Dear Members,
It is that wonderful time of the year when you can see hundreds of colourful ‘Kandils’ gently swaying in the breeze, while thousands of shoppers’ surge in and out of brightly lit showrooms snapping up festival gifts. By the time this issue reaches you, you will have relished the celebrations, the fireworks, the sumptuous food and embarked on the new year. I am sure most of you will have enjoyed the much-needed holiday and family time. The best way to celebrate is isolating oneself from the clutches of technology, be it your mobile or laptop, and be in the company of family and friends.
Hillary-Trump – Is India affected?
As we leap across continents and oceans, we encounter a different sort of fireworks as a part of the US presidential elections. The clash of the Republican and Democrat candidates has been dominating the news for the last couple of months. The presidential election debates have seen sparks flying, dirty linen being washed in public and hidden agendas being exposed and brash allegations made.
Motor mouth Trump, a paragon of aggression and arrogance has driven himself into the loser’s corner with his careless locker room talk and hate speak directed at Muslims and immigrants. A dismayed and disgruntled Bible Belt, the stronghold of the Republicans and disgusted women across the nation have truly blunted if not scuttled Trump’s chances of moving to 1600 Pennsylvania Avenue.
Hillary Clinton, on the other hand, has come across as an admirable woman who has ably wielded power. Well informed and focused, with extensive experience as Secretary of State, she is well equipped to be the next POTUS (President of the US). But there are several issues that keep tripping Hillary – she has well-publicised health problems, and big lapses in Benghazi, Libya which resulted in the death of the American Ambassador. Even more serious is her breaching national security procedures by keeping her Secretary of State mails on a personal email server.
Now it’s only a matter of time that will see Hillary Clinton becoming the first woman president of the US, unless…Trump has still got an ace up his sleeve. So is India on a good pitch with Hillary? Most analysts believe so, despite the fact that Trump went on to light Diwali lamps on a stage and assert that if he became president, the “Indian and Hindu community will have a true friend in the White House.”
John Podesta, Bill Clinton’s Chief of Staff, is today a big wheel on Hillary’s campaign committee, and he believes that she has demonstrated credentials in fostering strong and healthy relations with India. With India having emerged as a powerful and buoyant economic force and a strong counter to China, Hillary is unlikely to adversely change the existing policy of working with India.
Analysts believe there will be no big swing in policy for the region. Tracking the situation from the end of the Cold War, US policy and diplomacy with India and other South Asian countries have remained consistent. Considerable conflict in the region and four presidents later, the situation appears to be very much a status quo. Even in handling the Indo-Pakistan conflict, the US has been reiterating the importance of talks to diffuse the heightened tension.
Great Show at BRICS
Back home, the government is riding a wave of immense popularity. The crippling surgical strikes and the successful Income Declaration Scheme are two more feathers in the government’s crown of achievements. This was closely followed by the recently concluded 8th BRICS Summit hosted by India in Goa. Prime Minister exhorted the nations to work together to give an added impetus to trade saying, “In a world of uncertainties, BRICS stands as a beacon of peace, potential, and promise.”
More importantly, India coaxed all the countries to unanimously condemn terrorism. Prime Minister spoke eloquently saying, “Terrorism casts a long shadow on our development and economic prosperity… our response to terrorism must, therefore, be nothing less than comprehensive.” What is noteworthy is that even China, Pakistan’s staunch ally, signed on the dotted line in the agreement to combat terrorism including cross border terrorism
CA exam – another change
It’s a well-known quote which declares that. “Change is the only thing that’s constant.” The world’s toughest exam is all set to undergo change to keep pace with the rapidly evolving needs of the market. The Institute of Chartered Accountants of India which conducts the CA exam has approached the ministry to revamp the curriculum, introduce new subjects and electives; and even allow open book tests in a few papers.
Globalisation has re-invented the benchmarks and language of business. ICAI believes that an updated course will prepare Indian auditors, accountants, finance executives and CFOs to tackle the emerging challenges and opportunities. The Bombay Chartered Accountants’ Society welcomes the proposed changes in the CA exam and hopes the revised syllabus and possibly the new methodologies of training will result in better-equipped CAs and earn greater respect for the profession.
Government interactions
As part of the BCAS vision to be a catalyst for bringing out better and more effective Government policies and laws, BCAS interacted with the Government officials on two occasions. On the first occasion, BCAS representatives met the Easwar Committee and made a detailed representation, and appraised officials of various anomalies in the Income Tax Act and offered suggestions for efficient administration and governance. On another occasion, BCAS had an interactive dialogue with Shri Upendra Gupta, Commissioner, GST Policy Wing, Ministry of Finance. It seems that the government is on track on its road map of GST and it will be implemented from 1 April 2017. One thing that deserves appreciation is the receptiveness shown by the government in discussing the suggestions from various associations and trade bodies, and hopefully many suggestions will find their way into the final legislation. The Commissioner assured the Society that the main areas of concern on valuation issues and issues of free supply of goods/services raised by industry would also get addressed in final law.
Reverence
Before I end, I pay my homage to an exemplary human being and a distinguished professional. Shri Rajesh G. Kapadia, past president of the Society, was not only an excellent chartered accountant but a nice archetypical person to scores of people. He will surely be missed by everyone whose lives he touched in so many ways. The contribution of the Kapadia family to BCAS (his brother Late Shri Shailesh Kapadia was also a Past President of the Society) is immense. It is only ironic that he was the Society’s president when BCAS celebrated its 50th year, and he left us when the Society is celebrating its 50th year of RRC. I can sum up the persona of Shri Rajesh G. Kapadia by stating that he had the guts to stand for something right, and the humility to be of service to others. He shall always have a place of pride in the hearts of BCAS family.
With warm regards,
Chetan Shah
