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REGISTERED NO. D.221

The Gazette of India

EXTRAORDINARY

PART III—Section 4

PUBLISHED BY AUTHORITY

No.1] NEW DELHI, SATURDAY, SEPTEMBER 27, 1969 ASVINA 5, 1891

Separate paging is given to this Part in order that it may be filed

as a separate compilation-

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

Chartered Accountants

NOTIFICATION

New Delhi, the 16th September 1969

No. 48-CA(l)/69.—In pursuance of sub-section (5) of Section 18 of the Char- tered Accountants Act, 1949, a copy of the Report and the audited accounts of the Council of the Institute of Chartered Accountant of India for the year ended 31st March 1969 is hereby published for general information:

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

Twentieth Annual Report of the Council for the Year ended 31st March, 1969

The Council has pleasure in presenting its 20th Annual Report lor the year ended 31st March, 1969, in accordance with the provisions of Section 18(5) of the Chartered Accountants Act, 1949.

I. The Council

A. MEMBERS OF THE COUNCIL AND ITS VARIOUS COMMITTEES

As provided in Section 9 of the Chartered Accountants Act, the Seventh Council was constituted on 17th September, 1967, partly by election and partly by nomi- nation. The names of the members of the Council and its various standing and other Committees, constituted under Section 17 of the Chartered Accountants A' are given in Appendix IA and IB respectively.

( 1 )

fi. PRESIDENT AKD VlCE-Jr'KESiDE^ I

Shri £1. Venkaie&an (Madias, who wat, the Vice-Presiuent in the pieceding yeai, was ejected Piesidem L,, U.*. Council ui iis rncewig iieiu on xhe loin ana I4tn Sepiemoer, 19t>ts. At tne sam^ mceung, t>i.:i J.I. t>. Dtiondy (Bomoay; wi.* c ected a^ me Vice-President.

C JOUNCIL AND COiVLViirTEES MEETINGS

uUiiiig u*e year, ino Council rieid x.o meeuug on iwo occasions, the iirst u... 13th ana ±4m fcepuenioei, ljjtid,

II. finances

(c / , i ^ Ji ,iu.—'i i- Kdiauce iSi.O"_t as ci oxii iVxaicn, IfatiJ, a jd tiie in^o'iie and Sxpe iditare ^io^^anl lor tae ..'jf endeu o:i that aay auly aaduea aie appenaed at n,e end OJ. .r '^ Report, liie lncoine d,ia Jj-tpeiiaituxe Accoum lor me year snows an exce^^ u. income over exi)enditiue auioun^ng tc Rs. liAlo as against excess oi Inco.no OVSL L^aeidnure o^ Rt. 1 31."bi) in Uie previous year.

These accou its include the accounib oi tne Regional Councils and their Bran- ches and the students' A&sociations and their branches.

(b) Auditors.—Saivashri P. R. Mehra and M. R. Venkataraman were the Auditors of the Institute s accounts lor the year ended 31st March, 196y.

III. Professional Matters

1. PROFESSIONAL DEVELOPMENT

(a) The need lor educating the public about the true role of the profession in the development ot the counirys economy has been engaging the attenaon of the Council for some time past. Certam steps have already been taKen m this direction and several booklets containing inlormation about the variety ol services which a Chartered Accountant can render have been issued. The revised version of the booklet "Do you know what a Chartered Accountant does?" titled "FIVE QUESTIONS" has been pubashed and copies circulated amongst the various Chambers of Commerce, Industrial Houses etc. It is also proposed to publish a condensed version of this booklet in some of the regional languages.

(b) In addition; steps are being taken to bring out a booklet "Why don't you get your accounts audited?" lor circulation amongst all the registered partner- ship firms and other organisauons whose accounts are not statutorily required to be audited. These and other efforts are likely to improve the opportunities of work for the junior members oi the profession.

(c) For strengthening the knowledge ot members in the field of auditing, and for bringing their knowledge up-to-date on the latest development in auditing techniques, the Committee has initiated the preparation of industrywise technical guides to audit for some of the major industries.

(d) The Council is taking steps to render better service to members in em- ployment and to associate more and more members irom industry with the activi- ties of the Institute. For this purpose. Regional Councils have been requested to organise more frequently industry-wise seminars, refresher courses etc., Pri- marily desifno t ior the benelit of members associated with Ihe particular indus- try. In thes" Scninars, apart from accounting, the management and relatoa pro- blems facing the members in Industry and recent developments in such fields will be the subject matter for deliberation.

(e) The necessity for an efficient internal audit or internal control system is exppcted to be increasingly realised, both in the public and Driva-te sector com- panies, with the growing complexities of industrial corporations in the country. It has therefore been decided to propagate the usefulness of establishing an internal audit or internal control system in the organisation and also to provide facilities for hisher training to members of the Institute in the various techniques of internal auditing by organising Seminars, Refresher Courses, etc.

(f) With a view to increasing professional opportunities, particularly for the Junior members, the Council has made representations to the appropriate authori- ties to provide for compulsory audit of partnership firms having a turnover of Rs. 5 lakhs and also to associate professional firms with the work of accounts

scrutiny in taxation and company law department. These efforts are expected to yield the desired results in course of time but in addition the Council has also requested the members in general to exercise a certain amount of self-restraint and sell-regulation to thelp their fellow members. A Note in this regard has been published at page 556 of the April, 1969, issue of the Journal.

(g) The Council is actively considering ways ana means ol providing > side- lines to the members for rendering Management, Consultancy services in colL j£&- tion with other recognised professions. The legal, etmcsl a ad oilier rex^ted. issues involved in our members' collaborating with memoers of other professions for rendering Management services as well as the io*m of organisation through which such collaboration arrangements could be permitted, are Demg examined.

(h) A Study of the organisation of the offices of Chartered Accountants is being conducted with the objeci of making recommendations in respect of main- tenance of office records, adoption of office manuals, equipment etc.

(i) The various forms of audit reports and certificates which chartered accoun- tants are required to sign and certify during the course of their professional work are being scrutinised. It is proposed to approach tne concerned authorities for such revision or modification of the forms of reports and certificates, as may be necessary to remove the attendant difficulties. The work on this project is pro- gressing satisfactorily and it is expected that specimen forms for different types of audit reports/certificates would soon be ready and recommended for adoption to the concerned authorities.

2. RESEAKCH

(a) During the year a note on Independence of Auditors was issued for the guidance of members.

