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Friday, February 26, 2010

BUDGET PROPOSALS- DIRECT AND INDIRECT TAXES PROPOSALS

Budget Highlights-2010


Budget Highlights 2010

  1. GST to be implemented from 2011
  2. Hope to implement Direct Tax Code from April 2011
  3. Online news agencies to attract service tax
  4. Service Tax rates unchanged
  5. Account auditing for all income above Rs 15 lacs
  6. More services to be brought under tax net
  7. Rationalization of customs duty on gaming software
  8. Toys exempted from excise duty, to become cheaper
  9. Jewellery to be more expensive
  10. Monorail granted project import status
  11. CDs to be cheaper
  12. Excise duty on CFL halved to 4%
  13. Customs duty on Gold and Platinum hiked
  14. Refrigerators to be costlier
  15. Televisions to be costlier
  16. Mobile phones to become cheaper
  17. Peak customs duty unchanged at 10%
  18. Cement to be costlier
  19. Air conditioners to be costlier
  20. Excise on all non smoking tobacco raised
  21. 7.5% duty on petrol and diesel restored
  22. 5% duty on crude petroleum restored
  23. Excise duty on petrol and diesel raised to Rs 1/liter
  24. Cigarettes to be costlier
  25. Excise on large cars, SUVs, MUV raised to 22%
  26. Partial rollback in Excise Duty from 10% to 8%
  27. Presumptive tax limit raised to Rs 60 lacs
  28. Investment linked deduction benefit for 2 Star hotels
  29. Deduction of Rs 20000 on investment in infra bonds
  30. Weighted deduction on R&D raised to 200% from 150%
  31. No tax on Income up to Rs 1.6 lacs
  32. Current surcharge on companies reduced to 7.5%
  33. Minimum Alternate tax hiked to 18%
  34. 30% tax on income above Rs 8 lacs
  35. 20% tax on income between Rs 5 lacs to 8 lacs
  36. 10% tax on income between Rs 1.6 lacs to 5 lacs
  37. IT dept to notify Saral 2 form for individual tax payers
  38. Home loans up to Rs 20 lacs to get interest subvention of 1% up to March 11
  39. Interest  subvention for housing loans up to 1 lacs
  40. 2% loan subsidy to farmers
  41. Farm loan payments to be extended for six months
  42. Interest subvention of 2% to be extended for handicrafts and SMEs
  43. interest subvention for exports to extended for one year
  44. RBI may give banking licenses to Pvt cos and NBFCs
  45. FDI policy to be made more user-friendly




Union Budget 2010-2011: Synopsis

GENERAL:
Economic crisis: "We have withered the global slowdown well," says FM.
18.9% growth rate in manufacturing sector in 2009.
Fiscal deficit pegged at 5.5%
Hope to breach 10% mark in GDP in near future, says FM.
Growth to exceed 7.2% in this fiscal, says FM.
General Sales Tax and Direct Tax Code can be introduced in April 2011
Gradual phasing out of stimulus, says FM.
Govt to set up apex level Financial Stability and Development Council
RBI to release additional licenses to pvt sector banks and non-banking financial institutions
Repayment tenure for farmer loans extended by 6 months to June 30th 2011
Delhi-Mumbai industrial corridor taken up for development
Govt to raise Rs 25000 cr through Disinvestment
Technology advisory group to be set up under Nandan Nilekani. UID authority given Rs 1900 cr
Allocation to Defence over Rs 147,000 crore
DIRECT TAX:
Direct tax code will be implemented from April 1, 2011
I-T dept to notify simple two-page Saral 2 form for individuals for current year
Direct Tax proposals to give loss of Rs 26,000 cr; Indirect Tax to yield gain of Rs 45,000 cr

No change in Corporate Tax
Minimum Alternate Tax up from 15% to 18% on book profits
Reduced Surcharge of 10% on domestic companies to 7.5%
Professionals with Rs 15 lakh income need accounts audit
Personal Taxation:

