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Saturday, February 28

#Budget2015: Highlights, Speech and Finance Bill

Highlights of the Budget:


Check here


Speech of FM Shri Arun Jaitley in the Parliament:


Check here

The Finance Bill, 2015:


Check here


Friday, February 27

Economic Survey: GDP to grow between 8.1-8.5% in FY 15-16

Image Courtsey: Financial Express
The Economic Survey, tabled by Finance Minister Arun Jaitley in Parliament today, a day ahead of the Union Budget, expects the economy to grow by over 8 per cent under a new calculation method that makes India the world's top-growing big economy.

Detailed Economic Survey Report of India - 2014-15 as tabled in Parliament (Click Here)

Faster growth will make big bang reforms possible in the coming years, the survey, considered a report card of the economy, has said. It was prepared by the finance ministry's chief economic adviser Arvind Subramanian.

"India has reached a sweet spot - rare in the history of nations - in which it could be launched on a double digit medium-term growth trajectory which would allow the country to attain the fundamental objectives of "wiping every tear from every eye," the report notes adding that "there is a scope for Big Bang reforms now."

It forecasts that the economy will grow by 8.1-8.5 per cent in the fiscal year 2015-16.


"It basically says the economy is now poised to take off, with key enablers getting into place," said Shubhada Rao, chief economist of Yes Bank in a quick reaction.

The Economic Survey has highlighted the Narendra Modi government's commitment to fiscal consolidation and has vowed to contain India's fiscal deficit for 2014-15 at 4.1 per cent.

Economists are optimistic that Mr Jaitley will be able to stick to the deficit target because of lower oil subsidy.

"We expect the Union Budget to maintain a similar underlying theme. We are looking at fiscal deficit projection of 3.6 percent for FY16," said Ms Rao.

Importantly, the survey highlights that tax estimates of the government have been over-estimated and that there is a need to increase revenue generation. This could dampen expectations that Mr Jaitley will announce a number of tax sops in his budget tomorrow.

The survey highlighted that there is scope for monetary easing from the Reserve Bank, with inflation showing declining trend. RBI chief Raghuram Rajan, who made a surprise rate cut in last month, has said that the central bank will keep an eye on inflation and the government's fiscal policy to decide on further monetary easing.

The current account deficit for FY15 is estimated at 1.3 per cent of GDP, which is in line with the RBI's estimates. The survey suggested removal of restrictions on gold imports. In comparison, the current account deficit had hit a record 4.8 per cent in 2013-14 which led to imposition of higher import duty on gold.

The survey suggests easing of restrictions on gold imports. The survey lists major reform initiatives undertaken by the government.

2. Reuters
3. Financial Express

Detailed Economic Survey Report of India - FY 2014-15

A flagship annual document of the Ministry of Finance, Government of India,Economic Survey 2014–15 reviews the developments in the Indian economy over the previous 12 months, summarizes the performance on major development programmes, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term. This document is presented to both houses of Parliament during the Budget Session.


Download the Economic Survey (Click on below Links)
1. Economic Survey - Volume-I(All Chapters)
2. Economic Survey - Volume-II(All Chapters)

Notes: Statistical Appendix

These files includes detailed statistical data covering all aspects of the economy—macro as well as sectoral—the report provides an overview of the following issues:
1. Economic Outlook, Prospects, and Policy Challenges
Fiscal Framework
2. 'Wiping Every Tear From Every Eye' : The JAM Number Trinity Solution
3. The Investment Climate: Stalled Projects, Debt Overhang and The Equity Puzzle
4. Credit, Structure and Double Financial Repression: A Diagnosis of the Banking Sector
5. Putting Public Investment on Track: The Rail Route to Higher Growth
6. What to Make in India? Manufacturing or Services?
7. A National Market for Agricultural Commodities - Some Issues and Way Forward
8. From Carbon Subsidy to Carbon Tax: India’s Green Actions
9. The Fourteenth Finance Commission (FFC) - Implications for Fiscal Federalism in India?
10. State of the economy and Public Finance
11. Monetary management and financial intermediation
12. External sector and Service sector
13. Prices, agriculture and food management
14. Industrial, corporate and infrastructure performance
15. Climate change and sustainabke development
16. Social infrastructure, employment and human development

This document would be useful for policymakers, economists, policy analysts, business practitioners, government agencies, students, researchers, the media, and all those interested in the development in the Indian economy.


