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REGISTERED NO. D. (D.)-72

The Gazette of India

EXTRAORDINARY

PART III—Section 4

PUBLISHED BY AUTHORITY

No. 9] NEW DELHI, SATURDAY, SEPTEMBER 29, 1979/ASVINA 7, 1901 Separate paging is given to this Part in order that it may be filed as a separate compilation.

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The Institute of Cbaratered Accountants of India

NOTIFICATION

New Delhi, the 17th September, 1979

(Chartered Accountants)

No. 48-CA(l>/7".—In pursuance of sub-section (1) of Section 18 of the Chartered Accountants Aci, 194'J, a copy of the Report and the audited accounts of the Council for tne year ended 31st March 1979 is hereby published for general information,

[Enclosed material to be incorporated here]

THIRTIETH ANNUAL REPORT OF THE COUNCIL

FOR THE YEAR ENDED 31st MARCH, 1979

In accordance with the provisions of Section 18(5) of the Chartered Accountants Act, 1949, the Council has pleasure in presenting its 30th Annual Report for the year ended 31st March, 1979. The report covers the broad spectrum of the Institute's activities upto the date of this repoit, excluding matters to which reference has already been made in the report for the preceding year.

I. THE COUNCIL

1. Members of the Council and its various Committees

The Tenth Council, consisting of 24 members of the Insti- tute elected from five regional constitutencies and six members nominated by the Central Government, was constituted on 17th September, 1976. The names of the Council memheni and those of its various standing and other committees for the year under report are given in Appandices I and II res- pectively.

2. President and Vice-President

At the meeting of the Council held from 14th to 16th September, 1978, Shri P. K. Malik (CaFcutta) who held the office of the Vice-President in the preceding year, was elected President for a term of oao year commencing from 17th September 1978. At the same meeting Shri Y. H. Malegam (Bombay) was elected Vice-President for a similar term.

3. Council and Committee Meetings

During the year 1978-79, five meetings of the Council were held the first on 20th, 21st and 22nd Anril, 1978. the scc-nd on 31st August and 1st September, 1978, the third on 14th 15th and 16th September, 1978 the fourth on 26th, 27th and 28th October, 1978 and the fifth on 19th, 20th and 21st December, 1978.

The Corrirmttees constituted by- the Council also held several

meetings.

Ii—INTERNATIONAL RELATIONS

1. International' Federation of Accountants

Our Institute continues to represent the country on the In- ternational Federation of Accountants. Shri B, L. Kabra, the former President of the Institute is one of the two Vice- Presidents of the Federation. He is also a member of th: International Congress Committee of the Federation. Shri P. K. Malik (President) is a member of the International Auditing Practices. Committee of the Federation.

2. International Accounting Standards Committee.

The Institute continues to be a member of the International

Accounting Standards Committee

3. Overseas Conferences

(a) Shri P. K. Malik, the then Vice-President attended the Golden Jubilee and the National Congress of the Institute of Chartered Accountants of Australia held in June 1978 in Perth as the leader of our delegation, Shri Anil M. P

(b) A delegation of the Institute win be attending the 9th Conferences of Asian and Pacific Accounts to be held in Manila (Philippines) from 14th to 20th October, 1979 under the leadership of Shri Y. H. Malegam (Vice-President. The Conference has 'International Cooperation in Accountancy" as its theme.

(c) An invitation extended jointly with our sister instilute- the Institute of Cost and Works Accountants of India—to host the 10th Conference of Asian and Pacifit Accountants in India in 1983, has been accepted. The details abi-ut ihc Conference are being worked out in consultation with our sister Institute.

(d) A delegation of' the lasiitutc would be participating in the Regional Conference of Accountants of Afro-Asian Coun- tries in the Commonwealth which is being organised by tho Institute of Chartered Accountants of Sri Lanka in Colombo from 8th to 11th May, 1980. Papers on the foll'owing subjects will be contributed on behalf of our Institute at the above conference :—•

(i) Professional Developments

(ii) Development!, in the field of Education & Tram ng.

