WIRC Elections 2015 - CA Kasliwal Ambar Profile

I would like to take this opportunity to brief and introduce myself. I am Commerce Graduate from The University of Rajasthan and a Fellow Member of the Institute qualified in the year 2002. I have successfully completed the Certificate Course on Valuation and Certificate Course on International Taxation organized by Institute of Chartered Accountants of India. I have been fortunate enough to advise top names in the field of Media & Advertising, Venture Capital Funds, Courier Cargo & Logistics, Pharma and Diagnostic Centre’s as clients including industry leaders. Has expertise in setting up Venture Capital Funds and my main forte is Media & Entertainment Industry.

I have acted as coordinator for conducting the certificate course on International Taxation in Mumbai and other than submitting various representations to government departments on behalf of the CA fraternity, I have also been a regular contributor and speaker at various study circles and seminars.

I have also been actively involved in various trade and other organizations including the following -

• Sub group member of GMCS Coordination Committee for the Year 2015-2016

• An Active member of Kandivali Borivali East CPE Study Circle.

• Active member of Bombay Chartered Accountant Society (BCAS), Mumbai.

• Life member of The Chamber of Tax Consultants, Mumbai.

• Patron Life member of Jain International Trade Organization (JITO).

• Charter Member of Rotary Club of Mumbai Western Elite.

• An Active member of Bharat Vikas Parishad, New Delhi.

• Actively associated with various religious, educational and professional organizations.

• Core team member for building a Hostel for CA students in Malad, Mumbai.

Given the spectrum of my experience as practising chartered accountant, I am able to identify with the tribulations that a fresh chartered accountant both who are in practice or who chose to serve the industry. I am also aware of the challenges faced by my fellow members.

With my exposure of over a decade to varied environments and interaction with professional network and other social platforms that I have built over, will enable me to make constructive and valuable contribution to CA fraternity and WIRC.

Thank You!

My Vision for ICAI

I humbly put forward the following points which I strongly feel about to be my core agenda but most importantly I present myself to you as your voice and your representative in the council.

1. Work for providing proper infrastructure for fresh Chartered Accountants.

Presently, Fresh Chartered Accountants who wish to opt for practice have to incur monthly fixed expenses of 40-50K approx per month irrespective of the professional inflows. Institute has a lot of underutilized space within its premises. Why can’t these spaces be allocated to fresh members free of cost with all infrastructure like wi-fi, printer etc, where they can have client meetings. This will save the initial fixed cost of members.

2. Ensure reservation/ preference for CA’s with less than 5 years of experience.

The reservation can be for certification work, Society Audits, Stock/concurrent/expenses Audits of Banks, MCA Audits, and NREGA audits under quality supervision. Such reservation will promote members to come in practice and will also help members to plan their practice and specialization.

3. Introduction of concept of Industrial training

There has to be a change in CA Curriculum and should be made more practical. What is the use of doing audits under article ship for members who wish to go for service in the industry. Instead, the CA course should specifically give an option to the members during last year of article ship to opt for Industrial Training. This will help members to adapt to the corporate culture. The Institute has to play an active role in inviting the big corporate houses to shortlist/ select the articles. Once the Training period is over, the company can absorb the member.

4. Campus placement for both young and experienced Chartered Accountants.

At present, the institute arranges campus placement only for fresh Chartered Accountants. I seriously want to extend this placement program for experienced chartered accountants as well.

5. Work from the home concept for female chartered accountants, who wish to work but due to family commitments, post marriage, are compelled to give up their professional dreams.

6. Minimum recommended fees for professional services should be made mandatory and should not be recommendatory in nature.

7. CA Curriculum to be made more practical.

The CA course should be divided into two parts: Part 1 of 30 months only for members who wish to opt for service and Part 2 of additional 9 months for members who wish to go for practice. The COP should be issued only after the member completes Part 1 and passing the exam of an additional subject, which is to be taught in these nine months. The additional chapter should include Valuation, International Tax, Business Finance, System Audits, Forex/ Treasury management and SAP.