CA Final - May 2015 - Recommended Study Schedule and Reference Books

Don't let the Exam Frustration rule your mind.
On our Facebook Page / Admin Profile and Twitter Page, we get so many messages from Students, as to how should we prepare for the Exams, what should be the Study Schedule, How much Study for a day is enough, Which book in which Subject should be referred, whether I would be able to complete the Course? Well, all these questions are natural, when you are bracing up for a big exam like of CA Final. So here in this post, we are bringing you an ideal Study Schedule and the Suggested Reference Books for each Subject. 


Please note that, all the books referred here are only recommendation by us, we do not have any affiliation with these Authors / Publication House, based on the experience and feedback of various students. You may find, any other book even better.

Recommended Study Schedule and Reference Books (Click to Download)

or You can view the File online here -

We hope this would be helpful to all of you.

Railway Budget 2015: Prabhu's Apolitical, Practical and Visionary Rail Budget for Aspirational India

Suresh Prabhu entering Parliament before Railway Budget

Shri Suresh Prabhu, Railway Minister, who is also a Chartered Accountant presented his maiden Railway Budget for FY 2015-16, yesterday on 26th February 2015 in the Loksabha. Many of the analysts and economists are terming it as a Practical Budget. The Railway Minister was appreciated for his maiden Railway Budget, in which he preferred to be apolitical, practical and visionary Railway Minister. Here are the key takeaways from the Rail Budget.

Highlights of the Railway Budget 2015-16


1. IR to become prime mover of economy once again.
2. Resource Mobilization for higher Investments.
3. Decongestion of heavy haul routes and speeding up of trains: emphasis on gauge conversion, doubling, tripling and electrification.
4. Project delivery.
5. Passenger Amenities.
6. Safety.
7. Transparency & System Improvement.
8. Railways to continue to be the preferred mode of transport for the masses.
9. Sustainability.

Four goals for Indian Railways to transform over next five years:

a) To deliver a sustained and measurable improvement in customer experience.
b) To make Rail a safer means of travel.
c) To expand Bhartiya Rail’s capacity substantially and modernise infrastructure.: increase daily passenger carrying capacity from 21million to 30 million: increase track length by 20% from 1,14,000 km to 1,38,000 km: grow our annual freight carrying capacity from 1 billion to 1.5 billion tonnes.
d) Finally, to make Bhartiya Rail financially self-sustainable. Generate large surpluses from operations not only to service the debt needed to fund our capacity expansion, but also to invest on an on-going basis to replace our depreciating assets.


Eleven major thrust areas of Action Plan: Quality of life in journeys:

Cleanliness:- Swachh Rail Swachh Bharat, new department for cleanliness, integrated cleaning by engaging professional agencies and training our staff, ‘waste to energy’ conversion plants, new toilets covering 650 additional stations compared to 120 stations last year. Bio-toilets.

Bed linen: NIFT to design; online booking of disposable bed rolls.

Help-line: 24X7 helpline number 138;toll-free number 182 for security related complaints.

Ticketing: operation five minutes for issuing unreserved tickets, hot buttons, coin vending machines, single destination teller, concessional e-tickets for differently abled travelers, developing a multi-lingual e-portal, crediting of refunds through banks, unreserved tickets on Smart phones, proliferation of automatic ticket vending machines with smart cards and currency options, integrated ticketing system on the lines of rail-cum-road tickets, Defence Travel System developed for elimination of Warrants .

Catering: e-catering to select meals from an array of choices. Ordering food through IRCTC website at the time of booking of tickets; integrating best food chains into this project; setting up of Base Kitchens in specified Divisions to be run by reputed agencies for serving quality food; expansion of water vending machines.

Leveraging technology: Hand-held terminals to Travelling Ticket Examiners (TTEs) for verification of passengers and downloading charts; possibility of extending facility of SMS on mobiles as a valid proof of travel for PRS tickets; integrated customer portal as a single interface to access different services; Introduction of a centrally managed Railway Display Network in over 2000 stations in next two years; “SMS Alert” service to inform passengers in advance of the updated arrival/departure time of trains at starting or destination stations.

Surveillance: surveillance cameras provided on a pilot basis in selected mainline coaches and ladies’ compartments of suburban coaches without intruding into privacy.

Entertainment: project for introducing on-board entertainment on select Shatabdi trains on license fee basis launched; Mobile phone charging facilities to be provided in general class coaches & increased in sleeper class coaches.

