Secretarial Compliances & FEMA

ECS REPLACED BY NACH

2016-03-25T08:09:00.001-07:00

ECS will be replaced with NACH from 01/04/2016.

Kindly ensure that all ECS payment to be made through till 31/03/2016.

NACH stands for National Automated Clearing House.

National Payments Corporation of India (NPCI) has implemented “National Automated Clearing House (NACH)” for Banks, Financial Institutions, Corporates and Government a web based solution to facilitate interbank, high volume, electronic transactions which are repetitive and periodic in nature. NACH System can be used for making bulk transactions towards distribution of subsidies, dividends, interest, salary, pension etc. and also for bulk transactions towards collection of payments pertaining to telephone, electricity, water, loans, investments in mutual funds, insurance premium etc.

National Automated Clearing House (NACH) is a centralised system, launched with an aim to consolidate multiple ECS systems running across the country and provides a framework for the harmonization of standard & practices and removes local barriers/inhibitors. NACH system will provide a national footprint and is expected to cover the entire core banking enabled bank branches spread across the geography of the country irrespective of the location of the bank branch.

With the implementation of NACH system, NPCI intends to provide a single set of rules (operating and business), open standards and best industry practices for electronic transactions which are common across all the Participants, Service Providers and Users etc. NACH system also supports Financial Inclusion measures initiated by Government, Government Agencies and Banks by providing support to Aadhaar based transactions.

The NACH system facilitates the member banks to design their own products and also addresses specific needs of the banks & corporates including a refined Mandate Management System (MMS) and an online Dispute Management System (DMS) coupled with strong information exchange and customised MIS capabilities.

The NACH system provides a robust, secure and scalable platform to the participants with both transaction and file based transaction processing capabilities. It has best in class security features, cost efficiency & payment performance (STP) coupled with multi-level data validation facility accessible to all participants across the country.

NACH’s Aadhaar Payment Bridge (APB) System, developed by NPCI has been helping the Government and Government Agencies in making the Direct Benefit Transfer scheme a success. APB System has been successfully channelizing the Government subsidies and benefits to the intended beneficiaries using the Aadhaar numbers. The APB System links the Government Departments and their sponsor banks on one side and beneficiary banks and beneficiary on the other hand.

Essence of Gita

2016-03-25T08:07:00.001-07:00

- Essence of GITA

1. Arjun :- I can’t find free time. Life has become hectic.
    Krishna:- Activity gets you busy. But productivity gets you free.

2. Arjun :- Why has life become complicated now?
    Krishna :- Stop analyzing life... It makes it complicated. Just live it.

3. Arjun :- Why are we then constantly unhappy?
    Krishna :- Worrying has become your habit. That’s why you are not happy.

4. Arjun :- Why do good people always suffer?(Everyone thinks that he is good person)
    Krishna :- Diamond cannot be polished without friction.
                    Gold cannot be purified without fire.
                    Good people go through trials, but don’t suffer.
                    With that experience their life becomes better, not bitter.

5. Arjun :- You mean to say such experience is useful?
   Krishna :- Yes. In every term, Experience is a hard teacher.
                   It gives the test first and the lessons later.

6. Arjun :- Because of so many problems, we don’t know where we are heading…
    Krishna:- If you look outside you will not know where you are heading.
                   Look inside. Eyes provide sight. Heart provides the way.

7. Arjun :- Does failure hurt more than moving in the right direction?
   Krishna:- Success is a measure as decided by others.
                    Satisfaction is a measure as decided by you.

8. Arjun :- In tough times, how do you stay motivated?
Krishna :- Always look at how far you have come rather than how far you have to go.
                  Always count your blessing, not what you are missing.

9. Arjun :- What surprises you about people?
Krishna :- When they suffer they ask, "why me?"
                 When they prosper, they never ask "Why me?"

10. Arjun :- How can I get the best out of life?
Krishna:- Face your past without regret.
                Handle your present with confidence.
                Prepare for the future without fear.

11. Arjun :- One last question. Sometimes I feel my prayers are not answered.
Krishna:- There are no unanswered prayers. Keep the faith and drop the fear.
                 Life is a mystery to solve, not a problem to resolve.
                Trust me. Life is wonderful if you know how to live.

New e forms at MCA

2016-03-24T08:45:00.001-07:00

Latest version of forms from ‘Company Forms Download’ page on the MCA portal (Alert - 4)

The Company e-Forms have been revised on MCA portal effective 27th March 2016. You are advised to download the latest version of forms from 'Company Forms Download' page on the MCA portal. The previous version of Company e-forms will not be compatible with the new MCA21 portal. The existing Company Forms have been revised.

1. The following eForms will not be available in the new MCA21 portal temporarily. CRA-4 and Refund forms are expected to be made available by 11th April, 2016 and 25th April, respectively. The timelines for 23 C, 23 D, I-XBRL and A-XBRL will be confirmed subsequently.

a. CRA 4 - Form for filing Cost Audit Report with the Central Government.

b. 23 C - Form of application to the Central Government for appointment of cost auditor.

c. 23 D - Information by cost auditor to Central Government

d. I-XBRL - Form for filing XBRL document in respect of cost audit report and other documents with the Central Government

e. A-XBRL- Form for filing XBRL document in respect of compliance report and other documents with the Central Government

f. Refund - Application for requesting refund of fees paid.

2. The following new e-forms will come into effect immediately :

a. CHG-8 (previously attachment)

b. INC-12 (previously attachment)

c. Investor Complaint eform

d. Serious Complaint eform

3. The following new e-forms will come into effect from the date of notification (to be notified later):

a. IEPF-1 - Statement of amounts credited to Investor Education and Protection Fund

b. IEPF-2 - Statement of unclaimed or unpaid amounts

c. IEPF-3 - Statement of shares and unclaimed or unpaid dividend not transferred to the Investor Education and Protection Fund

d. IEPF-4 - Statement of shares transferred to the Investor Education and Protection Fund

e. IEPF-5 - Application to the Authority for an order for payment of dividend etc. out of the Fund

f. IEPF-6 - Statement of shares and unclaimed or unpaid amounts to be transferred to the Investor Education and Protection Fund

4. The following eForms should be filed as attachments with GNL-2 from the date of notification (to be notified later):

a. 23 AC - Form for filing balance sheet and other documents with the Registrar

b. 23 AC-XBRL - Form for filing XBRL document in respect of balance sheet and other documents with the Registrar

c. 23 ACA - Form for filing Profit and Loss account and other documents with the Register

d. 23 ACA-XBRL - Form for filing XBRL document in respect of Profit and Loss account and other documents with the Registrar

e. 20B - Form for filing annual return by a company having a share capital with the Registrar

f. Form 66 (Until FY 2014) - Form for submission of compliance certificate with the Registrar

g. 21 A - Particulars of annual return for the company not having share capital

h. 23 B - Information to the Registrar by company for appointment of auditor

5. Kindly note a new Service 'Upload Details of Security Holders/Debenture Holders/Depositors' has been introduced for uploading relevant details of Security Holders/Debenture Holders/Depositors for forms MGT-7, PAS-3 and DPT-4 in excel instead of submitting CD to concerned RoC office. These forms will not be approved if details are not uploaded using this service.

6. The following eforms are withdrawn :

a. 1INV - Statement of amounts credited to investor education and protection fund.

b. 5INV - Statement of unclaimed and unpaid amounts.

c. Investor Complaint Form - a new version has been released.

Raghul

2016-03-18T00:40:00.001-07:00

This was told by Dr. Rajdeep Manwani who happened to be Dravid's classmate.(In a speech he delivered on the occasion of 'Sports Day'(14/2/16) in a nearby hostel. )

"Rahul Dravid never attended classes regularly. He was always seen practising in the nets. One day he came to class and started writing notes with his gloves on.We were feeling uncomfortable seeing him writing with the gloves. I don't know how he might have felt. Everyone was laughing, talking, whispering, Rahul Dravid continued writing for that full hour.
After one hour was over, I and Rahul Dravid had a common friend ,Adarsh,
so he came up to Adarsh and said,
''Adarsh, Can I borrow your accounts notes because exams are nearing and I haven't written many notes. So can I borrow it and xerox it and give it to you back''
Adarsh replied ''Rahul ,I'll give you the notes but could you tell me why were you wearing gloves on? You came to class wearing gloves and you continued wearing it, you were wearing the gloves even when the teacher was dictating notes, Is it to impress Anupama?(Anupama was the most beautiful girl in their class!).
Rahul Dravid said ''No...no ,she is already impressed, I don't have to impress her.''

