Mca Bill Of Sale 2014: Fill & Download for Free

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.

I wrote this article some time ago:Don't Insure for the Mortgage Amount (Regardless of What the Bank Says)Author: Bill WilsonEvery agency has experienced this to one degree or another: A client buys a house and the replacement cost of the dwelling is considerably less than the mortgage amount. The insurer refuses to issue a policy with a Coverage A amount greater than the replacement cost, but the lender insists on a policy limit equal to the mortgage amount.Here's a typical situation:"We need your help! We're getting beat up by lenders insisting that we insure a home for the loan amount rather than replacement value. In our area, selling price values are soaring but replacement values are steady. People are refinancing with lower interest rates, starting a vicious battle between the loan officer (representing the lender) and us (representing the insurance company)."Here lies the problem: the loan officer will absolutely accept nothing short of the loan amount and they become angry and very threatening if we don't do exactly as they demand. The insurance companies demand some type of proof as to why we are requesting an increase (and a refinance is not the reason)."A typical situation is as follows: The bank faxes our office a request to change the mortgage clause and increase coverage to the loan amount. We respond that we need an appraisal showing replacement value from them to increase coverage. They normally supply an appraisal which agrees with our current coverage. We then advise them that we cannot increase coverage as we currently insure at replacement value and that their appraisal agrees. Now the trouble starts. We normally receive multiple calls from the loan officer calling us illegal, unprofessional, not serving our client, threatening to take the business away from us, and on and on. The calls start at the CSR level, then move up to the personal lines manager, and sometimes moves up to me, the owner, with each one of us explaining the same thing."This problem is only getting worse and I'm afraid it could get a lot worse. I'm concerned that banks will use this issue as leverage to rewrite our policies into their markets."I contacted the local insurance department office and he advised I could lodge an individual complaint on each situation with them. We're getting about 7 to 8 requests per day of which 1 or 2 can get real ugly."The lender's position is understandable, but misguided. Clearly, they want to protect their investment. That investment consists of two components: (1) the real estate (land, home, outbuildings, etc.), and (2) the loan itself. Insurance is the mechanism designed to protect against the pure risk of loss to the real property. However, the loan itself is a speculative business risk...that's not the function of insurance.As an example, let's say the purchase price and loan amount for a home is $200,000...for the sake of simplicity, we'll forget about any down payment. This $200,000 represents market value, not insurable value. The cost to rebuild the home itself might be $140,000, with the $60,000 balance being the value of the land and other structures. The purchase price includes the value of land, all structures, and even other property that may not be covered by a homeowners policy.The purchase price may also include the "value" of the location. I once looked at two new homes, both built from the same floor plan by the same contractor. The asking price for one of the homes was 50% higher than the other based SOLELY on the location of the home in a "preferred" neighborhood. The cost to rebuild the homes would be virtually identical.Under a homeowners policy, the insurance company would never pay more than $140,000 if the home was completely destroyed unless required to by a state's valued policy law (which is another reason for not insuring the loan amount). There has been no damage to the land or the "location value" (or at least the policy isn't going to pay that amount), so it would largely be pointless to insure the property for more than the structural replacement costs.It does not serve the bank's interest in any way to be the mortgagee on a policy with a policy limit equal to the loan amount because neither the insured nor the bank will ever collect that amount. The policy will only pay an amount based on the valuation method included in the contract. Again, this is the case if no valued policy law applies...if it does, then the insured could actually profit from the loss by insuring the loan amount rather than the replacement cost of the property. This would violate one of the fundamental tenets of insurance and, conceivably, could create a moral hazard.If an insurance company issues a replacement cost (or, worse, an ACV) policy with a limit greater than the actual cost to repair or replace, they may be in violation of the insurance laws in most states. I'm pretty sure all states require that rates/premiums be adequate, not excessive, and not unfairly discriminatory. What these banks are asking is that the insurance company issue a policy with an excessive premium (payment for coverage the insured can never collect without a total loss and triggering of a valued policy law, which has a likelihood of maybe 1-3%) and that's probably illegal.For example, TENNESSEE has an "Unfair Competition and Deceptive Practices" statute regarding loan amounts that exceed the value of a building or structure:"Lenders of money - Extenders of credit."