Belagavi TO Get A New “Heartfulness Meditation Centre” With The Mission To Reach More Reditation Seekers

* Vishweshwarayya Technological University hosts Heartfulness Meditation for over 1400 students and academia

Heartfulness in Belagavi held a foundation stone laying ceremony and ‘Bhoomi poojan’ of the proposed new Heartfulness Meditation Centre across 4000 sq feet land in Sadashiv Nagar in Belagavi. The foundation stone was laid by Shri. Kamlesh Patel (Daaji) – Guide of Heartfulness and President of Shri Ram Chandra Mission. The aim of the center is to offer free meditation and making meditation accessible to people of all religions, caste or creed.  In yet another event hosted by Vishweshwarayya Technological University (VTU) in Belagavi, over 1400 students and academia from various educational institutions gathered and participated in a group meditation led by Rev. Daaji. This was followed by Vice Chancellor of VTU Dr. Vidyashankar felicitating Daaji on the occasion. Acclaimed cinematographer of Kannada film Industry, Ms. Shwetpriya had an interactive session with Daaji wherein he shared his wisdom and the importance of meditation in our daily lives.

Rev. Daaji – Guide of Heartfulness and President of Shri Ram Chandra Mission spoke on the occasion of the upcoming new Heartfulness Meditation Centre in Belagavi, “The purpose of the new meditation centre is to be able to accommodate more practitioners and seekers. Meditation must be made accessible and an indispensable tool to manage our lives in the most balanced way, and also take care of the spiritual aspect of our lives.”

The new Heartfulness Meditation Centre will have a capacity of 300 practitioners to meditate at one time. The old Heartfulness Centre of Belagavi has trained thousands of seekers including Corporates, Educational Institutes, Police Department, CRPF Personnel, Air Force cadets, Commandos of Indian army and officers of Income Tax department. 

Toyota Kirloskar Motor Promotes Holistic Approach To Clean And Green Vehicle Mobility On The ‘World Biofuel Day 2024’

As champions of sustainability, globally, Toyota is committed to Carbon Neutrality by 2050 and aims to achieve Net Zero Carbon in Manufacturing Operations by 2035 guided by Toyota Environmental Challenges 2050 (TEC 2050). Today, marking the World Biofuel Day, Toyota Kirloskar Motor (TKM) reiterates its commitment to sustainable mobility. The company has been advancing greener mobility solutions with greater agility by introducing and supporting multiple clean technologies considering various factors such as the current energy mix, unique consumer needs, infrastructure readiness, and the Government’s diversified efforts towards becoming ‘Atma Nirbhar’ in energy by 2047.

India is the fastest growing large economy. The country’s fossil fuel consumption along with imports is also rising rapidly, wherein the crude oil imports during April 2024 rose to its third highest level on record. India, world’s third largest energy consumer imported 21.4 million tonnes (mt) of crude oil in April ’24 & total 232.5 million tonnes of imported crude oil in 2023-24 fiscal (Source: April 2024 PPAC Data). Due to a large increase in mobility needs, the transport sector, which currently accounts for about 50% of oil demand (Source: IEA 2021), will be the most significant contributor to this. The higher fossil fuel consumption is also bound to result in larger carbon emissions. Therefore, it is imperative to rapidly shift away from fossil fuels with utmost urgency. 

Towards sustainable and greener future, transition to technologies that use cleaner energy such as electrification and alternate fuels (biofuel) is vital. Biofuels play a critical role in ensuring access to affordable and sustainable energy. This provides a big opportunity for India to tackle energy security concerns, boost economic growth and combat climate change by lowering carbon emissions.

India is well endowed with renewable energy, surplus sugar, food grains, and biomass which offers huge opportunities for a transition to a cleaner energy future, which is also indigenous. The abundantly available sugarcane, excess food grains, along with huge biomass waste can be used to produce ethanol that can substitute a significant amount of fossil fuel used by vehicles in the shortest possible time.

Additionally, India has big potential for ethanol production, making it an economically attractive alternative to fossil fuels and paving the way for a greener future, by using plant waste or residues like Parali through 2G technology which is otherwise burnt causing widespread pollution in northern parts of India. This has already started and can help derive economic value from waste & generate greater wealth for the agrarian economy by increasing farmer incomes and create new jobs. Further support such as research and development, favourable policy framework, etc., will enable uninterrupted supply of ethanol for the transportation sector.

Notably, in June 2024, ethanol blending with petrol reached 15.90% and cumulative ethanol blending during November 2023-June 2024 touched 13.0%. E20 is available at ‘14,611’ PSU (public sector undertaking) outlets as of June ’24 and is on track to achieve 20% blending by 2025. The implementation of 20% ethanol blending in petrol by 2025-26 is expected to substitute 86 million barrels of gasoline, thereby leading to forex savings of over Rs. 30,000 crores for India, as well as likely reduction of more than 20 million metric tonnes of carbon emissions. E20 fuel will also reduce PM2.5 emissions by up to 14% as compared to petrol (Source: MoPNG). Given the huge potential of ethanol production that exists up to and beyond E20, these benefits can increase multi-fold with the introduction of Flexi Fuel Vehicle (FFV) technology, that can flexibly use higher ethanol blends from 20% and above, going up to 100%.

However, the challenge with Flex Fuel Vehicles is lower fuel efficiency of Ethanol due to its lower energy density. Globally to counter this challenge, Electrified Flex Fuel Vehicles (FFV-SHEVs) are being introduced, as an advanced green technology that has both the flex fuel engine as well as an electric powertrain. Therefore, as in the case of a Strong Hybrid Electric Vehicle (SHEV), the use of the electric powertrain in combination with the flex fuel engine overcomes this challenge with enhanced fuel efficiency. Towards this, last year, TKM unveiled the prototype of World’s first BS6 Stage II Electrified Flex Fuel Vehicle. This green vehicle technology has the lowest well-to-wheel carbon emissions, and a favourable policy support can establish strong traction with consumers, thereby make the mobility sustainable.