''Then why did you wear the gloves through all this time?''I asked

Rahul Dravid said to me something that day which is very interesting.

He replied ''You know something Adarsh ,the last two Ranji matches which I played, I had the old gloves and the old gloves were very loose. So because the gloves were loose, when the bowler bowled , the ball just went past my gloves and it created the snick sound. The wicket keeper caught it, he appealed and both the times even though I didn't touch the ball, I was given caught behind. I thought to myself ' no this can't continue' and so ,I bought these gloves and I want to get accustomed to wearing these new gloves. I want my hands to sweat into these new gloves . So for the next 48 hours, I will wear these gloves continuously because the next Ranji match which is a semifinal, is in two days. I want my hands to sweat in and get adjusted to the gloves. I am not going to remove the gloves even when I am sleeping,even when I am eating,even when I am coming to class because I want to do well in the next match and I want my hands to be comfortable in those gloves".

The very next match, that was their semifinals against Saurashtra and he scored a century. In the finals,Karnataka played against Delhi that year, he scored another century and based on those two performances he got selected for the Indian cricket team which went to England, and surprisingly in the first test match in England, he scored 90 odd runs(England vs India, 2nd Test ) when Sourav Ganguly scored century and the rest as they say is history.

There are two important lessons I learnt from that incident.

One, passion , if you want to excel in anything in life ,there has to be a passion, Rahul was willing to wear those gloves for 48 hours whether it was uncomfortable or it was hot. He was sweating in those gloves but he was willing to wear those gloves for 48 hours continuously because he wanted to excel in what he wanted to do and the second important thing was responsibility.
He took responsibility on himself for his own performance, I have never seen Rahul complain a single time neither did he argue against any Umpire decision. He never said for one once that the wicket keeper is so unethical. He knew that he didn't touch the ball, even then they appealed and he got out. He took responsibility for his own life. He had a very strong internal locus of control. Internal locus of control simply means that I will not blame the external circumstances for what is there in my life, I will take responsibility for what is happening in my life. He took responsibility, what can I do to change the situation. Forget the Umpiring decisions that has gone wrong, forget what wicket keeper has done but what can I do to make the situation better and the only thing I can do is to change my gloves and perform to the best of my ability.

Laminating Property Documents & Other Certificates

2015-10-10T20:49:00.000-07:00

Most of us are tempted to get the documents laminated so as to preserve them.

"We had our property documents laminated for their safe keeping. This was years ago.

Recently we tried for a bank loan by mortgaging the property docs. At the final stage of verification of original documents, the Bank Lawyer flatly refused even to look at the documents saying that they are laminated. The reason being that, since they are laminated, the original documents cannot be differentiated from the colour photocopies. Appears, it was a hard learned truth as the Bank was duped by the colour photocopies of the original documents, duly laminated and presented.

We were asked to get the documents de-laminated ! else forego the loan.

The concept of de-laminating was something like "OMG, Is it possible ?" to us. We started searching those who can de - laminate documents.

The internet gave us the address of one at Lahore in Pakistan. That apart, we got another person in Bangalore who quoted Rs 3500 per document, with 20 documents on hand, we were looking at cool 70 K for de -lamination. We were about to be robbed.

At last we could find some one at Mysore who agreed for Rs 500 per paper. We rushed to Mysore from Bangalore, got them done. The whole experience has left us with lot of knowledge.

We have a lesson here.

Pl do not laminate the original property documents. The Banks will not touch them. No loans can be taken on them. Even the buyers would hesitate at the time of sales. Further, Please be careful while receiving such laminated documents in a transaction. Whilst browsing, I have also come across where the people have run into Visa problems while submitting the laminated mark sheets, degree certificates."

Note:

Please find the professional delaminator @ http://www.delaminatorsindia.com/

Sd not allowed under Companies Act , 2013

2015-10-10T20:38:00.001-07:00

Henceforth Sd/- not allowed for ROC filing purpose:

As per Rule 8(6) of the Companies (registration Offices and Fees), Rules, 2014

'Scanned image of documents shall be of original signed documents relevant to the e-forms or forms and the scanned document image shall not be left blank without bearing the actual signature of authorised person'.

The professional , who carried out annual filing of the clients shall ensure upload the e forms only signed documents as attachment.

Points to be noted from ICSI Webinar on 8th October 2015

2015-10-10T20:34:00.000-07:00

A webinar was conducted on e-filing of MGT-7 for the benefits of the professionals by ICSI wherein officials from MCA were also present. After going through the webinar, I am summarising below some important points which would be useful for fellow professionals while e-filing of Form MGT-7. Some useful information on ADT-1 is also provided.

1) ADT-1 is not required to be filed in case of ratification of Auditor appointment. SRN of GNL-2 is a valid SRN required to be disclosed while filling AOC-4. The same has been enabled by MCA in the said form.

Challenges still exist in cases of first auditor appointment in Board Meeting and also those appointed by CAG where ADT-1 is not mandatorily required to be filed. MCA has been appraised & taken note of it. Shall look into the matter.

2) Non-promoter, non-public shareholding to be disclosed in the "Others" category either under Public or Promoter with a suitable note/disclosure that these are not Public/Promoter in case of MGT-7. This is required because technically, the pre-scrutiny option matches the shareholding pattern with paid up capital while filing MGT-7. Till such time, MCA revises it, the same shall have to be done.

Shareholding Pattern in MGT-7 (unlike MGT-9 only requires equity break up) requires filling up information on both Equity & Preference Shareholding.

3) The registered office address and the details of type of company, category of the company and the sub-category of the company are dynamic in nature. The caution is even if the current details are filled in here but not filed as required in the Act, the master data will not change and neither will it be considered as duly complied.

For example, if the registered office address is changed here, it will be allowed but the master data will keep on reflecting the old address unless INC-22 is filed for the same.

4) The email id of the Company and the telephone number though will be updated in the master data, as filled in MGT-7. The MCA updates the email id and telephone number on the basis of the last data filled in, in the columns of email id and telephone number. It is also advised that these data should be absolutely correct, valid and running. Professionals should desist from giving their personal email id and telephone number. In the column of telephone number, even mobile number is allowed to be filled in.

5) The para asking for the 'Principal Business Activities of the Company', should be filled in with the assistance of the annexure in the help form. The codes, both the main activity group and the business activity has been laid there for ready reference. The companies have to lay down the description of all their business activities in descending order. To illustrate, if one business activity is generating 9% of the total turnover of the company and the second is generating 5% of the total turnover and the third is generating 2% and so on...then the presentation should be made in the order starting from 9%.

Trust you shall find the above information useful.

Sebi case law

2015-08-27T09:05:00.001-07:00

SEBI vide its order dated August 19, 2015 imposed a penalty of Rs. 10 lakhs on the Director of Manappuram Finance Limited for breach of SEBI (Prohibition of Insider Trading) Regulations. The brief facts of the case are as follows :

1. The wife of the Directors sold shares of the Company without seeking pre-clearance from the Compliance Officer.

2. The Director submitted that

(i) his wife was financially independent

(ii) trading without pre-clearance was only a technically slip that would not warrant any penalty - an opinion from reputed law firm was also submitted to support these views.

(iii) he had discussed at the board meeting of the Company about the intention of his wife to sell the shares of the Company.

3. SEBI observed and ruled that

(i) financial independence is immaterial in case of spouse

(ii) trading without pre-clearance is a violation of regulation and hence penalty would follow

(iii) the discussion of the wife proposed trade at the board meeting is not substantiated with agenda or minutes of the meeting and

(iv) penalized the Director for violation of Regulations and Internal code of conduct.

Key Take away : Personal Transaction Policy and SEBI Insider Trading norms need to be followed in letter and spirit. SEBI does not take into account any technicalities or intention of the parties. You may note that the Director in this case was about 90 years old retired civil servant without any blemish but still had been penalized for the unintentional error.