Station facilities: 200 more stations to come under Adarsh Station scheme; Wi - Fi to be provided at B category stations ; facility of self-operated lockers to be made available at stations; provision of concierge services through IRCTC at major stations; online booking of wheel chair on payment basis for senior citizens, patients and the differently-abled passengers through IRCTC on select stations.

Train capacity: capacity in identified trains be augmented to run with 26 coaches; more General class coaches be added in identified trains;

Comfortable travel: NID approached to design user friendly ladders for climbing upper berths; increasing quota of lower berths for senior citizens; TTEs be instructed to help senior citizens, pregnant women and differently-abled persons in obtaining lower berths; middle bay of coaches to be reserved for women and senior citizen; NID to develop ergonomically designed seats; introduction of train sets; Provision of Rs. 120 crore for Lifts and escalator which is 76% higher; newly manufactured coaches will be Braille enabled; building wider entrances for the ease of differently-abled passengers; allocation for passenger amenities up by 67% Y-O-Y. Corporate houses & MPs to be requested to invest in improving passenger amenities at Railway stations through CSR & MPLAD funds; Divisional Committees in each Railway to be chaired by Members of Parliament.

Expansion of freight handling capacity
Transport Logistics Corporation of India (TRANSLOC), to be set up for developing common user facilities with handling and value-added services to provide end-to-end logistics solution at select Railway terminals through Public Private Partnerships.

Improving train speed
1. Speed of 9 railway corridors to be increased from existing 110 and 130 kmph to 160 and 200 kmph respectively so that inter-metro journeys like Delhi-Kolkotta and Delhi-Mumbai can be completed overnight.

2. Average speed of freight trains in empty and loaded conditions, will be enhanced to 100 kmph for empty freight trains and 75 kmph for loaded trains; loading density on all major freight bearing routes to be upgraded to 22.82 tonne axle loads.

Technology upgradation

1. Constituting an innovation council called “Kayakalp” for business re-engineering and introducing a spirit of innovation in Railways.
2. Strengthening of RDSO into an organization of excellence for applied research; four Railway Research Centers to be set up in select universities for fundamental research; ‘Malaviya Chair’ for Railway Technology at IIT (BHU), Varanasi to be set up.
3. Consortium of Ministry of Railways, Ministry of Human Resource Development, Ministry of Science And Technology and Industries on to take up identified Railway projects for research.

Social initiatives
1. Infrastructure like stations and training centers to be made available for skill development. Indian Railways personnel and their services also available for this national cause.
2. Promotion of products made by Self Help Groups, consisting mainly of women and youth on the model of Konkan Railway.

1. Net reduction in Gross Traffic Receipts by Rs 917 crore compared to the BE of Rs 1,60,165 crore.
2. Growth in Ordinary Working Expenses (O.W.E) scaled down to 11.7% as against BE of 15.5% y-o-y. Taking into account the likely savings accruing from drop in prices of HSD (high speed diesel) for traction partly offset by higher requirements under certain heads for maintenance, safety and cleanliness activities, the budgeted O. W. E. of Rs 1,12,649 crore decreased in the RE 2014-15 to Rs. 1,08,970 crore i.e. by Rs 3,679 crore.
3. Appropriation to the Pension Fund has been increased to Rs. 29,540 crore in RE.

Internal resource generation also improved and accordingly the appropriation to DRF has been scaled up to Rs 7,975 crore in RE from the BE 2014-15 provision of Rs 7,050 crore. 

After taking into account the above, "Excess" of receipts over expenditure stands at Rs 7,278 crore in RE 2014-15 reflecting better financial management.

Plan size for 2014-15 increased from Rs 65,445 crore in the B.E to Rs 65,798 crore in the Revised Estimates i.e. by Rs 353 crore with higher provisions under internal resource component and market borrowings for rolling stock requirement.