Mr. Vikram Gulati, Country Head and Executive Vice President, Corporate Affairs and Governance, Toyota Kirloskar Motor, said, "Biofuel can reduce dependence on fossil fuels and yield environmental and economic benefits. In this context, Ethanol, as an indigenous and clean energy source, holds immense potential for India's energy security and environmental goals. By significantly reducing fossil fuel consumption and cutting down on carbon emissions, ethanol not only supports our national agenda of carbon neutrality but also bolsters the agrarian economy by creating jobs and increasing farmer incomes. At TKM, we are making relentless efforts towards the future of sustainable mobility by adopting a multiple technology pathway approach which includes biofuel energy driven vehicle powertrains i.e., Flex Fuel Vehicle (FFV) and Flex Fuel Strong Hybrid Electric Vehicle (FFV-SHEV) technology.

As a frontrunner in electrified vehicle technology and a socially responsible corporate entity, TKM will persistently drive its endeavours and contribute to progressive innovations by disseminating sustainable technological advancements, thereby providing ‘Mobility for All’ and “Leaving No One Behind.”

Further, emphasising the significance of multiple energy pathway approach towards achieving carbon neutrality, today, Toyota Kirloskar Motor (TKM) took part in the SIAM International Conference, themed “The Biofuel Revolution in India: Fuelling Tomorrow” that covered a series of sessions on biofuel demand and supply management, preparing the auto industry for a biofuel future, and developing a robust ecosystem for biofuel adoption. The event witnessed eminent speakers from the government and the industry, as well as participation by global experts.

SIRC of ICAI Is Organizing Its 56th Regional Conference On The Theme “Jignasa-Quest For Knowledge” In Bengaluru On Aug.9–10, 2024

Southern India Regional Council (SIRC) of ICAI is organizing its 56th Regional Conference on the theme “Jignasa-Quest for Knowledge” on Aug. 9th – 10th, 2024 in Bengaluru. Derived from Sanskrit, 'JIGNASA' signifies curiosity, inquisitiveness, and the quest for knowledge. It encapsulates our innate desire to seek answers, explore new horizons, and deepen understanding. Harmonizing this theme, 'Adyata' emphasizes accuracy, data-driven insights, trust, auditing excellence, and technology-enabled learning. Together, 'JIGNASA' and 'Adyata' empower us to embrace curiosity, engage in thought-provoking discussions, and embark on a continuous journey of knowledge acquisition.

The 2 day Conference will have various technical sessions to be addressed by eminent resource persons of international repute on subjects covering, GST, FEMA, Income Tax, Companies Act, Information Technology, Direct Taxes, etc. The conference will also include a spiritual session, health session, and entertainment program for members and their family members.

The event was inaugurated today by Ranjeet Agarwal, President, ICAI, CA, GEETHA AB, CHAIR PERSON, SIRC OF ICAI, CA, SUBBA RAO MUPPALA, SECRETARY SIRC OF ICAI, CA PRAMOD R HEGDE, CHAIRMAN, BANGALORE BRANCH (SIRC) CA KAVITHA PARAMESH SECRETARY, BANGALORE BRANCH (SIRC)  and Sri Shelley Jindal, Pr. Chief Commissioner of Income Tax, Karnataka & Goa &Dr. Binod Kumar Das from DRDO.

About ICAI

The Institute of Chartered Accountants of India (ICAI) is a statutory body set up by an Act of Parliament under the Chartered Accountants Act, 1949 for regulating and developing the profession of Chartered Accountancy in India. The Institute functions under the administrative supervision of the Ministry of Corporate Affairs, Government of India. With around 9.59 lakh students and over 4.16 lakh members, today ICAI is the largest professional accountancy body in the world among 182 global accounting bodies. Out of the 4.16 lakh members, 30% are women, and out of 9. 59 lakh students, 43.89% are female students.

ICAI has a wide network of 5 Regional Councils and 176 Branches within India and a global presence with 50 Overseas Chapters and 31 Representative Offices spanning 81 cities across 47 Countries.

SIRC 56th Regional Conference – Bengaluru

Southern India Regional Council (SIRC) of ICAI is organizing its 56th Regional Conference on the theme “Jignasa-Quest for Knowledge” on Aug. 9th – 10th, 2024 at Bengaluru. Derived from Sanskrit, 'JIGNASA' signifies curiosity, inquisitiveness, and the quest for knowledge. It encapsulates our innate desire to seek answers, explore new horizons, and deepen understanding. Harmonizing this theme, 'Adyata' emphasizes accuracy, data-driven insights, trust, auditing excellence, and technology-enabled learning. Together, 'JIGNASA' and 'Adyata' empower us to embrace curiosity, engage in thought-provoking discussions, and embark on a continuous journey of knowledge acquisition.

The 2 day Conference will have various technical sessions to be addressed by eminent resource persons of international repute on subjects covering, GST, FEMA, Income Tax, Companies Act, Information Technology, Direct Taxes, etc. The Conference will also have a spiritual session, health session, and an entertaining program for Members and their family members.

The event was inaugurated today by Shri Krishna Byregowda, Hon’ble Minister of Revenue, Govt. of Karnataka along with Sri Shelley Jindal, Pr. Chief Commissioner of Income Tax, Karnataka & Goa &Dr. Binod Kumar Das from DRDO.

DRISHTI

The ICAI has introduced its vision, "DRISHTI," for the fiscal year 2024-25. This forward-looking initiative aims to propel the Institute into pathbreaking initiatives in the realms of Digitalization (D), Research (R), Integrity (I), Skills (S), Handholding (H), Transparency (T), and Independence (I). The framework will not only guide the Institute but will also set the stage for formulating standards and directives concerning green finance and audits, thus bolstering eco-friendly practices and legislative advancements. This strategic approach aligns with the overarching goal of achieving a developed India by 2047, as envisioned through "Viksit Bharat @ 2047."

As our economy grows, we need to make the most of this opportunity and we hope the period spanning from 2024 to 2047 promises to be a golden era for our profession.

AI in ICAI

Artificial Intelligence is bringing path-breaking changes every second, to leverage the power of technology, for the first time, this year ICAI has formed a committee on “AI in ICAI” to explore how AI can be leveraged for the professional development of students, members, and employees. The committee will explore and make a roadmap for artificial intelligence in the operations of the Institute, which can make current processes faster and ultimately help our members and students. The main objective is to develop a foundational understanding of AI concepts, enhance proficiency in using AI tools relevant to both practitioners and industry professionals and build AI skills to effectively leverage AI technologies in professional practices.