Legal profession is not a commercial Activity

2015-08-24T10:08:00.000-07:00

Legal profession is not a commercial activity -

The Hon'ble Supreme Court of India had given a Judgement that " Running of office by an Advocate in a building cannot be termed as Commercial activity" in decided case between Chairman, M.P. Electricity Board and Ors. Versus Shiv Narayan and Anr.

In the given case it is decided that Law practice is not a commercial activity or trade. Hence electricity rates fixed for Commercial user cannot be charged.

READ THE FULL CASE LAW HERE:

http://law.geekupd8.com/2015/03/Legal-profession-is-not-commercial-activity-Running-of-office-by-an-Advocate-in-a-building-cannot-be-termed-as-Commercial-activity-Electricity-rates-fixed-for-Commercial-user-cannot-be-charged.html?m=1

To be lucky

2015-08-19T10:06:00.001-07:00

Good Research on Definition of Lucky and Unlucky. Worth to read and re-read and re-read whenever we feel we are Unlucky...

Why some people have all the Luck ?

Why do some people get all the luck while others never get the breaks they deserve?

A psychologist says he has discovered the answer.

Ten years ago, I set out to examine luck. I wanted to know why some people are always in the right place at the right time, while others consistently experience ill fortune. I placed advertisements in national newspapers asking for people who felt consistently lucky or unlucky to contact me. Hundreds of extraordinary men & women volunteered for my research & over the years, I have interviewed them, monitored their lives & had them take part in experiments.

The results reveal that although these people have almost no insight into the causes of their luck, their thoughts & behaviour are responsible for much of their good & bad fortune. Take the case of seemingly chance opportunities. Lucky people consistently encounter such opportunities, whereas unlucky people do not.

I carried out a simple experiment to discover whether this was due to differences in their ability to spot such opportunities. I gave both lucky and unlucky people a newspaper, and asked them to look through it & tell me how many photographs were inside. I had secretly placed a large message halfway through the newspaper saying : "Tell the experimenter you have seen this and win $50." This message took up half of the page & was written in type that was more than two inches high. It was staring everyone straight in the face, but the unlucky people tended to miss it & the lucky people tended to spot it.

Unlucky people are generally more tense than lucky people, and this anxiety disrupts their ability to notice the unexpected. As a result, they miss opportunities because they are too focused on looking for something else. They go to parties'; intent on finding their perfect partner & so miss opportunities to make good friends. They look through newspapers determined to find certain types of job advertisements & miss other types of jobs.

Lucky people are more relaxed & open, and therefore see what is there rather than just what they are looking for. My research eventually revealed that lucky people generate good fortune via four principles. They are skilled at creating & noticing chance opportunities, make lucky decisions by listening to their intuition, create self-fulfilling prophesies via positive expectations, and adopt a resilient attitude that transforms bad luck into good.

Towards the end of the work, I wondered whether these principles could be used to create good luck. I asked a group of volunteers to spend a month carrying out exercises designed to help them think & behave like a lucky person. Dramatic results ! These exercises helped them spot chance opportunities, listen to their intuition, expect to be lucky, and be more resilient to bad luck. One month later, the volunteers returned & described what had happened. The results were dramatic : 80% of people were now happier, more satisfied with their lives & perhaps most important of all, luckier.

The lucky people had become even luckier & the unlucky had become lucky. Finally, I had found the elusive "luck factor".

Here are Professor Wiseman's four top tips for becoming lucky:

1) Listen to your gut instincts - they are normally right

2) Be open to new experiences and breaking Ur normal routine

3) Spend a few moments each day remembering things that went well

4) Visualize Urself being lucky before an important meeting or telephone call.

Have a Lucky day and work for it... "

The happiest people in the world are not those who have no problems, but those who learn to live with things that are less than perfect."

" There is a great difference between "worry" & "concern",

A worried person only sees the problem & a concerned person solves the problem..!"

TO BE LUCKY OR UNLUCKY - it is by practice and choice.

****

The above articles is an excerpts of research By Professor Richard Wiseman, University of Hertfordshire..

Secretarial Audit

2015-08-17T07:35:00.001-07:00

Secretarial Audit for Big Companies is introduced Under Companies Act, 2013. Section 204 of the ACT Specifying the applicability of the Audit. Here is list of first set of required documents from the client before the commencement of the Secretarial Audit :-

1.Latest Memorandum of Association & Articles of Association and Annual Report.

2.Notice of all the Meetings. if notice is sent through electronic mode, email Copy sent to the Directors of the Company.

3.Minutes of the Board Meetings.

4.Minutes of the Audit Committee Meetings.

5.Minutes of the Stakeholder Relationship Committee.

6.Minutes of the Nomination and Remuneration Committee Meetings.

7.Minutes of Corporate Social Responsibility Committee.

8.Minutes of all other Committee Meetings, if any.

9.Minutes of Annual General Meeting as well as Extra Ordinary General Meetings.

10.Notice and Minutes of Resolutions passed through postal ballot process.

11.Notice and Resolutions passed through circulations.

12.All the Statutory Registers.

13.Any Disclosure Received from Directors in accordance with Section 184 of the Companies Act, 2013. (Form MBP-1 of all directors).

14.Auditors Consent for Appointment/Re-appointment.

15.Letters under Section 164(2) read with Rule 14(1) from the Directors(DIR-8).

16.Copies of Form CHG 4 (Satisfaction of Charge) and CHG 5(Memorandum of Satisfaction of Charge).

17.Correspondence file with the Registrar of Companies.

18.Correspondence file with the Stock Exchanges.

19.Correspondence file with the Directors of the Company.

20.Annual General Meeting File if any.

21.Details of Complaints received from shareholders.

22.Compliance of Clause 16, 17, 20, 35,35B, 41 and 49 of the Listing Agreement.

23.Statement of Account of Remuneration & other benefits paid to the Directors.

24.Any Remuneration paid to any relative of Director as per Section 188 of the Companies Act, 2013

25.Statement of Account of Sitting Fees paid to the Directors.

26.Statement of Account of Loans and Advances given.

27.Statement of Account of Investment made.

28.Investments made/ Fixed Assets Purchased are they in Company’s name?

29.Statement of Account of Loans and Advances taken, whether secured or unsecured.

30.Details of Public Deposit Accepted, if any.

31.Details of surety or guarantee provided. if any.

32.Details of Amounts transferred to Investor and Education Protection Fund(IEPF).

33.Statements of Dividend Reconciliation.

34.Any Show Cause Notice received from ROC / Stock Exchanges / SEBI.

35.Details of Compliance of Code of Conduct in terms of the Insider Trading Including Closing of Trading windows.

36.Details of Compliance of Take Over code in terms of SAST Provisions.

37.Whether any Loan or guarantee given to foreign subsidiary or Joint venture company.

38.Details of Stock option given to the employees of the Company.

39.Details of Stock option Converted into equity shares of the Company.

40.Any issue of Capital (Right issue, Preferential Issue, Bonus Issue, IPO/FPO), Details of it.

41.List of Other Laws applicable specifically to the Company and Compliance Mechanism of the same.

42.Agreement between the Company and Registrar and share Transfer Agent.

43.The details of Compliance Mechanism of Labour Laws i.e. for examining and reporting whether the adequate systems and processes are in place to monitor and ensure compliance with general laws like Labour laws, Competition law, Environmental laws.

Exemption of CA certificate for certain FEMA remittances

2015-08-11T10:36:00.001-07:00

GOVT has recently modified the Foreign Exchange Management (Current Account Transactions) Rules, 2000 and the Liberalized Remittance Scheme (LRS) for resident individuals for further liberalizing the existing guidelines. Accordingly, all resident individuals, including minors, are allowed to freely remit upto USD 2,50,000 (USD 1,25,000 earlier) per financial year for any permissible current or capital account transaction or a combination of both. These include the purposes of education or for maintenance of close relatives. Further, authorized dealers may allow remittances exceeding USD 250,000 based on the estimate received from the educational institution abroad or a hospital abroad. For small value remittances (upto USD 25,000), the documentation requirement is simpler and even PAN card is not insisted upon.

Currently, as per the provisions of the Income-tax Act, 1961 read with Income-tax Rules, 1962, no certificate from a Chartered Accountant is required to be obtained for certain remittances including sending money to students i.e., for remittances made under RBI's purpose Code “S0305-Travel for education (including fees, hostel expenses etc.)” and remittance towards personal gifts and donations i.e., for RBI's Purpose Code “S1302”. The complete list of payments in which no certificate from a Chartered Accountant is required to be obtained is given in explanation (2) to Rule 37BB of the Income-tax Rules, 1962.