Income up to Rs 1.60 lakh: NIL tax
Income between Rs 1.60-5 lakh: Tax at 10%
Income between 5-8 lakh: Tax at 20%
Income above Rs 8 lakh: Tax at 30%
Minimum Tax Exemption limit for Senior Citizens and Women remains unchanged; i.e. Rs. 2,40,000 and Rs. 1,90,000 respectively.
Additional Rs 20,000 deduction made available for investment in Infrastructure Bonds. This is above Rs. 1,00,000 80C exemption
INDIRECT TAX:

Service Tax rates unchanged at 10%, to bring more services under service tax

Duties on smoking and non-smoking tobacco products up
Peak excise duty hiked from 8% to 10%
Peak customs duty remains unchanged at 10%
Rs 1 per litre excise on petrol, diesel
Full excise cut on electric cars
Partial rollback of excise duty on cement
Agricultural seeds exempt from Service Tax
News agencies exempt from Service Tax
Service tax to GDP ratio is 1%
Customs duty on gold, platinum imports raised to Rs 300 from Rs 200
Import duty on silver raised to Rs 1500 per kg

Wednesday, February 24, 2010

Guidelines for Appointment of Statutory Auditors in Public Sector Banks

Guidelines for Appointment of Statutory Auditors in Public Sector Banks

Appointment of Statutory Auditors in Public Sector Banks

GOI had granted autonomy to the public sector banks (PSBs) in December, 2005, in the matter of appointment of statutory auditors, providing an option that PSBs may obtain the names of statutory central auditors (SCAs) and branch auditrors (SBAs) directly from the Comptroller and Auditor-General of India (C&AG) and the Institute of Chartered Accountants of India (ICAI) respectively and appoint them with prior approval of Reserve Bank of India (RBI). To encourage and enable PSBs to exercise the autonomy, a Road Map has been rolled out for appointment of statutory auditors in PSBs.

The salient features of the road map in respect of the appointment of SCAs and SBAs are as under:

i) All the PSBs to compulsorily exercise autonomy in appointment of SCAs from the year 2008-09;

ii) RBI to forward to PSBs a list containing the names of audit firms equivalent to the total number of vacancies of SCAs in all the PSBs put together during the year 2008-09;

iii) PSBs to select suitable SCAs from the list and after obtaining the consent of the audit firms in writing to recommend the names to RBI for prior approval;

iv) The following large PSBs will exercise autonomy in regard to SBAs also, viz. State Bank of India, Allahabad Bank, Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Punjab National Bank, Syndicate Bank, UCO Bank and Union Bank of India.

The relevant guidelines and norms for empanelment/ eligibility/ categorization, etc. regarding appointment of statutory auditors in PSBs have been advised to PSBs and are given in Annex.

Annex 1 -   The minimum eligibility norms for SCAs.
Annex 2 –   The eligibility/ categorization norms for SBAs.
Annex 3 – Road Map prescribed by Government of India for appointment of statutory auditors in PSBs form 2008-09 and onwards.
Annex 4 -   Procedure for appointment of statutory auditors in PSBs. 


Annex  1Norms of empanelment for Statutory Central auditors of Public Sector Banks Select  applicable from the year 2005-06
As on 1 January of the relative year the firm should have
(i) minimum 7 full time chartered accountants, of which at least 5 should be full time partners exclusively associated with the firm.  These partners should have minimum continuous association with the firm i.e. one each should have continuous association with the firm at least for 15 years and 10 years , two with a minimum of 5 years each and one with a minimum of one year.   Four of the partners should be FCAs.  Also at least two of the partners should have minimum 15 and 10 years experience in practice.  In case the paid Chartered Accountant available with the firm without any break was admitted as a partner of the said firm at a future date, his association with the firm as a partner will be counted from the date of his joining the firm as a paid Chartered Accountant.

