Application Procedures (September 2013 Admission) Special: Fill & Download for Free

Shanghai Cooperation Organisation - WikipediaMembershipMain article: Member states of Shanghai Cooperation OrganisationMember states: BlueObserver states: AquaDialogue partners: YellowGuest attendances: Light BlueMember states:ChinaKazakhstanKyrgyzstanRussiaTajikistan15 June 2001Uzbekistan9 June 2017IndiaPakistanObserver statesPutin with representatives from Iran and Mongolia, observers in the SCO, at a meeting of the Council of Heads of Government in 2005.AfghanistanAfghanistan received observer status at the 2012 SCO summit in Beijing, China on 6 June 2012.BelarusIn 2008, Belarus applied for partner status in the organisation and was promised Kazakhstan's support towards that goal.However, Russian Defence Minister Sergei Ivanov voiced doubt on the probability of Belarus' membership, saying that Belarus was a purely European country.Despite this, Belarus was accepted as a Dialogue Partner at the 2009 SCO Summit in Yekaterinburg, and after applying in 2012, was granted observer status in 2015.IranIran has observer status in the organisation, and applied for full membership on 24 March 2008.However, because it was under sanctions levied by the United Nations at the time, it was blocked from admission as a new member. The SCO stated that any country under UN sanctions could not be admitted.After the UN sanctions were lifted, Chinese president Xi Jinping announced its support for Iran's full membership in SCO during a state visit to Iran in January 2016.MongoliaMongolia became the first country to receive observer status at the 2004 Tashkent Summit. Pakistan, India and Iran received observer status at the 2005 SCO summit in Astana,Kazakhstan on 5 July 2005.Dialogue partnersAfghan President Hamid Karzai at an SCO summit in 2004.The position of Dialogue Partner was created in 2008 in accordance with Article 14 of the SCO Charter of 7 June 2002. This article regards Dialogue Partner as a state or an organisation who shares the goals and principles of the SCO and wishes to establish relations of equal mutually beneficial partnership with the Organisation.ArmeniaAzerbaijanCambodiaNepalNepal was granted dialogue partner status in the Shanghai Cooperation Organisation (SCO) at the group's 2015 summit in Ufa, Russia.Sri LankaSri Lanka was granted dialogue partner status in the Shanghai Cooperation Organisation (SCO) at the group's 2009 summit in Yekaterinburg.Turkey[12]Turkey, a member of NATO, was granted dialogue partner status in the Shanghai Cooperation Organisation (SCO) at the group's 2012 summit in Beijing.Turkish Prime Minister Recep Tayyip Erdoğan has stated that he has discussed the possibility of abandoning Turkey's European Union membership candidacy in return for full membership in the Shanghai Cooperation Organization.This was reinforced again, after a series of tension between Turkey and the European Union in 21 November 2016.Two days later, on 23 November 2016, Turkey was granted the chairmanship of the energy club of SCO for the 2017 period. That made Turkey the first country to chair a club in the organisation without full membership status.Guest attendancesASEANCISTurkmenistanUNFuture membership possibilitiesIn June 2010, the SCO approved the procedure of admitting new members, though new members have yet to be admitted.Several states, however, participate as observers, some of whom have expressed interest in becoming full members in the future. The implications of Iran joining the organization has been given much thought academically.In early September 2013 Armenian Prime Minister Tigran Sargsyan said during his meeting with his Chinese counterpart that Armenia would like to obtain an observer status in the SCO.Except for Afghanistan, the observers are moving towards being accorded full member status.Meanwhile, in 2012 Armenia, Azerbaijan, Bangladesh, Nepal and Sri Lanka applied for observer status within the organization.Egypt and Syria have also submitted applications for observer status,while Egypt, Israel,Maldives and Ukraine have applied for dialogue partner status.Iraq also signaled its interest in becoming a Dialogue Partner of the SCO in 2017 during the visit to SCO headquarters in Beijing of Mr. Ahmed Tahseen Birwari, the Iraqi ambassador.Vietnam also signaled its interest in becoming a Dialogue Partner of the SCO in 2011 during the trip to Hanoi of Mr. Kirill Barsky, the special envoy of the Russian President to the SCO. According to expert opinion, there are potential disadvantages and advantages of Vietnam’s becoming a member of the SCO in following main areas: balancing her relations with China, Russia, and the USA, defense of the territorial integrity and potential for economic benefits.

With 99.3% of banned notes back as stated by central bank RBI, can we conclude that demonetisation was for nothing?No, we can't. This is going to be a long one, so, I humbly request you to kindly bare with me.(6–7 minute read. Implore you to read till the end.)Modi, on his 7th Nov speech vaguely referred to 3 target areas which he sought to remedy with Demonetization, which were-Black Money, primarily.Terror financing.Fake note menace.Black MoneyThe most common complaint against Demonetization has been the return of cash into the system. This has led some people to interpret Demonetization as some sort of a purging exercise and that the resultant money is squeaky clean.Nothing could be further from the truth.A bit about how Income Tax works and how long does collection of taxes take-These are some of the modes of collection of income tax-The most unpopular and widely hated way is through the TDS.Applicable to Self Employed Businesses and Professionals- Self Assessment Tax, Advance Tax.Other Routes- Tax Collected at Source.As you might have gathered, not all people pay taxes properly, as and when they are required to. Therefore, the Income Tax department cross checks the details submitted in the returns with other information that it gets it's hands on via various routes, inter alia, including submissions from the taxpayer himself. This procedure of ascertaining the correct tax liability is called an assessment.Assesments can be broadly divided into two parts- Summary Assessment & Scrutiny Assessment.Summary Assessment- sort of like a Preliminary Examination. Mundane Mistakes are weeded out at this stage like arthmetic errors, TDS mismatches and so on. The officials/software could either send a Notice(to request more details) or an order to complete the 'Summary'.Scrutiny Assessment- This is serious business. The officer goes through every number, every explanation, every justification in great detail. He may call for more information, summon such other people as he may think fit. At the end of this procedure, he issues an order recomputing the Income and imposing such Tax, Interest & penalty, if any.Typically, it takes close to 2 years for the abovementioned procedure to meet it's rightful conclusion, which is also the legally allowed time limit for completion(21 months to be precise).Translated into English, returns filed in the aftermath of Demonetization, the assessments would only be completed by 31.12.2018.The fun part- the taxpayer, if aggrieved by the order, may prefer an appeal with the higher authorities which could last anywhere between 1 year-5 years, depending upon whose doors the taxpayer chooses to knock.Therefore, all the post Demonetization proceedings, additions, demand orders, assessments have not even completed 50% of their tax lifecycles. Those are still cruising through stage 2 i.e. the Scrutiny Assessment.Bonus fact- the order copies of the proceedings upto the Assessment (Summary+Scrutiny) & 1st appellate authority-Commissioner of IT(Appeals)- cannot be made public. Order copies of only the second level appellate authority-ITAT- & above can be made public.