This was stated by Mr Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Rajya Sabha on Friday.

All About Banking in India

2015-08-11T09:22:00.001-07:00

Important Banking Awareness Questions :

1. MICR code consists of how many digits?
Ans: 9 digits.
(First three digits denotes city, next three digits representing the bank and the last three digits representing the bank branch)

2. What is the minimum limit in RTGS system?
Ans: 2 lakhs (there is no upper limit in RTGS)

3. What is full form of CTS?
Ans: Cheque Truncation System

4. Under which service, customers may access their bank account and perform basic transactions from any of the member branch offices.
Ans: Core Banking Solution (CBS)

5. Exchange of cash flow in different currency is known as:
Ans: Currency Swap

6. Assets or loans which stop performing after 90 days is known as:
Ans: Non Performing Asset (NPA)

7. Who controls the Monetary Policy in India?
Ans: RBI (Reserve Bank of India)

8. Which card is issued by NPCI (National Payments Corporation of India)?
Ans: RuPay Card

9. Definition of Current Account deficit
Ans: A measurement of a country's trade in which the value of goods and services it imports exceeds
the value of goods and services it exports.

10. Full form IFSC ?
Ans: Indian Financial System Code

11. Commercial paper can be issued for a maximum period of ?
Ans: 365 days or 1 year.

12. The Mutual funds in India follow accounting standards laid by ?
Ans: SEBI (Securities and Exchange Board of India)

13. Minimum amount for Certificate of Deposit has been fixed at?

Ans: Rs. 1 Lakh

14. AML is a term mainly used in the financial and legal industries. Expand the term AML:
Ans: Anti Money Laundering

15. PIN is a number allocated to an individual and used to validate electronic transactions. Expand
PIN:
Ans: Personal Identification Number

16. What is Repo rate?
Ans: It is the rate is the rate at which RBI lends money to the commercial banks.

17. What is Stale Cheque?
Ans: A cheque which is presented to a bank after 3 months from date of issue is considered as stale
cheque and will often not be honored for cash or deposit at a bank.

18. What is Bancassurance?
Ans: The selling of life assurance and other insurance products and services by banking institutions.
19. The objective of KYC guidelines is to prevent banks from being used, intentionally or unintentionally, by criminal elements for money laundering or terrorist financing activities. What is the full form of KYC?
Ans: Know Your Customer (KYC)

20. Know Your Customer (KYC) guidelines are issued under?
Ans: Section 35A of the Banking Regulation Act,1949

21. In BSBDA (Basic Savings Bank Deposit Account) the credits in a financial year does not exceed
rupees:
Ans: Rs. 1 lakh

22. In BSBDA (Basic Savings Bank Deposit Account) the balance at any point of time does not exceed rupees:
Ans: Rs. 50,000

23. In BSBDA (Basic Savings Bank Deposit Account) the withdrawals and transfers in a month does not exceed rupees:
Ans: Rs. 10,000

24. At which rate RBI give loans to commercial banks?
Ans: Repo rate

25. Full form of CASA?
Ans: Current Account Saving Account

26. In what denominations Commercial Paper (CP) can be issued?
Ans: Rs. 5 lakh

27. What is the minimum denomination of Treasury bills to issue in India?
Ans: Rs. 25,000

28. Who cannot issue Certificate of Deposit (CD)?
Ans: Regional Rural Banks (RRBs) and Local Area Banks (LABs)

29. Expand ASBA:
Ans: Application Supported by Blocked Amount

30. Depositor Education and Awareness Fund (DEAF) is maintained with:
Ans: RBI

31. Cash Reserve Ratio (CRR) is the amount of funds that the banks have to keep with:
Ans: Central Bank (RBI)

32. What is the maximum amount per transaction NEFT limit for cash-based remittances to Nepal?
Ans: Rs. 50,000

33. What does CAR stands for?
Ans: Capital Adequacy Ratio

34. IFSC code consists of _____ alpha numeric
code.
Ans: 11 digits
(The IFSC is an 11 digit alpha numeric code, with the first four digits identifying the bank, fifth is
numeric (kept 0) and the last six digits represent the bank branch.)

35. When money is lent or borrowed for one day or on overnight basis it is known as:
Ans: Call Money

36. When money is lent or borrowed for between 2 days and 14 days it is known as:
Ans: Notice money

37. When money is lent or borrowed for a period of more than 14 days, it is known as:
Ans: Term money

38. Treasury Bills and Certificate of Deposit are considered as the ____instruments.
Ans: negotiable money market

39. Commercial Paper (CP) is an unsecured money market instrument issued in the form of a _____.
Ans: Promissory note.

40. What is the upper limit in Public Provident Fund (PPF)?
Ans: Rs. 1.5 lakhs

41. As per RBI guidelines, with effect from April 1, 2012, the validity period of Cheques, Demand
Drafts, Pay Orders and Banker's Cheques is _____.
Ans: 3 months

42. What is the time limit for an asset or loan to be declared as Non-Performing Asset?
Ans: 90 days

43. Deposit Insurance and Credit Guarantee Corporation (DICGC) does not cover:
Ans: Primary co-operative societies

44. RBI measure to liquidate the market?
Ans: Repo rate.

45. Full form of EFT:
Ans: Electronic Fund Transfer

46. Fastest mode of transaction:
Ans: RTGS

47. Alphanumeric code on cheque is known as:
Ans: Indian Financial System Code (IFSC)

48. Bank pays interest on savings account?
Ans: Daily Basis

49. What is the loan limit for education under priority sector for studies abroad?
Ans: Rs. 20 lakh (Loans to individuals for educational purposes including vocational courses upto Rs.10 lakh for studies in India and Rs. 20 lakh for studies abroad are included under priority sector.)

50. RuPay Card is an Indian version of credit/debit card is launched by which organization:
Ans: NPCI (National Payments Corporation of India)

51. Fixed Deposit (FD)Account may be opened for a minimum period of:
Ans: 7 days

52. What is the minimum amount required to open a Fixed Deposit (FD)?
Ans: Rs.1000

53. The Banks has converted all ‘no - frills' accounts’ into:
Ans: Basic Savings Bank Deposit Accounts

54. 'Pradhan Mantri Jan Dhan Yojana' is a Scheme for:
Ans: Financial inclusion

55. How much overdraft facility to be provided in 'Pradhan Mantri Jan Dhan Yojana' scheme?
Ans: Rs. 5,000

56. In CBS, C stands for:
Ans: Core

57. In CRAR, A stands for:
Ans: Assets (Capital to Risk Weighted Assets Ratio)

58. IMPS - Immediate Payment Service is an interbank electronic instant mobile money transfer
service through mobile phones in India, the facility is provided by:
Ans: NPCI (National Payment Corporation of India)

59. The Central Bank of India has adopted new measure of inflation:
Ans: Consumer Price Index (CPI)

60. When a cheque is torn into two or more pieces and presented for payment, such a cheque is
called:
Ans: mutilated cheque

61. How much fee charged to file a complaint under Banking Ombudsman?

Ans: Banking Ombudsman does not charge any fee

62. Who is the appellate authority in BankingOmbusdsman?
Ans Deputy Governor of RBI

63. If any customer is not satisfied by the decision of Banking Ombudsman, customer can appeal against the award before the appellate authority within how many days from the date of receipt?
Ans 30 days

64. ATMs or Cash Dispensing machine which are owned and operated by Non-Banking Financial
Companies are called:
Ans: White Label ATMs.