(a) No person who lends money or extends credit may:"(8) Require, in connection with a loan or extension of credit secured by real property, that the debtor procure insurance for the protection of the property for an amount that exceeds the replacement cost of the structures existing on the secured property at the time of the loan or extension of credit or, in the case of a construction or improvement loan, insurance which exceeds the value the structures are expected to have upon completion of the construction or improvements."This law was enacted by an initiative of IIABA's state affiliate, the Insurors of Tennessee, in response to the situation described above.So, as you can see, a lender should not be permitted to demand an insurance limit that exceeds the value of the property insured as defined by the insurance contract. The insured or lender should never receive more than the actual value of the damaged property. In addition, "over-insuring" the property could be illegal, by statute or contract.Note: For another excellent article on this subject, and specific to FLORIDA law, check out Insuring for the Mortgage Amount on the Florida Association of Insurance Agents web site. As the article explains, Florida Administrative Code prohibits a mortgage lender from requiring insurance in an amount that exceeds the replacement cost of the home:"4-167.009 Mortgage Fire Insurance Requirements LimitedNo mortgage lender shall, in connection with any application for a mortgage loan in this state which is secured by a mortgage on residential real estate located in this state, require any prospective mortgagor to obtain by purchase or otherwise a fire insurance policy in excess of the replacement value of the covered premises as a condition for granting such a mortgage."Another state that has responded to this situation via insurance department directive is GEORGIA. According to Georgia Directive 98-PC-1, Establishment of Property Values and Corresponding Insurance Amounts on Mortgaged Properties Insured in Georgia (June 26, 1998):"Land values may not be included in the computation when determining the amount of appropriate homeowners insurance because homeowners insurance does not insure the land on which the home is located. Therefore, such activities are in violation of O.C.G.A. 33-6-5(6)(A) which provides as follows: 'No person shall knowingly collect any sum as premium or charge for insurance, which insurance is not then provided or not in due course to be provided subject to acceptance of the risk by the insurer by an insurance policy issue by an insurer as permitted by this title.'"The directive goes on to say that agents engaged in this practice can be fined from $1,000-$5,000 for each act and/or have his licensed suspended, revoked or placed on probation. Any insurer in violation of the law may have its certificate of authority suspended, revoked or placed on probation.Following the publication of this article, we heard from several other states who have similar "over insurance" laws besides Florida, Georgia, and Tennessee...below is a summary listing of the other states we're aware of with "over insurance" prohibitions.ArizonaARS 44-1208. Loans secured by real estate; prohibited practices; insurance. Except for consumer lender loans regulated pursuant to section 6-636, for any loan that is secured by real property, a person shall not require as a condition of the loan that the borrower obtain property insurance coverage in an amount that exceeds the replacement cost of the improvements as established by the property insurer.[Note: The statute covers only real property (not mobile homes) and does not include commercial buildings. For more information, go to: http://www.azleg.state.az.us/ars/44/01208.htm]CaliforniaCalifornia Civil Code § 2955.5 says, in part:(a) No lender shall require a borrower, as a condition of receiving or maintaining a loan secured by real property, to provide hazard insurance coverage against risks to the improvements on that real property in an amount exceeding the replacement value of the improvements on the property.(b) A lender shall disclose to a borrower, in writing, the contents of subdivision (a), as soon as practicable, but before execution of any note or security documents.(c) Any person harmed by a violation of this section shall be entitled to obtain injunctive relief and may recover damages and reasonable attorney's fees and costs.