The Management Accountant - June 2024
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June 2024 VOL 59 NO. 06 Pages - 124 100
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THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
(Statutory Body under an Act of Parliament)
Enlisted in UGC-CARE REFERENCE LIST OF QUALITY JOURNALS
Journal of
INSURANCE
INSURANCE
2047
2047
FOR ALL BY
FOR ALL BY
2 The Management Accountant - June 2024
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Printed and Published by
CMA Kaushik Banerjee on behalf of The Institute of Cost Accountants of India, 12, Sudder Street, P. S. New Market, Dist:
Kolkata, West Bengal - 700 016 and printed at – Spenta Multimedia Pvt. Ltd., Plot 15, 16 & 21/1 Village – Chikhloli,
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India, 12, Sudder Street, P. S. New Market, Dist: Kolkata, West Bengal - 700 016.
Editor – CMA Sucharita Chakraborty on behalf of The Institute of Cost Accountants of India, 12, Sudder Street, P. S.
New Market, Dist: Kolkata, West Bengal - 700 016.
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Cost Accountants of India, established in 1944 (founder member of
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421505 and published at – The Institute of Cost Accountants of India,
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Editor – CMA Sucharita Chakraborty on behalf of The Institute of Cost
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June 2024 - The Management Accountant
3
JUNE 2024
INSIDE
JUNE VOL 56 NO.06 `100
JUNE VOL 59 NO.06 `100
SPECIAL ARTICLE
OPPORTUNITIES OF RENEWABLE
ENERGY FINANCING IN INDIA ---- 26
COVER STORY
BANCASSURANCE - THE REVOLUTIONARY COUPLE ---- 31
UNDERWRITING IN GENERAL INSURANCE AND EFFICACY OF
CLAIMS MANAGEMENT ---- 34
INDIA INSURED BY 2047: THE ROLE OF INSURANCE COMPANIES,
DISTRIBUTION NETWORKS AND REGULATORY FRAMEWORKS ---- 37
HEALTH CARE & INSURANCE SECTOR ---- 40
FROM MONOLITH TO MARKET: EXPLORING IPO ISSUE AND
MARKET POTENTIAL OF LIC OF INDIA ---- 44
DIGITAL TRANSFORMATION -
THE GAME CHANGER IN INDIAN INSURANCE SECTOR ---- 49
INSURANCE FOR ALL BY 2047
A STUDY OF PMSBY: INSURANCE PENETRATION OF THE POPULATION
OF CHHATTISGARH STATE ---- 54
REGTECH AND INSURANCE SECTOR:
AN OPPORTUNITY TO EXPLORE ---- 56
UNVEILING THE FUTURE:
BANCASSURANCE AS INDIA'S NEW FINANCIAL FRONTIER ---- 61
PARAMETRIC INSURANCE: REVOLUTIONIZING RISK MANAGEMENT
IN INDIA AND BEYOND ---- 67
BANCASSURANCE IN INDIA: OPPORTUNITIES, CHALLENGES,
AND FUTURE PROSPECTS ---- 72
4 The Management Accountant - June 2024
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From the Editor’s Desk
President's Communique
From the Desk of Chairman (BFSIB)
From the Desk of Chairman (T&EF Committee)
th
11 National Students’ Convocation 2024
ICMAI-CMA Snapshots
Digital Object Identifier (DOI) - Oct - 2023
Digital Object Identifier (DOI) - Nov - 2023
Down the Memory Lane
News from the Institute
Statutory Updates
Advisory for Renewal of Certificate of Practice
for 2024-25
06
08
15
17
18
19
104
105
106
108
118
120
..............................................................................................................................................................................................................................................................................