65. RBI gave in-principle for Banking license to:
Ans: IDFC and Bandhan

66. Minimum capital requirement for new banks in private sector is:
Ans: Rs. 500 crore

67. A Non-Banking Financial Company (NBFC) is a company registered under the:
Ans: Companies Act, 1956

68. Minimum capital requirement for Non-Banking Financial Company (NBFC) is:
Ans: Rs. 500 crore

69. The NBFCs are allowed to accept/renew public deposits for a minimum period of:
Ans: 12 months ( and maximum period of 60 months)

70. A NBFCs cannot offer interest rates higher than the ceiling rate prescribed by RBI? What is
the present ceiling?
Ans: 12.5 per cent per annum

71. Minimum capital requirement for Foreign banks that want to set up operations in India is:
Ans: Rs. 500 crore

72. What is the minimum paid-up capital requirement of both small banks and payments
banks in India?
Ans: Rs. 100 crore

73. RBI extended the timeline for full implementation of Basel III norms till:
Ans: 31 March 2019

74. SLR ((Statutory Liquidity Ratio)is the amount a commercial banks needs to maintain in the form
of _______before providing credit to its customers.
Ans: cash, or gold, or govt. approved securities (Bonds)

75. _______ is the rate at which banks borrow funds overnight from the Reserve Bank of India
(RBI) against approved government securities.
Ans: Marginal Standing Facility (MSF)

76. Who issues Treasury bills (T-bills) in India?
Ans: Government of India

77. Treasury bills are available for a minimum amount of:
Ans: Rs. 25,000

78. Minimum & Maximum Limit of NEFT:
Ans: no limit

79. What is the rate of interest rate on provident fund for the current fiscal?
Ans: 8.75%

80. Govt. to implement GST (Goods & Services Tax) new indirect tax regime from:
Ans: 1st April 2016

81. RBI extends deadline for exchanging pre-2005 currency from June 30, 2015 to
Ans: December 31, 2015

82. How much amount RBI allows in 'Tap and pay' transactions without PIN?
Ans: Rs. 2000

83. RBI lifted a ban on carrying Indian bank notes of Rs 1,000 and Rs. 500 denominations to and
from:
Ans: Nepal and Bhutan

84. C stands for in "KYC":
Ans: Customer

85. Pension scheme for unorganized sector:
Ans: Swavalamban

86. Full form of REIT:
Ans: Real State Investment Trust

87. Forward Market Commission merge with:
Ans: SEBI

88. Purpose of starting Minor account for 10 years children:
Ans: Financial inclusion

89. Full form of CVV:
Ans: Card Verification Value

90. Bank of International Settlement headquarter:
Ans: Switzerland

91. Who appoints Banking Ombudsman officer?
Ans: RBI

92. IFRS full form:
Ans: International Financial Reporting Standards.

93. Corporate Social Responsibility committee headed is by

Ans: Anil Baijal

94. Which is the Regulatory body for RRBs?
Ans: NABARD

95. RBI policy related to money laundering?
Ans: Know Your Customer

96. Mutual funds regulated by:
Ans: SEBI (Securities and Exchange Board of India)

97. What is the full form of MTSS?
Ans: Money Transfer Service scheme

98. How much amount of money can RBI lend to a bank?
Ans: 2% of NDTL

99. What RBI does to Increase its Monetary Base?
Ans: OMO Open Market Operations
100. Which rate does RBI Reduces to Increase liquidity in market?
Ans: Repo Rate

101. After completion of 15 years, Public Provident Fund (PPF) can be extended up to how many
years?
Ans: 5 years

102. Short term Money lending process is known as:
Ans: Call Money

103. Treasury bill tenure:
Ans: 91 days, 182 days, 364 days

104. Minimum limit for medium scale enterprises is Rs. 5 Cr. what is maximum limit?
Ans: 10 Cr.

105. Prime Lending Rate is replaced by:
Ans: Base rate

106. Banks cannot grant Loan below which rate:
Ans: Base Rate

107. If RBI reduces CRR, what happens:
Ans: Credit Supply increases, loans get cheaper.

108. Name the scheme to include every people under banking system:
Ans: Financial Inclusion

109. Special Drawing Right (SDR) is a monetary unit of:
Ans: IMF

110. Cheque which is not crossed is called:
Ans: Open cheque

111. Teaser rates are related to which type of loans:
Ans: Home loans

112. What is Teaser loan?
Ans: If a bank offers a slightly lower rate in the initial years and higher rate in later years, it is
called a teaser loan.

113. The RBI policy rate which is purely an indicative rate used by RBI to signal long – term
outlook on interest rates is:
Ans: Bank rate

114. The term ‘pre – shipment’ finance relates to:
Ans: export credit

115. A receipt listed in India and traded in rupees declaring ownership of shares of a foreign
company:
Ans: Indian Depository Receipt (IDR)

116. With effect from July 2012, for calculating of lending rates, the RBI has advised banks to switch
over to the:
Ans: Base Rate systems

117. Mobile banking fund transfer limit in a day:
Ans: Rs. 50,000

118. The seed capital of Bhartiya Mahila Bank is:
Ans: Rs.1000 crore

119. “Lender of the Last Resort” by Banks is known as:
Ans: RBI

120. “Fixed deposit” is also referred to as:
Ans: Term Deposit

121. The holidays for the banks are declared as per:
Ans: Negotiable Instruments Act

122. In banking business, when the borrowers avail a term Loan, initially they are given a repayment
holiday and this is referred as:
Ans: Moratorium

123. Regulator of Micro, Small and Medium enterprises in India:
Ans: SIDBI (Small Industries Development Bank of India)

124. A worldwide financial messaging network which exchanges between banks and financial institutions is known as:
Ans: Structured Financial Messaging System (SFMS)

125. The term “Smart Money” refers to:
Ans: Credits Card

126. The maximum deposit amount insured by DICGC?
Ans: Rs. 1 lakh per depositors across all banks

127. With reference to a cheque which is the ‘drawee bank’?
Ans: The bank upon which the cheque is drawn

128. In which of the following fund transfer mechanisms, can funds be moved from one bank to
another and where the transaction is settled instantly without being bunched with any other
transaction?
Ans: RTGS

129. Bad advances of a Bank are called:
Ans: Non – performing Asset

130. By increasing repo rate, the economy may observe the following effects:
Ans: rate of interest on loans and advances will be costlier

131. Increased interest rates, as is existing in the economy at present will:
Ans: mean higher cost of raw materials

132. The sole authority to issue and manage currency in India:
Ans: RBI

133. In India, one- rupee coins are issued by:
Ans: Govt. of India

134. Fixed deposits and recurring deposits are:
Ans: repayable after an agreed period

135. When a bank returns a cheque unpaid, it is called:
Ans: dishonour of the cheque

136. What is ‘Demat Accounts’?
Ans: Accounts in which shares of various companies are traded in electronic form

137. When the rate of inflation increases:
Ans: purchasing power of money decreases

138. Banks in India are regulated under:
Ans: Banking Regulation Act, 1949

139. Banking sector falls under which of the following sectors?
Ans: Service Sector

140. ASBA scheme is related to the purchase of:
Ans: IPO

141. In a bank, which of the following are the usual types of accounts?
Ans: Current accounts, Savings bank accounts and Term deposit accounts

142. The most powerful tool used by the Reserve Bank of India to control inflation is to:
Ans: raise interest rates

143. NEFT and RTGS in banking terminology speak of:
Ans: electronic fund transfer from bank to bank

144. The ownership of public sector banks rests:
Ans: jointly with the Government of India and the shareholders from the public

145. If a cheque is postdated, the bank on which it is drawn:
Ans: will not honour the cheque before the date of the cheque

146. Regulator of Capital Market in India:
Ans: SEBI

147. First Indian Bank to introduce credit card:
Ans: Central Bank of India

148. RBI nationalized in:
Ans: 1949

149. Loans of very small amounts given to low income groups is called:
Ans: Micro Credit

150. RBI established in:
Ans: 1935.

ANNUAL COMPLIANCE FOR SMALL COMPANIES

2015-08-09T09:55:00.001-07:00

‘‘Small Company’’ means a company, other than a public company,(ONLY PVT CO )Paid-Up Share capital of which does not exceed fifty lakh & Turnover of which as per its last profit and loss account does not exceed two crore rupees Not applicable on a holding company or a subsidiary company;a company registered under Section 8; or a company or body corporate governed by any special Act
The status of a company as “Small Company” may change from year to year. Thus the benefits which are available during a particular year may stand withdrawn in the next year and become available again in the subsequent year. Capital & Turnover both conditions to be fulfilled.

ANNUAL RETURN E- FORMS FILING REQUIREMENTS-

1.   Section 92 -E-form:MGT-7
Annual Return: EverySmall Company will file its Annual Return within 60 days of holding of Annual General Meeting. Annual Return will be for the period 1st April to 31stMarch.