Budget Estimates for 2015-16

1. The intention is to capture increased revenues and ensure appropriate investments so as to decongest the system and enhance line-capacity.
2. Passenger earnings growth pegged at 16.7% and target budgeted at Rs. 50,175 crore.
3. Freight traffic is pegged at an all time high incremental traffic of 85 million tonnes, anticipating a healthier growth in the core sector of economy; Goods earnings proposed at Rs. 1,21,423 crore which includes rationalisation of rates, commodity classification and distance slabs.
4. Other coaching and sundries are projected at Rs. 4,612 crore and Rs. 7,318 crore.
5. Gross Traffic Receipts estimated at Rs 1,83,578 crore , a growth of 15.3%.
6.Ordinary Working Expenses proposed to grow at 9.6% over RE 2014-15. Traction fuel bill anticipated to shrink further.  Higher provisions made for safety maintenance and cleanliness. Lease charges, interest component of the current and previous market borrowings, at a growth of 21%.
7. Appropriation to Pension Fund proposed at Rs 35,260 crore and appropriation to DRF at Rs 8,100 crore. Appropriation of Rs 7,616 crore proposed to be made to Capital Fund for payment of principal component of lease charges to IRFC.

Fare/Freight Hike
1. No changes in Passenger fares.
2. The railway minister has proposed a freight hike of 0.8% on iron ore and steel, a 6.3% increase on coal movement and an increase in freight rate for grains and pulses by 10% in fiscal 2015-16 that begins in April.

1. PTI
2. Indian Railways Website
3. Money Control
4. Financial Express

Saturday, February 21

#Budget2015 : If I were FM

The Business News Paper Mint has come up with a new Pre #Budget2015 interview segment, that shows CEOs of Big Organizations expectations from Budget. The idea of the series of Interviews is that, what would the person have done, if he was made FM while presenting Budget.

1. If I were FM : Girish Vanvari, KPMG India


2. If I were FM | Govind Shrikhande, Shoppers Stop

3. If I were FM | V. Vaidyanathan, Capital First

4. If I were FM | COO, L&T Infotech


The Contents are under ownership of live mint, the content has been republished here for Educational Purpose only.

#Budget2015 : Threshold for furnishing of Tax Residency Certificate likely

In order to promote ease of doing business, Finance Minister Arun Jaitley is likely to fix a monetary threshold for furnishing Tax Residency Certificate (TRC) which is needed by overseas entities for availing benefits under bilateral tax treaties.

The move, according to sources, will remove the administrative burden for companies seeking overseas investments in smaller quantities.

At present, all entities coming with Foreign Direct Investment (FDI) have to furnish a TRC to the Income Tax Authorities.

Follow Full #Budget2015 coverage here.

According to tax experts, while the larger companies do not face much problem in furnishing TRC, the smaller ones face problems as they do not have adequate administrative machinery to deal with the regulatory requirements.

The Ministry is considering putting a threshold for furnishing of TRC, sources said, adding that it would significantly improve the ease of doing business in India.

This issue, according to KPMG (India) Partner Tax Vikas Vasal, particularly assumes importance in case of a non-resident having few transactions or where the amount involved is not substantial.


"TRC requirement should be done away with and the non-resident asked to self-certify and provide the necessary particulars to the Indian resident making the payment. Alternatively, a monetary threshold limit should be introduced to exempt most of the day to day transactions from this requirement," Vasal said.

An announcement in this regard is likely to be made in the Budget to be presented by Jaitley on February 28.

In the Finance Act 2012, the government made it mandatory for non-residents to produce a tax residency certificate (TRC) from the home country revenue authority when seeking to avail themselves of tax treaty benefits.

The format of the TRC is prescribed by the revenue department. Under it, the foreign investors have to provide the tax identification number, their residential status, period for which the TRC is applicable and address of the assessee during that period.

Source: ET

#Budget2015 : Tax sops likely for Investment in Swachh Bharat and Clean Ganga

Finance Minister Arun Jaitley is likely to provide tax incentives in Budget to encourage companies to participate in Swachh Bharat Abhiyan and Clean Ganga campaign as part of mandatory two per cent CSR spending.

"The Ministry is working on tax incentives for these two major schemes of the Narendra Modi government and some 
announcements are likely in the Budget," a source said.

Follow Full #Budget2015 coverage here.

Jaitley is scheduled to present his first full fledged Budget on February 28.

India Inc has been demanding that CSR spending be allowed as deduction or weighted deduction for the purpose of computing tax liability, the source added.


Currently contributions to Prime Minister's National Relief Fund is allowed as 100 per cent deduction.

"The Budget is likely to outline the quantum of deduction which will be allowed for CSR spending in Swachh Bharat and Clean Ganga," the source said.

Under the Companies Act, the companies are required to spend 2 per cent of their net profit on Corporate Social Responsibility (CSR) activities. But the Income Tax Act does not provide for any incentives for such expenditure.