PRESIDENT
CMA Ashwin G. Dalwadi
president@icmai.in
VICE PRESIDENT
CMA Bibhuti Bhushan Nayak
vicepresident@icmai.in
COUNCIL MEMBERS
CMA (Dr.) Ashish Prakash Thatte, CMA Avijit Goswami, CMA Chittaranjan Chattopadhyay,
CMA Harshad Shamkant Deshpande, CMA (Dr.) K Ch A V S N Murthy, CMA Manoj
Kumar Anand, CMA Navneet Kumar Jain, CMA Neeraj Dhananjay Joshi, CMA Rajendra
Singh Bhati, CMA Suresh Rachappa Gunjalli, CMA T C A Srinivasa Prasad, CMA (Dr.) V.
Murali, CMA Vinayaranjan P, Ms. Anita Shah Akella, Shri Jyoti Prakash Gadia, Shri Inder
Deep Singh Dhariwal, CS (Dr.) Shyam Agarwal, Shri Sushil Kumar, IAS (Retired)
Secretary
CMA Kaushik Banerjee
secy@icmai.in
Senior Director (Studies, HR & Admin Kolkata)
CMA (Dr.) Debaprosanna Nandy
studies.director@icmai.in
Senior Director (Membership)
CMA Arup Sankar Bagchi
membership.director@icmai.in
Director (Examination)
Dr. Sushil Kumar Pareek
exam.director@icmai.in
Additional Director (PR Corporate, Public Relation & Admin-Delhi)
Dr. Giri Ketharaj
admin.hod@icmai.in, pr.hod@icmai.in
Additional Director (Tax Research)
CMA Rajat Kumar Basu
trd.hod@icmai.in
Additional Director (Career Counselling and Placement)
CMA (Dr.) Sumita Chakraborty
career-counselling@icmai.in, placement.hod@icmai.in
Additional Director (PD & CPD)
CMA Nisha Dewan
pd.hod@icmai.in
Additional Director (Technical)
CMA Tarun Kumar
technical.addldir1@icmai.in
Additional Director (Infrastructure)
CMA Kushal Sengupta
Infrastructure.hod@icmai.in
Director (Discipline) & Additional Director
CMA Rajendra Bose
discipline.director@icmai.in
Additional Director (Journal & Publications and Board of Advanced Studies &
Research)
CMA Sucharita Chakraborty
journal.hod@icmai.in
Additional Director (BFSI)
CMA Dibbendu Roy
bfsi.hod@icmai.in
Additional Director (Information Technology)
Mr. Ashish Tewari
it.hod@icmai.in
Joint Director (Internal Control)
CMA Indu Sharma
intcontrol.hod@icmai.in
Joint Director (Finance)
CMA Soma Banerjee
finance.hod@icmai.in
Joint Director (Legal)
Ms Vibhu Agarwal
legal.hod@icmai.in
Joint Director (CAT)
CMA R. K. Jain
cat.hod@icmai.in
Joint Director (International Affairs)
CMA Yogender Pal Singh
intlaffairs.hod@icmai.in
...................................................................................................
..............................................................................
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DISCLAIMER -
= The Institute of Cost Accountants of India does not take responsibility for returning unsolicited
publication material. Unsolicited articles and transparencies are sent in at the owner’s risk and the
publisher accepts no liability for loss or damage.
= The views expressed by the authors are personal and do not necessarily represent the views of the
Institute and therefore should not be attributed to it.
= The Institute of Cost Accountants of India is not in any way responsible for the result of any action
taken on the basis of the articles and/or advertisements published in the Journal. The material in this
publication may not be reproduced, whether in part or in whole, without the consent of Editor, The
Institute of Cost Accountants of India. All disputes are subject to the exclusive jurisdiction of
competent courts and forums in Kolkata only.