(ii) the number of professional staff  (excluding typists, stenographers, computer operators, secretary/ies and sub-ordinate staff etc.), consisting of audit and articled clerks with the knowledge in book-keeping and accountancy and are engaged in outdoor audit should  be 18.

(iii)  the standing of the firm should be of atleast 15 years  which  would be reckoned from the date of availability of  one full time FCA continuously with the firm. 

(iv) the firm should have minimum statutory central audit experience of 15 years of public sector banks (before or after nationalisation) and /or by way of statutory branch audit thereof or that of statutory audit experience  of a  private sector bank with deposits resources of not less than Rs.500 crore.   In case any of the partner of an audit firm is nominated / elected for a period of atleast 3 years or more on the Board of any public sector bank then his / her such experience for a maximum period of three years will be considered as bank audit experience, provided such experience has not been earned by him / her concurrently i.e. when his / her firm was assigned statutory audit of any PSB, select all India financial Institutions or RBI.

(v) the firm should have statutory audit experience of 5 years of the public sector undertakings (either Central or State Government undertaking) .  While calculating such experience, more than one assignment given to a firm during a particular year or more than one year's statutory audit (audits in arrears) assigned to the firm will be reckoned, as one year experience only, for the purpose of counting such experience.

(vi) at least one partner of the firm or its paid Chartered Accountant must possess CISA / ISA or any other equivalent qualification. 

 Annex 2
Categorisation norms effective from the year 2005-06 for the empanelment of audit firms to be appointed as statutory branch auditors for   public sector banks
Cate-gory      
No. of CAs  exclusively associated with the firm(Full time)
No. of partners exclusively associated with the firm (full time) (Out of 2)
Professional
staff
Bank audit
experience
Standing of the  audit firm
(1)
(2)
(3)
(4)
(5)
(6)
I.
5
3
  8
The firm or at least one of the partners should have a minimum of 8 years experience of branch audit of a nationalised bank and / or of a private sector bank with deposits of not less than Rs.500 crore.
8  years
      II.
3
2
6
The firm or atleast one of the partners should have preferably conducted branch audit of a nationalised bank or of a private sector bank with deposits not less than Rs.500 crore for atleast 5 years
6 years
(for the firm or atleast one partner)
III
. 2
1
4
The firm or atleast one of the CAs should have preferably conducted branch audit of a nationalised bank or of a private sector bank with deposits not less than Rs.500 crore for atleast 3 years 
5  years
(for the firm or atleast one partner)
IV.
                                2

Even proprietorship concern without bank audit experience may be considered as hitherto. (The proprietary concerns of Chartered Accountants with 1 paid CA, 2 professional staff and not having any statutory branch audit experience of a nationalised bank or of a private sector bank with deposits not less than Rs.500 crore  will be treated at par with the partnership firm after deducting their 3 years seniority from the date of their establishment) .  
2

Not necessary 3 years


Annex 3

Road Map for operationalisation of Managerial Autonomy and procedure for appointment of Statutory Auditors in PSBs  w.e.f the year 2008-09

I. Statutory Central Auditors

i) The existing minimum eligibility / empanelment norms to remain the same.

ii) All PSBs to compulsorily exercise autonomy and select their SCAs from now onwards.

iii) The number of SCAs to be appointed to each PSB to be determined as per the existing system based on the size of the balance sheet.

iv) For the year 2008-09 – RBI to forward a list containing the names of audit firms equivalent to the total number of vacancies, after assessing the requirement of the SCAs in each PSB, from the list of eligible audit firms received from C&AG.

v) For the year 2009-10 – RBI will forward to the PSBs a list of eligible audit firms containing the names of firms equal to twice the number of vacancies identified for the year 2009-10.

vi) For the year 2010-11 and onwards –  PSBs will obtain the names of eligible audit firms directly from the Office of C&AG and appoint the SCAs with the prior approval of RBI.

vii) The practice of appointing one Statutory audit firm (SCA / SBA) to one PSB to continue.

