Govt allows ICWAI to change its name to ICMAI

Ankur Garg (Company Secretary and Compliance Officer) (114773 Points)
Replied 13 September 2009

Thanks for the info

mohit (CMA) (144 Points)
Replied 03 October 2009

Originally posted by :CMA
"	Govt allows ICWAI to change its name to ICMAI Press Trust of India / New Delhi September 11, 2009, 15:32 IST Cost accounting body ICWAI will soon be known as Institute of Cost and Management Accountants of India (ICMAI) with the government agreeing for a change of name of the body. "The request for name change to Institute of Cost and Management Accountants of India has been accepted in principle ... It will require amendment in the ICWAI Act. We are working on it ... Hopefully in the near future it will be done," Corporate Affairs Minister Salman Khurshid said today. Set up in 1959 through an Act of Parliament, ICWAI has over 47,000 members and two lakh students. It has been requesting for the change of name for long. There is a growing importance for cost accountants for improving production, Khurshid said, adding the new name will make it more compatible with the job ICWAI members perform. "It (the name change) will be a true representation of what we stand for. We are not merely cost accountants, helping companies keep record of things, we go beyond it," ICWAI President G N Venkatraman said. The world over, he said, cost and works practitioners are being known and as cost management accountants. "We are born out of the Chartered Institute of Management Accountants, London, formerly they were cost accountants, all subsidiaries have changed their names, in Bangladesh, in Pakistan... In Indian for the last several years it was stuck," he said.	"

Interlink this move with amendment of sec.14A &14AA....

https://budget2009reactions.blogspot.com/2009/07/icwai-strongly-opposes-dilution-of.html

So CMA's are actualy at loss!!!

This amendement is smartly done by reducing actual rights of CMA....

its like taking everything and giving which we already have!!!

sambasivarao (pursuing) (36 Points)
Replied 03 October 2009

Thanks

Pragnesh (AM - Taxation) (1259 Points)
Replied 18 May 2010

Thanks

Rajkiran (Accounts) (117 Points)
Replied 31 May 2011

thanks for the information

Ankit (Student) (605 Points)
Replied 31 May 2011

"This amendement is smartly done by reducing actual rights of CMA.... its like taking everything and giving which we already have!!! "

I AM NOT ABLE TO UNDERSTAND ABOVE WHAT IT MEANS, HOW THEY ARE REDUCING OUR RIGHTS ?

-ankit

khanna (CA FINAL ICWAI FINAL) (283 Points)
Replied 08 June 2011

what is the benefit ? for students ? for changing name ! may i know please

CMA Sonu... (Asst. Manager - Finance) (158 Points)
Replied 07 July 2011

Originally posted by : khanna
	what is the benefit ? for students ? for changing name ! may i know please

name change to wash past sins and mistakes..

It has been an old prcatice of the chartred accountants community to stop Cost accounatnts from growing and take major share of the accounting practices.Today the matter of lokapl bill and the money whcih is lying in the swiss bank is the activity of the highly qualified accountants across all the boards who helped to get the money skipped from india government taxes.

And despite of doing so many hings they are still trying to oppose others from the growth.It simply revelas that they are scared of the malpractices which might come into limelight once the cost accounatnst come into the picture of growth and equla share of indian economic growth.

1 Like

Even I know this that this article will never get Published but the truth remains the truth.

We are all busy to follow and hear the activities of Anna Hazare and Lokpal bill. He is only man fighting along with his supporters for bringing the Black Money back and eliminating the fraudulent practices of the Indian economy.

According to the data provided by the Swiss bank, India has more black money than rest of the world combined. India topping the list with almost $1500 Billion black money in Swiss banks. Converting this figure in Indian currency it stands out to be around Rs.20 lacs crore. Very hard number to guess and predicate and are all blaming the industrialist, bureaucrats, cash rich people for hiding the amount from Indian government taxes and keeping it in Swiss bank accounts . But did we all ever spend time to think about how this money was kept aside. Who were responsible apart from the money owners to design the process of shifting the money from? Well it can never be blamed that a single person has executed the above mentioned activities deprived the citizens of India and Government of India. Tax evasion and malpractices in preparing accounts where profits and individual incomes are shown less are the prominent ways of reducing and evasion of taxable income.