{Therefore, the ones that are claiming that it was a failure would not even have the data required to arrive at such a conclusion}.Information is king in the world of any law enforcement authority. A return is just one of the many ways the tax department gets its information from. Other prominent places include, inter alia, the authority responsible for registration of sale & purchase of property, Banks & other Financial Institutions, Jewelry merchants, other law enforcement agencies, Businesses & so on. These persons are required to file an additional statement called the Annual Information Return(AIR).However, in order to bolster the existing framework of the AIR, and, enable the department to get information relating to the deposits during Demonetization, in a time bound manner, new provisions were added. Instance, this-Cash deposits during the period 9th November, 2016 to 30th December, 2016 aggregating to—(i) Rs. 12,50,000 or more, in one or more current account of a person; or(ii) Rs. 2,50,000 or more, in one or more accounts (other than a current account) of a person.(iii) Cash deposits during the period 1st of April, 2016 to 9th November, 2016 in respect of accounts that are reportable.Persons who are required to report:(i) A banking company or a cooperative bank(ii) Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898By virtue of these provisions, among others, IT department was able to get it's hands on comparative information, which is capable of being used to fix culpability since the pre Demonetization data could be used to set a benchmark to compare the post demonetization activity with.Armed with a truckload of rich information, the Government has :Identified about 18 L suspect cases where transactions could raise a stinkbeen able to bring close to ₹ 30,000 Crores under tax net by way of disclosures & seizures[1]identified 13.33 L accounts belonging to ~9 L persons, netting ₹ 2.9 L Cr, where notices have been shot off and response has been sought(Yes, scrutiny assessment)[2]unearthed over 14000 properties valuing over ₹ 1 Cr, the owners of which had not even filed Returns of Income. [3]revved up the number of search proceedings(a Raid, sort of) from 447 to 1152 in a pre & post Demonetization context.[4]ramped up the number of surveys by 300% to 12500+(sort of like a Pre-Assessment proceeding that usually leads to reopening of Prior Assessments and admission of concealed Income) [5]managed to achieve remarkable uptick in the Tax Compliance, not just in the number of people filing returns but also the Number of People paying Advance Tax, TDS & Self Assessment Taxes.managed to clock above 15–20% YoY growth rates in collection of Income Taxes. This is no mean feat.[6]managed to steadily increase the buoyancy of tax collections{Growth in Tax Collections/Growth in GDP} to ~1.7(+). Meaning, every % point growth in the GDP will realize a 1.7% growth in the net tax collections.[7] Read more about that here.TAKEAWAY-Since most accounts are still in 2nd stage and not yet complete, the process is a long time coming from being able to be judged.The orders will start going out from mid September & early October extending all the way upto December. This will get reflected in the Tax Collection data of 2018–19 & 2019–2020.So, everyone claiming that all the money in the banks is now white is either shooting from the hips or woefully ignorant about how assessments work in the context of Income Tax Act.Rest Assured, the Income Tax department isn’t stupid, and, the money that made it’s way into the Bank is not white!Second Charge against the exercise was that intermediaries were employed to get in line by the wealthy hoarders of Black Money.While there is no denying that such a method was used, but, to think that such a crude method was employed to launder close to 16L crores is plain facetious. Not to take away the fact that such crude methods are always fraught with logistical nightmares & could lead to potentially loss of all that money should the conduit turn their backs on the kingpin.An important aspect of being rich is always being somewhat less stupid. And the above method done on large scale is just plain stupid.This method could have been employed by the uneducated Slumlords & other hoodlums who have the kind of loyal manpower at their disposal, but the quantum of their collective Black Money might, at best, run into a few thousand crores.NB: These transactions are subject matter of Benami Transactions Act. If caught, such benamidar will be required to pay around north of 70% in Taxes.Also, S 115BBE was introduced to plug this hole, the gist of which is as follows-Any credit in your account or Books, the source of which you can't explain, shall be taxed at 60% and will attract a 25% flat surcharge, and education cess to the boot.In other words, if I was to deposit ₹ 100 in somebody's Bank A/c and the software picks it up (which it does a lot of time, for outliers), the Assessing Officer will shoot a notice to that person to come see him in order to explain the source of that cash. Should the account holder be unable to explain the source, the AO will pass the order demanding tax of ₹ 77.25 to be paid within 30 days.It is pertinent to note that, whether the money is still lying in the bank or not is irrelevant.And, I've not even started about the penal provisions. In addition to the above demand, there will be levied a penalty and interest.The worst criminals buckle under the IT pressure because they don't care much about putting you in the Jail, which a lot of hardened criminals seem to have gotten accustomed to, but they take away your money by employing whatever means necessary, and available under the law, so I don't imagine the poor conduit not blurting out the name of the real beneficial owner of that money.However, a few very efficient laundering schemes that have been extensively used in the past and how have they been bucked in the recent pastUsing Slumfolk to launder unaccounted cash: Companies followed this smart idea of using less fortunate people with no tax history to launder money.The M.O- The errant companies usually gathered a bunch of people, typically slum-dwellers and got their basic KYC done. Then, probably with the help of an employee of the Bank, Companies opened large number of Bank Accounts.Thereafter, the companies deposited ~ ₹ 2.5 L in the bank accounts, and, using the same money applied for the shares in their own company.At this point, the Company is sitting atop (₹ 2.5L * No of Inidividuals) of laundered cash. The process however is not yet complete.The companies then makes fake calls for further deposits from the applicants for shares, who do not pay up leading the company to forfeit the application money under the pretext of non payment of calls.Following the above steps, the companies laundered money bucking the legal framework.Bonus: The forfeited money was not taxable under Income Tax(The difference between capital expenditures and revenue expenditures).The Income Tax officers could only stand watch since persons making deposits earned less than 2.5L. The Company could not be compelled to give details of the persons making the deposit( This was due to a court ruling).Post Demonetization:Cash credits.68. Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year :Provided that where the assessee is a company (not being a company in which the public are substantially interested), and the sum so credited consists of share application money, share capital, share premium or any such amount by whatever name called, any explanation offered by such assessee-company shall be deemed to be not satisfactory, unless—(a) the person, being a resident in whose name such credit is recorded in the books of such company also offers an explanation about the nature and source of such sum so credited; and(b) such explanation in the opinion of the Assessing Officer aforesaid has been found to be satisfactoryThat scam has now been laid to rest!Method 2: Shell Companies & Value InflationAnother very rampantly used method. Letterbox companies would be floated, typically in Mumbai, Delhi & Kolkata(most prominent). Shares would be bought for a very nominal sum.Then, the books would be fudged with bogus transactions thereby strengthening the financial position on paper. Cash would be laundered and deposited into the Bank Accounts. Parallelly, the owners & their representatives would also indulge in fictitious Buy/Sell transactions in shares of company, thereby, perking the value of the share up with every transaction. This way, one step at a time, a lot of cash would be laundered gradually over a period of 3–5 years typically. Then, using the long term capital gains exemption, which was available hitherto, pocket all of the laundered money without paying a penny in Income Taxes. (The long term capital gains exemption is also done away with w.e.f 01/04/2018.)Post Demonetization:With the introduction of GST, cooking books has become much more difficult than it already was due to the stringent invoice rules under which issuing invoice with value upwards of ₹ 50K/transaction has been made mandatory. Coupled with the mandatory requirement of filing invoice wise details of sales & purchases has dealt a body blow to easy fudging of books. This part has hit a lot of unruly traders in India and had to face stiff resistance before its promulgation.Also, a Special Task Force under the joint chairmanship of the Secretaries of the Ministry of Corporate Affairs & the Ministry of Finance was constituted in order to tackle the shell company problem. And, the Government and it’s agencies have:Struck off 2.25 L companies off the register of companies.[8] [9]Disqualified over 3 L directors for not failing to comply with the requirements of the Companies Act, 2013[10]Invoked the Serious Fraud Investigation Office to look into the matters of the companies[11]made it mandatory to disclose the amount of cash deposited during Demonetization on their Balance Sheet & Profit & Loss Accounts[12]Put out a list of companies you should be wary of dealing with[13] check for companies in your area using the link.Put out a list of Directors who are disqualified from holding Directorships[14]- You can check the names of the Directors from your area using the given link.Outlawed having more than 2 layers in their Corporate Structure for the purpose of Investment in order to curb obscure corporate structures.[15]Constituted a super regulatory-NFRA- authority to keep the CA, CS, CWA in check.via the Enforcement Directorate, conducted raids across the country at over 110 locations spanning all major metro cities. Benami Transactions will be invoked on whoever is found guilty.[16]Method 3: Treaty ShoppingAnother time tested way was to route the money out of India by Hawala networks, and then bring the money back into India via shell companies registered in Tax Havens such as Mauritius, Cyprus and some times, Singapore. The exemption from payment of any tax in India was the chief allure of the famed Mauritius route. However, the Mauritius route was sealed in May of 2016. Other routes also followed suit behind it.Sealing of these tax-free routes has probably had an effect on the levels of deposits in the Swiss Banks.[17] [18]2. Terror FinancingI’m no expert on issues concerning national security, so I would refrain from making long commentaries on the efficacy of the exercise.However, I would like to quote a few news pieces in order to drive home a point that demonetization indeed had a good effect on Terror Financing as well.A record number of over 276 maoists had surrendered post Demonetization. This was unprecedented.[19] [20] (Don’t go by the headlines for link no. 20. That’s the Indian Media for you)The Insurgency in NE India & Maoists were set back by ₹ 800 Crores due to Demonetization [21]Kashmiri Militants- were in a real scramble. They had to resort to robbing ATMs, Banks and also stealing guns because, there’s no Azaadi without the money [22]90% decrease in stone pelting incidents: DGP, J & K.[23]NIA got it’s hands on incriminating material leading to several raids across Delhi-NCR and the epicenter of Terror itself-Srinagar, J & K. Led to the busting of Hawala networks which contributed to the above decrease and led to arrests of several people connected with the Money trail.[24]Normally, this is the Hurriyat time of the year, when it issues a calendar for protest dates, and detailed SOPs. Coincidentally, this is also the time of the year when Kashmir gets a lot of tourist footfall. Therefore, Hurriyat’s M.O is to choke the population of the cashflow and income, in order to get them to revolt and do nasty things destroying their collective futures. However, we have not heard a lot of untoward incidents this & the previous years as compared to the 2016 year.3. Counterfeit Currency, High Value NotesCounterfeit notes have shown a marked decline from being pegged at 7.62 L pieces in pre-Demo days to 5.21 L pieces in the post demo phase. That’s a neat ~32% gain.[25]#Introduction of a Higher Value currencyThis is another pet peeve of the critics of the demonetization. This is a legitimate concern since it makes hoarding black money twice as easy as it was with ₹ 1000 notes.However, the post Demonetization phase is seeing a steady decline in the High Denomination Notes as a % of Total Notes in circulation.The pre demonetization High Denomination Notes to Total Notes stood at 86.4%, while, the post Demonetization one stands firm at 80.4%.[26]#The Infamous ₹ 2000 noteThe supply of ₹ 500 is being beefed up by the month. ₹ 500 now stands at double the demonetization levels at 42+ %.[27] [28]4. But Black Money doesn’t exist in the physical form. It exists in the form of Real Estate, Jewelry etc.This claim is a valid one. However, artificial inflation can be kept up only if the cash is in steady supply. But, post demonetization, the system was in a state of supply shock due to which the realty developers undersold their assets leading to the fall in prices of various assets. Perhaps, Real Estate was the hardest hit sectors.This is the reason why property prices fell after demonetization.[29]Acclaimed property consultants and researchers claimed that price of properties could fall by as much as 30% due to Demonetization.[30]Demonetization also hit the secondary market pretty bad leading to cheaper properties thereby making lives easier for the homebuyers.[31]Thereafter, the government passed the Real Estate (Regulation & Development) Act, which has made further strides in formalizing the sector & protecting the Buyer. Under RERA, the builder is required to deposit 70% of the booking money in an escrow account and issue a receipt to the Buyer. This gives an idea of the Revenues of the Builder by simple extrapolation.A few more hits Demonetization managed:Demonetization led to formalization of savingsIn and of itself, this is not the mindblowing news you want to hear, however, put in perspective, this is a great inflection point in the economic future of India.The Equity funds saw a steady flow of ₹ 2.86 L crores as against ₹ 1.35 L crores seen in the previous year.