III. Professional Development Activities

1. Accounting Standards Board.

As a first step towards the formulation of accounting standards a PREFACE, defining the scope and objectives of the standards has been issued under the authority of the Council of the Institute. The Board also exposed its first proposed statement on "Disclosure of Accounting Policies" for public comment. After taking into consideration the com- ments received from different quarters, the draft of the pro- posed standard was finalised by the Board and placed before the Council for its approval.

Formulation of standards on the following three subjects

has been taken on hand "

(i) Inventory Valuation

(ii) Source and applications of funds

(iii) Accounting Terminology.

The comments of the Board on 1ASC Exposure Draft No. 14 "Proposed Statement on Current Assets and Current Liabili- ties" were finali ed and forwarded to the 1ASC.

A booklet entitled "Training Guide for Articled Clerks" hns been brought out by the Committee in order to guide members and the articled clerks on the scope of practical training. In the series of technical guides being published by the commit- tee, a "Guide for the Audit of Textile Industry" as well as H "Guide for the Audit of Education Institutions" have been published.

The Committee is engaged in 'he preparation of the follow-

ing two notes for the benefit of members ;—

(a) A note on Widening the Sgope of Professional Op-

portunities for Younger Members,

(b) A Note about tho Development of new avenues of professional work on account of the setting up of Industrial Investment Centres at the di>.lnc[ level under the Sixth Five year Plan.

3. Research Committee

(A) The Committee brought out the revised edition of the publication "Audit of Banks". Other publications of the Committee were reprinted from time to time.

(b} The Exposure Draft of the "Accounting Treatment for Excise Dutie3 issued by the Committee was revised in the light of submissions made by members and Chambers of Commerce and Industry and then issued as a Discussion Paper for public comment. The guidance note on the subject has Dccn nnalised and placed before the Council for its approval.

(c) In response to a request received from the Company Law Board, the Committee finalised the draft of the Vertical Form of Balance Sheet and Forwarded it to the Company Law Board.

(d) The Committee nnalised the Guidance Note on 'Co-, ordination between the Internal and Statutory Auditors", which after approval by he Council, was issued as a suple- ment to the May, 1979 issue of the Journal. It has also been brought out as a priced publication in the hand book siz;.

(e) As was mentioned in the last report, the Committee had issued a questionnaire to assess the effectiveness of the re- search, efforts of the Institute. While responding to the Questionnaire, members have suggested different areas on which Research; could be undertaken by the Research Com- mittee. It has been decided to take up the following topics for detailed study by the Research Committee :—•

(i) Reliability of the Certificates, Statements etc. obtained from the legally and technically qualified persons affecting accounting matters.

(ii) Accounting Ratios for Predicting Sickness in In-

dustries.

(iii) Computerised Accounting Systems.

(iv) Study of Special features of Audit of Government

Companies.

(v) Defered Taxation Policy.

(vi) Accounting for Human Resources.

(f) On a reference received from the Company Law- Boar^ for the Institute's opinion on the accounting treatment of "interest on Deferred Payments", the Committee has prepared a Guidance note on this subject. The Note will b? published after it is approved by the Council.

(g) The- following projects are under the consideration ot

the Committee :—

(i) Note on the treatment of Reserves on Amalgamation

Merger of Companies.

(ii) Accounting and Control Systems in a Shipping

Company.

ciil) Social Cost Benefit Analysis

2. Professional Development Committee

An All India Seminar for Accountants in Industry was held at the Taj Mahal Hotel, Bombay on 6th & 7th January, 1979 with the theme, "Emerging Roles of Chartered Accountants".

(iv) Precedents in Published Accounts.

(v) Accounting Treatment of Capital Grants.

(vi) Monographs on Agricultural Accounting ;

(a) Accounting for plantations

tJVwfef th" auspices of the Committee, Programme of lec- tures on "Government Procedures", Financial Rules & Account- ing" was also held at Ludhiana in May 1979.

(b) Accounting for plantations with specific reference

to Rubber Plantation

(c) Accounting fo; Agriculti.ii;d Operations

(d) Accounting for Poultry

(c) Accounting for Livestock

(vii) Revision and Integration of the Publication '-State- ment on qualifications in Auditors' Report" and the "Statement on Section 227C1A) of the Compsinii;i Act, 1956".

(viii) Revision at Guidance Note on 'issue of Ilonus

Shores".

