Posts in Category: icai

Monetary Policy Committee decided to keep the Policy Repo rate under the liquidity adjustment facility (LAF) unchanged to 6.5%

Monetary Policy Committee of India (MPC)- 

The Monetary Policy Committee of India is a committee of the Reserve Bank of India that is responsible for fixing the benchmark interest rate in India.

Meeting of MPC – The meetings of the Monetary Policy Committee are held at least 4 times a year and it publishes its decisions after each such meeting.

The committee comprises six members –

Three officials of the Reserve Bank of India and three external members nominated by the Government of India. They need to observe a “silent period” seven days before and after the rate decision for “utmost confidentiality”. The Read More


2,25,910 companies under scanner of Ministry of Corporate Affairs for not filing returns for Year 2015-16 & 2016-17

Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary said in Lok Sabha on 3rd August 2018, that during financial year 2018-19, a total of 2,25,910 companies have been identified for action under Section 248 of the Act on the basis of non- filing of due returns for the financial Year 2015-16 & 2016-17. Due procedure shall be followed by ROCs before striking off names of companies.

Shri Chaudhary further said that during 2017-18 the Registrars of Companies (ROCs) had identified 2.97 lakh companies which were not filing their Financial Statements or Annual Returns for a continuous period of two or more financial years

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Ministry of Corporate Affairs ordered inquiry in 87 real estate companies in 2017-18

Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary said in Lok Sabha today that during the year 2017-18 and till 30.06.2018, the Ministry of Corporate Affairs has ordered inquiry in 87 companies, inspection of books and papers in 17 companies and investigation in 7 cases involving 149 entities including 5 Limited Liability Partnerships (LLPs) engaged in real estate activities. The Minister in his reply said that the Companies Act, 2013 (the Act) provides for details of compliances with respect to books of account and other matters to be made by companies of all categories and there are no separate provisions in the Act for real estate companies.

The Companies Act, 2013 stipulates requirement of statutory audit and internal audit by the companies. (Source-PIB)

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Cabinet approves renewal of MoU between the Institute of Chartered Accountants of India & Saudi Organisation for Certified Public Accountants

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for the Memorandum of Understanding (MoU) signed in 2014 and approval for renewal of MoU between the Institute of Chartered Accountants of India (ICAI) & Saudi Organisation for Certified Public Accountants (SOCPA) in Saudi Arabia to promote mutual co-operation framework in the areas of Corporate Governance, Technical Research & Advice, Quality Assurance, Forensic Accounting, issues for Small and Medium Sized Practices (SMPs), Islamic Finance, Continuing Professional Development (CPD) and other subjects of mutual interest related to Accountancy profession.

Major impact:

The aim is to work together to develop a mutually beneficial relationship inthe best interest of ICAI members, students and their organizations.

The MoU will provide an opportunity to the ICAI members to

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CA DAY & GST DAY – Honourable President of India inaugurates the Platinum Jubilee Celebrations of the Institute of Chartered Accountants of India

On the occasion of CA Day on 1st July 2018, our Honourable President of India inaugurates the Platinum Jubilee Celebrations of the Institute of Chartered Accountants of India; says GST has made India a more tax-compliant society.

The President of India, Shri Ram Nath Kovind, inaugurated the platinum jubilee celebrations of the Institute of Chartered Accountants of India (ICAI) in presence of Shri Manoj Sinha, Union Minister of State (Independent Charge) for Communications and Minister of State for Railways and Shri P. P. Chaudhary, Union Minister of State for Corporate Affairs & Law and Justice amongst senior officials of ICAI here today.  

Speaking on the occasion, the President said that

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