(d) A violation of this section does not affect the validity of the loan, note secured by a deed of trust, mortgage, or deed of trust.ConnecticutStatute 360-757 originated with public act PA 84-212 which prohibits a mortgage lender from requiring a prospective home buyer to obtain a fire insurance policy in excess of the home's replacement value, as a condition of granting a mortgage loan on residential property located in the state and secured by such a mortgage. The act was effective on October 1, 1984. On October 1, 2000, the statute was broadened by PA 00-95 to include flood insurance, extended coverage insurance, or any combination of insurance, including fire insurance.IllinoisPublic Act 093-1021 Effective August 24, 2004:Section 5. The mortgage Insurance Limitation and Notification Act is amended by adding Section 17 as follows:Sec. 17. Insurance coverage.(a) No lender shall require a borrower, as a condition of receiving or maintaining a loan secured by real property, to provide hazard insurance coverage against risks to the improvements on that real property in an amount exceeding the replacement value of the improvements on the property.(b) Any person harmed by a violation of this Section shall be entitled to obtain injunctive relief and may recover damages and reasonable attorney's fees and costs.(c) A violation of this Section does not affect the validity of the loan, note secured by a deed of trust, mortgage, or deed of trust.MassachusettsGeneral Law, Chapter 183, Section 66 says, in part:A bank, lending institution, mortgage company or any mortgagee doing business in the commonwealth, when making a mortgage loan, shall not require, as a condition of a mortgage or as a term of a mortgage deed, that the mortgagor purchase casualty insurance on property which is the subject of the mortgage in an amount in excess of the replacement cost of the buildings or appurtenances on the mortgaged premises.MichiganMORTGAGE LENDING PRACTICES (EXCERPT)Act 135 of 1977445.1602a Property/casualty Insurance as condition to loan; limitation on amount required; amount as condition of sale, transfer, or assignment. [M.S.A. 23.1125(2a)]Sec. 2a. (1) Except as provided in subsection (2), a credit granting institution that requires a mortgagor to maintain property/casualty insurance as a condition to receiving a mortgage loan shall not require the amount of the property/casualty insurance to be greater than the replacement cost of the mortgaged building or buildings.(2) A credit granting institution may require an amount of property/casualty insurance that is required of the credit granting institution as a condition of a sale, transfer, or assignment of all or part of the mortgage to a third party. This subsection does not require that the credit granting institution anticipate a sale, transfer, or assignment at the time the mortgage loan is made.History: Add. 1995, Act 214, Imd. Eff. Nov. 29, 1995MontanaIn 2009, SB 375 amended MCA 32-1-430, 32-3-604, and 32-10-401 to provide that a “lender may not require insurance on improvements to real property in an amount that exceeds the reasonable replacement value of the improvements..”New HampshireRSA 417:4 printed 01-12-2006 from NH Insurance Dept websiteXVI. COERCION IN REQUIRING INSURANCE.(a) No creditor or lender engaged in the business of financing the purchase of real or personal property or of lending money on the security of real or personal property may require, as a condition to such financing or lending, or as a condition to the renewal or extension of any such loan or to the performance of any other act in connection with such financing or lending, that the purchaser or borrower, or the purchaser's or borrower's successors shall negotiate through a particular insurance company or companies, insurance agent or agents, broker or brokers, type of company or types of companies, any policy of insurance or renewal of a policy insuring such property. This provision does not prevent the exercise by any mortgagee of the right to approve on a reasonable nondiscriminatory basis only insurance companies authorized to do business in this state, selected by the borrower.(b) There shall be no interference either directly or indirectly with such borrower's, debtor's or purchaser's free choice of an agent and of an insurer which complies with the foregoing requirements, and the creditor or lender may not refuse the policy so tendered by the borrower, debtor or purchaser. Upon notice of any refusal of such tendered policy, the insurance commissioner shall order the creditor or lender to accept the tendered policy, if the commissioner determines that the refusal is not in accordance with the foregoing requirements of this subparagraph. Failure to comply with such an order of the insurance commissioner is a violation of this section.