(h) The Committee consijeied (be 'Preiace' to the Inter- national Auditing (.ni'dclinc, i sued by the International Fede- ration of Accountants and foi warded its comment? heieon to lilt" IFAC.

(i) The Committee also considered the Exposure Draft I, "Objec!i\c and Sc.'pc of the AuJit of Financial Statements" issued by the fnlnnational Federation of Accountants and loi- warded its comments to the IFAC,

(j I After a review of the entries received for the Competition Cur the Be;t P.eseoted Accounts for 1977-78, it was d=<.l:le.l to t:ue ih: ; wards lor 1977-78 to the following compnnies: —

(i) Shield for the Best Presented Accounts to the Briar t Heavy Hlectricals Limited (for the year ended 31 t March, 1978).

(ii) Plaques for highly commended accounts to :

(a) Bharat Harth Movers Limited (For the year ended

31st March, 1978).

(b) F-scorts Limited (for the year ended 31st December

1977).

(c) State Trading Corporation of India Limited (for the

year ended 31st March, 1978).

(k) It was also decided to award a separate Silver Shield, instituted this year for the Hest Presented Accounts o£ Finan- cial Institutions, to the State Bank of India, (for the year ended 31st December, 1977).

4. Taxation Committee

A five day Residential Court in Tax Planning was organised at Hotel Narayani in Kathmandu from 21st till 26th May, 1979. It was attended by nearly 100 participants from all over the country.

The Eleventh Ail India Seminar on Taxation was held at Calcutta on 25th and 26th August, 1979 with "Changes in Tax Laws" as its theme.

The Institute organised a workshop to discuss the recom- mendations of the Chokshi Committee in January, 1979 and submitted its Memorandum to the Central Government on the various recommendations contained in the interim and final reports of the Committee on reforms in direct tax laws,

A; in the past, the Institute submitted a pre-budget memo, randum to the Finance Minister containing its suggestions and view* on matters relating to fiscal policy and direct tax laws. A post-budget memorandum was also submitted to the Finance Minister containing the Institute's views and sugges- tions on the various proposals relating to direct tax laws contained in the Finance Bill, 1979.

The representatives of the Institute tendered oral evidence before the Study Group relating to the working of • the enforcement agencies on 29th March, 1979.

The following representations were submitted to the Central

Board of direct Taxes /Finance Minister :—

(i) Representation dated 6-12-1978 in regard t'-> the draft rules for valuation of residential bouses for purposes of wenlth-ta* ; .

(ii) Representation dated 6-12-1978 for amendment of Rules 89 and 90 of the Income-tax Rules, 1962 in relation to approval superannuation funds.

rill) Representation dated 23-1-1979 to Vest the power of rectificat'ou of mistakes in the Inspecting Assistant Commissioner of Income-tax in respect of the orders passed by him ;

;iv) Representation dated 23-1-1979 in respect of dipre- ciation allowance on motor cars acquired and used abroad ;

iv) Representation dated 23-1-1979 for granting deduc- tion under Section 80RR of the Income-tax Act to persons deriving professional income from abroad.

i,vi) Representation dated 24-1-1979 for the clarification in respect of admissibility of export markets develop- ment allowance to professionals;

(vii) Representation dated 20-2-1979 for amendment of the definition of small scale industry to have uniformity in the definition ;

(viii) Representation dated 1-3-1979 for the creation of development rebate/investment allowance lesci'vc in cases where the allowance is granted in different years.

5. Company Law Committee

(a) The Committee organised a Symposium on 23rd October 1978 to discuss the recommendations of the Sachar Com- mittee, On the basis of the suggestions madr at the Sympo- sium it submitted a detailed memorandum to the Govern- ment. Pursuant to the decision of the Council, a ftirihcr de- tailed memorandum regarding the qualifications and appoint- men| of Internal Auditor and Chief Accountant or Financial Controller was also sent to the Government on 15th May, 1979.

(b) Guidelines for framing the audit report under the Companies (Acceptance of Deposits) Rules, 1975 arc under preparation.

(c) A representation for a specific provision in the Com- panies Act that an individual Chartered Accountant practis- ing in a firm name could be appointed as auditor in the liini name has been made to the Company Law Board.