[32] The above was also achieved because of the slash in the Interest Rates on fixed deposits & Savings Bank account.The gross Asset under Management reached ₹ 21.41 L crores, an all time high, and the equity AUM reached upwards of ₹ 6.5 L Crores.The money in these funds, is then invested in the Public Offerings floated by companies in order to finance their new project requirements. This money is the fuel that propels the economic growth.Demonetization & Interest RatesAwash with funds, the Banks lowered lending rates on fresh loans, thereby making the cost of doing Business cheaper.The RBI had, during 2014–16, reduced 1.75% in repo rates, however, that had translated in only 0.5 % reduction in lending rates.Post demonetization, a mere reduction of 0.25% in repo rates, has resulted in the same effect of reduction of 0.5% in lending rates.[33]If you have stayed on till here, can only mean either of the two things- You’re one big fan of it, or, a vehement critic. I hope, I have been able to do justice to the sensibilities of both types of people, since I’ve based the entire answer on facts, and not opinions.They say, it ain’t over till the fat lady sings, and, I can vouch that she hasn’t sung, yet.In my humble opinion, it would be extremely wrong to proclaim it was all for nothing. The facts are there for you to see. I hope you had a good time reading.Footnotes[1] Cash deposits of ₹ 2.89 lakh crore post demonetisation under I-T dept. radar[2] Cash deposits of ₹ 2.89 lakh crore post demonetisation under I-T dept. radar[3] Cash deposits of ₹ 2.89 lakh crore post demonetisation under I-T dept. radar[4] Cash deposits of ₹ 2.89 lakh crore post demonetisation under I-T dept. radar[5] Cash deposits of ₹ 2.89 lakh crore post demonetisation under I-T dept. radar[6] What demonetisation did to tax collections[7] What demonetisation did to tax collections[8] Ministry of Corporate Affairs (MOCA) identifies more than one lakh directors of shell companies for disqualification[9] Govt cancelled 2.24 lakh suspected shell companies post demonetisation, disqualified 3.09 lakh directors - Firstpost[10] Govt cancelled 2.24 lakh suspected shell companies post demonetisation, disqualified 3.09 lakh directors - Firstpost[11] http://www.mca.gov.in/Ministry/pdf/Commencementnotification_25082017.pdf[12] http://www.mca.gov.in/Ministry/pdf/AmendmentinScheduleIII_Notification31032017.pdf[13] Ministry Of Corporate Affairs[14] List of Disqualified Directors u/s 164 (2)(a)[15] http://www.mca.gov.in/Ministry/pdf/CompaniesRestrictionOnNumberofLayersRule_22092017.pdf[16] How Modi’s crackdown on shell companies has waged war on black money post demonetisation[17] Deposits by Indians in Swiss bank accounts down 80% during NDA tenure: Govt[18] Money held by Indians in Swiss banks fell by 34.5% in 2017[19] Maoists worst hit by Demonetisation - The Sunday Guardian Live[20] Maoist papers show how note ban didn’t hurt them[21] Demonetization has hit terror funding[22] Jammu and Kashmir bank robberies reflect just how hard militants were hit by demonetisation - Firstpost[23] 90% dip in stone-pelting incidents in Kashmir in 2017: J&K DGP - Times of India[24] Hurriyat, hawala raids are a body blow to terror funding network in Kashmir[25] Cut the politics, D-Street says cash ban was worth it & why![26] Cut the politics, D-Street says cash ban was worth it & why![27] Reserve Bank of India[28] Cut the politics, D-Street says cash ban was worth it & why![29] http://Property prices fell after note ban, likely to go down further, says economic survey (https://www.hindustantimes.com/real-estate/property-prices-fell-after-note-ban-likely-to-go-down-further-says-economic-survey/story-wW8qCrwfnRlaYfV5JER2CL.html)[30] Impact of Demonetisation[31] http://Demonetisation hits secondary market: Will property become cheaper now? (https://m.economictimes.com/markets/stocks/news/demonetisation-hits-secondary-market-will-property-become-cheaper-now/amp_articleshow/55537864.cms)[32] http://Inflows in equity mutual funds surge to Rs 2.86 lakh crore after note ban (https://m.economictimes.com/mf/mf-news/inflows-in-equity-mutual-funds-surge-to-rs-2-86-lakh-crore-after-note-ban/amp_articleshow/61638985.cms)[33] The impact of demonetisation on interest rates

Thanks for A2A but I think institute has provided answer in detail ,Pls go through the same!The Institute of Cost Accountants of India(Statutory body under an Act of Parliament)Career ProspectsProfessional Avenues In this globalised world, organizations require professionals such as Cost Accountants (CMAs) who have specialized knowledge on business strategy and value creation. The Cost Accountant being the foundation on which the enterprises are built, the specialized education and training by the Institute make the Cost Accountant a multi-faceted professional. CMAs are driving force in all economic activities, as they are the value creator, value enabler, value preserver and value reporter.Cost Accountants are in great demand in government sector, private sector, banking & finance sector, developmental agencies, education, training & research sector as well as in service and public utility sector. Further, in view of their specialized knowledge and training, CMAs may hold top management position in public and private sectors’ enterprises like Chairman cum Managing Directors, Managing Director, Finance Director, Financial Controller, Chief Financial Officer, Cost Controller, Marketing Manager and Chief Internal Auditor and other important positions.Those CMAs managing their own businesses have found themselves as a Manager and as an Accountant can control and thereby flourish their businesses. There is no doubt that a Cost Accountant can attain the highest ladder of professional career.There is a sustained demand for qualified, trained and experienced cost accountants in India and abroad in different industries and Government Departments. Many members of the Institute are also engaged in providing professional and cost consultancy services and in teaching cost and management accountancy in Universities and Colleges.Cost accountancy edges over financial accounting. Cost accounting promotes study and adoption of scientific methods to secure maximum efficiency in industrial, commercial and other spheres, as compared to financial accounting. Financial accounting mainly draws conclusions on the basis of post facto data long after the operations are put through and expenditure were incurred enabling score keeping or at best statistical analysis. Therefore, role of cost accountants go beyond a financial accountant and they help the management in regulating production operations and processes of production.The members of the Institute are the driving force in the team of management while in employment, and as Cost Auditors, Internal Auditors, Auditors in case of VAT, Excise, SEBI, NSDL and under other statutes/ Regulatory requirements, Advisors and Consultants in practice. There are several areas of practice available for Cost Accountants, a list of which is given below:Independent practiceThere is vast scope for practice by a Cost Accountant for which he has to obtain Practice Certificate from the Institute. Details in this regard are available in the “Membership Section” of the Institute website: http://www.cmaicmai.in/external/Home.aspx. A Cost Accountant may set up the practice at his own as Proprietor or set up a new partnership firm with like-minded Cost Accountants in practice or may be admitted as new partner in the existing firm of Cost Accountants in practice. His clientele include private and public companies, large, medium and small scale undertakings, partnership and proprietary concerns, industrial, commercial and service undertakings etc. For practicing Cost Accountants the Institute issued suggested fees guidelines, which may be seen athttp://icmai.in/upload/pd/Cost_Audit_Fee_of_ICWAI.pdfThere are several areas of practice available for Cost Accountants, which are as follows:Professional Avenues for CMAs in PracticeS. No.Statute/AuthorityDescriptionAAudit Assignments(i)Central Goods & Services Tax Act, 2017Audit of Accounts & Records under Section 35(5) of Central Goods & Service Tax Act, 2017.Special Audit under Section 66(1) of Central Goods & Service Tax Act, 2017.Access to business premises under Section 71.