ROLE OF FINTECH IN TRANSFORMING INDIA'S
BFSI SECTOR AND WOMEN'S PARTICIPATION
FINTECH
⑨⑤
BUSINESS STRATEGY - THE NEW AXIS
OF COST AND MANAGEMENT ACCOUNTING
TOTAL COST MANAGEMENT
⑨②
CASH BACK FOR THOSE WHO GENERATE NEW
EMPLOYMENT DEDUCTION UNDER SECTION
80JJAA OF THE INCOME TAX ACT, 1961: -
ANALYSIS, CHALLENGES & COURTS’
DECISIONS
TAXATION
①⓪⓪
DIGITAL TRANSFORMATION OF INSURANCE
BUSINESS AND THE JOURNEY IN SEARCH OF
EXCELLENCE WITH INSURTECH
DIGITAL TRANSFORMATION
⑧④
ENABLING PROFESSIONAL SERVICES:
A CATALYST FOR GROWTH OF GIFT-IFSC
SUSTAINABILITY LEAF
⑧⓪
⑦⑥
Cover image source:
https://ciiblog.in/enabling-insurance-for-all/
CMA (Dr.) Tarun Agarwal
Director
National Insurance Academy
Pune
INTERVIEW
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June 2024 - The Management Accountant
5
6 The Management Accountant - June 2024
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Insurance for all by 2047
h e
I n s u r a n c e
Regulatory
and
D e v e l o p m e n t
Authority of India
(IRDAI) has committed to enable
‘Insurance for All’ by 2047,
where every citizen will have
an appropriate life, health and
property insurance cover and every
enterprise would be supported by
appropriate insurance solutions
and also to make Indian insurance
sector globally attractive.
The IRDAI has brought in
multiple reforms, focussing
on three prominent themes
– strengthening the ecosystem,
improving accessibility & reach,
and safeguarding policyholders’
interests.
The regulator has envisaged three
major initiatives - Bima Sugam, a
one-stop digital platform, Bima
Vistar, an all - in - one affordable
insurance cover and Bima Vahak, a
women-led-field distribution force.
Popularly labelled as the `Insurance
Trinity’, these initiatives are
expected to be the game-changers
for the Insurance Industry in the
country bridging the existing gaps
in the product design, pricing and
distribution.
This issue carries several articles
on cover story “Insurance for all by
2047”. It is earnestly hoped that
these articles on various aspects
of insurance will help the members
and other readers to widen their
knowledge on insurance sector.
Here’s a glimpse of the articles
featured in this issue:
Bancassurance
-
The
R e v o l u t i o n a r y
C o u p l e
acknowledges that Bancassurance is
an alliance to provide twin benefits
for a customer opting a credit
facility. The insurance products are
integrated to the banking channels
and are customized based on the
diversified market/customer needs.
Underwriting in General
Insurance and Efficacy of Claims
Management concludes that while
underwriting leads to income and
cash inflow as business is generated
and premium is received, claims
leads to expenses and cash outflow.
Both functions are crucial and need
equal attention and importance by
a general insurance company for
benefit of all.
India Insured By 2047: The
Role of Insurance Companies,
Distribution Networks and
Regulatory Frameworks provides
valuable insights by highlighting
the role that insurance companies
can play to ensure greater
accessibility of insurance products
for all through underwriting and
managing various insurance
products to cater to the diverse
needs of the Indian population.
It emphasizes the importance of
an efficient distribution network
to have a wider reach and the
significance of a regulatory
framework in safeguarding the
interests of both insurers and
policyholders.
Health Care & Insurance Sector
focuses on the necessity of health
insurance and its benefits.
From Monolith to Market:
Exploring IPO Issue and Market
Potential of LIC of India is a
descriptive analysis of the journey
of LIC IPO, which began trading in
May 2022 by being listed in both
the Bombay Stock Exchange (BSE)
and the National Stock Exchange
(NSE).
Digital Transformation -
The Game Changer in Indian
Insurance Sector takes a look at the
various aspects of InsurTech, the
technologies driving transformation
and its specific applications, the
risks and concerns, regulatory
involvement, and the role of
professionals in this hi-tech
environment.
The purpose of the article
Insurance for all by 2047: A Study
of PMSBY: Insurance Penetration
of the Population of Chhattisgarh
State is to find whether the flagship
insurance penetration initiative of
IRDAI, that is the ‘Insurance for
All by 2047’ has been successful
in increasing the penetration of
PMSBY insurance in Chhattisgarh after its launch
in the year 2022, and how it has contributed to
the betterment of the State’s economy after its
announcement.