(c) Whenever the instrument requires that the purchaser, mortgagor, or borrower furnish insurance of any kind on real or personal property which is being conveyed or which is collateral security to a loan, the mortgagee or lender shall refrain from disclosing or using any and all such insurance information to its own advantage and to the detriment of either the borrower, purchaser, mortgagor, insurer, or company or agency complying with the requirements relating to insurance.(d) Notwithstanding any other law to the contrary, a creditor or lender of a loan secured by an interest in real property shall not require the borrower to keep the mortgaged property insured under a property insurance policy in a sum in excess of the value of the buildings on the real property.(e) Notwithstanding any other law to the contrary, no creditor or lender shall require as a condition to closing a loan that the borrower provide an original insurance policy at said closing; provided, however, that the creditor or lender may require the borrower to produce at closing a binder showing the borrower as a named insured and creditor or lender as mortgagee, and confirming that insurance has been issued, is in force, and will remain in full force until a copy of the final policy is delivered to the creditor or lender or until the creditor or lender has received notice of cancellation in accordance with the policy conditions.(f) No insurer may automatically write insurance on a debtor who has contracted credit based on the principle that the insurance is applicable unless specifically rejected by the debtor, unless the premium or such other identifiable charge as may be applicable is paid in full by the creditor.New JerseyNJAC 3:1-13.1Insurance tie-in prohibition(c) No lender shall, in connection with any application for a loan secured by a mortgage on real property located in New Jersey, require any mortgagor to obtain by purchase or otherwise a fire insurance policy in excess of the replacement value of the covered premises as permitted under N.J.S.A. 17:36-5.19 as a condition for granting such mortgage loan.New York3 NYCRR 38.9 Limitation on excess insurance and required disclosures(a) Limitation on excess insurance.No mortgage banker or exempt organization shall require any mortgagor, in connection with the granting of a mortgage loan, to obtain a hazard insurance policy in excess of the replacement cost of the improvements on the property as a condition for the granting of such mortgage loan.North Carolina58-63-25 "Unfair methods of competition" or "unfair and deceptive acts or practices"The following are hereby defined as unfair methods of competition and unfair and deceptive acts or practices in the business of insurance:(13) Overinsurance in Credit or Loan Transactions. In connection with a loan or extension of credit secured by real or personal property or both, requiring the applicant to procure property and casualty insurance against any one risk which results in coverage which exceeds the replacement value of the secured property at the time of the loan or extension of credit. In connection with a secured or unsecured loan or extension of credit, requiring the applicant to procure life or health insurance against any one risk which exceeds the amount of the loan. In connection with a loan secured by both real and personal property, requiring credit property insurance, as defined in G.S. 58-57-90, on the personal property. For the purposes of this subsection, "amount of loan" shall be deemed to be the amount of the principal and accrued interest to be paid by the debtor including other allowable charges.PennsylvaniaHere is a paper written by our Pennsylvania association on this issue relative to PA laws.Rhode IslandCHAPTER 27-5 - Fire Insurance Policies and Reserves - SECTION 27-5-3.2§ 27-5-3.2 Property insurance. No person, bank, or lending institution doing business in this state, whether acting under state or federal authority, which includes but is not limited to (1) a bank, savings bank, or trust company, as defined in this title, its affiliates or subsidiaries, (2) a bank holding company, as defined in 12 U.S.C. § 1841, its affiliates or subsidiaries, (3) mortgage companies, and (4) any other individual, corporation, partnership, or association authorized to take deposits and/or to make loans of money under the provisions of chapters 20, 21, 22, 23, 24, 25, 25.2, and 25.3 of title 19, making a mortgage loan, shall, as a condition of the mortgage or as a term of the mortgage deed, require that the mortgagor carry property insurance on the property which is the subject of the mortgage in excess of the replacement cost of any buildings or appurtenances subject to the mortgage; provided, that if a mortgage is sold, transferred, conveyed, or assigned, it shall be the responsibility of the holder of the mortgage to notify the insurance producer issuing the property insurance policy in writing of that sale, transfer, conveyance, or assignment. This notice shall be made in writing and shall be sent to the insurance producer within thirty (30) days of the sale, transfer, conveyance, or assignment by registered mail. In the event that the holder of a mortgage shall fail to notify the