The Foreign Educational Institution Bill, 2010
Government approved a bill to allow foreign education providers set up campuses in India and offer degrees. This paves way for its introduction in Parliament. The bill seeks to regulate the entry and operation of foreign institutions, which will set up centre and offer degrees in India. The proposed law would facilitate the globally- renowned institutes to participate in India’s higher education sector.
Extract from economic times dated 16/03/2010.
Foreign Direct Investment (FDI)
It appears from reading of Master circular , Even housing development companies can invite FDI for their projects, provided it meets the requirement of guideline and as also of press note issued in 2005.
Transfer price in India
There are limited sources of data base in India to find comparable and that to need to be comprehensive.
There can be an alternate if, Institute of chartered accountants of India (being a accounting body) can take a lead in providing reliable source of data base to be used for Members. They can invite financials from their members and maintain a database. That Database maintained by ICAI would be reliable and for easy access by members.
Chartered Accountant
Chartered accountants (CAs) are in huge demand in India as well as in overseas. Not only in accounting firms but in all sectors of business and government, chartered accountants are highly valued professionals. Chartered accountants are usually involved in areas like:
• Auditing
• Financial reporting
• Taxation
• Corporate finance
• Forensic accounting
• Financial planning
• Wealth management
• Business recovery
• Receiverships and insolvency
• Due diligence
• IPO/floatation
Generally, Chartered accountant provide professional advice to maximize value, profitability and manage costs on behalf of their client or employer. They provide their services in every walk of economic life, including CA firms, corporate houses, academia as well as in the non-profit organizations and public sectors.
Chartered accountants hold important positions in a company. In addition to financial expertise they offer practical advice, strategic thinking and business insight. According to a research conducted by a leading executive search firm Russell Reynolds, in Australia 75 percent of the CFOs of the top 200 public companies are either CAs or certified public accountants (CPAs) and only a minority have an MBA. As per a survey of 39 listed blue chip companies in Hongkong, approximately 40 percent of the CFOs are CPAs.
In a growing economy like India, CAs have held important positions in organizations for a long time now. Like all other countries, India has its own Chartered Accountancy Association which is known as Institute of Chartered Accountants of India (ICAI). It is a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) which regulates the profession of CAs in India.
The institute is involved in conducting CA course and examinations. The course provides theoretical education as well as practical training which runs for a period of three and a half years and equips a student with knowledge, acumen, ability and other requisite qualities one must possess to become a professional chartered accountant.
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