ICAI CA GPT for Members (Beta Version)

ICAI CA GPT was launched by Honourable Minister Shri Nitin Gadkari Ji on 1st July,2024 in beta version for 7500 Members with access to 16 specialized GPTs. Further, it is now available to all Members free of cost. Till 5th Aug,2024, 35,000+ members have already registered and using the GPTs and total prompt has crossed 50,000.

ICAI CA Student GPT (Beta Version)

ICAI CA GPT for students was launched on July 16, 2024, during AI Innovation Summit – AIS 2024 held in Hyderabad, coinciding with Global AI Appreciation Day.This GPT will help to prepare students for exams by providing comprehensive study materials on a single platform and is available free of cost to all 9.85 lakh students.

There are three tailored versions specifically designed for students at the Foundation, Intermediate, and Final levels. These GPTs include previous question papers, study materials and other information.

Currently, over 18,300 students have registered for the CA Student GPTs and are actively using the GPTs. Out of these maximum students are of Intermediate level.

·         Foundation: 2,819

·         Intermediate: 10,040

·         Final: 5,470

Certificate Course- AI for Chartered Accountants

To support members and handhold them to learn AI, an exclusive Certificate Course on AI for Members was launched on July 16, 2024, during the AI Innovation Summit (AIS 2024) in Hyderabad. To further empower and upskill members, a publication featuring 100 AI tools tailored for financial and accounting functions, specifically designed for Chartered Accountants, was also unveiled.

The course aims to establish a foundational understanding of AI concepts, enhance proficiency in AI tools pertinent to both practitioners and industry professionals and develop AI skills for effectively leveraging these technologies in professional practices. The first batch of the Certificate Course on AI for Chartered Accountants (AICA) - Level 1 will commence on August 21. This initial batch, comprising 50 members, will be held at the Center of Excellence in Hyderabad. It is a comprehensive 3-day program that includes 9 modules and offers 18 Structured CPE Hours. Additionally, two more batches are planned to follow soon.

Launch of Publications of AI Tools for Chartered Accountants

The Institute has also launched ‘List of 100 AI Tools for Chartered Accountants’ which will serve as an AI knowledge gateway. This publication will act as a knowledge repository, providing a summary of each AI tool, its benefits for Chartered Accountants, information about the company, and the website of each AI tool.

AI Labs

ICAI is actively engaged in nurturing talent and fostering skill development by spearheading the establishment of AI Labs within its framework. AI Labs will serve as centers for cutting-edge research in artificial intelligence, fostering innovation and the development of new AI technologies. It will Facilitate collaboration between researchers, industry experts, and academia to advance the field of AI and develop practical applications.

AI Labs will also allow practical, hands-on experience with AI tools and technologies. Further, we will organize events such as seminars, conferences, and webinars to share knowledge, showcase research findings, and discuss the latest trends in AI. We also plan to publish research papers, articles, and reports on AI developments, contributing to the body of knowledge in the field.

By establishing AI Labs, ICAI can foster an environment of innovation and excellence in artificial intelligence, driving progress in both the academic and professional realms. These labs will play a crucial role in developing the next generation of AI technologies and professionals, ensuring that ICAI remains at the forefront of technological advancements.

Survey on AI in CA Firms

The AI Committee at the ICAI has successfully surveyed to understand the adoption and usage of AI in Chartered Accountant offices across the country. The survey depicts a scenario where optimism about AI’s transformative potential is mixed with inclination to adopt AI, which faces significant adoption barriers.

Based on the learnings from the survey, the ICAI will be moving towards building a cohesive ecosystem to improve adoption of AI to fully realise its transformation potential for finance and accounting, Through targeted training efforts, facilitating access to AI tools in collaboration with the industry, and demonstrating effective AI use cases, we aim to encourage members to explore and utilize AI, paving the way for more widespread and effective AI integration.

Launch of e-Office in ICAI for Sustainable Operations

Harnessing the power of technology to enhance productivity and streamline operations in order to serve our members and stakeholders better, ICAI on April 5th 2024 launched e-Office under the theme Service with Sustainability.

With the adaptation of e-Office, ICAI aims to go digital with paperless transactions ushering in more efficient, effective work processes. It will further reduce costs incurred in the storage and preservation of physical files and also reduce data loss. It shall also facilitate working from anywhere, anytime, thereby improving work efficiency.

The e-Office will be implemented in a phased manner, starting with integration within ICAI Committees before extending to regional offices, branches, and chapters abroad facilitating the smooth movement of papers and notes across all organizational levels. Its implementation will pave the way for a new era of revolutionizing our internal communication processes to better serve our community and planet.

UDIN Instilling Trust and Accountability

UDIN Report 2023-24 Unveils Trends and Insight of Economic Activities

Government entities including agencies like Indian Railways, CPWD, MCA, and other agencies are actively leveraging the UDIN Portal’s aid and facilitation to verify the authenticity of documents. Recently, various State Governments like the Governments of Assam, West Bengal, Maharashtra, and Odisha have applauded the UDIN Portal for verifying the authenticity of documents submitted by various stakeholders.  The novelty of the UDIN has been lauded by Smt. Droupadi Murmu, the Hon’ble President of India during her speech at 75th Chartered Accountants Day on 1st July, 2023.

As of 8th August 2024, over 7.08 Cr UDINs were generated, and 1.47 lakh Members have registered on the UDIN Portal. More than 2.22 Cr UDINs were verified by the Authorities / Regulators / Banks / Other

UDIN Accepted Nationally

•      For the first time, the Comptroller and Auditor General of India (C&AG) used the UDINs as one of the elements for the empanelment of CA firms/LLPs for the year 2023-24.   (CA&G provided a scoring mechanism for empanelment based on UDIN data: For the year 2023-2024, points will be awarded based on UDIN data of ICAI for the years 2020-2021 and 2021-2022. This will eventually be scaled to 5 years by 2026-2027 by gradually adding one year on an annual basis.)