(b) A research paper on Inter-firm Comparison—A Technique for Improving Productivity, prepared toy the research staff of the Institute, was also published in the Institute's Journal.

(c) The Institute's views and suggestions were submitted to the Central Gov- ernment in respect of the following matters:—

(i) Additional matters which should be included in the auditor's report under Section 227 (4A), in respect of the companies manufacturing passenger and commercial motor vehicles.

(ii) Revised directions regarding additional report by auditors of Govern- ment Companies under Section 619

(d) The following notes for the guidance of members are expected to be issu- ed shortly:

(i) Statement on Qualifications in Auditors' Reports (ii) Change in mode of charging depreciation in accounts.

(e) Two Research Studies, one on Payment of Bonus Act and another on Dis- counted Cash Flows, have been completed and are under print.

(f) The following research studies/notes are under preparation:

(i) Expenditure during construction period;

(ii) Selected qualified audit reports. (iii) Compendium of notes issued ly ¹h^ Trr-titute in the past and published in the Institute's Journal from time to time;

fiv) Revised edition of A Guide to Company Audit, together with auditor's enquiries into internal control, including the use of internal control questionnaires:

(v) Small and less expensive mechanised aids to accounting.

3. POST GRADUATE COURSES

The Post-Graduate Course Committee carried out several activities for popu- larizing Management Accounting both among members and in Government, Busi- ness and Industry.

(a) The Committee in its efforts to establish a Faculty within the Institute to offer sustained programmes at different centres covering various aspects of

Management Accounting has appointed a Director of Post Graduate Studies, It is also proposed to enlist the assistance of outside experts for developing the Faculty, conducting training courses etc.

(b) The Residential Training Course on "Public Accountability in a Develop- ing Economy¹' was held at the West End Hotel, Bangalore, from 7th to 12th Octo- ber, 1968. The Course was inaugurated by the Comptroller and Auditor General of India and attended by 55 participants. The following subjects were discussed at the Course:

1. The Impact of economic development and the resulting problems for

government accounting and audit.

2. The nature of Budgetary Control and the evolution of new estimating

techniques.

3. Project Planning. 4. Management Accounting In the Public Services. 5. Management reporting system in public undertakings—a suggested

approach.

6. Designing a management accounting system. 7. Men, Machines and Management. 3. Problems In Pricing. 9. Public Accountability and the Role of Audit.

(c) The Committee, in its efiorta to make the Post Graduate Course In Manage- ment Accounting more popular and attractive for members of the Institute has decided to provide specillc Incentives to the candidates pursuing this Course. The Committee has decided to provide from next year, financial assistance to the first batch of three members to the tune of Rs. 500 each for the purchase of books. It may be mentioned that Messrs Price Waterhouse Peat and Co., have graciously- agreed to donate Rs. 500 yearly for H years commencing from 1968-69 for thla purpose.

(d) The particulars of the number of members who appeared and were de- clared successful at the May end November lr68 Management Accountancy Examinations (Part I of th? Course) are given in Appendix II.

(e) At the end of the year, 29 members were engaged in practical training for Part II of the Course. In the preparation of their thesis, they are being guided by top executives and accountants In industry.

(f) The syllabus for the Post-Graduate Course in "Secretaryship and Manage- ment" which had Poen finalised and referred to the Government about two years ago for obtaining its approval is still under consideration of tho Government.

4, EXPERT ADVISOR SERVICE

As at the commencement of the year, one query was pending with the Expert Advisory Commit! ep and during the year fli further queries were referred to the Committee. Out of total 10 queries, 2 were answered during the yenr ond 7 subsequently.

5. EMPLOYMENT COMMITTEE

Vhp Chart-"Tod Accountants Employment Assistance and Advi';orv Committees have been Tern^d in the cilies of Madras. Bombay, Delhi and Kanpur in addi- tion to the one In Calcutta which was formed 1

Details regarding the members in industry, their status and position held are being collected for the nurpose of bringing out a comprehensive list of members who are errmloyed in Industry or engaged m services other than the practice of th? profession.

A request has been made to Government that companies with R minimum paid UD capital of Rs. 25 lakhs should emrclov chartered accountants a.s heads of their accounts department and those comnanies which do not at present pm^loy any chartered accountant at all. should be asked to employ chartered accountants to man their accounts department.

The Committee has continued its efforts to help members In finding suitable employment through advertisements, personal contacts and official referencea.

Tne total number of memoeis on the Employment Register on 31st March 1969 was iStht as against i53 on SlA Maren lbi,S.

Preparations are under way ior holding an Ail India Convention Ox Chartered Accountants in. inausiry sorie time in August 1969.

6. TAXATION

(a) As in the previous years a Pre-Budget Memorandum was submitted to the JJeputy Prime Minister & Minister lor Finance on 1st Femuary iyb9. A Post-Budgit Memorandum was also submitted to tne Deputy Prime Minister and Finance Minister, lollowed by personal representations by the President, the Vice-President, the Cnairman oi Taxation Committee and the Secretary of the Institute in April 1969.

(b) The Second All India Seminar on Taxation with "Taxation and Account- ing concepts" as the theme was heid at Bombay on tne 12tn, i3th, I4tn and 15th. December 1.68. The Seminar, which was attended by 266 delegates and was inaugurated by Shri V. T. Dehejia, Chairman, State Bank of India, has been described as a complete success. The Conclusions of the Seminar were duly forwarded to the Government of India tor consideration.

The proceedings of the Seminar have been published in book form. (c) "A Gudie to Tax Practice" was issued during the year as a priced publi- cation and it is heartenmg-*to record that it was well received, the Central Board of Direct Taxes itself purchasing 700 copies for distribution amongst Income-tax officials.

(d) Mention may also be made of the Regional Seminars and Symposia held on Bhoothalmgam's Report with the set purpose oi highlighting many of its • recommendations meant to add to the convenience of the assessees and simplify the tax procedure. Representatives of the In^n ute also appeared before the Tax Evr.Sj.on Enquiry Commit tee and tendered evidence.

(3) T^e Council has decided to bring out as en Institute's publication a com- pilation C-L the entire l.gi&latiun since 1860 in rscr-ect of Irco-no-.ax m India.

7. AD HOC COMMITTEE FOR DEALING WITH UNJUSTIFIABLE REMOVAL

uF AUDAGRo

Darng ^.z yoir, r.o comp< lint wrs received, by 11 ' C< *~nn,tt39.