The companies are also required to disclose the CSR activities and the amount spent on it in their annual reports.

The Budget for 2014-15 has clarified that the expenditure incurred on CSR activities is not for the purpose of business and hence cannot be allowed as deduction for computing tax liability of the company. However, deductions could be allowed for certain CSR activities, it had said.

"Tax deductibility of the CSR expenses is essential to encourage corporates to participate on a sustainable basis in government's social sector initiative through the CSR regulations," Nabin Ballodia, Partner Tax, KPMG India, said.

In October 2014, the government widened the activities coming under CSR ambit and said contributions to 'Swachh Bharat Kosh' and 'Clean Ganga Fund' would be considered as social welfare spending work.

'Swach Bharat Kosh' has been set up to attract funds from various entities, including corporates, for activities related to Swachh Bharat initiative. The 'Clean Ganga Fund' is aimed at pooling money for taking up works to clean the Ganga river.

Swachh Bharat and Clean Ganga are among the major initiatives of the Modi government, which has embarked on a major drive to ensure cleanliness across the country.

Certain class of profitable companies are required to shell out at least two per cent of their three-year average annual net profit towards CSR activities. The provision, part of the new Companies Act, came into force from April 1, 2014.

These norms are applicable to companies having at least Rs 5 crore net profit, or Rs 1,000 crore turnover or Rs 500 crore net worth.

Livelihood enhancement and rural development projects, working towards protection of national heritage, setting up public libraries, promotion and development of traditional arts and handicrafts, are among the activities coming under CSR ambit.

Source: ET

Printing of #Budget2015 document begins with 'Halwa' ceremony

The process of printing documents for the Budget 2015-16 began on Thursday with the ritual 'halwa ceremony', which was attended by Finance Minister Arun Jaitley in the North Block office. It has been a tradition which has continued for long. As part of the ritual, 'halwa' is prepared in a big 'kadhai' (vessel) and served to the entire staff in the ministry.

Follow all #Budget2015 updates here.

The significance of the sweet dish is that after it is served, a large number of officials and support staff, who are directly associated with the Budget making and printing process, are required to stay in the ministry and remain cut off from their families till the presentation of the Budget by the minister in the Lok Sabha.

They are not even allowed to contact their near and dear ones through phone or any other form of communication, like e-mail. Only very senior officials in the Finance Ministry are permitted to go home.

The Budget, which will be the first full-fledged Budget of the present NDA government, is scheduled to be unveiled in Parliament on February 28. Minister of State for Finance Jayant Sinha, Finance Secretary Rajiv Mehrishi, Revenue Secretary Shaktikanta Das, Joint Secretary (Budget) Rajat Bhargava and other officers and staff of the ministry involved with Budget preparation were also present at the halwa ceremony.


Friday, February 20

#Budget2015 : ICAI's Pre-budget memoranda

Follow the Full #Budget2015 Coverage here.


ICAI's pre #Budget2015 Memoranda-

Source : ICAI

Tuesday, February 17

Punit Renjen named Deloitte Global CEO: 7 facts to know about the first Indian to lead any Big4

Punit Renjen. Deloitte image
Punit Renjen
India-born Punit Renjen will become the next CEO of US-based accounting giant Deloitte’s global operations. He will assume his new role from 1 June.

Renjen is the latest to join a long list of persons of Indian origin to become global CEOs. Others inlcude Indira Nooyi, Satya Nadela and Anshu Jain, who have made to the top posts at PepsiCo, Microsoft and Deutsche Bank, respectively.

Here are a few facts you need to know about Renjen:

1) Renejen is the first Indian-origin person to head a ‘Big-Four’ audit firm. The Big Four are PwC, KPMG, EY and Deloitte. He has been working with Deloitte for the last 27 years.

2) Renjen hails from Rohtak, Haryana. He grew up in India and did his schooling at Lawrence School in Sanawar, Himachal Pradesh. He has a bachelor’s degree with honours and a master’s degree in management from Willamette University, US.

4) Explaining how Deloitte stands out from the rivals, he said in an interview to Leaders, a quarterly magazine, that Deloitte doesn't compare itself to anybody else for validation or definition. "We are respectful of firms in our profession, but we regard ourselves as leaders of the profession, and we’re unique and special," Renjen said. The aim is to "serve our clients with integrity and distinction", he said.3) Earlier he was chairman and CEO of Deloitte Consulting LLP. "Under his direction, Deloitte Consulting has been recognized in several leadership rankings by top-tier industry analysts in the areas of mergers, acquisition, divestitures, post-merger integration, strategy, operations consulting and business advisory," said a note on Willamette website yesterday. The Mint reports that Renjen has been credited with growing the consulting business despite the recession.