viii) PSBs will select suitable SCAs from the list provided by RBI / C&AG – as the case may be, and after obtaining the consent of the audit firms in writing for consideration of appointment as SCAs, would recommend their names to RBI with the approval of the respective ACB / Board of Directors before actual appointment.

ix) Banks to clearly advise the audit firms selected for consideration of appointment that one audit firm an take up audit assignment (SCA / SBA) in one PSB only and should obtain their consent in writing for consideration of appointment as SCA or SBA of the bank concerned for the particular year before recommending their names to RBI.  The consent given by an audit firm will be treated as irrevocable.

x) The existing tenure of 3 years of continuous statutory central audit (existing SCAs appointed prior to 2006-07 will complete a tenure of 4 years) to continue with compulsory rest of at least 2 years.

II. Statutory Branch Auditors 
(a) Norms
The existing minimum eligibility / empanelment / categorization, etc. norms including those for deficit / surplus areas to continue as of now.

(b)  SBAs for large PSBs
The large PSBs having balance sheet size (assets + liabilities) of above Rs. 1 lac crore each to exercise managerial autonomy in regard to appointment of SBAs also from the year 2008-09 onwards.  Thus, State Bank of India, Allahabad Bank, Bank of India, Bank of Baroda, Canara Bank, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Syndicate Bank, Punjab National Bank, UCO Bank and Union Bank of India would be required to select / appoint their SBAs from the year 2009-10, and Central Bank of India, Union Bank of India and Bank of Baroda have indicated their unwillingness to select their SBAs, all these banks would also be encouraged to select their SBAs  from this year itself.
As SBI Act mandates appointment of statutory auditors by RBI in consultation with Central Government, SBI would select their SCAs /SBAs   for appointment by RBI in accordance with the statutory provisions.

(c )  SBAs for remaining PSBs
For the remaining PSBs, the existing practice of RBI providing the list of audit firms to be appointed as SBAs would continue during the years 2008-09 and 2009-10.  During these two years, these banks would put in place an effective system of selection / appointment of SBAs on their own from the year 2010-11.

II. General Norms applicable both for SBAs and SCAs.

(i) In respect of the banks identified above, RBI to provide the list of eligible auditors / audit firms.  The existing categorisation norms for empanelment of SBAs to continues.

(ii) The banks, stated above, to select suitable auditors / audit firms as SBAs in such a manner as to enlist the required number of branch auditors to carry out the statutory audit of branches during the relevant year.

(iii) The existing tenure of 4 years of continuous statutory branch audit (existing SBAs appointed prior to 2006-07 will complete a tenure of 5 years) to continue, after which they are to be rotated / rested in 33 identified centres.

(iv) The concept of one audit firm for one PSB to continue.  The consent given by an audit firm will be treated as irrevocable.

(v) SBAs to be selected for appointment to audit branches located in the centres in which their offices are situated or branches located in centres which are in close proximity to their offices.

(vi) Banks to have a suitable mix of various categories of auditors / audit firms while selecting the SBAs keeping in view the size of the branches to be audited. The same auditors / audit firms cannot audit the same bank for a continuous period exceeding 4 years.

(vii) Banks should carry out branch audit in such a way that SCAs should audit the top 20 branches (to be selected strictly in order of the level of outstanding advances as at the end of March 31 of the previous year) to cover a minimum of 15% of total gross advances of the bank by SCAs.
________________________________

Annex 4

PROCEDURE FOR APPOINTMENT OF STATUTORY AUDITORS IN PUBLIC SECTOR BANKS

A.  Statutory Central Auditors (SCAs)
1)  There is no change in the existing norms for appointment of Statutory Central Auditors (SCAs) in  public sector banks, the number of audit firms to be allotted to each public sector bank (excluding SBI) for appointment as SCAs is calculated based on the banks' (audited) assets and liabilities as on 31 March of the previous year,   as under :   
Total Liabilities & Assets  No of SCAs required
upto Rs.50,000 crore 4
above Rs.50,000 crore and
upto Rs.1 lakh crore 5
above Rs.1 lakh crore 6
As regards SBI, one audit firm is to be appointed as statutory circle auditor for each of the Circle Offices (presently 14, in number) of the bank.