8. CO^J¹ AUDiT (QU-'LTI'T YT ^-1 h'CZ C \. - S ..~> ACCOUIT1V ' T3)

AJ "1 i/i> v.ed in t ' i. Vt R"_ op "t, l\o Cr n- * as ajn^dad .1 ^Ba record., Uiic 10' , >i 1 G l e i n m' t mby dnecl that the audit of co,. a c .^nts of a comfd.r ;• n ,1 conJu t_d in tucn

10. AUDITS OF CO-OPERATIVE SOCIETIES

As was mentioned in the last Report, the Council is continuing its efforts to secure that the audits of Co-operative Societies are required to be carried out by professionally qualified persons such as members of the Institute. The matter has been discussed with the authorities of the Co-operative Department both at the Centre and the States. From a recent communication received from the Department of Cooperation, Ministry of Food, Agriculture, Community Develop- ment and Cooperation, Government of India, it is evident that the States at. Assam, Bihar, Gujarat, Maharashtra, Mysore, Orissa, Rajasthan and West Bengal and the Union Territory of Delhi, are agreeable in principle to entrust audit to Chartered Accountants with certain stipulations. In fact, some pf them are al- ready entrusting the work to Chartered. Accountants. Steps are being taken to contact these State Governments for settling the procedure for appointment of Auditors.

In the Madras State the Co-operative Department has already decided to entrust to the Chartered Accountants the audit of the accounts of Co-operative Sugar Mills and Co-operative Spinning Mills from the Co-operative year begin- ning from 1968-69 and from 1967-68 in respect of a few institutions.

11. SCALE OF FEE FOR WORK DONE BY CHARTERED ACCOUNTANTS

At its meeting held in March, 1968, the Council has revised the scale of fees for the work done by Chartered Accountants in India¹. The revised scale is re- produced below:—•

"1. For giving *expert evidence in courts in law in Union of India:—bet- ween Rs. 250 and Rs. 1000 according to the professional s.tanding of witness, for each day spent in attendance and/or travelling.

2. 'Other work' not requiring any unusual attention, on the part of the principal:— (a) Audits, Accountancy and Secretarial work

Principal Rs. 50 to Rs. 150 per hour. Qualified Assistants Rs. 25 to Rs. 75 per hour.

(b) Investigation and other special assignments

Principal Rs. 75 to Rs. 250 per hour. Qualified Assistants Rs. 30 to Rs. 100 per hour.

Office time spent in travelling is chargeable, and, in addition travelling and out-of-pocket expenses in the case of out-station work.

*The term "expert evidence" includes evidence which an accountant is called upon to give by virtue of his having conducted audits or investigation.

NOTE.—It may please be noted that the above scale is of recommendatory nature."

12. JOURNAL OF THE INSTITUTE—"THE CHARTERED ACCOUNTANT"

In the year under report, steps were taken to improve the quality and utility of the Journal by publication of articles on a wider variety of subjects and by addition of special features.

The average net paid circulation of the Journal increased from 10,413 copies, to 10,759 copies per month, as has been certified by the Audit Bureau of Circula- tion Ltd., Bombay.

13. PUBLICATIONS

The following publications were brought out during the year under report:—

1. Statement on Auditing Practices (2nd edition). 2. Booklet relating to seminar on "Accountant in Industry". 3. Proceeding of Taxation Seminar—1968. 4. Proceedings of Eighth All India Seminar on Management Accounting—

1968.

5. Taxation and Accounting Concepts. 6. Code of Conduct (3rd edition).

7. Paper Book of Residential Training course on Public Accountability in

a Developing Economy. 8. A Guide to Tax Practice.

IV. Other Matters

1. THE CHARTERED ACCOUNTANTS ACT AND REGULATIONS—THE CHARTERED ACCOUNTS ACT

(a) Extension of the Act to the State of Jammu & Kashmir.

Section 1(2) of the Act has been amended so as to extend the jurisdiction of the Act to the State of Jammu & Kashmir. The change came into effect on 15th. August, 1E68.

(b) The following are the changes suggested to the Government during the year under Report lor amendment of the Chartered Accountants Act: —

(i) Change in the nomenclature of Articled Clerks to Articled Trainees.

The Council has suggested that nomenclature of "articled clerks" be changed to "articled trainees".

(ii) Amendment of Section 15 of the Chartered Accountants Act.

The Council has suggested that Section 15 of the Chartered Accountants Act be amended so as to include among the functions of the Council the providing of iaciiities. to students including construction of hostels. THE CHARTERED ACCOUNTANTS REGULATIONS

The following are the more important amendments in the Chartered Aecoun- tants Regulations made during the year:

(a) To meet the growing demand of vacancies for training articled clerks, Regulation 29 was amended to provide the raising of maximum number of articled clerks that a Fellow Member can train from 4 to 5. It hasi also been provided that the additional vacancies for training graduates who have secured not less than 60 per cent marks in the aggregate in their degree examination, -which were being given in the past to firms of chartered accountants in the ratio of one for every two partners, toe now given at the rate of one for every partner entitled to train articled clerks. (Notification No. l-CA(22)/68 dated 29-7-1968).

(b) Paragraph 15 was added to Schedule 'B' to the Regulations to provide for the recognition of part of training and/or examinations of certain recognised accountancy bodies outside India, on satisfying certain prescribed conditions, in the case of persons of Indian origin who have been citizens of or permanent residents of foreign countries and who migrate to India with a view to perman- ently settling down in the country (Notification No. l-CA(23)/68 dated 10th January 1969).

(c) In order that the remission in the period of practical training of articled and audit clerks may act as an incentive for better performance, Paragraph 12 of Schedule 'B' as amended to provide that the remission of one year in the period of training be given to those who secure a minimum of 60 per cent marks in the aggregate in the Intermediate Examination of the Institute at their .first appearance, irrespepctive of their performance at their degree examination and even irrespective of whether they are graduates or not (Notification No. 1-CA (25)/69, dated 7-9-1968).

(d) Regulation 17 was amended to provide that in a case where the name of a member is removed from the Register of Members on account of non-payment of fees, the name be restored on payment of arrears only in respect of the Annual Membership and Regional Council fee for the year in which the name was re- moved but not for the years intervening between the year of removal and the year of restoration, as was the earlier practice under this Regulation. (Notifica- tion No. l-CA(27)/69, dated 26th February 1969). 2 JOINT COMMITTEE ON THE FUTURE OF THE ACCOUNTANCY

PROFESSION IN INDIA

The Report was considered by the Council who unanimously endorsed the basic recommendation of the Committee that the Accountancy profession being one its affairs should be managed by a single Institute. The Council also ap- pointed a Special Committee to go into the individual recommendations and

submit a Repoprt to the Council qn the feasibility ol iror^rnenting them on the basis of which it was proposed to address the Government on the matter. The Special Committee has submitted its Repon.