5) Renjen is considered a leader in M&As, according to this profile on Bloomberg Business. He has facilitated many major M&As in the last 10 years, "helping clients expand into new markets, create new profit streams, and generate cost reductions and savings synergies", the profile said.

6) According to the Mint report, Renjen's appointment comes at a time when Deloitte is aggressively expanding in Asia and emerging markets.

7) Renjen was on of The Top 25 Consultants ranked by Consulting Magazine in 2007. Others on the list that year included Paul Laudicina of A.T. Kearney, Alan Herrick of Sapient, Kris Pederson of IBM, Tata Consultancy Services, and Romil Bahl of Infosys Consulting.

With inputs from PTI.

Source: FirstPost

Friday, February 13

Proposed Changes in the curriculum of CA and How students should deal with these

“The Only Thing That Is Constant Is Change.”
― Heraclitus

In 2014, ICAI had set up a Committee for Review of Education and Training (CRET). The Committee was to review its existing system of Education and Training and examine, whether or not, it is adequate in the context of existing requirements and anticipated changes in the environment.

The New Proposed Scheme of Education and Training was released at the Annual Function of ICAI held on February 11th 2015 at Delhi. A complete booklet outlining the Scheme and also significant changes along with reasons thereof is hosted on the Institute's website at the given link Proposed Scheme of Education and Training.


The Proposed Changes are, as below-

Proposed Overall Scheme

Route II - Direct Entry Scheme overview

Changes in CPT (Foundation) and Names of Stages of Course

Changes in IPC (Intermediate Level)

Changes in Structure of Practical Training

Changes in Final Stage

Invitation of Comments on Proposed Scheme from Members-
Members of ICAI are requested to send comments on the Proposed Scheme as early as possible as but not later than 28thFebruary 2015, by sending an e-mail to


All the changes that have been proposed are open for comments of Public and shall be finalized by the Council of Institute based on the Public Comments. Thereafter, the due process of drafting of CA Regulations, taking approval from Central Government, and exposing the draft Regulations for public comments for 45 days will be followed. All the steps would be involving considerable time.

Once the scheme is approved, the Implementation Scheme, including Transitional Provisions for Students of the existing Scheme shall also be formulated for smooth transition. Timeline will also be so set that the students get a reasonable opportunity for smoothly shifting to the New Scheme. While formulating the Transitional Scheme, reasonable care shall be taken to allow exemption to the students in respect of Subjects which they have already cleared under the existing scheme. Hence, till the time, students are advised to continue studying regularly as per the existing scheme and curriculum.


All the changes proposed will not happen overnight, there might be some changes, which can be avoided by the Council. After everything goes fine, at least 3-4 months will pass, in getting approval from Central Government and Exposing Draft to the public. Implementation Schedule will also take a reasonable time (somewhere about an year).

Almost this process may take about one and half year. Also the transitional Provisions for existing student will be made. So the existing student need not to panic. At least the students having attempt till December 2015, need not to disturb there regular study schedule and should not worry. ICAI is well aware about the students' situation. Any change will be done after giving reasonable time to students so that they can smoothly shift to the new scheme.

In short, students need not to worry and should not change there study schedules. The changes will almost take 1 or 1.5 years to come into force.

Students are advised to continue with the current curriculum and need not to panic. All the changes will be done after giving reasonable notices and considerable time to the existing scheme.

Source: ICAI

Thursday, February 12

ICAI elects new President and Vice President

Press Release

ICAI elects New Torch Bearers for the year 2015-16

The Institute of Chartered Accountants of India (ICAI) is a statutory body established by the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountants in India. The affairs of the ICAI are managed by a Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988. The Council is composed of 40 members of whom 32 are elected by the members and remaining 8 are nominated by the Central Government generally representing the Comptroller and Auditor General of India, Ministry of Corporate Affairs, Ministry of Finance, and other stakeholders.

On February 12, 2015, ICAI elected its new torchbearers CA. Manoj Fadnis as the President and CA. M. Devaraja Reddy as the Vice-President for year 2015-16. 

Brief profile of President, ICAI

Brief profile of Vice-President, ICAI

Source: ICAI