2)  SCAs appointed prior to 2006-07 will be completing their tenure of four years while those appointed during 2006-07 and afterwards will have a tenure of three years after which they will be rested for a period of  two years.. The appointment of SCAs will be made on an annual basis, subject to their fulfilling the eligibility norms prescribed by RBI from time to time and also subject to their suitability.

3) The allotment of vacancies of SCAs among the "experienced" and "new" audit firms is being continued in the ratio of 60:40 for the year 2008-09.

4) While continuing the practice of appointing one audit firm (as SCA and/or branch auditor) to one PSB, the banks will clearly advise the audit firms selected for consideration of appointment  that one audit firm can take up audit assignment (central and /or branch audit) in one PSB only and also should give their consent in writing for consideration of appointment in the bank concerned for the particular year and the subsequent continuing years. The consent given by an audit firm will be treated as irrevocable and request, if any, from audit firms for changing the bank, after giving its consent to the bank concerned will not be entertained.

5) In order to determine the inter-se seniority of both "experienced" and "new" audit firms for appointment as SCAs, a marking system based on various parameters such as the number of partners, period of association of partners, experience of the firms, full-time CA employees and bank audit/ PSU audit experience of the firms was followed by RBI  during 2005-06. The seniority list thus prepared for the financial year 2005-06 is treated as the "base list". Further additions to the list are made every year to include fresh additions / firms which are to be re-inducted from rest, etc. Allotment of audit is being made strictly in the order of seniority of the firms in the list in the ratio of 60:40 among the "experienced" and "new" audit firms respectively, from the financial year 2006-07 and onwards. This system of allotment of audit assignment as per the seniority will ensure equitable distribution of audit assignments among all eligible firms by way of rotation.

6) From the financial year 2006-07, the marking system to determine the   inter-se seniority of audit firms has been made applicable only to the "new" audit firms and the "experienced" audit firms are not being subjected to the marking system. "Experienced" firms which are re-inducted from rest, etc. or appearing afresh are placed in the seniority list as per  the earliest date on which the firm was put on the list of existing auditors and in case of rested auditors the earliest date on which the firm was rested. "New" firms added to the SCA panel in subsequent years are placed strictly as per the seniority after subjecting the firms to the marking system. A firm will be subjected to marking system only at the time of its placement in the panel of SCAs.

7) While subjecting the "new" firms to the marking system, additional points accruing to a firm on account of merger with another firm will be given effect only after two years of the merger.

8) PSBs will select SCAs for the vacancies arising in respect of each bank from the list of eligible audit firms forwarded by RBI and recommend to RBI the names of both the continuing auditors and new auditors selected for filling up the vacancies for prior approval, before the actual appointment of SCAs.

B.  Statutory Branch Auditors

SBAs appointed prior to 2006-07 will be completing their tenure of five years while those appointed during 2006-07 and afterwards will have a tenure of four years. The appointment of SBAs will be made on an annual basis, subject to their fulfilling the eligibility norms prescribed by RBI from time to time and also subject to their suitability.

(i) While allotting branches, banks are advised to select auditors located in centres in which their offices are situated or branches located in centres which are in close proximity to their offices. Banks are also advised to have a suitable mix of various categories of auditors / audit firms while selecting the branch auditors keeping in view the size of the branches to be audited.