In Regtech and Insurance Sector: An
Opportunity to Explore an attempt has been made
to explore the strategic significance of Regtech
solutions and their applications in insurance
industry. Further, certain prerequisites have been
suggested to ensure its effective implementation.
Unveiling the Future: Bancassurance as India’s
New Financial Frontier discusses the regulatory
and operational hurdles including the Strategic
Role of Cost and Management Accountants
(CMAs) in compliance and planning.
Parametric Insurance: Revolutionizing Risk
Management in India and Beyond underlines
the significance of working with stakeholders,
leveraging technological innovations and
implementing policy measures to create inclusive
and cost-effective parametric insurance solutions.
Bancassurance in India: Opportunities,
Challenges, and Future Prospects explores the
evolution, opportunities, challenges and prospects
of Bancassurance. This article also makes several
recommendations to all the stakeholders for
harnessing opportunities and addressing the
challenges of the domain.
Our Regular column Digital Transformation
covers Digital Transformation of Insurance
Business and The Journey in Search of Excellence
with Insurtech.
This issue also features an interview with CMA
(Dr.) Tarun Agarwal, Director National Insurance
Academy, Pune.
Apart from these thematic articles, this issue
contains articles on various other contemporary
matters including a special article on Opportunities
of Renewable Energy Financing in India.
Please share your thoughts at editor@icmai.in.
Happy Reading….
From the Editor’s Desk
www.icmai.in
June 2024 - The Management Accountant
7
PAPERS INVITED
Cover Stories on the topics given below are invited for ‘The Management Accountant’
for the four forthcoming months
The above subtopics are only suggestive and hence the articles may not be limited to them only.
Articles on the above topics are invited from readers and authors along with scanned copies of their recent passport size photograph
and scanned copy of declaration stating that the articles are their own original and have not been considered for anywhere else.
Please send your articles by e-mail to editor@icmai.in latest by the 1st week of the previous month.
DIRECTORATE OF JOURNAL & PUBLICATIONS
CMA Bhawan, 4th Floor, 84 Harish Mukherjee Road, Kolkata - 700025, India
Board: +91 33 2454 0086 / 87 / 0184 Tel-Fax: +91 33 2454 0063
www.icmai.in
Theme
Subtopics
Management
Accounting Practices
– Holistic Integrated
Thinking
Navigate Management Accounting Principles to Model Environmental, Social and
Governance Ecosystems
Management Accounting and Business Model – an Intertwined Relationship
Management Accountants – An approach to diversity – Transform ‘information’ through
‘insight’ to ‘influence’
Management Accounting Tools – an imperative to promote Organizational Vision and
Strategy
Automation and AI adoption – Catalyst to compliment / profess Management Accounting
Principles
CMA’s – a crusader to partner Global Business Leader in Growth Trajectory
Cyber security – a threat subsumed opportunity to CMA’s, - Effectuate Strategic Planning
and Risk Assessment
Global Disruptions and Management Accounting Principles – a pathway and
environmental driver
August 2024
Theme
Subtopics
Goods and Service
Tax - A Gateway to
rationalise indirect tax
ecosystem
GST on Digital Services
GST exemption on RERA - its impact on real estate
Retro effect of GST as proposed in Finance Bill 2023
ITC restriction on CSR spend - A potential challenge to business
Inverted Duty Structure and refund of ITC
Impact of new GST regime
Formation of GST Appellate Tribunal - the need of the hour
GST Valuation: understanding role and provisions
July 2024
Theme
Subtopics
Forensic Audit - A step ahead of Internal Audit
Operational Red Flags- key indicators for Forensic Audit
Legislature, SEBI guidelines governing Forensic Audit
Forensic Auditors - A multi facets professional
Banking Regulation Act and Forensic Audit
Applicability of Forensic Audit in different Industries
Earmarked judgements/case laws under Forensic Audit in India
CMAs - Corporate Partner as Forensic Professional
Forensic Audit Report - Metamorphosis of Traditional Audit Report
Forensic Audit:
A Step Ahead
October 2024
Theme
Subtopics
Accelerating India's
Transport & Logistic
Sector - A Corridor to
evolution
Transformation of transportation and logistic industry --a decade journey
Impact of Logistics Cost in Pricing of goods
Connectivity development- for securing country's defence mechanism
Flagship Highway Project-- "Bharatmala" the journey so far
Green Logistic Technology, Smart cities, logistics parks -- new generation
innovation
Transportation landscape in India
GST impact on logistic industry
Satellite based toll collection: a smart way of revenue generation
September 2024
8 The Management Accountant - June 2024
www.icmai.in
“Take risks in your life. If you win, you can lead, if
you lose, you can guide.”