(ii)Central Board of Excise and Customs (CBEC)Special Audit under Section 14A & 14AA of the Central Excise Act, 1944 of Central Board of Excise and Customs (CBEC).Special Audit in certain cases under Section 11 of Customs Act, 1962, as authorized by Central Board Excise and Customs.(iii)Companies Act, 2013 Section 148 (2)Vide Companies (Cost Records and Audit) Rules, 2014, G.S.R. No. 425 (E) dated 1st July, 2014 under section 148(2), ibid Cost Accountants are exclusively authorized to appoint as Cost Auditor and conduct Cost Audit as per the provisions of the Companies (Cost Records and Audit) Rules, 2014.(iv)Companies Act, 2013 Section 138 (1)Section 138(1) of the Companies Act, 2013 empowers the Cost Accountants/Firms of Cost Accountant to conduct the Internal Audit of the Class of Companies. Companies (Accounts) Rules, 2014 issued by the Government vide GSR 239 (E) dated 31st March, 2014 defines the class of companies in which the Cost Accountants/Firms of Cost Accountant can be appointed/empanelled as Internal Auditor.(v)Ministry of FinanceSpecial Audit under Customes Act, 1962 vide Circular no. 88/98-Customs., Dated 02/12/1998 issued by Ministry of Finance, Department of Revenue for Liberalisation of bonding procedures in respect of 100% EOUs;(vi)Ministry of Health & Family WelfareInternal Audit/Concurrent Audit under National Health Mission (NHM) as empowered by the Ministry of Health & Family Welfare, New Delhi.(vii)Ministry of Road Transport and HighwaysModel Concession Agreement (MCA) on infrastructure for PPP Projects in Highways empowered by Ministry of Road Transport and Highways.(viii)National Bank for Agriculture and Rural Development (NABARD)Stock audit for Working Capital Finance as prescribed by National Bank for Agriculture and Rural Development (NABARD).(ix)National Securities Depository Limited (NSDL)Internal and Concurrent Audit for depository operations under National Securities Depository Ltd (NSDL).(x)Respective Bank CircularsStock Audit, Concurrent Audit, Forensic Audit and other professional services of various Public Sector and Private Sector Banks in India. Please referAnnexure – I.(xi)State Co-operative Societies ActFinancial Audit of Cooperative Societies in states Maharashtra, Karnataka, Himachal Pradesh and West Bengal.(xii)State Co-operative Societies ActSpecial Audit i.e. Cost Audit and Performance Audit of co-operative societies under the respective Co-operative Societies Act of West Bengal, Maharashtra, Karnataka, Punjab, and Delhi.(xiii)Respective State Govt. CircularsInternal Audit in various State Public Sector Enterprises in Punjab, Tamil Nadu, Andhra Pradesh & Odisha.(xiv)Securities Exchange Board of India (SEBI)Half-yearly Internal Audit of Stock Brokers and Credit Rating Agencies as prescribed by Securities Exchange Board of India (SEBI).(xv)Securities Exchange Board of India (SEBI)Stock Brokers and Credit Rating Agencies as prescribed by Securities Exchange Board of India.(xvi)Securities Exchange Board of India (SEBI)Internal audit of Registrars to an Issue / Share Transfer Agents (RTAs) .(xvii)Telecom Regulatory Authority of India (TRAI)Audit for Metering and Billing Accuracy – authorised to conduct audit for Telecom Regulatory Authority of India (TRAI).(xviii)Various State VAT Act/ RulesStatutory Auditors under Value Added Tax Act of States. Please referAnnexure – II.BCertification Areas(i)Ministry of Commerce and Industry, Department of Industrial Policy and PromotionCertificate for verification of Local content in case of procurement for a value in excess of Rs. 10 Crores. ( Order No. P-45021/2/2017-B.E.-II dated 15th June, 2017 on Public Procurement (Preference to Make in India), Order, 2017).(ii)Companies Act, 2013Certifying e-forms which are to be filled by companies under Companies Act and Rules.(iii)Central Excise Act, 1944Certificate of Cost of production of captively consumed goods as per Rule 8 of Central Excise Act, 1944 in accordance with Cost Accounting Standard CAS – 4 issued by the Institute.(iv)Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000Certificate for Average Cost of Transportation as per Rule 5 of the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000.(v)Central Electricity Regulatory Commission (CERC)Certification of various forms prescribed under the Central Electricity Regulatory Commission (CERC).(vi)Customs Act, 1962Certificate towards the amount of duty paid on the materials used for the manufacture of exported goods as indicated in Forms DBK-I,II, IIA,III, IIIA under Customs Act, 1962.(vii)Directorate of Advertising and Visual Publicity (DAVP)Certificate towards the authenticated figures of circulation, as per the Annexure XII of the DAVP guidelines representing a statement signed by the both publisher and Cost Accountant with their officials seals giving the details of newsprint and ink stored and consumed during the period.(viii)Fertilizer Industry Coordination Committee (FICC)Certificate of product wise position of production dispatches stock etc. for the year (Annexure III–A) under FICC.(ix)Fertilizer Industry Coordination Committee (FICC)Issuance of various certificates as prescribed by Fertilizer Industry Coordination Committee (FICC) in respect of certifying Cost Data for Subsidy Scheme, Transportation Claims, Escalation Claims and Equalize Freight Claims.(x)Foreign Exchange Management Act, 1999Valuation Certificate under Notification No. FEMA.298/2014-RB: Foreign Exchange Management (Transfer of Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2014 dated 13th March, 2014.(xi)Insurance Regulatory and Development Authority (IRDA)Certification of Application for License and renewal thereof to act as Surveyor and Loss Assessor under Insurance Regulatory and Development Authority (IRDA)(xii)Ministry of Commerce and IndustryIssuance of various certificates under Foreign Trade Policy & Procedures 2015-20 and Aayat Niryat (Import and Export) Forms (ANF). Vide http://F.No.01/94/180/468-Appendices/AM12/PC4 dated 11th October 2012, Cost Accountants are authorized to authenticate various forms and statements, under Foreign Trade Policy & Procedures 2015-20 issued by the Ministry of Commerce and Industry. Please referAnnexure – III.(xiii)Ministry of Commerce and IndustryCertifying Performa CI & C2 under Anti–Dumping as prescribed by Ministry of Commerce & Industry.(xiv)Ministry of Commerce and IndustryCertifying Statement of cost of production for Anti-dumping petition to Government of India.(xv)Ministry of Consumer Affairs, Food and Public DistributionAnnual utilization certificate under Incentive Scheme for New Sugar Factories and Expansion Projects vide Notification No. F.3 (4)/89-PC/Vol.IV of Ministry of Food Dated 28th February, 1997.