vijayawada
Visakhapatnam
Agartala
Asansol
Bokaro Steel City
Cuttack Bhubaneswar
Dhanbad-Sindri
Durgapur
E-Mail Id
bhopal@icwai.org
bilaspur@icwai.org
chandrapur@icwai.org
goa@icwai.org
indore@icwai.org
jabalpur@icwai.org
jhagrakhand@icwai.org
kalyan@icwai.org
kolhapur@icwai.org
korba@icwai.org
konkan@icwai.org
kutch@icwai.org
nagpur@icwai.org
nasik@icwai.org
pune@icwai.org
rajkot@icwai.org
surat@icwai.org
vindhyanagar@icwai.org
bangalore@icwai.org
bhadravati@icwai.org
cochin@icwai.org
coimbatore@icwai.org
godavari@icwai.org
hyderabad@icwai.org
kolargold@icwai.org
kothagudem@icwai.org
kottayam@icwai.org
madurai@icwai.org
mangalore@icwai.org
mettur_salem@icwai.org
mysore@icwai.org
nellai@icwai.org
neyveli@icwai.org
palakkad@icwai.org
pennar@icwai.org
pondicherry@icwai.org
ranipet@icwai.org
tiruchirapalli@icwai.org
thrissur@icwai.org
trivandrum@icwai.org
ukkunagaram@icwai.org
vijayawada@icwai.org
visakhapatnam@icwai.org
agartala@icwai.org
asansol@icwai.org
bokaro@icwai.org
cbc@icwai.org
dhanbad@icwai.org
durgapur@icwai.org
165
CHAPTER IDS
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166
Area
Farakka
Gangtok-Siliguri
Guwahati
Howrah
Jaipur-Keonjhar
Jamshedpur
Kalyani
Kharagpur
Naihati-Ichapur
Patna
Rajpur
Ramgarh
Ranchi
Rourkela
Sambalpur
Serampore
Silchar
Talcher Angul
Ajmer-Bhilwara
Allahabad
Chandigarh-Panchkula
Dehradun
Faridabad
Ghaziabad
Gorakhpur
Gurgaon
Hardwar-Rishikesh
Jaipur
Jalandhar
Jhansi
Jodhpur
Kanpur
Kota
Lucknow
Ludhiana
Mankapur
Naya Nangal
Noida
Patiala
Jammu Srinagar
Udaipur
Dubai
Nepal
Sultanate of Oman
Zambia
Tanzania
Botswana
South Orissa
E-Mail Id
farakka@icwai.org
gangtok@icwai.org
guwahati@icwai.org
howrah@icwai.org
jaipur@icwai.org
jamshedpur@icwai.org
kalyani@icwai.org
kharagpur@icwai.org
naihati@icwai.org
patna@icwai.org
rajpur@icwai.org
ramgarh@icwai.org
ranchi@icwai.org
rourkela@icwai.org
sambalpur@icwai.org
serampore@icwai.org
silchar@icwai.org
talcher@icwai.org
ajmer@icwai.org
allahabad@icwai.org
chandigarh@icwai.org
dehradun@icwai.org
faridabad@icwai.org
ghaziabad@icwai.org
gorakhpur@icwai.org
gurgaon@icwai.org
hardwar@icwai.org
jaipur@icwai.org
jalandhar@icwai.org
jhansi@icwai.org
jodhpur@icwai.org
kanpur@icwai.org
kota@icwai.org
lucknow@icwai.org
ludhiana@icwai.org
mankapur@icwai.org
nayanangal@icwai.org
noida@icwai.org
patiala@icwai.org
jammu@icwai.org
udaipur@icwai.org
dubai@icwai.org
nepal@icwai.org
oman@icwai.org
zambia@icwai.org
tanzania@icwai.org
botswana@icwai.org
south_orissa@icwai.org
the management accountant, February, 2009
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