3. HISTORY OF ACCOUNTANCY PROFESSION IN INDIA

Shri G. P. Kapadia has completed his first draft of the History of the Accountancy Profession .n india and it can nowfoeconfidently expected that the publication will be issuad by the time of the Report for the coming year.

4. HINDI COMMITTEE

The Committee has revised the Hindi translation of Schedule VI to the Com- panies Act, including the Form of Balance Sheet and Profit & Loss Account in lignt of the terminology of 7CG words in Hindi on Accountancy and Auditing approved by the Commission for Scientific and Technical Terminology. It has also finalised the Hindi version of the Auditor's Report under the Companies Act.

The Committee is now engaged in translating the Forms of Balance Sheet and Profit & Loss Accou ' • " ' " ia' classes of companies, such as Bank- ing, Insurance and i. . . % ' • •

5. PUBLICITY TO INSTITUTE'S ACTIVITIES ON 1-7-1968

On the completion of 19 years' of existence of the Institute on 1st July, 1968, an announcement was published in the leadin.g newspapers of the country to> educate the public about the useful role of the profession in the development of the country's economy.

6. INSTITUTE'S CONTRIBUTION IN THE CELEBRATION OF GANDHI

CENTENARY

Institute's contribution to the celebration ct Gandhian virtues to the profes- sion were highlighted in an editorial in December 1 68 issue of "The Chartered Accountant" and the President also crmTibated an article on the topic under "President's page" in February 1969 issue.

Further, the R?gional Councils have ba=n requested to organise on this topic symposia at important centres.

7. INSTITUTE OF COMPANY SECRETARIES

It w?i rerresentcd ii the Govemr .- -t or India f rt th^re is a v^r'd wide trend towrds conso.id"i:on rattier ^ n *. r;hier -on oi rict^smnal In~'i utes and that fLcreloie tY v, T"i J. D ; *" >,/• m ⁵ \i cL ' eV> ""g un a s'" rn ->- tns- t i i u te cf C O TT a n - .' S =c c '• * . ,. Ji < -. • ~ ' -< i H t ' l ^t f ' h r r x r od A ^ -o ; - . t a n t 3, b e c a u se of t h e ir s p - c i c ' ^ 'J l i a i r i :* o r" r " > : >f -. • r? m c >' < s m t " M" to a ct as

C o m c a ny S c r e t a r i c a; V -~ V o re if n > " > • '. ' " -i J it f 'f n - r i q nd f " >r rO T - a ny s e c r e t a r i es ' " as e x e c o e d T' • " • •o i U T i - lv ,n i f z of i h ^ oi } . uz it at s nv t i mp " ; u ch d e m a nd i n c r e a s e⁰, t he I n ~ t r . , u te of C • • . i . e i f i' A' c i ' a a+s w o . i ld bo p ' ' o - a r °d to

meet the challenge and reviss the svllabus of iti cxpmiTaticns, even though it feels that the existing syllabus is quite adequate for the curpose.

The Council regrets that in spite of its repre^entrtion in the matter, the Government of India have set up tha Institute of Company Secretaries.

8. REPRESENTATION TO GOVERNMENT AGAINST THE FORMATION OF

THE INSTITUTION OF VALUERS

The following note was publishedtoythe Council in December 196,8 issue of fThe Chartered Accountant':

"It has been brought to the notice of the Council that an institution called "Institution of Valuers", has b-"en set un as a Society undpr the Societies Registration Act. The Institution £>ims to bring into its fold all types of valuers, whether an^roved bv thp Central •Roard of Direct Taxes or n"t, to con^e" on them fellowship ard to permit them to style themselves as "F.I.V.".

It Is understood that the Institution has sent a circular to a larse number of Chartered Accountants invit'n? them to join its ranks. The Council is stronely of trip view that it mnuH net be in the interest of the Chartered Accountants t" jo;n +h'c I-istitnt;nn which has as Jts m*mb"rs. persons who sr° not s"bi>ft to the disciplinary jurisdic- tion of pnv government or other authority

The C°"r|f*i¹ therefore, advises the members not to join the Institution of Valuers."

A representation was also made to the Government of India suggesting that relevant statutes be amended to prevent the formation or functioning ot sucn institutions.

9. NOMINEES OF THE COUNCIL ON OTHER BODIES.

Ths Council was represertsd on the following outside bodies by its members whose names are given opposite the names of the organisations : —

1. The GeneralCouncilofthelnstituteofAppliedManpower ShnV. B.liar bhakti Research.

2. The National Productivity Counci. Shri S. N. Desa 111 11-2-1969 Shr P.M.Nanelvala thereafter

3. The All Lid.a Board of Technical Stul es in Commerce Shn R. Thakur 4. The All InJ a Board of Techn cal Stud es .n Management. Shn P. K. Lah.ri

5. Study Group for Commercial subjects—Directorate Shri R. lhakur

General of Employment and Training.

6. Inter University Board of India & Ceylon (Comm.ttee 1. Shri B. R. Malhotra for assisting in the preparation of a code of financial 2. Shri Mahesh Dana proceuure tor universities;.

10. EMPLOYEES PROVIDENT FUNDS ACT.

In vierv of several enquiries received from the members of the Institute, the Council decided at its meeting heia in March 1969 that the following clariticatory note be published in the Institutes Journal: —

"Members may be aware that since 1963 the Employees' Provident Funds Act, 19o2, is applicable to establishments of Chartered Accountants, employing 20 or mo.e persous. The normal rate of contribution to- wards provident fund in sucn cases is 6j per cent of the wage^. By their Notification dated 24th December, 1"C8, the Government of India have increased the rate of cortributicn irom 6i per cent to 8 per cent under the first proviso to Section 6 of the said Act, in the case of establishments ot Chartered Accountants erpplojir.g 50 or more persons.