(e) The following publications are pending with the Com-

mittee :—

(i) Guidance Note with regard to Auditor's Report In

Prospectus.

(ii) Revised Guide to Company Audit ; and

(iii) Revised Statement No. 203—Opinions regarding cer- tain provisions of the Companies Act. (This pro- ject would be activated aftci the changes in Com- panies Act are made as a result of the review under- taken by the Sachar Committee).

6. Post Graduate Course Committee

(a) The Post Graduate Course Con/mittee organised the following Courses/Seminars under the Continuing Education Programme :

(i) Seminar on "Zero Base Budgeting" at Bangalore en

28th October, 1978.

di) Seminar on "Cost and Financial Management" at New Delhi on 9th & 10th December, 1978 in collaboration with the Institute of Cost & Works Accounts of India.

(iii) Seminar on a Project Planning, Evaluation and Cost Monitoring" held at Jaipur on 13th & 14th lanuaty, 1979.

(iv) Seminar on "Prediction of Sickness and Revival of Sick Units" at Calcutta on 24th & 25th February, 1979.

(v) Residential Course on "Corporate Financial Manage- ment" nt Ooty from 161h to 21st April, 1979 in collaboration with All India Management Associa- tion.

(vi) Seminar on "Computers in Accounting and Auditing'¹

at Madras on 9th & lOtb June, 1979,

(b) The details regarding results of the Management Accountancy (Part 1) Examinations held during the year appear in Appendix III.

Cc) Three candidates completed Practical Training under

Part II of the Course.

(d) Merit Scholarships of Rs. 500 each were granted to 10 candidates for the purchase of books under the Incentives Schedule of the Management Accountancy Course.

(e) (i) The first examination under the scheme of the Post Graduate Course in Corporate Management wns held in May, 1979 at the regional centres.

(ii) The Council has accepted the offer of Shri N. C. Krish- nan for instituting a prize in the shape of a Gold Medal to be awarded to the best candidate completing the Corporate Management course of the Institute.

7. Expert Advisory Committee

The Expert Advisory Committee rendered its opinion on 8

queries.

8. Employment Committee

The numbcrof members on the Employment Register on 31st March, 1979 was 255 as against 201 on 31st Mareh 1978.

Irf the matter of appointment of chartered accountants to man the highest position in accounts and finance divisions of public sector, the applications received in this behalf are being scrutinised by the Committee on the basis of the quide- lines settled by the Committee. The candidates will then be intej"vicwed and those selected will be recommended to the Chairman of the Public Sector Enterprises Service Selection Board.

The Committee has decided to meet the Chief of I.D.B.T., I.C.I.C.I. and I.F.C. and the Chairman of all nationalised banks to assess their requirements of Chartered Accountants.

C.A. Students remain unchanged. Attempts are being made" to persuade more universities to extend these facilities.

11. Journal

The Journal 'The Chartered Accountant¹ is being supplied without any charge to the members of the Institute from July, 1978. The annual subscription rate of the journal for students undergoing C.A. Course has been reduced from Rs. 20 to Rs. 15 with effect from January 1979.

The Editorial Board has awarded three prizes for the best Articles contributed in the members' section and one prize for the best article contributed to the students section or the Journal—Volume No. XXVI—July 1977 to June 1978.

A new column 'Letters to the Editor' has been introduced in the Journal to enable readers lo express their views on pro- blems facing the profession and to jjive their suggestions for its development.

IV—OTHER MATTERS

1. Review Committee for Accounting Education

The system of education and training for the accountancy profession has been subjected to periodic review in order to determine whether it is adequate to meet the existing require- ments and the anticipated changes in public expectations. \n September 1975 the Council appointed a Review Committee for Accounting Education to review the existing sy: tern of education and training. The Committee submitted a compre- hensive report covering every facet of professional education starting from entry requirements and ending with Post Gra duate Courses and continuing education. The report was dis- cussed in depth at four meetings of the Council held between August 1978 and April, 1979, The report has been adopted with some modifications and circulated among members of the Institute as a supplement to "The Chartered Accountant" for June 1979. The implementation of the recommendations contained in the report will commence after necessary amend- ments, wherever applicable are made in the Chartered Accoun- tants Regulations.