•      Real Estate Regulatory Authority (RERA) authorities of many states have already included a column for mentioning UDIN in the certificates/forms issued by CAs. (CG-RERA approached the ICAI to provide an API to verify the UDINs on a real-time basis for their usages.)

• The Central Bureau of Communication (CBC), Government of India approached ICAI, for placing systematic reliance on UDIN to assess the veracity of the information certified by Chartered Accountants in the prescribed format for the empanelment of the news agencies based on circulation and rates. The certified information by a Chartered Accountant becomes a basis for empanelment of the news agencies.

• The Ministry of Corporate Affairs appreciated the initiative of ICAI for bringing this concept of UDIN which will eradicate the practice of bogus certificates and save various regulators, banks, etc. from being misled.

•      Department of Telecommunications, Office of the Principal Controller of Communication Accounts, Kolkata has conveyed that while reviewing and assessing the Documents submitted by ISPs (Internet Service providers) the department has benefited immensely from using UDIN.

• The Central Board of Direct Taxes (CBDT) has highly appreciated the concept of UDIN which will enable the regulators to easily verify the authenticity of the documents certified by CAs and have mandated the validation of the UDINs in all the IT forms and Tax Audit Reports filed by CAs at the e-filing portal. CBDT has provided the facility of bulk updation of UDIN at the e-filing portal for all the IT forms including 15 CB forms.

• The Indian Banks' Association (IBA) has communicated to all the Banks to Impress for UDIN in all certificates certified by CAs submitted to them.

• The Securities and Exchange Board of India (SEBI) has included a column for mentioning UDIN in their forms issued by CAs.

•      Various State Governments have mandated mentioning UDIN in Form II (for judging financial capability) submitted by the bidders participating in their tender process. They have also been verifying the authenticity of the documents received from the UDIN Portal.

Additionally, Government entities including their agencies like Chittaranjan Locomotive Works (CLW), Indian Railways, Central Public Works Department, Ministry of Corporate Affairs, Mumbai, and other agencies are actively leveraging the UDIN Portal's aid and facilitation to verify the authenticity of the facts stated in the signing documents.

Recently, various State Governments like PHED & Mission Director, Jal Jivan Mission (JJM), Government of Assam, Govt. of West Bengal, Govt. of Maharashtra, and Govt. of Odisha have applauded the facilitation of the UDIN Portal to verify the authenticity of the reported documents submitted to them by the stakeholders.

International Recognition of UDIN

Collaborating with the National Board of Accountants and Auditors (NBAA), Tanzania, and the Institute of Chartered Accountants of Nigeria for adoption and

implementation of ICAI’s UDIN in the respective countries.

*         ICAI heads the SAFA Task Force to implement the UDIN in SAFA Member Bodies.

Partnering Government

*         ICAI is working closely with the Ministry of Corporate Affairs to enable smooth transition from MCA 21 V2 to MCA 21 V3 and currently, is involved in the following Key Initiatives as enumerated below:

*  A dedicated team is currently engaged in User Acceptance Testing (UAT) for the third lot of Companies Form.

*  The Ministry of Corporate Affairs (MCA) has requested feedback from the ICAI on the post-production issues of the forms that have been launched in the version-3 portal. Accordingly, to gather feedback, initiated targeted engagement with 5,000 members who previously raised issues with the ICAI, conducted virtual meetings, reached out to all India Members, requesting them to provide feedback and report any issues they encounter while filing forms in MCA21 Version via a Google Form.

·         Suggestions to the Ministry of Corporate Affairs on Simplification of Companies' Rules under the policy for pre-legislative consultation

The Ministry of Corporate Affairs has initiated comprehensive review of Company Law Rules and LLP Rules. As part of this initiative, it has requested the Institute of Chartered Accountants of India to provide valuable suggestions and insights.

Accordingly, a multifaceted approach has been undertaken by CL&CGC of ICAI wherein dedicated expert groups have been created to analyze and prepare comprehensive comments on the proposed revisions to the Rules, Series of outreach programs have been conducted across the Regional Councils and branches to disseminate information and actively solicit feedback from members.

After a comprehensive review, the ICAI suggestions on simplification of Companies Rules, 2014 have been submitted to the Ministry of Corporate Affairs on 01.04.2024

·         Institutionalizing accounting and financial management reforms in 60 ULBs across Uttar Pradesh -United States Agency for International Development (USAID) desired to collaborate with ICAI ARF for institutionalising accounting and financial management reforms in 60 Urban Local Bodies (ULBs) across Uttar Pradesh in a phased manner with 10 ULBs being taken up in first phase to enable them to take advantage of diverse infrastructure financing options The proposal has been approved by ICAI ARF.

ICAI collaborated with the Comptroller and Auditor General of India (C&AG) to jointly conduct Certificate Course for Accountants of Panchayats and Municipal Bodies

ICAI entered into a Memorandum of Understanding (MoU) with O/o C&AG on 9th August 2023 to collaborate on accounting and auditing issues and strengthen the accountability mechanism for good governance in local self-government. In pursuance of this MoU, the Certificate Course for Accountants of Panchayats and Municipal Bodies was launched to make available skilled & trained accountants at grassroots level to improve accounting of Local-self Government in India. 

Eligibility criteria –Minimum 18 years of age and 12th Pass in any stream

Duration of the Course - 4 Months

Fees - Rs. 500+ taxes (i.e., Rs. 590/-)

Registration Process – Online registration at https://lba.icaiarf.org.in/. (Registration will be open throughout the year and batches are closed every year on 31st December and 30th June.)

The mode of learning is online and can be done anytime, anywhere, and in 11 languages (Hindi, English, Marathi, Tamil, Odiya, Gujarati, Punjabi, Bengali, Kannada, Assamese and Telugu).

The list of qualified candidates is to be made available in the public domain so as to enable panchayats and municipal bodies to engage them.

First Batch: Total 609 candidates have registered for 1st batch. 

1st Screening examination was held on 18th April 2024 in which 364 candidates had appeared. ICAI’s Robust Examination System was replicated for this examination. The result was declared on 10th May 2024 in which 232 candidates were passed out of 364 (pass rate 63.56%). 1st main exam and 2nd screening exam are being scheduled in 1st week of August 2024.