A question his been raised whether ,/hile calculating the number ot em- ployees ior purposes of tHe said Act, ivricUd aid audit cisik-- "-old be inriuaod. The Act it' ±i dcfirco Er ''tmr>lz es " PC a*:/ p'^^r. * .10 is employed for waje.. \" A't'ded c'erk is m; rely >.n aprvi-e." Mce or an under-study to \ horri Ipp'lil;- ;s ' ri"g r.Torc'rrl by *'*e v,h.i ' *ed Accountant concerned in his cfi:i to re eiv:: ivp niii • ;>n 1 hf a ii^'ed clerk works with him for Vr* s.n-3ciflc purpo e of le'-rnlr- the r"'-'-tical aspects of the prof"S"'r;n with a view to beco-nii-j a Chartered Acrrunt- ant. Even if an Articled Clerk is baing paid an honorarium, he is net an employee wi'thin the meaning of the said Act as he is not employed for "wa"es". It,' therefore. Xo'lows that ar'iclad dorks working in firms of Chartered Accountants should not ba counted while comput'ng the number of employees in the firms ior purposes of the said Act.

On the other hand, audit clerks are primarily paid employees of the Chartered Accountants who are given the benefit of receivers training under the Chartered Arcountan+s Regulations. As such they should be taken into account while calculating the number of employees foi purposes of the above Act."

11. LIBRARY.

- Durin,? the year 443 books were added to tVi" Central Council Library at New Delhi bringin? th" total rumber of books to 7720. Increasing we of th° Library- was made by members and students, as would be clear from the following figures :—

Attendance No. of Year

book's consulted

4810 Aoco I O< < r - "6 . . .. 1 0 ^ 6 - ^7 . . . .. i o * - > - *g 1968-69

6<;o8 7noo "800 S300

In addition, books are being sent irom Central Council Library, New Delhi, by post to members who are preparing lor the Post-Graduate Course in Manage- ment Accountancy and residing outside Delhi.

The Council sanctioned a total amount of Rs. 2300/- for the purchase of books lor the Regional Council Libraries and the number of books in them during the year 1968-69 are given below:

Region

W.I.R.C., Bombay

S. I. R. C., Madras

E.I.R.C., Calcutta

C. I. R- C, K a n rn

Total No. Attendance

of Books

No. of Books consu.ieJ

580 1800

3638

1856 1475

2297

2791

5535 2067

1000 120

793

There are 480 books on Management Accountancy n the Regional Council Libraries for tne use 01 members who are preparing for the Management Account- ancy Examination.

12. CONSTRUCTION OF ANNEXE TO THE INSTITUTE'S BUILDING

The work relating to the construction of the Annexe is in progress- The work on phase I—Piles foundation work and construction of lower and upper basement is expected to be completed by the end of August, 1969. Tenders for phase II—Construction of superstructure for the Annexe nave been called tor and tfte work on this will start in September, 1969. The entire project is expected to be completed by the end of July, 1970.

13. CHARTERED ACCOUNTANTS' BENEVOLENT FUND

During the year, the number of members increased from 141 to 157 and a sum of Rs 4950/- was disbursed to the widows of the members of the Institute and the members in need. The balance to the credit of the Fund at the end of the yelr stood at Rs. 54,809/- as against Rs. 50,731/- at the end of the previous year.

14. VAIDYANATH AIYAR MEMORIAL FUND-

1. To help poor students during the year 4 scholarships of Rss. 50/- each tenable for one vear were granted; two to articled clerks serving in the Southern India Region? oyne to In aftfcled clerk serving in the Western india Region and another to an articled clerk serving in the Northern India Regwn. In addition two merit "chola--smp- also of Rs 50/- each tenable for one year were granted to students who had Secured one of the first five positions in the Intermediate Examination b u w e re no" eligible to scholarships under the Merit and Loan Scholarship icheme heW in May 1968 and another two to those who had secured similar positions in the Intermediate Examination in November 19o8.

S S ^ ^ V ^ S d W a S S t o es of Northern India Regional Council on the subject "Audit of Public Sector Undertakings".

against £ 18091/- at the end of the previous year.

V. Conferences

1. ALL INDIA CONFERENCE OF CHARTERED ACCOUNTANTS

It has been decided to hold the All India Conference of Chartered Accountants at Calcutta in December 1969.

A Conference Committee, consisting of the following members has been appoint- ed for organising the Conference:—•

Shri R. Venkatesan, F.C.A., Chairman. Shri H. B. Dhondy, F.C.A., Vice-Chairman. Shri M. C. Bhandari, F.C.A., Shri P. K. Lahiri, F.CA., Shri P. K. Mallik, F.C.A., Shri P. M. Narielvala, F.CA. Shri G. M. Saha, F.C.A., Shri U. C. Majumdar/ F.CA., Shri B. S. Kothari, F.C.A., Shri K. Chakrabarti, F.CA., Shri D. K. Banerjee, F.C.A., Shri M. Choudhury, F.CA. Shri Mahitosh Das, A.C.A.,

The Committee has appointed a number of Sub-Committees to assist it in its work.

2. SIXTH CONFERENCE OF ASIAN AND PACIFIC ACCOUNTANTS

The Sixth Conference of Asian and Pacific Accountants will be held jointly by the Singapore Society of Accountants and the Malayasian Institute of Accountants in Singapore and Kuala Lumpur between 17th August and 26th August 1970. The Council has received an invitation for sending a delegation to the Conference- Members of the Institute desirous of attending the Conference were invited to intimate their desire to the Council and a selection of the delegation is being made.

The Vice-President, Shri H. B. Dhondy, is preparing a paper on the "Scope and Practice of the Accountancy Profession" for the Conference.

3. REGIONAL SECRETARIAT FOR THE ASIAN AND PACIFIC ACCOUNTANTS' CONFERENCE. At the meeting of the heads of delegations to the Fifth Conference of Asian and Pacific Accountants held in February 1968 in New Zealand, a proposal for the setting up of a Regional Secretariat for the Asian and Pacific Accountants' Con- ferences was considered and it was decided to request the Member-Bodies to send their views on the proposal to the Chairman of the next Conference which is scheduled to be held in Singapore in 1970.

The proposal was considered by the Council and the following recommendations have been made.

(i) in view of the financial implications of the proposal for a Regional Secre- tariat for Asian and Pacific Accountants' Conference and the considerable financial outlay on international level that it might entail, it was not necessary to set up a permanent Secretariat at one particular place for the time being;

(ii) a start might be made in the matter by setting up a Regional Secretariat, the head-quarters of which would move from the host country of one conference to the host country of the next conference;

(iii) the organisation and the functions of the Secretariat should be clearly and precisely spelt out and a manual of organization and functions should be prepared for the guidance of the host country "for each Conference. This manual might be continuously revised and improved in the light of the experience gained at succes- sive conferences. A climate must be created, organization set up and administra- tive arrangements spelt out to ensure that the revolving Regional Secretariat func- tioned effectively;

(iv) such a Secretariat should, in addition to organising the next Conference perform the following functions:

1. to publish reports on areas of common agreement on matters of profes- sional interest.

