CIRC E-Newsletter- October 2016- Chairman Writes


Respected Professional Colleague’s, 


"Confidence never comes if we have all the answers, but it comes when we are ready for all the questions".


One doesn't need a pen to script history. Much of it is written even by those who could not wield the pen but still fired the imagination. The world within and around can glow only with the fire of your soul. While the winds blow, it is important to keep the flame ablaze. The journey often begins with a small step, or even a little stumble. What matters is not the distance to cover, but the aim in sight.


As the world celebrates his birth anniversary on 2nd October, let us practice Mahatma’s service-oriented professionalism and people and nation-oriented leadership in all spheres of our existence, to create realtime examples for our society. This would be our real tribute to the Mahatma. We are aware, that we members have continued to exercise our jurisdiction responsibly and without fear or favour. I am therefore assured that whenever the practitioners of accountancy profession confront more than one interpretation on a single professional matter—whether they are all legal—they have always opted for the stricter and less liberal interpretation. All of you will agree that such responsible practices have further strengthened the foundations of our profession, for whose dignity all of us have been responsible. Gandhiji had once asked: If you fail in your duty what shall become of the other professions? Indian chartered accountants have always respected and upheld the ideals of Mahatma Gandhi in the larger interests of the nation.


The GST, once implemented, would have a "transformational" impact by creating a common market in India for the first time, while also acting as a transfer mechanism that would aid poorer states. The challenges before the government is to put public sector banks back on track and continue to operationalise stalled infrastructure projects to further boost economic activity. The government currently owns stakes between 60% and 86% in nearly two dozen state-run banks. In funding large part of social sector in India, public sector banks, despite competition, had a far larger contribution. "Some selective reforms do take place, for instance, the Government has announced a policy that government holdings (in banks) to be brought down to 52%," 

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Newsletter - October 2016

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