2. ICAI—ICWAt Co-ordination Committee

The Committee has also decided that a suitable note be published in the Institute's Journal once in 3 months drawing the attention of the prospective Employers (both in public and Private sectors) about the maintenance of Employment Register.

A basic guide to the Career Management of Accountants in

Industry is under preparation.

The Committee conducted a survey among the Public Sector Undertakings to ascertain their needs of Chartered Accountants and their expectations from the members. Various suggestions were made by 61 concerns. As some of the suggestions re- quired consideration by the Professional Development Com- mittee the matter is being referred to that Committee.

9. Ethical Standards Committee

The existing paragraph of the Code of Conduct under clause (12) of Part I of the First Schedule to the Chartered Accoun- tants Act, 1949 has been amended to the effect that as a general principle, when the appointment of auditor is made by Govern- ment or by a Nationalised Bank at a remuneration lower than that paid to the previous auditor, the question of under-cutting would not arise.

" 10. University Liasion Committee

(a) Endowments.—In the last year's report it was mentioned that three universities have agreed to institution of prizes for best students in Accountancy at their B.Com/B.Com. (Hons.) Examination; these Universities are the Universities of Allaha- bad, Calcutta and Delhi, Negotiations are going on with the University of Kerala and the University of Gujarat,

(b) Research.—-Two applications have been approved by the

Research Committee for a grant of Rs. 2,500 each.

(c) Seminars.—In pursuance of the decision of the Committee to organise high level seminars in collaboration with univer- sities, ono in each region three seminars have been held, one at Hyderabad, the second at Pune nnd the third at Ahemdabud.

(d) Position of C.A.'s vis-a-vis Universities.—Position in re- cognition of chartered accountants as teachers in Accounting, Auditing, Management Accounting, Taxation and other allied subjects and with regard to extension of library facilities to The Co-ordination Committee formed last year for the purpose of carrying on negotiations with the Institute of Cost ana Works Accountants of India on (he possible areas of cooperation between the two insitutes has been holding perio- dic meetings. One of the points on which agreement has been reached relates to the holding of joint professional programmes. Consideration of other areas of cooperation is continuing.

3. The Annual Function of the Institution

The 29th Annual Meeting of the Institute was held on 16th September 1978 at New Delhi, ahri Gian Prakash, Comptrol- ler & Auditor General of India was the Chief Guest at the function. The prizes and medals awarded on the basis of the results of the Institute's examinations and awards to the winners in the Institute's competitions for the best presented accounts were distributed by the Chief Guest.

4. The Chartered Accountants National Relief Fund

The Council hag decided that a relief fund called "Tho Chartered Accountants National Relief Fund" be set up as a trust which would collect donations from members of the Institute and make contributions in the event of national calamities.

Earlier, a cheque for Rs. 18,000 was presented to Hon'ble Prime Minister on 5th July 1978 representing contributions collected from members to help the victims of tho disaster in the coastal states of the southern part of our country.

5. Elections to the Council and the Regional Councils

The elections to the 11th Council of Ihe Institute and the 10th Regional Councils were held on 2nd and 3rd August 1979. The names of the members elected have been notified in the Gazette of India and have also been published in "The Chartered Accountant."

6. Creation of an "Education Fund"

The Council has created an "Education Fund" by trans- ferring a sum of Rs. 10 lakhs from the surplus accumulated

on 31st March 1978 to such fund and by transferring 50 per cent of surplus arisinjt from students' Activities from year to year to this fund. The monies belonging to the fund have been invested in ear-marked investments and it is proposed to utilise the corpus of the fund M well as the interest earned thereon only for education.

7. Library

During the year 616 books were added to the Centra] Coun- cil library at New Delhi bringing the total number of books to 16005. Increasing use of the Library was made by the members and students.

8. Chartered Accountants Benevolent Fund

As a result of the appeal issued by the President, the Membership of the Fund increased during the year from 1223 to 1908.

A sum of Rs. 11,000 wns disbursed by way of financial

relief.

The balance to the credit of the Fund at the end of the year stood at Rs, 1,37,210 os against Rs. 1,08,025 at the end of the previous year.

9. S. Vaidyanath Ailar Memorial Fund

The number of Members of the Fund increased during the

year from 98 to 105.