Second Batch: 1138 candidates have registered for the 2nd batch. 

Third Batch: Registration has been commenced from 1st July 2024.

·         ICAI submits a Pre-Budget Memorandum to CBDT advocating Tax incentives for entities undertaking Green Projects and propose exemption for interest income of subscribers of green bonds issued by such entities. In line with the Government’s campaign to promote education of the girl child, a separate provision for deduction of expenses relating to education of girl child both under the default tax regime and alternative tax regime has been suggested in the Memorandum. The Pre-Budget Memorandum 2024 emphasizes the importance of rationalizing direct tax laws, minimizing litigation, and enhancing tax collection mechanisms, all geared towards fostering a conducive fiscal environment for the year 2024-25.

·         Aligning with mission ‘VitiyaSaksharta’ in the country, ICAI Organized Finfluencers Meet to reach out to masses to spread financial literacy wherein 41 prominent social media influencers like CA. Rachana Ranade, CA. Rahul Malodia, CA. Kushal Lodha, CA. Twinkle Jain, CA. Jay Desai and many others participated.(Surveys reveal that only 27 per cent of India's population is financially literate. Additionally, only 16.7 per cent of Indian students have a basic understanding of finance and money management.)

Supreme Court Verdict on Tax Audit Limit under Section 44AB of Income Tax Act, 1961

·         The Hon’ble Supreme Court of India delivered a significant judgment on May 17, 2024, in the case related to the Tax audit limit under Section 44AB of the Income Tax Act,1961 imposed by ICAI through its guidelines, The Hon’ble Supreme Court upheld ICAI’s powers and competency to issue the said guidelines, affirming them as reasonable restrictions in public interest which is permissible under Article 19(6) of the Constitution.

·         The Court declared that these restrictions do not infringe on the right to carry on profession under Article 19(1)(g) of the Constitution. The key conclusions from the judgment are the Court validated Clause 6.0, Chapter VI of the Guidelines dated August 8, 2008, issued by the ICAI, which restricts the number of tax audits a CA can undertake. Though the guidelines are valid, the Court specified they are deemed not to be given effect till 01.04.2024.

Research  Initiatives

Academia Meet and Interactive Discussion on Research Advancements

The Institute of Chartered Accountants of India (ICAI) through its Research Committee has organized the Academia Meet on 17th May 2024 with Universities / Institutions to facilitate a platform for interaction and knowledge exchange between esteemed academicians to foster research advancements.ICAI is actively working towards strengthening research studies spanning a broad-spectrum encompassing accounting, assurance, taxation, finance, technology, and business advisory services. These concerted efforts are not only aimed at fortifying our economic landscape but also at positioning India at the forefront of global innovation and progress.

ICAI also organized Interactive Discussion on Research Advancements on 30th May 2024. Chartered Accountants from all across the country having research background converged to discuss new areas of research focusing on the profession contributing to the growth of the economy. This was first-of-its kind meeting wherein members with doctorate/ Research background came together for brainstorming session and sharing insights to strengthen the research work.

Centre of Excellence (CoE)

The Centre of Excellence (CoE), established by ICAI aims to foster research, innovation and learning having global recognition. In this direction, the Centre of Excellence Directorate has prepared a comprehensive policy. The policy document encapsulates research, teaching and learning, training, dialogue with stakeholder, and other strategic planning efforts aimed at outlining the vision, mission, goals, objectives, governing structure, action plan and monitoring benchmark for ICAI - Centre of Excellence.

At present ICAI has 2 CoEs at Hyderabad and Jaipur. Further, ICAI plans to open 9 more CoEs across the country in the next 3 years fostering Research, Innovation and Skill-building.

Construction of Centre of Excellence at Kolkata is in progress and will be inaugurated by December 2024. Others are proposed to be set up in Chennai,Guwahati,Bengaluru, Sonipat, Mumbai/ Pune, Ahmedabad/ Gandhinagar, Jammu and Lucknow/ Kanpur.

Practice ki 

To improve practice management skills, equipping participants with effective client management, communication abilities, and financial expertise to optimize firm operations, ICAI has designed a three-days residential course named ‘Practice ki ???????’. 3 batch of this course were conducted, which was attended by around 150 Members.

Expansion of National Network

In an effort to expand its national presence of ICAI, the Council approved setting up of a new branch of the Central India Regional Council (CIRC) in Tonk District, Rajasthan. The Tonk District Branch will be 176thBranch in the ICAI’s network of branches. Additionally, in view of the name change of Aurangabad to Chhatrapati Sambhajinagar by the Central Government, the Aurangabad Branch of WIRC has been renamed as Chhatrapati Sambhajinagar Branch.

MoUs with GIFT and IFSCA

ICAI has signed MoUs with Gujarat International Finance Tec-City Company Limited (GIFTCL) and the International Financial Services Centres Authority (IFSCA) to forge global collaborations to strengthen India’s Financial Landscape.

The MoU with GIFT City aims to create opportunity for profession by strengthening their skill sets on topic related to International Financial Services Centre (IFSC) business and regulations and to facilitate research in the field of international financial services for GIFT IFSC.

The MoU with IFSCA aims to enhance collaboration and promote financial excellence by jointly organizing international and domestic events, conferences, seminars and roundtable meetings and harnessing the expertise of both entities to bolster the financial landscape in India and on the global stage.

Further, IFSCA has formed an Expert Committee under the Chairmanship of President ICAI tasked with developing GIFT IFSC into a Global Finance and Accounting Hub. IFSCA Expert Committee has prepared a report and submitted to Chairman, IFSCA on 26th March 2023 at Ahmedabad. The Committee proposes a new law for bookkeeping, accounting, tax, and financial crime compliance services which would defines these services, restricts how companies can be set up, and the qualification of key personnel of these entities. It also encourages training and attracting international partnerships to make the GIFT IFSC a success.

Report submitted to IFSCA

The Committee proposed a new law for bookkeeping, accounting, tax, and financial crime compliance services which would defines these services, restricts how companies can be set up, and the qualification of key personnel of these entities. It also encourages training and attracting international partnerships to make the GIFT IFSC a success.