2. to arrange the exchange and study of appropriate publications in the mem- ber countries of the Region.

3. to disseminate in the member countries information of interest to the

profession emanating irom all tne quarters oi the world.

4. to assist the host country in organising the next Conference.

5. to arrange the visit of eminent Accountants to the erea.

6. genera'ly, to assist the national institutes to serve the profession in their respective countries and to assist in the international development of the profession;

(v) the feasibility of securing administrative and/op financial assistance from the United Nations m this matter might be explored;

(vi) the Regional Secretariat of the Conference should not be stationed in the office of any individual firm;

(vii) the language of the Regional Secretariat for the time should be only English.

VI. Regional Councils and their Branches

1. CO-OPTION OF MEMBERS ON COMMITTEES OF REGIONAL COUNCILS

The Council has decided to amend the Chartered Accountants Regulations to provide that:

(i) Regional Councils may co-opt members of the profession, who are not members of the Regional Councils to be members of its Committees, with the condition that the numoer of members so co-opted shall be within the ceiling applicable to committees of the Council of the Insti- tute under Section 17(2) of the Chartered Accountants Act;

(ii) that the chairman of any committee of the Regional Council shall always be a member of the Regional Council and not one of the co-opted members

2. MAIN ACTIVITIES OF REGIONAL, COUNCILS.

E^iona" Councils continued to function in five Regional co tituc-ncV-s rt2., Wec<"iri ("Bombay), Southern (Madras), Eastern "(Calcutta), Central <"Kanpi1 rra^jej <- ^veral confeeneps semnirs l°ctures, vtudv circles meetings etc. A lef^-eice to fre more i"V .i-m activities is given be'ow:—

'Western Ind'a.

The frst Regional Conterence nf Chartered Accountants was heM in Bombay en 8th and 9th February, 1369. The Conference was inaugurated by Shri Aivind Ma^ailal. Suiiects discussed at the Conference laid stress in dissemirating know- ledge on th-> latest development and modern thinking on the several facets ol the accounting profession.

A Seminar on 'Shri Bhoothalingam Report on Rationalisation and Simplification of Tax Structure' was held on 13th July 1Q68 at Bombay. Shri K. C. Pant, Union Minister of State for Finance inaugurated the Seminar.

Southern India.

A Sominar on 'Working Capital Managempn*-' was organised jointly with Madras Management Association and the Indian Institute of Management, Ahmedabad, Alumini Association. Madras, on 1st March, 1969.

A Seminar on 'Shri Bhoothaljngam Report on Rationalisation and Simplification of Tax Structure' was organised on 15th June 1968 at Madras. The speakers inrlud- r>d Shri K Santhanam. ex-Lt. Governor. Shri T. V. Viswanatha Iyer, President, Bar Association, Madras, and Shri S. Narayanaswamy Sheriff of Madras.

Eastern India.

classes in collaboration with the Indian Statistical In&litute were arranged for > period of two weeks from 9th September, 11)68. A Seminar on 'Company Manage- ment' was held on 15th February. 1969. Shri S. K. Dutta, I.C.S., Chairman, Company Law Board, inaugurated the Seminar.

Central India.

A Seminar on 'Shri Bhoothalingam Report on Rationalisation and Simplifica- tion of Tax Structure' was held at Kanpur on 28th July 1968- Mr. Justice T. P. Mu.ker.ji of the Allahabad High Court inaugurated the Seminar.

3. ACTIVITIES OF THE BRANCHES OF REGIONAL COUNCILS

Three branches in Western India Region viz,, Ahmedabad, Baroda and Poona. and five in Southern India Region viz., Bangalore, Coimbatore, Ernakulam, Hydera- bad and Madurai also continued to function.

Coimbatore branch conducted a Seminar on Taxation on 12th April, 1968.

VII. Members

1. MEMBERSHIP CHANGES.

The number of members of the Institute on 31st March 1969 was 9368—an in- crease of 758 since 31st March. 1968- During the year, 228 Associates were enrolled as Fellows as compared to 179 in the previous year. A table showing the number ol members on 31st March 19G9, compared to the number on 31at March 1968, is given in Appendix III.

2. LIST OF MEMBERS.

The list of members as on 1st April 1969 has been published and copies have been supplied to the members who asked for the same.

The postal zone numbers have also been published in the list after the addresses wherever the information was available.

3. DISCIPLINARY ACTION.

Details of the findings of the Council in the cases referred by it for enquiry to the Disciplinary Committee under Regulation 11(8)0) since the last report are given in Appendix IV.

4. LEVY OF DEPOSIT WITH COMPLAINTS.

In order to discourage frivolous and baseless complaints against members, a request was made to the Government of India to provide that every complaint should be accompanied by a deposit ot Rs. 100/- which would be refunded to the complainant if the Council comes to a decision that there is a primer facie case against the member concerned. On the other hand, if the Council comes to the conclusion that there is no prime facie case, the deposit would be forfeited. It has been explained to the Government that it is not the Council's intention to discourage complaints against members in genuine cases and that the proposal has been made with the sole obiect of preventing frivolous or mala fide complaints.

The matter is under consideration of the Central Government.

VIII. Award for the best MTMented accounts

During the year undei* report, 196 entries were received, as against 109 last year, for the be™t presented accounts. The following awards were made: — Institute'¹! Shield for the best presented Accounts during 1966-67.

The Dunlop (India) Limited, for its annual report and accounts for the year ended XI si December 1966.

Institute's Plaques for highly commended Accounts

1. Sandvik Asia Limited, for the year ended 30th November, 1966.

2. Pfizer Limited, for the year ended 31st March 1967.

3. The Jay Engineering Works Limited, for the year ended 31st March 1967.

As in the past, the ranking of the highly commended Accounts 'inter se' was not fixed.