-- Swami Vivekananda
My Dear Professional Colleague,
s we usher in another month of dynamic
developments and professional
milestones, I am delighted to share the
latest updates and accomplishments of
the Institute. We continue to advance our mission of
fostering excellence in cost and management accounting,
with several key initiatives and events designed to
support the professional growth and the broader goals
of CMA fraternity.
61st National Cost and Management Accountants’
Convention - 2024
I am delighted to invite you to the upcoming
61st National Cost and Management Accountants’
Convention- 2024, scheduled for 27-29 June, 2024 at
Tent City 2, Ekta Nagar, Statue of Unity, Gujarat.
The theme of the NCMAC – 2024, “Viksit Bharat
2047: Synergizing Catalysts for Sankalp to Siddhi”
signifies an inevitable paradigm shift in the role and
significance of CMAs. It highlights a remarkable
transformation of CMA’s role from financial reporters
to strategic partners and visionaries who actively
contribute to India’s economic development, innovation,
sustainability and growth. This prestigious event will
bring together leading dignitaries/professionals to share
insights, network, and explore the latest advancements
in cost and management accounting, and how CMAs are
CMA Ashwin G. Dalwadi
President
The Institute of Cost Accountants of India
pivotal in providing the vision needed to propel India
towards a Viksit Bharat.
Join us at NCMAC 2024 for days filled with
informative sessions, expert speakers, and valuable
opportunities to connect with peers. Your participation
will be a significant addition to the success of this
convention.
Please note that the number of seats is limited for this
first ever residential National Convention of ICMAI
and registration is on First Come First Serve Basis.
For more details and online registration, visit: https://
icmai.in/NCMAC-2024/. I look forward to seeing you
at NCMAC- 2024.
Recognition to ICMAI SAO as Self-Regulatory
Organization (SRO)
I am happy to inform that SEBI vide its circular dated
27th May, 2024 has specified ICMAI Social Auditors
Organization – ICMAI SAO (promoted by the Institute
of Cost Accountants of India) as Self-Regulatory
Organization (SRO) for Social Impact Assessors in the
context of Social Stock Exchange. The recognition by
SEBI to ICMAI SAO to act as a SRO would facilitate our
active pursuit in building a healthy and robust ecosystem
for sustainable growth of the Social Stock Exchange.
I look forward to active and sustained engagement of
members in the activities of ICMAI SAO.
Meeting with UGC Chairman
I am pleased to announce that on 16th May, 2024,
I had the privilege of attending a meeting with the
UGC Chairman in New Delhi, alongside senior
officials from ICMAI and UGC. During this meeting,
we delivered two key presentations: one showcasing
our Institute and the other outlining our proposals for
the UGC. These proposals included facilitating credit
transfer, recognition as a national-level research center,
development of skill enhancement courses, introduction
of a management accountancy course at the college
level, and strengthening industry-academia linkage. This
meeting marks a significant step towards harnessing
institutional collaboration for the greater good, setting
a precedent for future partnerships aimed at nation
building.
