⚫PM announced a Rs 11,000 crore National Edible Oil Mission-Oil Palm to make India self-sufficient in cooking oils, including palm oil.
⚫Periodic Labour Force Survey report shows a sharp increase in employment in agriculture from 42.5% in 2018-19 to 45.6% in 2019-20.
⚫Digital transactions have continued to grow at a strong pace in the country with increasing acceptance in tier II and III towns.
⚫Power generation up to 3-week high, mobility spikes. The power generation recovered sharply week on week basis as a lull in monsoon rains raised temperatures across the country.
⚫TDS defaults by state PSUs, banks come under I-T lens. Tax dept plans to conduct over 500 survey operations to ensure compliance.
⚫Life insurers report 11% YoY decline in new business premiums in July.
⚫India's power consumption grew 9.3% in the first week of August to 28.08 billion units due to improved economic activities after easing of lockdown curbs by states.
⚫Operators of India's largest airports have urged the Govt to resume international air travel without limiting capacity.
⚫DoT likely to set up a panel for telco financial relief package. It is learnt that it is likely to consult an external agency for the revival package that is expected to provide relief to the sector besides being a lifeline for Vodafone Idea.
⚫Four IPOs to hit markets next week; aims to garner Rs 14,628 cr.
⚫India eyes entry into global bond indices in a year. An entry into some of these indices is expected to generate an additional $20 billion of foreign investment into the economy.
⚫Investors reach Govt door, seek LIC IPO details. Investors have been keen to know the embedded value of India's largest insurer, and the value of new businesses, which are yet to be determined.
⚫India's high antibody count may mean a less severe Covid-19 third wave. Provided states don't lift restrictions prematurely and throw caution to the wind.
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🔮 Ethics of the Day🕵🏻
🏵️ FAQ : Whether a member in practice can provide equity research service, and publish retail research report?
👉 Ans : A member in practice may be an equity research adviser, but he cannot publish retail report as it would amount to other business or occupation,
which is not permissible in view of the provisions of Clause (11) of Part
I of First schedule to the Act..
🏵️ FAQ: Whether a member holding Certificate of practice will be deemed to be in practice even if he is not serving any clients?
👉 Ans : Yes, a member is deemed to be in practice, not only when he is actually
engaged in the practice of accountancy, but also when he offers to render accountancy services, whether or not he in fact does so..
🏵️ FAQ Whether a member not in practice can use any other description?
👉 Ans : A member not in practice may use, as per the provisions of Section 7
of the Act, the designation of “chartered accountant”. However, if he
chooses to use the designation of “chartered accountant”, he shall not
use any other description, whether in addition, or in substitution thereof.
However, such a member is not prohibited from adding any other description or letters to his name, if entitled thereto, to indicate membership of such other Institute of accountancy, whether in India or elsewhere, as may be recognised in this behalf by the Council, or any other qualification that he may possess,
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👉Extension of time period for admission in Foundation Course for appearing in Foundation Examination to be held in December, 2021 - (07-08-2021)
https://resource.cdn.icai.org/65983bos070821a.pdf
👉Relaxation for provisionally registered students through Direct Entry Route for appearing in May, 2022 Intermediate Examination - (07-08-2021)
https://resource.cdn.icai.org/65984bos070821b.pdf
👉Statement on Developmental and Regulatory Policies
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52010
👉IDBI stake sale: 7 firms in transaction adviser shortlist
https://economictimes.indiatimes.com/industry/banking/finance/banking/idbi-stake-sale-7-firms-in-transaction-adviser-shortlist/articleshow/85160335.cms
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⚫The RBI kept its policy rates and stance unchanged at 4% and promised to remain accommodative as long as necessary, even as it raised its inflation projections.
⚫The RBI kept the growth forecast unchanged at 9.5%, and said the gradual opening up of the economy, as well as the good monsoon, augured well for a pick-up in economic activities.
⚫PM spelt out a strategy to boost export of goods from India. PM pointed out four factors that are very important for accelerating outward shipments from India -- increasing domestic manufacturing, ironing out problems of logistics, need for the Centre and state Govts to walk shoulder to shoulder with the exporters and expanding international market for Indian products.
⚫The SEBI relaxed the lock-in period with regard to pre-IPO shareholding to 18 months and approved the concept of ‘controlling shareholders’.
⚫The NCLT, New Delhi Bench, admitted an application for initiating a CIRP against McLeod Russel India, the largest bulk tea producer in the country.
⚫India crosses 500 mn-mark in total number of Covid vaccine doses given
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👉Publication: Handbook on Claims under The Insolvency and Bankruptcy Code, 2016 by CIBC of ICAI - (06-08-2021)
https://resource.cdn.icai.org/65980cibc-hcibc.pdf
👉Governor’s Statement : August 6, 2021
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52008
👉Monetary Policy Statement, 2021-22 Resolution of the Monetary Policy Committee (MPC) August 4-6, 2021
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52011
👉NCLT admits tea producer McLeod Russel for bankruptcy proceedings
https://economictimes.indiatimes.com/industry/banking/finance/banking/nclt-admits-tea-producer-mcleod-russel-for-bankruptcy-proceedings/articleshow/85121116.cms
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🔮 Ethics of the Day🕵🏻♀️
🏵️ FAQ: Whether a CA Firm can be registred with the Institute asa Limited Liability partnership?
🌀 Ans: Yes, vide the Chartered Accountants (Amendment) Act, 2011, the definition of “Firm” has been amended to include the Limited Liability partnership as defined in Clause (n) of sub-section (1) of Section 2 of the Limited Liability Partnership Act, 2008.
🏵️ FAQ: Can a member in practice render Management Consultancy and other services?
🌀 Ans: Yes, however, the areas covered under the Management Consultancy and other services have been summarized by the Council.
🏵️ FAQ: Whether a member in practice is permitted to undertake the management of NRI funds?
🌀 Ans: No, the member is not permitted to undertake such assignment Frequently Asked Questions on Ethical Issues 4 because the same is not covered under “Management Consultancy and Other Services” permitted to be rendered by the practicing members of the Institute.
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