IFSCA has drafted the IFSCA (Book-keeping, Accounting, Taxation, and Financial Crime Compliance Services) Regulations 2024, which outlines the regulatory framework for the provision of these services within the IFSC. The same was put for public comments by IFSCA on 26th March 2024.ICAI members on pan India basis were invited to provide comments and suggestions on the Consultation Paper for the Draft IFSCA (Bookkeeping, Accounting, Taxation, and Financial Crime Compliance Services) Regulations 2024. Subsequently, we have received various suggestions and same was submitted for consideration of IFSCA on 16th April 2024.

The development of financial services within GIFT IFSC is instrumental in positioning India as a prominent Accounting and Finance Hub by attracting global talent and investment, enhancing financial transparency and compliance, facilitating cross-border transactions, creating high-value job opportunities, fostering technological innovation, and supporting government revenue and infrastructure development. Collectively, these factors contribute to the growth and prosperity of the Indian economy.

Committee for Aggregation of CA Firms

In order to make Indian CA Firms bigger, Committee for Aggregation of CA Firms (CACAF) has been formed by ICAI to bring ease to the practicing firms in networking so as to tap the synergies of the combined strength and resources.

For this, the CACAF would make concerted efforts in reviewing and revising various guidelines pertaining to firms, viz., Domestic and Overseas Networking guidelines, Merger & Demerger rules & guidelines, Multi-Disciplinary Partnership Guidelines, guidelines on Management Consultancy Services in corporate form, guidelines on Website, Advertisement and Mobile applications for various attest & non-attest functions among others in cognizance with the current operating environment. The overall aim is to provide ease of growing practice and facilitate the Indian CA Firms grow bigger.

We are making concerted efforts in aggregation of Indian Accounting Firms. In this regard, a Networking Summit on the theme Accelerating and Maximizing Practice was conducted at Udaipur. We have also issued Exposure Draft of Merger and Demerger Guidelines as well as a new model of LLP Firms Network for Public Comments.

Peer Review

ICAI has always been striving to drive several initiatives to improve the quality of assurance services rendered by its members. Peer Review has been one such step in that direction, over the years. The Council of ICAI has been working diligently to improve the quality of assurance services provided by its members. Recently the Council decided that grace period may be granted to the Practice Units covered under Phase II of the Peer Review Mandate up to 30.06.2024 and extension has been granted to the Practice Units covered under Phase III of the Peer Review Mandate upto 31.12.2024. 

Further, 35 Physical Peer Reviewers Training Programs were conducted so far in this year.

Professional Skills Enrichment Committee

In a first of its kind initiative, ICAI has set up the Professionals Skills Enrichment Committee this year, with an aim to enable all Members to realize their complete potential. The Committee would work towards understanding requirements, Assess the present skills gap amongst all Chartered accountants and enable actions to enhance their competence and improve their visibility amongst the stakeholders.

The key skills to be covered are Branding skills, Communication skills, Critical thinking skills, Design Thinking, Emotional Intelligence, Entrepreneurial Skills, Inter-personal skills, Leadership skills, Listening Skills, Negotiation skills, Networking skills, Problem Solving skills, public speaking skills, Team Building skills, Time Management, Work Ethics any other skill and new age, contemporary & other professional, technical and technological skills.

Phoenix Marketcity Announces India's Largest Electronics Fest With Unbeatable Offers And Exciting Prizes

Phoenix Marketcity, the lifestyle destination of Whitefield, announced the Phoenix Electronics Fest, starting from August 1st- till 19th August 2024. This grand event promised unbeatable deals and special offers on a wide selection of electronic products from over 13 top brands, making it the go-to destination for tech enthusiasts and savvy shoppers.

The Phoenix Electronics Fest featured exceptional discounts and promotions on leading brands, including Reliance Digital, Croma, Dyson, Aptronix, HP, Bose, Vivo, MI, Samsung, Lenovo, Oppo, Cex, and Mobikins. Committed to delivering outstanding value, Phoenix Marketcity aimed to transform the shopping experience for electronic goods.

Adding to the excitement, customers who spent ?10,000 or more on participating brands were assured a silver coin. This limited-time offer added an extra layer of thrill to the shopping spree, ensuring that every purchase was more rewarding.

The Phoenix Electronics Fest offered shoppers a chance to win an array of premium electronics, including TVs, refrigerators, mobile phones, and more. With multiple lucky draws throughout the event, attendees had plenty of opportunities to take home top-notch tech prizes.

Highlights of the Phoenix Electronics Fest:

Exclusive Discounts and Offers: Shoppers enjoyed significant savings on a wide range of electronics from top brands.

Opportunity to Win High-End Electronics: Shoppers who participated in the event's lucky draws had a chance to win premium electronic products.

Spotlight on Top Technology Brands: The fest showcased leading technology brands, providing shoppers with the latest products and innovations in the electronics sector.

About Phoenix Marketcity Bengaluru 

Classified as a “Larger Lifestyle Engagement Destination”, Phoenix Marketcity Bengaluru offers visitors, an array of unforgettable experiences. With its truly international look and feel, and tastefully done interiors. Phoenix, which has the best food, fashion, and entertainment worldwide, remains the destination for premium discerning customers of the city as well as expats. With over 300 stores, representing an exhaustive mix of International, National, and Regional premium brands, the mall offers the most comprehensive and compelling lifestyle shopping experience in Bangalore. More than just a Mall, Phoenix Marketcity, Bengaluru is in fact a veritable melting pot of fascinating cultures, beautiful clothing, and high-end couture. It is a city within a city, an urban space where retail, entertainment, and leisure offerings co-exist.

India Sees Alarming Rise In Gynaecological Cancers Among Young Women; Top Robotic Gynaecological Surgeons' Forum

-          They emphasized the need for further adoption of robotic-assisted surgery (RAS) by surgeons and other healthcare providers to tackle it

At New Delhi today, the top robotic-gynaecological surgeons from India, informed that India is currently experiencing a concerning rise in gynaecological cancers among younger women, underscoring an urgent need for spreading more awareness about preventive measures, importance of early screening and enhanced adoption of advanced treatment options like robotic-assisted surgery. In response to this growing challenge, the Association of Gynaecological Robotic Surgeons of India (AGRS) is set to explore innovative advancements in robotic-assisted surgery (RAS) to improve the management of these complex cases and enhance patient outcomes. As a part of that, they are conducting an international conference, RoboGyn India 2024, in New Delhi. This distinguished event will bring together leading national and international experts in robotic-assisted surgery within gynaecology and gynaecological oncology.