Meeting with NCVET Chairman and UGC
Chairman
I am pleased to share that on 24th May, 2024, my
PRESIDENT’S COMMUNIQUÉ
www.icmai.in
June 2024 - The Management Accountant
9
PRESIDENT’S COMMUNIQUÉ
the qualified and semi-qualified CMAs of the June 2023
and December 2023 terms. Rank Holders were felicitated
with prizes and rank certificates at this National Students’
Convocation.
The event featured Dr. Andrew Fleming, British
Deputy High Commissioner for East and North East
India, Kolkata, as the Special Guest of Honour, and Prof.
Sankarshan Basu, Professor of Finance & Accounting
at IIM Bangalore, as the Guest of Honour.
The event was well-attended by my council colleagues,
eminent personalities, including academicians, corporate
representatives, and approximately 400 students from
across the country, as well as Institute officials.
The National Students’ Convocation 2024 Souvenir
and revised editions of four Handbooks on Taxation
were released during the event. Additionally, the Institute
signed a Memorandum of Understanding (MoU) with
The Bhawanipur Education Society College (BESC),
aimed at promoting joint activities to address mutual
interests in education, training, research, studies, and
seminars.
Foundation Day Celebration
The Institute celebrated its 65th Foundation Day
on 28th May 2024 by organizing a Webinar wherein
eminent guests CMA Pawan Kumar, Chief Adviser
(Cost) and CMA Aruna Sethi, Former Chief Adviser
(Cost), Deptt. of Expenditure, Ministry of Finance, and
CMA A N Raman, Former President, SAFA joined the
Council Members, shared their views and experiences
on the professional achievements and challenges, and
way forward for Viksit Bharat-2047.
Opportunity for restoration of Membership
I am pleased to inform you that the Council of the
Institute has announced that to bring back the members
whose names were removed due to non-payment of
prescribed fees, into the fold of membership, a onetime
opportunity to be given to the members, whose names
were removed from the Register of Members for non-
payment of fees, to restore their names through a
remission/amnesty scheme from 1st June 2024 to 30th
June 2024 by paying the differential rate of fees, viz -
Membership fee for the FY year of default, Re-Entrance
Fee and Restoration fee of ₹ 50/- each respectively
and Membership fee for the FY year of Restoration.
Also during such restoration, membership number will
remain the same.
council colleague, CMA M.K. Anand, had the privilege
of attending a significant meeting at NCVET, New Delhi.
The meeting included the NCVET Chairman, UGC
Chairman, and senior officials from ICMAI, NCVET,
and UGC. During this productive session, the NCVET
and UGC Chairmen extended an invitation to us to
develop skill enhancement courses that will facilitate
credit transfers for students. This initiative aims to fulfill
the Viksit Bharat mission. I am delighted to announce
that the Institute has already initiated this process.
International Management Accounting Day
The Management Accounting Committee of the
Institute had organized a National Seminar titled
“Navigating the New Frontier: Management
Accounting in the Era of Real-Time Insights,
Sustainable Growth, and Cybersecurity” in Mumbai on
6th May, 2024 to celebrate the International Management
Accounting Day. The National Seminar was inaugurated
by Chief Guest, Hon’ble Governor of Maharashtra
Sri Ramesh Bais and Guest of Honour Prof. Manoj
Tiwari, Director IIM Mumbai. I had the pleasure of
participating in this National Seminar along with CMA
Bibhuti Bhusan Nayak, Vice President, ICMAI and
my Council colleagues. Other delegates present were
the Former Presidents of the Institute and all Regional
Council members of WIRC, and various office bearers
of Chapters.
This event aimed to explore the evolving landscape of
Management Accounting in today’s dynamic business
environment. Under the able leadership of the Chairman
of the Management Accounting Committee, CMA Neeraj
D. Joshi, themes very relevant to today’s context were
covered including leveraging real-time insights for
decision-making, driving sustainable growth strategies,
and addressing the critical role of cybersecurity in the
field of Financial Management. I am happy to share
with you that in this grand program, such pertinent
topics were delved into and deliberated on by eminent
speakers and practitioners from the Industries. I am sure
the participants who eagerly listened to the presentations
enjoyed and learned immensely from these insightful
discussions.