(xvii)Ministry of TextileCertificate of fulfillment of Hank Yarn obligation for Textile Industry and Textile Committee Cess – Monthly Return in Form – A.(xviii)National Pharmaceutical Pricing Authority (NPPA)Certification of various Forms as mentioned in SECOND SCHEDULE of Drugs (Prices Control) Order, 1995;(xix)Reserve Bank of India (RBI)Compliance Certificate of Reserve Bank of India for Scheduled Banks/ Urban Development Banks/ Urban Co-operative Banks in respect of Consortium Arrangement / Multiple Banking Arrangements.(xx)Reserve Bank of India (RBI)Valuation Certificate as per RBI Circular No.2006-2007/224 DBOD.BP.BC No. 50 / 21.04.018/ 2006-07 dated January 4, 2007 for valuation of different classes of assets (e.g. land and building, plant and machinery, agricultural land, etc.)(xxi)Rubber Board Rubber Rules, 1955Certifying half yearly return in Form ‘N’ for Quantity of Rubber purchased & consumed by manufacturers under rule 33 (f) of the Rubber Rules, 1955.(xxii)Telecom Regulatory Authority of India (TRAI)Reporting and Audit for System on Accounting Separation- Certification Work Telecom Regulatory Authority of India (TRAI).(xxiii)e-MudhraJoin us as a Partner for issuing e-Mudhra Digital Certificates. http://e-mudhra.com/portal/Partner.aspx(xxiv)Ministry of Finance, Department of ExpenditureCertification regarding average annual financial turnover of bidder :Annexure 9 Sample Prequalification Criteria of Manual for Procurement of Goods 2017CCompanies Act, 2013(i)Companies (Cost Records and Audit) Rules, 2014As per Companies (Cost Records and Audit) Rules, 2014, the class of companies which also include foreign companies, are required to maintain “Cost Records”. Cost accountant in practice may assist the company to maintain the Cost Records as per the Companies (Cost Records and Audit) Rules, 2014.(ii)Section 2(38)An expert who has the power or authority to issue a certificate in pursuance of any law for the time being in force.(iii)Section 7(1)(b)Declaration in the prescribed form no. INC.8. form no.INC 14 that the memorandum and articles have been drawn as per the provisions and in conformity.(iv)Form DIR – 12Sections 7(1)(c), 168 & 170(2) and rule 17 of the Companies (Incorporation) Rules 2014 and 8, 15 & 18 of the Companies (Appointment and Qualification of Directors) Rules, 2014 – Particulars of appointment of Directors and the Key Managerial Personnel and the changes among them in form no. DIR 12.(v)Form INC – 14Declaration that the draft memorandum and articles of association have been drawn up in conformity with the provisions of section 8 in form No. INC.14.(vi)Form INC – 21Section 11(1)(a) read with Rule 24 of the Companies (Incorporation) Rules, 2014- Declaration prior to commencement of business or exercising borrowing powers in form No. INC 21.(vii)Form INC – 22Section 12(2) & (4) and Rule 25 and 27 of The Companies (Incorporation) Rules 2014- Notice of situation or change of situation of registered office in form no. INC 22.(viii)Form – PAS 3Section 39(4) and 42 (9) and Rule 12 and 14 Companies (Prospectus and Allotment of Securities) Rules, 2014- Return of Allotment in form no. PAS 3.(ix)Form – SH7Section 64(1) and pursuant to Rule 15 of the Companies (Share Capital & Debentures) Rules, 2014 - Notice to Registrar of any alteration of share capital in form no. SH 7.(x)Form – CHG 9Sections 71(3), 77, 78 & 79 and pursuant to Section 384 read with 71(3), 77, 78 and 79 and Rule 3 of The Companies (Registration of charges) Rules 2014 Application for registration of creation or modification of charge for debentures or rectification of particulars filed in respect of creation or modification of charge for debentures in form no. CHG 9.(xi)Form – CHG 1Sections 77, 78 and 79 and pursuant to Section 384 read with 77, 78 and 79 andRule 3(1) of the Companies (Registration of Charges) Rules 2014- Registration of creation, modification of charge (other than those related to debentures) including particulars of modification of charge by Asset Reconstruction Company in terms of Securitization and Reconstruction of Finance Assets and Enforcement of Securities Act, 2002 (SARFAESI) in form no. CHG 1.(xii)Form – CHG 4Section 82(1) and Rule 8(1) of the Companies (Registration of charges) Rules 2014- Particulars of satisfaction of charges thereof in form no. CHG 4.(xiii)Form – MGT 14Section 94(1), 117(1) and section 192 – The Companies Act, 1956- Filing of resolutions and agreements to the Registrar in form no. MGT 14.(xiv)Section 137Under form no. AOC – 4 disclosures of related party transactions.(xv)Section 143Report to the Central Government if a fraud is being or has been committed against the company by officers or employees of the company.(xvi)Section 149(4)Section 149 (4) read with Rule 5 of the Companies (Appointment and Qualification of Directors) Rules, 2014: Independent Director Possess skills, experience and knowledge in one or more fields inter alia finance to be an Independent Director.(xvii)Section 153Section 153 and & Rule 9(1) of The Companies (Appointment and Qualification of Directors) Rules, 2014 & Rule 10 of Limited Liability Partnership Rules, 2009: Digital verification of the Form DIR-3: Application for allotment of Director Identification Number(xviii)Section 196Section 196 read with Section 197 and Schedule V of the Companies Act, 2013 and pursuant to Rule 3 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014- Return of appointment of key managerial personnel in form no. MR 1(xix)Section 196, 197, 200, 201(1), 203(1)Section 196, 197, 200, 201(1), 203(1) and Schedule V & Rule 7 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014- Form of application to the Central Government for approval of appointment and remuneration or increase in remuneration or waiver for excess or over payment to Managing Director or Whole Time Director or Manager and commission or remuneration to Directors in form no. MR 2.(xx)Section 232(7)Declaration of compliance alongwith Statement to be filed with Registrar of Companies.(xxi)Section 247(1)Eligible to apply for being registered as a valuer.(xxii)Section 259(1)Appointment as Company Administrator by the tribunal.(xxiii)Section 275(1)Appointment as Company liquidator for winding up of the Company.(xxiv)Section 366Application by a company for registration in Form No. URC–1.(xxv)Section 409(3)Appointment as Technical person of Tribunal (15 years of experience is required)(xxvi)Section 432Appearance in the Tribunal for public examination of promoters/directors.(xxvii)Section 455(1)Section 455(1) read with Rule 3 of The Companies (Miscellaneous) Rules, 2014 – Application to Registrar for obtaining the status of dormant company in form no. MSC 1(xxviii)Section 455(5)Section 455(5) and Rule 7 and 8 of the Companies (Miscellaneous) Rules, 2014- Return of dormant companies in form no. MSC 3.(xxix)Rule 5(2)Nidhi Rules, 2014- Return of statutory compliances in form no. NDH 1.(xxx)Rule 5(3)Nidhi Rules, 2014- Application for extension of time in form no. NDH 2.(xxxi)Rule 21Nidhi Rules, 2014- Half yearly return in form no. NDH 3.(xxxii)Rule 8(8)As per Companies (Registration Offices and Fees) Rules, 2014, documents or form or application filed may contain a power of attorney issued to Cost Accountant.(xxxiii)Form GNL – 1Rule 12(2) of the companies (Registration offices and Fees) Rules, 2014- Form for filing an application with Registrar of Companies in form no. GNL 1.(xxxiv)Form GNL – 3Rule 12(3) of the Companies (Registration offices and Fees) Rules, 2014 – Particulars of person(s) or key managerial personnel charged or specified for the purpose of sub-clause (iii) or (iv) of clause 60 of Section 2 in form no. GNL 3.