IX. Articled and Audit Clerks

1. SPECIAL COMMITTEE ON TRAINING AND EDUCATION

In 1963 the Council considered the Report of a Special Committee on Training and Examinations and in the light of the recommendations made by it, many modi- fications were introduced in the Chartered Accountants Regulations. Events subse- quent to that have necessitated a reappraisal of the situation through a comnrehen- sive enquiry into the whole structure of education and training once again for en- suring that members are adequately equipped for rendering services which are in harmony with the requirements of the Society and fit in with the environment m which the members of the profession function. Taking into consideration the changing role of an Accountant in modern economy, the impact of the technological changes in the accounting techniques, the increasing close inter relationship with other disciplines, the increasing demands made on hin\ 'by the growing needs of modern management in the field of decision making and~ other relevant factors and events including the recommendations of the Joint Committee on the Future of the Accountancy Profession in India, the Council has appointed a Special Com- mittee to enquire into all the issues concerning educational and examination system for membership as also the continuing education of the members and make suitable recommendations to enable Chartered Accountants to approach future problems With competence and imagination.

This Special Committee consists of the President in Office, Shri R. Venkatesan— Chairman, the Vice-President in Office, Shri H- B. Dhondy—Vice-Chairman, Sarva- shri V. B. Haribhakti, N. C. Krishnan. P. M. Narielvala, A. B. Tandan, Rameshwar Thakur (Council Members) and Shri A. K. Sen, Managing Director, Indian Oxygen Ltd., ns members.

A detailed questionnaire for eliciting views on the various issues involved has been sent to all members and students.

We have received replies from the members and students giving comments and suggestions. The Committee will meet shortly heads of important Public Sector Units, leaders in Industry and leading Educationists Members of Parliament, re- presentatives of the Chambers of Commerce, Senior Members in the profession for eliciting their views.

2. FRESH ENROLMENTS.

The number of articled and audit clerks registered during the year, compared to those registered in the previous year are given below:

1968-69 1967-68

Articled Clerks

And t lerks

1023

99

TOTAL

360

1237

3. RECOGNITION OF PART OF TRAINING AND/OR EXAMINATIONS OF FOREIGN BODIES.

The Council decided that if a person of Indian origin, who had been living abroad for at least 5 previous years, migrates to India and provides satisfactory proof that merely by reason of his migration, he has not been able to pass all the exami- nations or complete the training of a recognised accountancy institution of that country and also proves that he has settled down permanently in India and has obtained Indian citizenship, he shall be allowed certain concessions on satisfying certain conditions in the matter of recognition, under the Chartered Accountants Regulations, of the examinations already passed or training already undergone In the other country. The institutions which are proposed to be recognised for the •present for this purpose are:

1. The Institute of Chartered Accountants in England and Wales. 2- The Institute of Chartered Accountants in Scotland. 3. The Institute of Chartered Accountants in Ireland. 4. The Institute of Chartered Accountants of Ceylon.

5. The Public Accountants' and Auditors' Board of South Africa. 6. The Institute of Chartered Accountants of Pakistan. 7. Board set up under the Burma Auditors' Certificates Rules. 8- The Institute of Chartered Accountants in Australia. Necessary amendments to the Regulations have been made.

4. ADDITIONAL VACANCIES AND INCREASE IN NUMBER OF VACANCIES.

With a view to increasing the training facilities available with members in prac- tice, helping the prospective articled clerks to find suitable employers and elimi- nating complaints from articled clerks, the Council had decided that: —

(a) the additional vacancies for training first class graduates which were being given in the case of a firm of Chartered Accountants in the ratio of one for every two partners, be given at the rate of one for every partner entitled to train articl- ed clerks;

(b) as against the existing ceiling of 4 articled clerks after completion of 15 years of continuous practice a Fellow Member be allowed to train four articled clerks after completion of 10 years of continuous practice and 5 articled clerks after completion of 15 years of continuous practice.

5. MAINTENANCE OF LIST OF VACANCIES OF ARTICLED CLERKS.

The Council has prepared a list of vacancies for articled clerks available with the members of the Institute all over the country. This list contains the names of the members of the Institute with their full postal addresses townwise and Begionwise and also the date or dates on which the vacancies would arise. Students desirous of taking up the course may refer to the list at the Headquarters of the Institute at Delhi and also at the offices of the (Regional Councils at Bombay, Madras, Calcutta, Kanpur and also at branch offices of the Regional Councils at Ahmedabad. Bangalore, Baroda, Coimbatore, Ernakulam, Hycerabad, Madurai, Poona and Jaipur.

". PERMISSION FOR OTHER COURSES—"WORKING HOURS OF EMPLOYER CLARIFIED.

The articled and audit clerks are being permitted to attend classes for other courses provided the classes were not held between 10-30 A.M. and 5.00 P.M. and also provided that this was outside the normal working hours of their employer. The Council has decided that the "normal working hours" of the employer while considering the grant of permission to articled/audit clerks for study of other courses be interpreted to mean the normal working hours prescribed by the em- ployer for all his articled clerks which need not necessarily be the same as the working hours for his establishment in general.

7. COACHING BOARD.

(a) During the year under report. 3016 students were enrolled for the Inter- mediate Course as against 2453 in the previous year; also 1647 students commenced tuition for the Final Examination as against 1379 in the previous year. Moreover, a larger number of students were able to complete their courses for both the exa- minations. The details as regards the number of students to whom tuition was provided during the year and the number of students who were on rolls at the end of the year are contained in Appendix V.

(b) Revision Classes:

These continued to be popular a"nd a large number of students attended them, specially at Regional Headquarters. During the year, Revisional Classes were organised at 11 centres. To provide for the participation of students and academi- cians in their organisation, the Board has decided that every agency conducting them should set up a Coaching Committee; two of the members of every such committee should be office bearers of the Students' Association of the area and two should be lecturers in Commercial subjects at local colleges.

Since a number of students who take up the course are not commerce gradu- ates, some of them are not able to make adequate progress with their studies. For their benefit extended Revision Courses were conducted at Madras, Bangalore and Hyderabad.

It is expected that these would reduce the number of bad failures.

(cj Students' Libraries: During the year, It was possible to establish libraries in two more towns; Jodh- pur and Cuttack. With their establishment their numoer has Increased to 14, not including thuae at the Regional headquarters. Since they are helpful to students, there is a demand tor their establishment from other towns also lor In- creasing tne stock of books placed therein.

(d) Counselling Service: In order that students may be able to personally present the difficulties encountered by them in the course of their studies to experienced lecturers for obtaining their guidance, it has been decided that at each Regional Headquarters the strength of academic staff should be increased.

ye) Other facilities provided to students:

vi) A short course in English with professional bias has been introduced from 1st July, 1968.