11th National Students’ Convocation – 2024
I attended the 11th National Students’ Convocation
– 2024 on 23rd May, 2024, held at the Science City
Auditorium in Kolkata. This solemn occasion recognized
10 The Management Accountant - June 2024
www.icmai.in
PRESIDENT’S COMMUNIQUÉ
to the standard: https://icmai.in/upload/CASB/2017/
CAS-2-Revised-2024.pdf
Peer Review Board
I am pleased to share with you that the Peer Review
Board of the Institute has started conducting the Virtual
Reviewers’ Training Program and the first session of the
same was conducted on 28th May 2024 by CMA Neeraj
D Joshi, Member, PRB of ICMAI. Second Session of
the Program is scheduled for 5th June 2024 on Module 3
& 4 which will be taken by CMA (Dr.) Ashish P. Thatte,
Council Member, ICMAI, while the third & final session
dealing with the Module 5 & 6 of the Training Manual
will be conducted on 10th June 2024 by CMA (Dr.) S.K.
Gupta, MD of RVO and CMA Manoj Kumar Anand,
Council Member, ICMAI respectively.
I urge all the reviewers to attend these sessions in
good numbers and place their relevant queries / doubt
before the resource persons for resolution in the sessions
itself. I am told that the response of the Empaneled
Reviewers to these sessions has been very encouraging.
I am sure that these sessions will be able to equip the
Reviewers’ with all the necessary information and skills
to handle the peer review assignments smoothly. I wish
all the reviewers all the very best. I congratulate the
Peer Review Board for taking up this very timely step.
I wish prosperity and happiness to members, students
and their families and pray for the success in all of their
endeavours.
With warm regards,
CMA Ashwin G. Dalwadi
June 04, 2024
Please note that this facility will be on onetime basis
and will remain open during the entire month of June
2024 only.
I request you all to inform your known members
concerned to avail this one time opportunity to restore
their membership and reconnect their bond with the
Institute. Your support in spreading this message is
greatly appreciated.
The details and link of the onetime facility is available
on the member’s section of the ICMAI website: https://
eicmai.in/External/. For any further clarification, please
do not hesitate to contact the membership department
in the matter at membership@icmai.in mentioning the
membership number.
Release of Guidance Note on Inventory Valuation
under the Income Tax Act, 1961
I am pleased to inform you that the Guidance Note
on Inventory Valuation under the Income Tax Act,
1961 developed by the Cost Accounting Standards Board
of the Institute (CASB of ICMA) was released at the
hands of Shri Nitin Gupta, IRS, Chairman, Central
Board of Direct Taxes (CBDT), Ministry of Finance,
Government of India on 8th May 2024 at his office in
North Block, New Delhi.
I congratulate the CASB of ICMAI for this remarkable
step. This Guidance Note will assist the practicing
members and other professionals to keep abreast with
the requirements of preparing the Inventory Valuation
Report under the Section 142(2A) of the Income Tax
Act, 1961. I urge the members to share their constructive
suggestions for further improvement in the text of
the Guidance Note so that the same can suitably be
incorporated in the future editions of the publication. I
am sure that the Guidance Note will help the members
of the Institute in supplementing their efforts in the area
of Inventory Valuation and they will be benefited in
imparting their professional responsibilities successfully.
The Guidance Note is available at https://icmai.in/
CASB/GN_Inventory_Valuation.php
Revision of Cost Accounting Standard (CAS-2)
I wish to inform you that the Council of the Institute
in its 351st meeting approved the release of the Cost
Accounting Standard on Capacity Determination (CAS-2
Revised 2024), as recommended by the Cost Accounting
Standards Board. CAS-2 Revised 2024 will supersede
the CAS-2 Revised 2015 w.e.f. 1st April 2024. Link
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