(ii) The number of eligible auditors / audit firms is more than the number of branches to be audited at the following 33  centres (viz.  Mumbai,  Kolhapur, Pune, Solapur, Thane, Kolkata, Chennai, Coimbatore, Delhi/ New Delhi, Ajmer, Bikaner, Jaipur, Kota, Udaipur, Ahmedabad, Vadodara, Surat, Hyderabad, Chandigarh, Raipur, Faridabad, Gurgaon, Panchkula, Panipat, Sonipat, Bangalore, Ernakulam, Indore, Nagpur, Ludhiana, Jodhpur, Bhilwara, and Ghaziabad). In such centres, the auditors / audit firms will be put to a period of compulsory rest for two years after completion of five / four years of continuous branch audit. In other centres, where the number of eligible auditors / audit firms is less than the number of branches to be audited, the branch auditors on completion of five / four years of continuous branch audit  will be subjected to the principle of rotation.

(iii) As regards statutory branch audit to be carried out by SCAs, banks will allot the top 20 branches(to be selected strictly in order of the level of outstanding advances)  in such a manner as to cover a minimum of 15% of total gross advances of the bank by SCAs.

As in the case of SCAs, while continuing the practice of appointing one audit firm (as branch auditor) to one public sector bank, the banks will clearly advise the audit firms selected for consideration of appointment  that one audit firm can take up audit assignment (branch audit) in one PSB only and also should give their consent in writing for consideration of appointment in the bank concerned for the particular year and the subsequent continuing years. The consent given by an audit firm will be treated as irrevocable and request, if any, from audit firms for changing the bank, after giving its consent to the bank concerned will not be entertained.

(iv)  The list of eligible auditors/audit firms received from the Institute of   Chartered Accountants of India (ICAI) will be subjected to scrutiny to identify/ remove audit firms against whom adverse remarks/disciplinar y proceedings are pending. RBI, thereafter, will forward the full and final list of all eligible auditors/audit firms to PSBs.

(v) The PSBs will be required to select suitable auditors / audit firms in such a manner as to enlist the required number of branch auditors to carry out the statutory audit of branches during the year. As in the case of SCAs, in order to adhere to the concept of one PSB for one audit firm, banks will obtain written consent from the auditors/audit firms selected by them for consideration of appointment as branch auditors. 

(vi) After the selection of branch auditors, PSBs will be  required to recommend the names of both continuing and new branch auditors to seek the approval from RBI before their actual appointment.

C.  General Guidelines applicable to both SCAs and branch auditors

Government of India have suggested that in order to protect the independence of the auditors/audit firms, banks will have to make the appointments of SCA/branch auditors necessarily for a continuous period of three and four years respectively. Banks do not have any authority to remove the audit firms during the above period without prior approval of the Reserve Bank of India.
________________________________

NEW TDS TDS RATES FOR "CONTRACTOR" & "RENT" PAYMENT form 1Oct,09

TDS rates in case of Section 194-C and 194-I gets simplified this year. With several deductors requesting the department to ease the rates in these cases, department has finally take a call to streamline these rates.
Contract Payments:
Earlier, contract payments were attracting 2% TDS rate. If such contract is an advertisement contract then it was charged at 1%. Also all sub contracts were charged at 1% TDS rate.
The amendment in Section 194-C, makes it to be applied differently. The new rates includes, 1% for contracts received from Individuals/ HUF and 2% in case of others. These rates are same for both contracts and sub-contracts. Also note, there is nothing separate for Advertisement contracts.
Note: For Transport Contracts, if the Deductee provides the PAN, then, rate of TDS will be ZERO from 01st October 2009 to 31st March 2010. If the PAN is not provided then, TDS has to be made at 1% for Individuals/ HUF and 2% for others.
New rates for Contract:
  1. One Percent (1%) where payment for a contract are to individuals/ HUF.
  2. Two Percent (2%) where payment for a contract are to any other entity.
Rent Payments:
Earlier, rent payments were deducted at 10% in case of Plant/Machinery/ Equipments for all parties. In case of Land/Building/ Furniture/ Fittings, it was deducted at 15% for Individuals and 20% for others. Now the new amendment reduces the TDS rates and also makes it same for all types of Parties.
The newly amended 194-I section states that, the renting of Plant/Machinery/ Equipments for all parties will entertain TDS at 2% and renting of Land/Building/ Furniture/ Fittings at 10% for all types of party.
The reduction of these rates is said to be due to, blockage of Working Capital funds in most of the cases because of higher TDS rates.
New rates for Rent:
  1. Two Percent (2%) where payment for a rent is for Plant/Machinery/ Equipments.
  2. Ten Percent (10%) where payment for a rent is for Land/Building/ Furniture/ Fittings.
 Applicable from October 2009
The amendment of rates in section 194-C and 194-I will be with effect from October 01, 2009. Any payments made till then should be made at earlier rates and not at new rates.