insurance producer who issued the property insurance policy that is in force, in writing, of that sale, transfer, conveyance, or assignment within thirty (30) days, the holder shall indemnify and hold the insurance producer harmless.VirginiaThe question posed was if a bank could force the consumer to have an insurance policy with the insured amount being the loan value even if this exceeds the value of the building. Under Virginia Banking code banks are not allowed to do this. The statutes does not reference personal or business loan so we would assume it applies to both.VA Code- 6.1-2.6:1. Fire insurance coverage under certain loans not to exceed replacement value of improvements.A. No lender shall require a borrower, as a condition to receiving or maintaining a loan secured by any mortgage or deed of trust, to provide or purchase property insurance coverage against risks to any improvements on any real property in an amount exceeding the replacement value of the improvements on the real property.In this section, 'property insurance coverage' means insurance against losses or damages caused by perils that commonly are covered in insurance policies described with terms similar to 'standard fire' or 'standard fire with extended coverage.'In determining the replacement value of the improvements on any real property, the lender may:1. Accept the value placed on the improvements by the insurer; or2. Use the value placed on the improvements that is determined by the lender's appraisal of the real property.B. A violation of this section shall not affect the validity of the mortgage or deed of trust securing the loan."Wisconsin632.07  Prohibiting requiring property insurance in excess of replacement value. A lender may not require a borrower, as a condition of receiving or maintaining a loan secured by real property, to insure the property against risks to improvements on the real property in an amount that exceeds the replacement value or market value of the improvements, whichever is greater.For an example of a related article regarding flood insurance prohibitions on this practice, "Flood Insurance Mandatory Purchase Guidelines".Last Updated: May 17, 2014Source:https://www.independentagent.com/Education/VU/Education/VU/Insurance/Personal-Lines/Homeowners/Conditions/WilsonMortgageAmount.aspx

1. In Japan, you can hire a handsome man to watch sappy movies with you and wipe away your tears.In Japan, people can hire handsome men to watch sentimental films with them and gently brush away their tears. (DAVID PAUL MORRIS/BLOOMBERG)A Tokyo-based company called “Ikemeso Danshi,” which means, “Handsome Weeping Boys,” according to Quartz, offers an unusual service.The company provides handsome suitors, and for about $65, a man of your choice will watch a saccharine film with you and brush away your tears.The concept was born out of the idea that crying can be therapeutic and that misery loves company, according to Hiroki Terai, the company’s founder.2. In Bhutan, most of the buildings are adorned with erect penises.Many of the houses and buildings in Bhutan are adorned with phalluses based on the belief that they ward off bad luck and evil spirits. (ADAM MAJENDIE/BLOOMBERG NEWS)The small country nestled in the Himalayans is not for the prudish — fly to Bhutan and you'll be surrounded by murals of floating phalluses.To the predominantly Buddhist population, the male organ is a symbol of fertility and wards off evil spirits, the Washington Post reported.Phallic worship originated from a 15th century Buddhist teacher, who claimed he fought demons with his “member.”Today, the penis portraits have become more of a cultural symbol than a spiritual one, and their prevalence attracts throngs of tourists.3. In Russia, authorities proposed to ban all things “emo” because they were declared a threat to national stability.In 2008, Russian authorities introduced an “emo” ban because it was seen as a peril to the public's well-being.(HANDOUT)Black eyeliner and bad hairdos, be gone!In 2008, authorities proposed laws to ban “emo” culture.The anti-emo legislation was based on the presumption that the trend promotes depression, social withdrawal and suicide, according to The Guardian.The bill described “emos” as teens clad in black and pink clothing with studded belts, painted fingernails, piercings and black hair that “covers half the face,” The Guardian reported.If Russian lawmakers have their way, teens will have to hang up their studded belts by 2020.4. In China, any TV shows and films featuring time travel are censored.China censors any form of entertainment that features time travel because authorities believe it sends the wrong message to its people. (©MCA/COURTESY EVERETT COLLECTIO)Sorry, Chinese “Back to the Future” fans.In 2011, the State Administration for Radio, Film and Television in China began phasing out any form of entertainment depicting time travel because they “lack positive thoughts and meaning,” according to the New York Times.The decision was based on