Evasion Tax takes place when the people report dishonest tax that includes declaring less gains, profits, or income than what has been actually earned and they even go for overstating deductions. The Evasion of Tax level depends on certain factors such as fiscal equation which means that people's tendency to pay less tax declines when the payment due from taxes becomes obvious. The level of Tax Evasion is also dependent on the tax administration's efficiency and corruption levels. The level of Evasion Tax and window dressing' also depends on the chartered accountants who help companies, firms, and individuals evade paying taxes. Tax Evasion is a crime in all major countries and the guilty parties are subjected to imprisonment and fines.

The total membership of the Institute is about 115, 000 and over 250, 000 students are pursuing the Chartered Accountancy course. They are ruling the Indian economy and are the prime leaders of window dressing and the prime technical know how providers of transferring the money through various avenues to Swiss Bank Accounts.

In a very recent note G Ramaswamy the President of ICAI stated that strong growth in the Indian economy is unleashing a plethora of opportunities for chartered accounts. The new head of the Institute of Chartered Accountant of India (ICAI), G Ramaswamy has set in motion a host of initiatives so that CAs are better equipped to seize opportunities. My first and sole question to him how much more money will be transferred to Swiss bank taking the advantage of Indian economic growth. Does he wants to depict that another Rs.20lac or Rs.40 lac corer will be taken out from the country in the next 20 years of Indian economic growth. ICAI claims that ICAI occupy a stellar role in national economy, Being amongst the largest accounting bodies in the world; and represented at major international forums on accountancy, the ICAI is endeavoring to position brand Indian Chartered Accountancy globally.

The evolved role of the Chartered Accountants has seen him performing multi-tasking roles much beyond their core domain of accounting and auditing. And Chartered Accountants fraternity performing their roles professionally has acted a major feature in India’s progressive Economic Growth and its stability during recession period. Hence standing today it can be felt that all these performance and hard works of the Chartered Accountant community were for tax evasion and skipping the Indian government, fooling the Indian citizens, stock market investors and finally shifting the money to Swiss Bank.

A Chartered accountant is one who is specialized in accounting, auditing and taxation. He also serves as a management and corporate caretaker. At the same time they also took hefty fees for providing the various strategies and technical accounting opines for shifting the money to Swiss Bank. In other words they are expertise in tax evasion and providing technical know how of money laundering. We cannot blame the government officials, industrialist, bureaucrats and other cash rich people for tax evasion and transferring the money to Swiss Accounts.

As I told in the beginning no individual will be able to carry out the process of tax evasion and transferring the fund sin Swiss Accounts. We are giving the pressure on the government to crack down on black money, and the proposal is back on the table through Anna Hazare and Lokpal bill. But what is the use of all these when Institutes like ICAI who claims that they are the leaders of Indian Financial system provides technical expertise to the keep Indian more poor and remain poor. ICAI will dominate other Institutes and other fraternities who belongs to the profession of accounts ad finance so that they can keep enjoying the Interest earned from the Black money kept is Swiss Banks.

I know many of my riders who belongs to ICAI will curse me and blame me .But think for a moment cutting the Name of CA from YOUR TITLE and think as an individual Indian.

1 Like

RAMESH CHANDRA SHARMA (munka istentisztelet) (899 Points)
Replied 02 September 2011

hope.....we wont be dissapointed this time......

Sampathkumar (CWA & CA Final) (100 Points)
Replied 17 September 2011

Thanks for info

SANKAR MAJUMDAR (COST ACCOUNTANT) (111 Points)
Replied 25 September 2011

In my opinion, Cost Accountants can play a better role in increasing the efficiency of the manufacturing as well as service sector and thus can contribute to the health of the economy. Cost accounting is not mere attestation function what the Chartered Accountants do, it is more of efficiency audit, social audit, management audit, proprierty audit and so forth. It facilitates decision making process, increases efficieny of the manufacturing process, helps reduction of wastages which in turn helps better wealth creation. It is high time that the contributions of the Cost Accounants are acknowledged and the Govt. strongly neglects the CA lobby to give the CMAs their due.

bala prakash (student) (24 Points)
Replied 12 December 2011

Rajyasabha today i.e. on 12.12.2011 has amended the ICWAI Act.

They adopted the recommendations of the Finance Standing Committee and renamed ICWAI as ICAI i.e. Institute of Cost Accountants of India besides incorporating the provisions of LLP Act 2008.

So when one referes to a CA.................... it could be either a Chartered Accountant or Cost Accountant.