Tuesday, February 23, 2010

CO-OPERATIVE UPDATES

DEAR MEMBERS,


THE CO-OPERATIVE DEPARTMENT HAS ALREADY FILLED CAVEAT IN RELATION TO CIRCULAR DATED 27TH JANUARY 2010. THEREFORE, IT IS NOW CRYSTAL CLEAR THAT, THE CO-OPERATIVE DEPARTMENT WAS EXPECTING OPPOSITION TO THIS CIRCULAR.

CA.C.V.PAWAR

Friday, February 19, 2010

Important: State Level Urban Co-op Banks & Credit Societies:Change in allotment procedure

DEAR MEMBERS,
The Commissioner Co-operation has issued circular dated 27th January, 2010 and all of sudden changed the procedure for allotment of State Level Urban Co-operative Banks and Credit Co-operative Societies. This circular has also expanded the scope coverage of audit by the Certified Auditors and Government Auditors, by increase the limit (UCBs/Credit Societies having certain amount of deposit) upto that, they can audit.

As per the said circular the powers of allotment of audit of State Level Urban Co-op. Banks and Credit Societies has been delegated to the Deputy District Registrar (DDR) of each district for the reason that this would it would bring, more transparency in allotment system, given effective control on all cooperative societies in district and help in systematic collection of audit information. However, how these objectives are more effectively achievable with decentralization has not mentioned.


The Reserve Bank of India maintains an all India Centralized Panel for the allotment of audit of branches of Public Sector Banks and Comptroller & Auditor General of India maintains an all India Centralized Panel for the allotment of audit of branches of Public Sector Undertakings. In both cases the audit allotment process is centralized and is working properly since decades. Therefore, we believe that decentralization power of audit allotment would not bring more transparency and harmonization. The state level Urban Credit Co-op. Societies and Urban Co-op Banks falls under the jurisdiction of the Commissioner of Co-operation & Registrar, Co-operative Societies, Pune. Thus, the decentralization of audit allotment powers to district level may bring administrative bottleneck-ness and adversely affect the transparency. Therefore, it is more appropriate to maintain the panel at State level and allotment shall be done in centralized manner only.


The WIRC is taking up this matter with the Commissioner Co-operation and draft representation sent to WIRC is attached herewith. The members in Maharashtra are requested to promote awareness about the impact of this circular among the members.

Regards,
-------
CA.C.V.PAWAR

Friday, February 12, 2010

NEW PRESIDENT AND VICE-PRESIDENT OF ICAI

In todays Council meeting at New Delhi, follwings are elected as::

CA.Amarjit Chopra , President of ICAI (from New Delhi)

CA.G. Ramaswamy, Vice President ICAI (from Coimbatore)

A Hearty Congratulations! 

Tuesday, February 9, 2010

NEWLY ELECTED WIRC OFFICE BEARERS FOR 2010-11

DEAR MEMBERS,

In an informal meeting of Newly elected WIRC members, held on Tuesday, 9th February, 2010. Following office bearers were got elected unanimously and they will be taking charge on 22nd February, 2010:

CA.Sanjeev Lalan, Chairman (from Mumbai)

CA.Makarand Joshi, Vice Chairman (from Nagpur)

CA.Mangesh Kinare, Secretary (from Mumbai)

CA.Parag Rawal, Treasurer (from Ahmedabad)
  
A Hearty Congratulations! 

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CA.C.V.PAWAR