(xxxv)Rule 20(3)(ix)Rule 20(3)(ix) of the Companies (Management and Administration) Rules, 2014: Scrutinizer for supervising the Voting through electronic means (e-voting) process.(xxxvi)Form INC – 28Rule 31 of Companies (Incorporation) Rules, 2014 – Notice of the order of the Court or any other competent authority in form no. INC – 28.DOther Statutory Work(i)Calcutta High CourtValuer: Members can now apply directly as ‘Valuer’ for empanelment of Calcutta High Court.(ii)Securities and Exchange Board of India Infrastructure Investment Trusts Regulations, 2014Authorized to act as “Valuer” in respect of financial valuation under section 2(zzf) of the Securities and Exchange Board of India Infrastructure Investment Trusts Regulations, 2014 as amended on 30.11.2016.(iii)Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014Authorized to act as “Valuer” in respect of financial valuation under section 2(zz) of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 as amended on 30.11.2016.(iv)Central Board of Direct Taxes (CBDT)Central Board of Direct Taxes (CBDT): CBDT vide their Notification no. S.O. 2670(E) recognized Cost Accountants as e-return intermediaries;(v)Central Board of Excise and Customs (CBEC)Accepting of services of the Cost Accountant’s may also be considered by the respective Commissionrates depending upon the extent of complexity of the cases as provided under Circular No.04/2006 dated 12th January, 2006 modified and its inclusion in the assessed value as extended cost of transportation;(vi)Central Board of Excise and Customs (CBEC)Audit of accounts of SEZ developer as directed by the Commissioner of Customs/Central Excise [refer Circular No. 52/2002-Customs dated 14th August, 2002];(vii)Central Board of Excise and Customs (CBEC)Certified Facilitation Centers (CFCs) – under ACES-CBEC Scheme: As per MOU with CBEC, Ministry of Finance, Cost Accountants in whole-time practice are authorized to set up Certified Facilitation Centers (CFCs) under Certified Facilitation Centre Scheme in filing various Excise and Service Tax Returns under the provisions of Central Excise Act and Service Tax Act;(viii)Central Board of Excise and Customs (CBEC)Computation of freight of time chartered/daughter vessel and its inclusion in the assessed value as extended cost of transportation [refer Circular No.04/2006 dated 12th January, 2006].(ix)Central Board of Excise and Customs (CBEC)Custom Broker: Central Board of Excise and Customs (CBEC) Amended Customs Brokers Licensing Regulations, 2013 and included the Cost Accountant qualification for Customs Brokers Examination to be held from the year 2017 onwards;(x)Central Board of Excise and Customs (CBEC)Ministry of Finance amended Circular No.18/2010 Customs dated 08.07.2010 vide Circular No 01/ 2012-Customs dated 5th January 2012 to authorize inter alia Cost Accountants to issue a certificate, certifying that burden of 4% CVD has not been passed on by the importers to any other person;(xi)Central Board of Excise and Customs (CBEC)The Commissioner of Customs/Central Excise may direct the concerned developer to get his accounts audited by a Cost Accountant nominated by him in this behalf. The expenses of and incidental to such audit shall be borne by the concerned developer, vide Circular No. 52/2002-Customs dated 14th August, 2002;(xii)Central Board of Excise and Customs (CBEC)Under Rules 6 and 7 of the Customs and Central Excise Duties Drawback Rules, 1995, the exporters may be asked to furnish the purchase invoice as to the procurement of the raw hides/wet blue leather. They should also furnish a certificate inter alia from the Cost Accountant as to the consumption and cost of processing chemicals used for its processing and other incidental overhead charges incurred;(xiii)Customs Act, 1962Certification of refund of additional duty of Customs on the goods imported for subsequent sale under Indian Customs Act;(xiv)Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000Valuation Certificate for Cost of goods produced for Captive Consumption, in accordance with Cost Accounting Standard CAS – 4 issued by the Institute, under Rule 8 of the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000;(xv)Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000Certificate for Average Cost of Transportation, in accordance with Cost Accounting Standard CAS – 5 issued by the Institute, under Rule 5 of the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000;(xvi)Customs Valuation (Determination of Value of Export Goods) Rules, 2007Under Rule 5 of Customs valuation (Determination of Value of Export Goods) Rules, 2007, the proper officer shall give due consideration to the cost-certificate issued by a Cost Accountant;(xvii)Customs Act, 1962Under the Fixation of brand rate of Drawback without pre-verification – Simplified procedure Scheme, unless there are any special reasons, drawback rates are to be fixed without pre-verification of the date filed, (which should be duly verified by the applicant and Cost Accountant or Chartered Accountant or Chartered Engineers) and the exporter would be authorised by provisional brand rate letters issued by the Ministry to claim the drawback rate considered admissible from the concerned Customs House(s);(xviii)Indian Council of ArbitrationAs Arbitrator: The Indian Council of Arbitration authorizes Cost Accountants and Cost Accounting Firms for empanelment in the panel of arbitrators under the category of financial experts;(xix)Insolvency and Bankruptcy Code, 2016Regulation 5 and 9 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016authorized to act as an Insolvency Professional as per the section 206 and 207 of the Insolvency and Bankruptcy Code, 2016;(xx)Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017Regulation 11 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017 authorises Cost Accountant in practice for valuation of capital instruments of an Indian company and also under Schedule 2 - Purchase/ Sale of capital instruments of a listed Indian company on a recognised stock exchange in India by Foreign Portfolio Investors and Schedule 6 - Investment in a Limited Liability Partnership (LLP) for valuation on an arm’s length basis as per pricing methodology.(xxi)Companies (Registered Valuers and Valuation) Rules, 2017Under Annexure IV of the Companies (Registered Valuers and Valuation) Rules, 2017, the Member of the Institute of Cost Accountants of India are recognised as Registered Valuer for valuation of Securities or Financial Assets.(xxii)Indian Banks Association (IBA)Recognized Firms of Cost Accountants for Empanelment as Forensic Auditor for frauds.Reserve Bank of India mandated that in respect of all borrowing arrangement exceeding Rs. 500 crores, an Independent Evaluation Committee (IEC) would carry out an evaluation of the Techno-Economic Viability (TEV) and the proposed restructuring package. Number of Cost Accountants are members of “Independent Evaluation Committees (IEC) “.Advised all members Banks to engage Cost Accountants/Firms of Cost Accountants for Stock Audit and Risk Based Internal Audit and other Banking operations.