2.     Section 137 E-form:AOC-4

Financial Statement: Company required filing its Balance Sheet along with statement of profit and Loss account and Director Report in this form.

3.     Attachments:Balance Sheet, Statement of Profit & Loss account, Directors’ Report, Auditors’ Report and Notice of AGM.

DIRECTORS’ REPORT SECTION 134

Directors’ report shall be prepared by mention of all the information required for Small company to be signed by Chairman or two directors.

CIRCULATION OF FINANCIAL STATEMENTS SECTION 136
Company will send to the Members of the Company approved financial statement, Directors’ report and auditors’ Report at least 21 clear days before the Annual General Meeting.(Except in case of AGM is called on Shorter Notice)Notice as per section 101 .

YEARLY DIRECTORS DISCLOSURE TO COMPANY
Every year director shall disclose his interest in other entities & and his non Disqualification as per section 184A, 164(2) & 143 (3) G.

Tribute to Kalam ji

2015-08-06T09:43:00.001-07:00

DD Podhigai telecast an interview with Mr P M Nair retired IAS officer who was the secretary to Dr Kalam Sir when he was the President. I summarise the points he spoke in voice choked with emotion. Mr Nair had authored a book titled "Kalam Effect" .

1. Dr Kalam used to receive costly gifts whenever he went as it is customary for many nations to give gifts to the visiting Head of state. Refusing the gift would become an insult to the nation and an embarrassment for India. So, he received them and on his return, Dr Kalam asked the gifts to be photographed and then catalogued and handed over to the archives. Afterwards, he never even looked at them. He did not take even a pencil from the gifts received when he left Rashtrapathi Bhavan.

2. In 2002, the year Dr Kalam took over, the Ramadan month came in July-August. it was a regular practice for the President to host an iftar party. Dr Kalam asked Mr Nair why he should host a party to people who are already well fed and asked him to find out how much would be the cost. Mr Nair told it costs around Rs. 22 lakhs. Dr Kalam asked him to donate that amount to a few selected orphanages in the form of food, dresses and blankets. The selection of orphanages was left to a team in Rashtrapathi Bhavan and Dr Kalam had no role in it. After the selection was made, Dr Kalam asked Mr Nair to come inside his room and gave him a cheque for Rs 1 lakh. He said that he is giving some amount from his personal savings and this should not be informed to anyone. Mr Nair was so shocked that he said "sir, I will go outside and tell everyone . People should know that here is a man who not only donated what he should have spent but he is giving his own money also". Dr Kalam though he was a devout Muslim did not have Iftar parties in the years in which he was the President.

3. Dr Kalam did not like "yes sir" type of people. Once when the Chief Justice of India had come and on some point Dr Kalam expressed his view and asked Mr Nair, "Do you agree?"/ Mr Nair said "No sir, i do not agree with you". The Chief Justice was shocked and could not believe his ears. It was impossible for a civil servant to disagree with the president and that too so openly. Mr Nair told him that the President would question him afterwards why he disagreed and if the reason was logical 99% he would change his mind.

4. Dr Kalam invited 50 of his relatives to come to Delhi and they all stayed in Rashtrapathi Bhavan. He organised a bus for them to go around the city which was paid for by him. No official car was used. All their stay and food was calculated as per the instructions of Dr Kalam and the bill came to Rs 2 lakhs which he paid. In the history of this country no one has done it. Now, wait for the climax, Dr Kalam's elder brother stayed with him in his room for the entire one week as Dr Kalam wanted his brother to stay with him. When they left, Dr Kalam wanted to pay rent for that room also. Imagine a President of country paying rent for the room in which he is staying. This was any way not agreed by the staff who thought the honesty was getting too much to handle !!!.

5. When Kalam sir was to leave Rashtrapathi Bhavan at the end of the tenure, every staff member went and met him and paid their respects. Mr Nair went to him alone as his wife had fractured her leg and was bed ridden. Dr Kalam asked why his wife did not come. He replied that she was in bed due to an accident. next day, Nair saw lot of police men around his house and asked what had happened. They said that the President of India was coming to visit him in his house. He came and met his wife and chatted for some time. Mr Nair says that no president of any country would visit a civil servant's house and that too on such a simple pretext.

I thought I should give the details as many of you may not have seen the telecast and so it may be useful.

Delisting of securities

2015-08-03T21:17:00.001-07:00

FAQs released on delisting of securities:-

What is meant by delisting of securities? The term "delisting" of securities means permanent removal of securities of a listed company from a stock exchange. As a consequence of delisting, the securities of that company would no longer be traded at that stock exchange. 2. What is the difference between Voluntary delisting and Compulsory delisting? Compulsory delisting refers to permanent removal of securities of a listed company from a stock exchange as a penalizing measure at the behest of the stock exchange for not making submissions/c [….]

Salute to Kalam Sir

2015-07-29T01:35:00.001-07:00

Srujan Pal Singh Wrote:

What I will be remembered for.. my memory of the last day with the great Kalam sir...

It has been eight hours since we last talked – sleep eludes me and memories keep flushing down, sometimes as tears. Our day, 27th July, began at 12 noon, when we took our seats in the flight to Guhawati. Dr. Kalam was 1A and I was IC. He was wearing a dark colored “Kalam suit”, and I started off complimenting, “Nice color!” Little did I know this was going to be the last color I will see on him.

Long, 2.5 hours of flying in the monsoon weather. I hate turbulence, and he had mastered over them. Whenever he would see me go cold in shaking plane, he would just pull down the window pane and saw, “Now you don’t see any fear!”.

That was followed by another 2.5 hours of car drive to IIM Shillong. For these two legged trip of five hours we talked, discussed and debated. These were amongsthundreds of the long flights and longer drives we have been together over the last six years.

As each of them, this was as special too. Three incidents/discussions in particular will be “lasting memories of our last trip”.

First, Dr. Kalam was absolutely worried about the attacks in Punjab. The loss of innocent lives left him filledwith sorrow. The topic of lecture at IIM Shillong was Creating a Livable Planet Earth. He related the incident to the topic and said, “it seems the man made forces are as big a threat to the livability of earth as pollution”. We discussed on how, if this trend of violence, pollution and reckless human action continues we will forced to leave earth. “Thirty years, at this rate, maybe”, he said. “You guys must do something about it… it is going to be your future world”

Our second discussion was more national. For the past two days, Dr. Kalam was worried that time and again Parliament, the supreme institution of democracy, was dysfunctional. He said, “I have seen two different governments in my tenure. I have seen more after that. This disruption just keeps happening. It is not right. I really need to find out a way to ensure that the parliament works on developmental politics.” He then asked me to prepare a surprise assignment question for the students at IIM Shillong, which he would give them only at the end of the lecture. He wanted to them to suggest three innovative ways to make the Parliament more productive and vibrant. Then, after a while he returned on it. “But how can ask them to give solutions if I don’t have any myself”. For the next one hour, we thwarted options after options, who come up with his recommendation over the issue. We wanted to include this discussion in our upcoming book, Advantage India.

Third, was an experience from the beauty of his humility. We were in a convoy of 6-7 cars. Dr. Kalam and I were in the second car. Ahead us was an open gypsy with three soldiers in it. Two of them were sitting on either side and one lean guy was standing atop, holding his gun. One hour into the road journey, Dr. Kalam said, “Why is he standing? He will get tired. This is like punishment. Can you ask a wireless message to given that he may sit?” I had to convince him, he has been probably instructed to keep standing for better security. He did not relent. We tried radio messaging, that did not work. For the next 1.5 hours of the journey, he reminded me thrice to see if I can hand signal him to sit down. Finally, realizing there is little we can do – he told me, “I want to meet him and thank him”. Later, when we landed in IIM Shillong, I went inquiring through security people and got hold of the standing guy. I took him inside and Dr. Kalam greeted him. He shook his hand, said thank you buddy. “Are you tired? Would you like something to eat? I am sorry you had to stand so long because of me”. The young lean guard, draped in black cloth, was surprised at the treatment. He lost words, just said, “Sir, aapkeliye to 6 ghantebhikhaderahenge”.