the assumption that time travel provides a false impression of history and that Chinese television needs to stop appropriating “Western products” and generate content that is “intrinsically Chinese,” the Telegraph reported.5. In Niue, an island nation in the South Pacific, its coins feature Disney and “Star Wars” characters.Some of the coins on the island of Niue feature Disney characters like Mickey Mouse and have become collector's items around the world. (AFP PHOTO/NEW ZEALAND MINT/DISNEY)This tiny island may have a meager population of about 1,200 — but it's renowned for having Mickey Mouse on its money.The South Pacific nation began producing quirky coins — featuring “Pokémon” characters, Disney Princesses and “Star Wars” personalities — in a bid to boost its economy and put the petite peninsula on the map.The coins are legal tender on the Polynesian atoll, but around the world, they are being traded as collector's items.In 2014, the most expensive coins were made from 7.1 grams of gold, featured Mickey and Minnie Mouse, Goofy and Pluto, and retailed for $625, although their denomination in Niue dollars was just $25.6. Ethiopia follows a calendar that is seven years behind the rest of the world.Ethiopia uses a calendar that is about seven years behind the Gregorian calendar. (JEFFREY COOLIDGE/GETTY IMAGES)Ethiopia lives seven years behind the rest of the world based on its alternate calculations of when Jesus Christ was born, according to The Africa Report.The Ethiopian calendar follows the beliefs of the country's Christian Orthodox Church and is rooted in the Coptic or Egyptian calendar, which is about seven to eight years behind the mainstream Gregorian calendar, the BBC reported.September 12 marks the start of the New Year for the African country — so their new millennium began on what we consider Sept. 12, 2007.7. In Denmark, citizens have to select baby names from a list of 7,000 government-approved names.Parents in Denmark have to choose their baby names from a catalog of names that the government has pre-approved. (DIGITAL VISION./GETTY IMAGES)Eccentric celebrity spawn names like Apple and Saint probably wouldn't fly in this Scandinavian country.Denmark’s Law on Personal Names was put in place to protect children from being laden with outlandish monikers that are likely to incite future ridicule, the New York Times reported.And for parents who wish to diverge from the list, they must seek approval from the government.About 1,100 novel names are assessed every year and 15% to 20% of them are rejected, according to the Times.8. In Malaysia, authorities prohibited its people from wearing yellow clothing.In August, authorities in Malaysia banned its people from wearing the color yellow because it was the hue worn by protesters, who demanded the resignation of the Malaysian prime minister.(CARLOS ORTEGA/EPA)Yellow is typically associated with sunshine and friendship — but that didn't stop one Southeast Asian country from banning the brilliant hue.In August, amid demands that Prime Minister Najib Razak resign after corruption allegations surfaced, authorities decided to disallow people from sporting the sunny shade because it was the color worn by protest organizers, the Mirror reported.The directive declared that the “printing, importation, production, reproduction, publishing, sale, issue, circulation, distribution, or possession” of yellow t-shirts are “likely prejudicial to public order,” according to The Malaysian Insider.9. In Singapore, selling, importing or spitting out chewing gum is illegal.In Singapore, importing and selling chewing gum is outlawed and leaving it as litter will result in a steep fine.(ANDREA RENAULT/AP)In 1992, in an attempt to establish Singapore as an idyllic enclave, Prime Minister Lee Kuan Yew introduced a set of stringent laws — like banning chewing gum, according to the BBC.The leader believed gum would sully the country’s pavement and subway carts.As of 2004, pharmacists and dentists are allowed to sell “therapeutic” gum to patients with medical prescriptions for it.Today, it is legal to transport a small amount of gum to the country for personal use, but the vending of it remains illicit, and leaving masticated gum as litter results in a hefty fine.10. In France, you can marry a dead person.In France, posthumous marriage is legal.(CLAUDIOVENTRELLA/GETTY IMAGES/ISTOCKPHOTO)Postmortem matrimony has been legal in France since the reign of Napoleon, but it was only enacted in 1959, when a dam burst, killing 420 people, and a bereaved woman who lost her beau in the incident pleaded to marry him, according to Atlas Obscura.There are, however, some caveats.The living person is required to prove that the couple intended to marry prior to his or her loved one’s death and must obtain permission from the family of the departed, according to Atlas Obscura.What’s more, the living person does not acquire the deceased's assets following the union, so as to inhibit opportunistic gold diggers from exploiting the law.