While talking about the rising trend of gynaecological cancers, Dr. Rama Joshi, a leading Gynae Onco robotic surgeon and the Organizing Chairperson of RoboGyn India, said “We are witnessing a rise in gynaecological cancers among younger women in India, a trend that is both distressing and demanding of our attention. For instance, we are seeing more incidences of endometrial cancer among young women in their early 30s, a condition traditionally seen in post-menopausal women. Rapid urbanization and lifestyle changes in India, including sedentary habits, high-calorie diets, and increased stress levels, have significantly impacted women's health”.

While talking about the ways to tackle it, she said, “Regular check-ups and screenings play a critical role in the early detection and management of such gynaecological conditions. Any patient coming with excessive or irregular bleeding must be evaluated to exclude uterine cancer. These proactive health measures allow for the identification of potential issues before they progress to more severe stages, significantly improving treatment outcomes. Robotic-assisted surgery with advanced technologies like da Vinci has emerged as a crucial tool in addressing these complex cases. We could even save a woman in her early pregnancy with a complex ovarian tumour, without harming the foetus, by using this technology. However, we need more surgeons and other healthcare professionals to get trained on this technology, to make it available for all eligible patients across the country.”

The leaders from the gynaecological robotic surgeons’ forum also discussed about, obesity becoming a major public health concern in India. In obese patients, the surgical risk is very high. In order to reduce Morbidity, and extend the improved quality of life, the focus is changing to the use of technology.

Dr. Peter Lim, Medical Director at the Center of Hope Robotic & Minimally Invasive Pelvic Surgery and Clinical Associate Professor at the University of Nevada Reno School of Medicine, USA, said “Robotic-assisted surgery offers numerous advantages in the management of gynaecological cancers, even in obese patients. The technology provides unparalleled precision, allowing for meticulous dissection and better visualization of the surgical field. These benefits translate into reduced recovery times, fewer complications, and overall improved surgical outcomes. As we confront the rising incidence of these cancers, the ability to perform such precise and minimally invasive procedures becomes increasingly valuable. We are here to showcase the latest advancements and discuss how we can further harness robotic technology to combat these challenges.”

Dr. Rooma Sinha, the President of AGRS, added, "We are not able to provide advanced surgical technologies like RAS to women across the country due to various reasons. One of them is the lack of enough number of trained RAS gynecological surgeons in India. Through this association, we are trying to close this gap by introducing RAS to more surgeons. The foremost objective of this initiative is to train more surgeons on RAS and create a pathway towards achieving enhanced clinical outcomes for women. AGRS has been in the forefront of training more gynaecologists in RAS. By harnessing the exceptional capabilities of RAS systems such as the da Vinci, our surgeons can adeptly navigate through the intricacies of gynaecological disorders that require complex surgical interventions.”

Another world-renowned robotic surgeon, Dr. Tae Joong Kim, Professor Department of Obstetrics and Gynecology, Samsung Medical Center, Sungkyunkwan Univ. School of Medicine, South Korea emphasized the need for integrating robotic surgery into medical education. “Incorporating robotic-assisted surgery into the postgraduate curriculum is imperative for preparing the next generation of surgeons. As robotic technology continues to evolve and become a standard in surgical practice, it is crucial that upcoming practitioners are well-trained in its use. By integrating robotic-assisted surgery into medical education, we can ensure that future surgeons are equipped with the necessary skills and knowledge to utilize this technology effectively. This approach will not only enhance their proficiency, but also contribute to better patient care and surgical outcomes,” he said.

Kotak Mahindra Bank Announces Appointment Of Kedarswamy Ravangave As Head of Marketing For Consumer And Commercial Bank

Kotak Mahindra Bank Ltd (“KMBL” / “Bank”) announced the appointment of Kedarswamy (Kedar) Ravangave as Head of Marketing for Consumer and Commercial Bank.

Kedar joins Kotak Mahindra Bank from Amazon India, where he was a pivotal member of the leadership team, driving marketing, brand, and category initiatives. With extensive experience across esteemed organizations like Marico and Amazon India, Kedar brings a wealth of knowledge and expertise to Kotak. He holds a B.Tech in Electronics and Communication from Malaviya National Institute of Technology Jaipur and an MBA from Symbiosis Institute of Business Management, Pune.

Kedar will be working closely with Consumer and Commercial Bank business teams on driving marketing initiatives and shall report to Rohit Bhasin, President, Head – Propositions & Chief Marketing Officer, Kotak Mahindra Bank.

Rohit Bhasin said, "We are delighted to welcome Kedar to the Kotak family. With his extensive experience in e-commerce and FMCG, and his proven track record in marketing, Kedar will be instrumental in our efforts to build Kotak as the go to financial services brand for the Aspirational Indian. His leadership and innovative approach, combined with his strong focus on customer centricity, will help us navigate the dynamic market landscape and achieve our strategic objectives ".

Kedarswamy Ravangave, Head of Marketing for Consumer and Commercial Bank, Kotak Mahindra Bank, expressed enthusiasm about his new role, stating, "I am thrilled to take on this challenge and work for a brand in the BFSI sector. The banking industry is dynamic and constantly evolving, with technology at the forefront. I am grateful for this opportunity and eager to contribute to the bank's growth journey. I look forward to collaborating with the talented team at Kotak in the journey to continue to build a strong, innovative, and customer-centric brand."

About Kotak Mahindra Bank Limited

Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Limited.