After this, we went to the lecture hall. He did not want to be late for the lecture. “Students should never be made to wait”, he always said. I quickly set up his mike, briefed on final lecture and took position on the computers. As I pinned his mike, he smiled and said, “Funny guy! Are you doing well?” ‘Funny guy’, when said by Kalam could mean a variety of things, depending on the tone and your own assessment. It could mean, you have done well, you have messed up something, you should listen to him or just that you have been plain naïve or he was just being jovial. Over six years I had learnt to interpret Funny Guy like the back of my palm. This time it was the last case.

“Funny guy! Are you doing well?” he said. I smiled back, “Yes”. Those were the last words he said. Two minutes into the speech, sitting behind him, I heard a long pause after completing one sentence. I looked at him, he fell down.

We picked him up. As the doctor rushed, we tried whatever we could. I will never forget the look in his three-quarter closed eyes and I held his head with one hand and tried reviving with whatever I could. His hands clenched, curled onto my finger. There was stillness on his face and those wise eyes were motionlessly radiating wisdom. He never said a word. He did not show pain, only purpose was visible.

In five minutes we were in the nearest hospital. In another few minutes the they indicated the missile man had flown away, forever. I touched his feet, one last time. Adieu old friend! Grand mentor! See you in my thoughts and meet in the next birth.

As turned back, a closet of thoughts opened.

Often he would ask me, “You are young, decide what will like to be remembered for?” I kept thinking of new impressive answers, till one day I gave up and resorted to tit-for-tat. I asked him back, “First you tell me, what will you like to be remembered for? President, Scientist, Writer, Missile man, India 2020, Target 3 billion…. What?” I thought I had made the question easier by giving options, but he sprang on me a surprise. “Teacher”, he said.

Then something he said two weeks back when we were discussing about his missile time friends. He said, “Children need to take care of their parents. It is sad that sometimes this is not happening”. He paused and said, “Two things. Elders must also do. Never leave wealth at your deathbed – that leaves a fighting family. Second, one is blessed is one can die working, standing tall without any long drawn ailing. Goodbyes should be short, really short”.

Today, I look back – he took the final journey, teaching, what he always wanted to be remembered doing. And, till his final moment he was standing, working and lecturing. He left us, as a great teacher, standing tall. He leaves the world with nothing accumulated in his account but loads of wishes and love of people. He was a successful, even in his end.

Will miss all the lunches and dinners we had together, will miss all the times you surprised me with your humility and startled me with your curiosity, will miss the lessons of life you taught in action and words, will miss our struggles to race to make into flights, our trips, our long debates. You gave me dreams, you showed me dreams need to be impossible, for anything else is a compromise to my own ability. The man is gone, the mission lives on. Long live Kalam.

Your indebted student,

Kalam Leadership

2015-07-29T01:34:00.001-07:00

Wanted to share with you all....

There were about 70 scientists working on a very hectic project. All of them were really frustrated due to the pressure of work and the demands of their boss but everyone was loyal to him and did not think of quitting the job.

One day, one scientist came to his boss and told him - Sir, I have promised to my children that I will take them to the exhibition going on in our township. So I want to leave the office at 5 30 pm.

His boss replied "OK, You're permitted to leave the office early today"

The Scientist started working. He continued his work after lunch. As usual he got involved to such an extent that he looked at his watch when he felt he was close to completion.The time was 8.30 PM. Suddenly he remembered of the promise he had given to his children.

He looked for his boss,,He was not there. Having told him in the morning itself, he closed everything and left for home.

Deep within himself, he was feeling guilty for having disappointed his children.He reached home. Children were not there.His wife alone was sitting in the hall and reading magazines.

The situation was explosive, any talk would boomerang on him. His wife asked him "Would you like to have coffee or shall I straight away serve dinner if
you are hungry.

The man replied "If you would like to have coffee, i too will have but what about Children ??"
Wife replied "You don't know ?? Your manager came here at 5.15 PM and has taken the children to the exhibition "

What had really happened was ... The boss who granted him permission was observing him working seriously at 5.00 PM. He thought to himself, this person will not leave the work, but if he has promised his children they should enjoy the visit to exhibition. So he took the lead in taking them to exhibition

The boss does not have to do it everytime. But once it is done, loyalty is established.

That is why all the scientists at Thumba continued to work under their boss eventhough the stress was tremendous.

By the way , can you guess as who the boss was ????????
.
He was none other than Dr. APJ Abdul Kalam, Ex- President of India...!!!

The great leader of India is no more.

May his soul rest in peace💐💐

About APJ Abdul Kalam

2015-07-27T23:46:00.003-07:00

Some quotes of Late APJ Abdul Kalam ...

“Don’t take rest after your first victory because if you fail in second, more lips are waiting to say that your first victory was just luck.” - A.P.J Abdul Kalam
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“All Birds find shelter during a rain. But Eagle avoids rain by flying above the Clouds.” - A.P.J Abdul Kalam

“Failure will never overtake me if my definition to succeed is strong enough”. - A.P.J Abdul Kalam

“Man needs difficulties in life because they are necessary to enjoy the success.” - A.P.J Abdul Kalam

“If you want to shine like a sun. First burn like a sun.” - A.P.J Abdul Kalam

“It is very easy to defeat someone, but it is very hard to win someone” - A.P.J Abdul Kalam

"All of us do not have equal talent. But , all of us have an equal opportunity to develop our talents.” - A.P.J Abdul Kalam

" Be more dedicated to making solid achievements than in running after swift but synthetic happiness." -A.P.J Abdul Kalam

"Thinking should become your capital asset, no matter whatever ups and downs you come across in your life." - A.P.J Abdul Kalam

" Without your involvement you can't succeed. With your involvement you can't fail. " - A.P.J Abdul Kalam
His book " wings if fire" worth reading, very touching and inspirational.
of
"Missle man" left the mother Earth permanently on an eternal sojourn for the final frontier "Space".
Today will be marked as a dark day in the history of the country. One of the foremost scientists of India, a Bharat Ratna, the Missile Man of India and the true ‘People’s President’, Dr. Avul Pakir Jainulabdeen Abdul Kalam, the 11th President of the biggest democracy of the world, passed away due to cardiac arrest, while he was delivering a speech at the Indian Institute of Management in Shillong. Also Read: APJ Abdul Kalam Dead: Most Inspiring Speech EVER by Missile Man of India

While his success story is known by many and has inspired scores of Indians and will continue to do so, here are some lesser known facts about India’s most loved President’s life and work, that every Indian must know:

1.) Kalam came from a poor family background

Mr.Kalam’s father Jainulabudeen was not formally educated and was into the boat building business, he used to ferry people between Dhanuskodi and his hometown of, Rameswaram, Tamil Nadu. He came from a poor background and started working at an early age to supplement his family’s income. Kalam himself used to sell newspapers at the age of eight to supplement the family income.

2.) He struggled to pay his education fees

At the time of admission into MIT (Madras Institute of Technology), he did not have the money to pay thousand rupees as fee, his father could not afford that amount of money. His sister mortgaged her gold bangles, to get the money for admission.

3.) Kalam as a scientist in DRDO

Kalam joined Aeronautical Development Establishment of Defense Research and Development Organization (DRDO) as a scientist. His first achievement in his career was designing a small helicopter for the Indian Army, though he remained unconvinced and dissatisfied with the choice of his job at DRDO.

4.) Kalam was a part of country’s first nuclear test

Kalam without participating in its development, test site preparation and weapon designing was invited by Raja Ramanna to witness the country’s first nuclear test Smiling Buddha as the representative of TBRL.

5.) Mr.Kalam took great care of his colleagues

A co worker had promised his kids that he would take them to the local carnival after returning from work, the co-worker had also obtained the prior permission of Mr.Kalam to leave early. The colleague was so engrossed in his work that it was well into the evening when he realised that he had made a promise to his kids. On rushing back home, he came to know through his wife that Mr.Kalam had come earlier and taken his kids to the carnival. Also Read: APJ Abdul Kalam dead: 7 Most Famous Quotes of India’s most popular President

6.) The awards and honors

The Government of India has honoured him with the Padma Bhushanin 1981 and the Padma Vibhushanin 1990 for his work with ISRO and DRDO and his role as a scientific advisor to the Government. APJ Abdul Kalam has received India’s highest civilian honour, the Bharat Ratna, for his immensely precious contribution to the scientific research and modernization of defense technology in India.