(11) Incentives have been provided to students to encourage them to contri- bute articles to the Students' Page of the Institute Journal and to participate in Regional Declamation Contests.

(iii) Liaison Committees have been set up at Regional Headquarters to build another channel of communication between the students and the Board for ascertaining their views and reactions to the courses set out by the Board.

(/) Merit and Loan Scholarship: The Rules for grant of Loan Scholarship have been relaxed. These enable students to obtain loan scholarship under the scheme, without furnishing any Surety Bond. During the year 10 Merit and 14 Loan Scholarships were awarded. The applications for six loan scholarships are under consideration.

8. STUDENTS' ASSOCIATIONS AND THEIR BRANCHES

The Students' Associations and their Branches were very active during the year. They held conferences lectures meetings, symposia etc., and arranged In- dustrial visits and picnics. In addition to the lour branches of Southern India Chartered Accountants Student¹?' Association and two branches of Western India Chartered Accountant Students' Association, three new branches of the Students' Association at Baroda, Emakulam and Jaipur have also started functioning.

X. Examinations

XI. Obituary

1. Shri N. M. Baljl:

At its meeting held in September 1963, the Council condoled the death of

Shrl N. M. Raiji, a former member of the council, and a copy of the resolution

passed was sent to the bereaved family.

2. Death of Member*:

The Council records with re?ret the sad demise, during the year, of th*

members whose names are given in Appendix VIII.

XII. Appreciation

The Council wishes to place on record Its grateful thanks to the Government

tor Its continued support and assistance.

The Council also wishes to place on record its appreciation of the work don"

by the officers and staff during the year under report.

C. Balakrishnan H. B. Dhondy R. Venkatesan

Secretary Vice-President President

New Delhi : Dated 10th September 1969.

APPENDICES I A, B, & C.

(Reference Sections IA & IC of the Report)

A. MEMBERS OF THE COUNCIL

VENKATESN, R. President

DHONDY, H. B. Vice Present

Bombay

A S J S ;⁰^

Bombay Madias Calcutta New Delhi

N ew D e l hi Argade.S.G. tST^A. Bhandwi, M. C Bhattacharyya, N. K Bose, A. C. . Brahmayya,P. Dammfe H.M Gargieya, B. D Haribhakt^V.B

Madras

Bombay

Bcawar

f S^h%

X?in' R' N.

fi=w Delhi , . New Delhi

Cilcuttal

Mftdrfts '

Calcutta,

Calcunal

, Calcutta

Bombay

Bangalore

Calcutta

Ahmedabad]

KhannaRK.

Kothari, B. S

f r i *^ N. C

LahiriP.K

M"U*,P.K.

Narielvala, P. M

Parikh, Anil M.

R ^ ' H . A .K

^ .^

^ . ^ H . M.

T"°dan,A.B.

Thakkar,A. S

Thakur,R

Katipur

Bomaby

New Delhi

B. MEMBERS OF THE VARIOUS COMMITTEES

(a) STANDING COMMITTEES

(ii Executive Committee

Shri R. Venkatasan, President.

Shri H. B, Dhondy, Vice-President

Shri It. K. Khanna.

Shri N. C. Krl"hnan.

Shri P. K. Lahirl

18 THB OAKBTT^ OF INDIA S^BAfllipiNAftY [PA*J t^—

(il) Examination Committee

Sbri R. Vekatesan, President. Shri H. B. Dhondy, Vice-President. Sbri K. A. Arjunan. Skti M. C. Bbandari. BUfi H. M. Damanift.

(ii) Disciplinary Committee

Shri R. Venkatesan, President. Shri H. B. Dhondy, Vice-President. Shri N. K. Bhattacharyya. Shri V. B. Haribhaktl. Shri G. M. Sana.

(b) NON-STANDING COMMITTEES

(i) Research Committee

Shri J. Anderson, Chairman. Shri P. M. NarielValg, Vice-Chairman. Shri R, VenkateSati. President (ex-offteio). Shri H. B. Dhondy, Vice-President (ex-offlclo). Stiri K, A. Arjunan Shri H. M. Damaiiia Shri B. S. Kothart Shri P. K. MaUk Shri A. B. Tandan Shri M. H. Modi Shri B. N. Pardiwalla Co-opted Members Shri A. K. Sen.

(ii) Post Graduate Course Cdttmittee

Shri H. M. Talati, Chairman Shri H. M. Damania, Vice-chairman Shri R. Venkatesan, President (e*-Offlcio) Bhri H. B. Dhondy, Vice-President (ex.QBteio)

P. K. Lahiri P. K. MaUik M. P. Chltale \ _, , . ^ .

A. K Sen j-Co-opted Membe™

Bhri K. A. Arjunanf V. B. Haribhakti

(iii) Professional Development Committee

Shri R. Thakur, Chairman Shfi A. C. Bose, Vice-Chairman Shri R. Venkatesan, President (ex-Offlcio) Shri H. B. Dhondy, Vice-President (er-Offlcio) Shri P, Brahmayya Bhri R. K. Khanna Shri U. C. Majumdar SHri P. M. Narielvala Shri S. N. Desai ~\ | Shri S. V. Ghatalia )• Co-opted Members Shri R. N. Raj am Aiyar J

(IV) Taxation Committee

Shri P. Brahmayya, Chairman Shri R. N. Jain, Vice-Chairman Shfi R. VenkateSan, President (ex-offlcio) Shri H. B. Dhondy, Vice-President (ex-ofilcio) Shri 6. G. Arejatle Shri B. S. Kothari Shri N. C. Krishnan Shri H. A. K. Rao Shri G. M. Saha Shri A. B. Tandan Shri A. S. Thakkar Shri R. R. Khullar \ •-.„ --.n^t t*."wtu."A Shri Y. H. Malegam / C o'°Pt e

" c- 4] THK GAZETTE QF INDIA RXTOAftJM?^A*lV 19

    4%  Bombay State Development Loan, 1969
    4%  Bengal Loan, 1969                                                               24,938
3-  P. O. 12 Year NationalPlan  Saving Certificates   .                                 40,000
4-  Fixed Deposit Receipt  with  State Bank of India.                   4,27,750      4,27,750
5-  4%  Bengal Loan,  1971 25,000     25,038
6.   4i%  Miharashtra  State Development Loan, 1972.                      50,000        50,000
7.                                                                        50,000        50,207
                                                                          40,000
s.                                                                        25 >OOO