(xxiii)Maharashtra unaided Private Professional Educational ( Regulation of Admissions and Fees ) Act,2015Member of Fee Regulating Authority under Maharashtra unaided Private Professional Educational ( Regulation of Admissions and Fees ) Act,2015EAppearance as an Authorized Representative(i)Companies Act, 2013(a) Right to legal representation: Section 432 of the Companies Act 2013;(b) Rights of a party to appear before the Bench: Regulation 19(2) of Company Law Board Regulations, 1991;(ii)Competition Commission of India (CCI)(a) Appearance before Commission:Section 35 of the Competition (Amendment) Act, 2007;(b) Right to legal representation: Appeal to the Appellate Tribunal: Section 53(1) of the Competition (Amendment) Act, 2007;(iii)Central Board of Excise and Customs (CBEC)(a) Appearance by Authorized Representative: Section 35Q of the Central Excises Act, 1944;(b) Appearance by Authorized Representative: Section 146A of the Customs Act, 1962;(c) Appearance by Authorized Representative: Rule 2(c) of Customs, Excise and Gold (Control) Appellate Tribunal (Procedure) Rules, 1982;(iv)Central Electricity Regulatory Commission (CERC)Authority to represent before the Commission: vide Notification No. 8/ (1)/99/CERC dated 27th August, 1999;(v)Depositories Act, 1996Right to Legal Representations: Section 23C, Explanation (c) of Depositories Act, 1996;(vi)Income Tax Act, 1961Appearance by Authorized Representative:Section 288 of the Income Tax Act 1961 read with Rule 50 of the Income Tax Rules, 1962;(vii)Real Estate (Regulation and Development) Act, 2016Right to legal representation: Section 56 of the Real Estate (Regulation and Development) Act, 2016;(viii)Securities Exchange Board of India (SEBI)Right to Legal Representations: Clause 22C under Conditions for listing: Chapter IV of Listing of Securities;(ix)Service TaxAppearance by Authorized Representative:Section 96D (5) of the Service Tax Act 1994;(x)Special Economic Zone (SEZ)Rights of appellant to appear before the Board: Rule 61 of the Special Economic Zone Rules 2006;(xi)Telecom Regulatory Authority of India (TRAI)Right to Legal Representation before Appellate Tribunal as per Section 17 of TRAI Act, 1997;(xii)Value Added Tax Acts/ RulesCost Accountants are authorized to appear before authorities under VAT Acts/ Rules of various State Government(s).(xiii)Central Goods & Services Tax Act, 2017.Appearance by authorized representative under Section 116 of Central Goods & Services Tax Act, 2017.FReserve Bank of India(a)For Valuation of Properties - Empanelment of Valuers. (Circular no. RBI No.2006-2007/224 DBOD.BP.BC No. 50/21.04.018/ 2006-07 January 4, 2007).(b)For certification of borrowal companies in respect of Lending under Consortium Arrangement/ Multiple Banking Arrangements. (Circular No. RBI/2008-2009/379 DBOD. No. BP.BC.110/08.12.001/2008-09 dated 10thFebruary, 2009).(c)For certification of borrowal companies in respect of Lending under Consortium Arrangement / Multiple Banking Arrangements. (Circular No. RBI/2008-2009/382 UBD. PCB.No. 49 /13.05.000/2008-09 dated 12thFebruary, 2009)(d)In respect of the Forensic Scrutiny – Guidelines for prevention of frauds (Circular no. RBI/2010-11/555 DBS. CO.FrMC.BC.No.10/ 23.04.001/2010-11 dated 31stMay, 2011 read with Circular no. RBI/2008-09/508 DBS.CO.FrMC.Bc.No.8 /23.04.001/2008-09 dated June 24, 2009 on Frauds in borrowal accounts having multiple banking arrangements and Circular no. RBI/2008-2009/183 DBOD No BP BC 46 / 08.12.001/2008-09 dated September 19, 2008 on Lending under Consortium Arrangement/ Multi Banking Arrangements).(e)For Certificate indicating fair price of capital contribution/profit share of an LLP and a valuation certificate- Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP) (Circular no. RBI/201314/566 A.P. (DIR Series) Circular No. 123 dated April 16, 2014).(f)For Certificate in respect of Foreign Investment in India (Circular no. RBI/2014-15/6 Master Circular No.15/2014-15 July 01, 2014 (Amended upto February 09, 2015).(g)For certification in respect of Loans and Advances – Statutory and Other Restrictions for Lending under Consortium Arrangement/Multiple Banking Arrangement (Circular no. RBI/2014-15/64 DBOD.No.Dir.BC. 16/13.03.00/2014-15 July 1, 2014).(h)For Certification in respect of Guarantees, Co-Acceptances & Letters of Credit – UCBs (Circular no. RBI/2013-14/19 UBD.BPD.(PCB) MC No.4/09.27.000/2013-14 July 1, 2013).(i)For Certification in respect of Management of Advances – UCBs for Exchange of information–Lending under Consortium Arrangement/Multiple Banking Arrangements (Circular No.RBI/2014-15/21 UBD.BPD.(PCB) MC No.5/13.05.000/2014-15 July 1, 2014).(j)Valuation Certificate in respect of Foreign Exchange Management (Transfer of Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2014 (Notification No. FEMA.298/2014-RB: dated 13th March, 2014).(k)Valuation Certificate for Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP) under Master Circular No. 15/2014-15 dated 1st July, 2014.Cost Accountants in Employment:As mentioned in the beginning, the Cost Accountants are most sought in the business world. There services are deemed vital in investment planning, profit planning, project management and overall managerial decision making process. Many members of the Institute are occupying the top positions in the organizations, as Chairman & Managing Director, Managing Director, Finance Director, Financial Controller, Chief Financial Officer (CFO), Cost Controller, Marketing Manager and Chief Internal Auditor etc.Cost Accountants in Government Department:Realising the importance of the profession of the Cost and Management Accountancy in the economic development of the nation, the Central Government has constituted an all-India cadre known as Indian Cost Accounts Service (ICoAS) at par with other Class-I services such as IAS, IFS etc. to advise the government in cost pricing and in framing the appropriate fiscal and tax policies.Cost Accountants in Education:University Grants Commission (UGC) has notified “UGC Regulations on Minimum Qualifications for Appointment of Teachers and Other Academic Staff in Universities and Colleges and Measures for the Maintenance of Standards in Higher Education, 2010 vide its Circular No. F.3-1/2009 dated 30th June 2010.The Regulations prescribe the minimum qualification for appointment of teaching faculty in universities and colleges in the area of Management/ Business Administration. The qualifications specified for appointment of Assistant Professor, Associate Professor and Professor in the above area and Principal/Director/Head of the Institution include First Class Graduate and professionally qualified Cost Accountant among other qualifications and subject to other requirements including qualifying NET/SLET/SET as the minimum eligibility condition for recruitment and appointment of Assistant Professors.Further Academic pursuits:A member of the Institute can get enrolled as a member of IMA USA.Recognised by the Academic Councils of many Universities in India for the purpose of admission to the Ph.D. courses in Commerce. Various Universities have recognized CMA qualification for registration as M.Phil. and Ph.D. candidates in commerce and allied disciplines.The MoU between CIMA (The Chartered Institute of Management Accountants), UK and The Institute of Cost Accountants of India introduces a new CIMA Professional Gateway examination (available from May 2009) for the students who have successfully completed the whole of the Institute’s professional examination, enabling a ‘fast track’ route into CIMA’s Strategic level examinations, final tests of professional competence and ultimately CIMA Membership.MOU between Indira Gandhi National Open University (IGNOU): As per MOU dated 11th July, 2008, IGNOU offers specialized http://B.Com and http://M.Com Programs for the students. The Students can simultaneously study the specialized http://B.Com (Financial & Cost Accounting) programme with the Institute’s Intermediate Course and specialized http://M.Com (Management Accounting & Financial Strategies) with the Institute’s final course.