8. Reconnect the members in the industry with the Institute.

9. Online portal for the job vacancy and resume update.

10. Establish a separate dedicated desk for Career Counseling at each branch.

11. Result oriented chase for online Voting in ICAI Elections.

12. Establish Tax Clinic at the branch level to resolve queries from industry experts.

13. Ensure reduction in participation costs of various seminars to increase participation.

14. Recommend CPE hour credits for participation in the meetings, seminars, courses conducted by BCAS/ CTC/ other registered bodies beyond 20 hours.

15. Ensure steps for encouraging professional networking amongst the members.

I know it may be contested that some of the above agenda fall in the ambit of Central Council and not under Regional Council. But friends, you too will appreciate that there has to be someone in Regional Council who can push the Central Council members to work and bring the above changes. I promise you of my constant interaction during my tenure as your representative to take your suggestions/grievances and find reasonable solutions at WIRC level. While it is my earnest desire to meet and greet you in person, you will appreciate that owing to our vast constituency and the time constraint, it may not be feasible logistically. I would, therefore, sincerely request you to treat this communication as my personal appeal to you.

In the end, I hope that no member would waste his franchise and throw away his vote by voting for anyone solely on account of his religious, social or cultural affinity. When I have to choose between voting for the people or common special interests, I always stick with the special Interest. People forget common special interest remain. And with the above background, I request you to kindly support me in this endeavor by casting 1st Preference/Best Preference Vote in my favor.

Thank You!

ICAI proposal to least developed countries for developing their accounting profession.

Aiding transition and emerging economies, ICAI has been advocating the need for creating a sustainable framework of accounting in countries lacking accounting Infrastructure/where accountancy profession is evolving for creating a cadre of accounting professional who are able to support the evolution of Industry by propagating and putting in place a compliance regime and sound framework for reporting practices.

A very strong role is played by accountancy institutes in economic growth of countries and in capacity building. It is important to have a well-developed accounting institute which would help in developing competent accounting professionals and in promoting strong professional and ethical standards.

ICAI’s endeavor is to help Least Developing Countries (LDC’s) to establish Accounting Institute in those economies where the same does not exist and in further strengthening the accounting infrastructures in those countries where the same exists. ICAI proposes to undertake off- site and if required on-site study of the accounting profession in the relevant LDC in order to design its methodology and approach to forward the overall project.

- CA Kasliwal Ambar

China makes another aggressive monetary policy move

China's Central Bank cut interest rates for the sixth time since November on Friday, and it again lowered the amount of cash that banks must hold as reserves in another attempt to jump-start a slowing economy.

China's monetary policy easing is at its most aggressive since the 2008/09 global financial crisis, underscoring concerns within Beijing about the health of the world's second­ largest economy.

The People's Bank of China (PBOC) said on its website that it was lowering the one ­year benchmark bank lending rate by 25 basis points to 4.35 per cent, effective from Oct. 24. "The People's Bank has delivered another jolt of stimulus," analysts at Capital Economics said in a note to clients, but added that they were "still waiting for clear evidence of an economic turnaround". 

"We are retaining our forecast that benchmark rates and the reserve requirement ratio will both be cut once more before the end of the year, with a further move in both early in 2016." Sobering economic data in the third quarter has demonstrated the daunting challenges faced by the country's leaders, not least in attaining the 7 per cent growth target set by the government. Data released on Monday showed China's economy grew 6.9 per cent between July and September from a year earlier, dipping below 7 per cent for the first time since the global financial crisis. 

The one ­year benchmark deposit rate was lowered by 25 basis points to 1.50 per cent. The RRR will also be cut by 50 basis points for all banks, taking the ratio to 17.5 per cent for the country's biggest lenders, the PBOC said in a statement. Buoyed by China's easing, which came late in the evening in Asia, European shares turned higher and the Chinese offshore yuan fell against the US dollar. The pan-­European FTS Eurofirst 300 extended gains to trade 2.2 per cent higher at 1,493.60, with miners jumping 2.9 percent in the minutes after the move. China's offshore yuan hit a four­ week low of 6.3958 to the dollar after the decision.

-- CA Kasliwal Ambar

Reference - 

• ET