The Bank has four Strategic Business Units – Consumer Banking, Corporate Banking, Commercial Banking, and Treasury, which cater to retail and corporate customers across urban and rural India. The premise of Kotak Mahindra Group’s business model is concentrated India, diversified financial services. The bold vision that underscores the Group’s growth is an inclusive one, with a host of products and services designed to address the needs of the unbanked and insufficiently banked. As on 30th June 2024, Kotak Mahindra Bank Ltd has a national footprint of 1,965 branches and 3,279 ATMs (incl. cash recyclers), and branches in GIFT City and DIFC (Dubai). For more information, visit the company’s website at https://www.kotak.com/

Windergy India 2024 Highlights India’s Vision For A Sustainable Future

India, a global leader in wind power, currently ranks fourth in Wind Energy Installation globally and continues to witness remarkable progress in the renewable energy landscape. As of June 2024, India's installed wind power capacity exceeds 46,656 MW, making it one of the largest producers and advocates for developing wind energy, both indigenously and globally.

The wind energy sector significantly contributes to India’s renewable energy targets and offers various socio-economic benefits. Wind farms create employment opportunities, especially in rural areas, during the construction and operation phases. Moreover, wind energy helps reduce greenhouse gas emissions, improve energy security, and provide access to clean electricity.

With a coastline exceeding 7000 kms holding the potential to generate 500 GW of offshore wind capacity, Tamil Nadu and Gujarat have ambitious plans to contribute to the Net Zero 2070 target. Both the central and state governments actively work on the policy and regulatory framework to streamline the development process, ensure environmental sustainability, and attract investments in this sector.

Recently, the Union Cabinet approved 1 GW offshore wind energy projects in Gujarat and Tamil Nadu, with a total outlay of Rs 7,453 crore. The aim is to produce 3.72 billion units of renewable electricity annually and reduce 2.98 million tons of CO2 equivalent emissions annually for 25 years, according to the government. This decision highlights India's commitment to building and empowering the country’s energy requirements solely on renewable and sustainable resources.

Technological advancements enable the installation of larger wind turbines with higher capacities, leading to substantial growth in the overall capacity of wind power projects across the country. The winds of change are evident, but they also need direction to unify efforts. This is where Windergy India has revolutionised the industry, marking a milestone that changed the wind energy game in the nation.

Windergy India 2024, the premier industry platform dedicated to the wind energy sector, is set to showcase its immense potential and lucrative opportunities for the sixth time, from 23-25 October 2024 at the Chennai Trade Centre, Tamil Nadu. Windergy India, recognised recently as India’s Fast-Growing Show at the Exhibition Excellence Awards 2024, brings together innovators, policymakers, regulators, and key players in the wind energy industry. The Indian Wind Turbine Manufacturers Association (IWTMA) hosts this event in collaboration with PDA Ventures Pvt Ltd, a Bengaluru-based Trade Fair Organiser.

In its sixth edition, Windergy India 2024 is supported by the Ministry of Power and the Ministry of New and Renewable Energy. The three-day trade fair and expo, under the aegis of the Make in India initiative, will feature representations from wind-rich states such as Karnataka, Andhra Pradesh, Telangana, Maharashtra, Gujarat, and Rajasthan.

Windergy India will also host pavilions from Denmark and Spain, demonstrating their dedication to collaborating with India in advancing the wind energy sector. The United Kingdom will join the expo as one of the partner countries, with more countries in the pipeline. The trade fair will showcase exhibitors from various countries, including Germany, Spain, France, the United States of America, China, Sweden, Norway, Italy, the Netherlands, Switzerland, Brazil, and Japan, making Windergy India a truly global event.

Windergy India aims to bring together the entire wind energy ecosystem. Industry stakeholders like Envision Energy will associate with Windergy India 2024 as our Platinum Partner, while Suzlon Energy and Ever renew Energy Pvt Ltd will be the Silver Partners. Other partners include Winergy, LM Wind Power, NeXHS, Exxon Mobil, Leap Green Energy, and UL Solutions. We are also proud to gain the invaluable support of esteemed associations such as Wind Independent Power Producers Association (WIPPA), International Solar Alliance (ISA), Skill Council for Green Jobs (SCGJ), Green Hydrogen Association (GHO), Indian Energy Storage Alliance (IESA), Indian Wind Power Association (IWPA), Solar Energy Corporation of India (SECI), Composites Excellence Centre of Asia (CECA), Danish Energy Export, and Hydraulic Trailer Owners Association (HTOA). Our partnerships and tie-ups with esteemed national and international associations will play a crucial role in bringing together wind energy professionals from India and around the world.

Windergy India 2024 will feature approximately 300 exhibitors, with an expected visitor count of 10,000 this year. Our exhibitors comprise Original Equipment Manufacturers (OEMs), Component Manufacturing, Composites, Drones, Electrical Components, Fibre Optic Attenuators, Filtration, Gripping Solutions, Hydraulics, Industrial Automation, Industrial Equipment, Aluminium Material Coating, Independent Power Producers (IPPs), Laser Projection Systems, Lifts, Cranes, Logistics Solutions, Lubrication, Mechanical Power Transmission Products, Offshore Engineering, Service Providers, Software Solutions, Technical Consultants, and the Media. Some prominent exhibitors at Windergy India 2024 include Adani Winds, Jindal Steel and Power, Nabros Transport, Mtandt Group, Drives & Drives, IRM Offshores & Marine Engineers, RS Windtech Engineers, Windplus, WEG Industries, and Sany Winds.

Windergy India 2024, while highlighting the need for technology and innovation, will bring together industry leaders, policymakers, investors, and innovators to explore the latest trends, technologies, and business opportunities in the domain. With a large exhibition area hosting the trade fair, conferences, and round tables, the event promises to be an unparalleled gathering of thought leaders and game changers driving the sustainable energy revolution. The Conference topic for Windergy India 2024, 'Wind: Powering India’s Energy Transition,' represents our commitment to driving India’s journey towards a sustainable and greener future. The conference is designed to be a platform for disruptive thoughts and ideas with a series of informative panel discussions focusing on policy and regulatory frameworks, market trends, financing options, and cutting-edge technological advancements.

Windergy India has experienced tremendous growth since its debut in 2012 as a biannual show, and it is now organised annually. The expo has reached another milestone in its journey with its sixth iteration, with the organisers adding another hall to accommodate the growing interest and space requests from exhibitors.

The event serves as a platform for knowledge exchange, business networking, and showcasing the latest advancements in the wind power industry. We invite all stakeholders, professionals, and enthusiasts from the wind power sector to join us at Windergy India 2024 and be part of the renewable energy revolution.