7.) The Youth Icon

In 2003 and in 2006 he was nominated for the MTV Youth Icon of the Year award.

8.) A global Icon

The former president who was simplicity personified, was even recognized by Switzerland government for his scientific prowess. The day he visited Switzerland was comemorated at the Science Day in the country.

9.) Kalam was criticized for lackadaisical approach towards his Presidential post

Kalam was judged for inaction as a President in deciding the fate of 20 out of the 21 mercy petitions. According to the Article 72, of the Constitution of India, the President of India has the power to grant pardon, suspend and remit death sentences and commute the death sentence of convicts on death row. But he didn’t apply those powers on the mercy petitions of the 20 convicts.

10.) Kalam the stalwart

In his book India 2020, Kalam strongly advocated an action plan to develop India into a knowledge superpower and a developed nation by the year 2020. He regards his work on India’s nuclear weapons programme as a way to assert India’s place as a future superpower. Other books authored by him are Envisioning an Empowered Nation, Ignited Minds, My Journey, Developments in Fluid Mechanics and Space Technology, The Luminous Sparks, The Life Tree, Mission India, Children Ask Kalam, Guiding Souls, Indomitable Spirit and Inspiring Thoughts. These books are treasure for every Indians. there was a considerable demand in South Korea for translated versions of books authored by him.

Kalam Quotes

2015-07-27T23:46:00.001-07:00

Don’t take rest after your first victory because if you fail in second, more lips are waiting to say that your first victory was just luck.” - A.P.J Abdul Kalam
“All Birds find shelter during a rain. But Eagle avoids rain by flying above the Clouds.” - A.P.J Abdul Kalam“
Failure will never overtake me if my definition to succeed is strong enough”. - A.P.J Abdul Kalam
“Man needs difficulties in life because they are necessary to enjoy the success.” - A.P.J Abdul Kalam
“If you want to shine like a sun. First burn like a sun.” - A.P.J Abdul Kalam
“It is very easy to defeat someone, but it is very hard to win someone” - A.P.J Abdul Kalam
"All of us do not have equal talent. But , all of us have an equal opportunity to develop our talents.” - A.P.J Abdul Kalam
" Be more dedicated to making solid achievements than in running after swift but synthetic happiness." -A.P.J Abdul Kalam
"Thinking should become your capital asset, no matter whatever ups and downs you come across in your life." - A.P.J Abdul Kalam
" Without your involvement you can't succeed. With your involvement you can't fail. " - A.P.J Abdul Kalam
An inspiration.. RIP.
If you want to shine like sun first burn like sun -a true inspirer and patriot. RIP Sir
"All Birds find shelter during a rain. But Eagle avoids rain by flying above the Clouds.

Problems are common, but attitude makes the difference!!!"

A.P.J. Abdul Kalam

"DONT DECLARE HOLIDAY ON MY DEATH,
INSTEAD WORK AN EXTRA DAY, IF U LOVE ME"
- DR. APJA KALAAM....

Parawise FAQ's on Secretarial Standards

2015-07-25T01:50:00.000-07:00

ICSI has released the parawise FAQ on Secretarial Standards on Board Meetings (SS-1) and Secretarial Standards on General Meetings (SS-2) based on the queries received from the stakeholders. These FAQ's are the response to the all such queries received on Secretarial Standards. Further, responses to queries received on Secretarial Standards would be updated on ICSI website from time to time.

Link of above FAQ'S given below:

SS-1 Board Meetings

SS-2 General Meetings

Employee Provident fund

2015-07-25T01:44:00.000-07:00

Recently on 6th February 2015 the Hon'ble High Court of Madras has given a very important judgment regarding the Provident Fund, in the case of Brakes India Limited V/s The Employee Provident Fund Organization in WP No: 391 of 2014 & MP No: 1 of 2014.

The Honorable High Court has decided in this case that when the contractor has been allotted a separate PF code No. the contractor is responsible for all the compliances relating to Provident Fund and no proceeding can be held against the principal employer. This judgment is very important and will be of great relief to all the principal employers.

Read the Full Judgement @ http://indiankanoon.org/doc/41125581/

Difference between certification and signing

2015-07-22T22:29:00.001-07:00

One of the major differences that exist between signing and certification is that mere signing does not imposes liability on the person signing it.

In one of the landmark case of Kashinath Sankarappa Wani vs New Akoy Ginning and pressing Co. Ltd. it was held that mere signing of a balance sheet does not operate to save limitation because the person in drawing up the document does not do so with the intention of acknowledging liability but under a duty where he is bound to set out among other things, the claim made on the company.

Therefore we could say that signing does not impose liability but rather certification shows that the person has authenticated the document, verified and is therefore taking the responsibility and liability upon itself.

The word ‘Certified’ means in relation to a copy, certified as provided in section 76 of the Indian Evidence Act, 1872 and evidence act interpretes as "a certificate issued by an authorized officer by law certifying the validity and correctness of the information under his hand and seal."

A process, by which individuals who have demonstrated the level of knowledge and skill required in the profession, occupation, role are identified to the public and other stakeholders.

Read the Full judgement @ http://indiankanoon.org/doc/1101962/

Subsidiary accounts shall display on company's website

2015-07-21T07:30:00.001-07:00

As per the provisions of clause (a) of fourth proviso to section 136(1) which require every company having a subsidiary or subsidiaries to place on its website, if any, separate audited accounts in respect of each of its subsidiary,

Further, fourth proviso to section 137(1) requires that a company shall attach along with its financial statements to be filed with the Registrar of Companies, the accounts of its subsidiary(ies) which have been incorporated outside India and which have not established their place of business in India.

Clarification has been sought on –

(a) Whether a company covered under above provisions can place/file unaudited accounts of a foreign subsidiary if the audit of such foreign subsidiary is not a mandatory legal requirement in the country where such foreign subsidiary has been incorporated and such audit has not been conducted

and

(b) Whether accounts of such foreign subsidiary would need to be as per format under Schedule III/Accounting Standards or the format as per country of incorporation of the foreign subsidiary would be sufficient.

It is clarified that in case of a Foreign subsidiary, which is not required to get its accounts audited as per legal requirements prevalent in the country of its incorporation and which does not get such accounts audited, the holding/parent Indian may place/file such unaudited accounts to comply with requirements of Section 136(1) and 137(1) as applicable. These, however would need to be translated in English, if the original accounts are not in English.

Further, the format of accounts of foreign subsidiaries should be, as far as possible, in accordance with requirements under Companies Act, 2013. ln case this is not possible, a statement indicating the reasons for deviation may be placed/held along with such accounts.

Read the full Circular dated 21.07.2015 @ http://www.mca.gov.in/Ministry/pdf/General_Circular_11-2015_21072015.pdf

Overcoming hurdles to became professional

2015-07-18T09:26:00.001-07:00

Just Spare 5 minutes & read A fact said by chairman of ICAI,Mr. Bandra

Hello everyone, my post goes out to all those who failed as an attempt that they do not get disheartened and lose hope. I'm putting up some facts that I've personally seen in my 15 years of practice & 20 years of teaching experience just so they know what I've seen.

1. Clearing in 1st attempt and ranks only give you a slight edge over others but it'll be worthless in the long term.

2. Those who've cleared in the first attempt all exams most of the time find it harder to struggle and accept failure later on in life as they never tasted it.

3. Those who clear CA easily at first attempt tend to underestimate the CAcourse unlike those who had to struggle a bit as they really value it.

4. 5 years or even 10 years later no one will care how many marks you got whether you cleared in one attempt or six whether you got a rank or not. But what matters is what you will do later on with your life.

5. I have friends and know some ex-articles who took a while to clear their course but they ended up more successful with a better job than rank holders.

6. Take this failure in your stride if you overcome this you will only be a better person.

7. Its always during your worst time when the best in you comes out.

8. You never really fail in CA. Your success just gets delayed. The only time you WILL fail is when you quit.

I have nothing against rankholders and those who cleared at the first attempt, but these are somethings i personally noticed just so those who failed know life is not over it will move on. I myself had given 7 attempts 2 in PE II nd 5 in finals. JK Shah, my colleague of those times given 9. Hope u can judge ur life well now. Time to again study & work harder this time. All the best.