At the end of the year the balance to the credit of the Fund was Rs. 31,874 as against Rs. 26,176 at the end of the pievluus year. A sum of Rs. 2,175 was paid by way of Scholarship to Students.

V. MEMBERS

1. Membership

The number of Members of the Institute on 1st April, 1979 Was 21,555 recording an increase of 1877 since 1st April, 1978. During the year, 831 Associates were enrolled as Fellows as compared to 739 in the previous year. Appendix IV gives the classification of the Membership.

2. Certificates of Practice Cancellation

Under the provision of the amended Regulation 10, if the fee for the Certificate of Practice is not received by the 31sL day of July of the relevant year, the Certificate of Practice of a member stands cancelled with effect from, the 1st of Augrtst of that year. During the year under report the Certificates of Practico issued to 1308 membors were can- celled as the prescribed fees were not received from them in time or at all.

3. Decentralisation

The work "inter alia' relating to registration of articled find audit clerks has been decentralised in respect of the Central Region with effect from 1st April. 1979.

4. List of Members

The List of Members as on Ut April. 1979 prepared region "vise has been brought out in July, 1979. The List also contains a sepnrate compilation of Members residing outside India,

5. List of Firms

The list of firms as on 1st April, 1979 has been prepared separately and brought out in July 1979, as a priced publica- tion,

6. Deceased Members

The Council records with regret the sad demise dining the

year of the Members whose names appear in Appendix V.

The Council also records with deep rcpret the sad demise of Shri A. S. A. Niitarnjn Iyer on 2'>-5-197fi. Shri Iyer was a member of the Central Council during the years 1Q52 55 7. Disciplinary Action

Details of the Order of the High Court under Section 21(6) on the finding of the Council in a case referred by It for enquiry to the Disciplinary Committee under Regulation 11(8) (i) and of the cases disposed of by the Council under Section 31(4) since the last Report are given in Appendix VI.

VI. ARTCLED AND AUDIT CLERKS

1. The numbers of articled and audit clerks registered during the year, compared to those registered in the preceding year, arc given below :—

1978-79 1977-78

Articled, Clerks 8491 8010 Audit Clerks 130 114

2. Facilities for undergoing the Chartered Accountants Course for candidates from backward areas and those belonging to backward classes.

Under the scheme evolved by the Council to provide special facifities to candidates belonging to backward classes and those coming from backward areas to receive, practical training as articled clerks. 38 candidates were provided additional vacan- cies during the year to enable thorn to receive training under chartered accountants of their choice.

3. Permission to articled/audit clerks to be sleeping partner!

in business concerns,

The Council has decided that an artided^audil clerk bo permitted lo be a sleeping partner in a business concern during the period of his training provided all the partners in the business, including the articled/audit clerk, file declarations to the effect that during the period of the articled/audit ser- vice, the clerk should neither take part nor would he lie entitled to take part in the management of the business, ll has further decided that the fact that nn articled/audit clerk is only a sleeping partner should be established in each case to the satisfaction of the Examination Committee which has been empowered to grant such permission,

4. Additional vacancies for articled /audit clerks on can-

cellation of employer's certificate of practice,

The Council some time back decided to grant additional vacancies of articles/audit clerkship where the name of the employer is removed from the Register of Members due to non-payment of the membership fee or where his certificate of practice is cancelled due to non-payment of the certificate of practice, fee, (i) to the partner of the member in default if the former is entitled to train articled clerk/s in his own right; and (ii) to a partner/proprietor of the firm employing the member in default as a paid assistant, if the former is entitled to train articled clerk/s.

The Council has now decided that the benefit of the above decision be also given to the articled and audit clerk/s of an employer whose certificate of practice Li cancelled for any other reason.

5. Duration of an additional vacancy on death of employer/

cancellation of his certificate of practice.

Under Regulation 187(16), the Secretary of the Institute is 'inter alia' empowered to permit articled clerks of deceased members and of those who have ceased to be in practice, to be taken as additional articled clerks. The additional vacan- cies for training them are grnnteJ to other members, who are eligible to train articled clerk/s in (heir own right, provided such articled clerk/s are absorbed against the next regular vacancy arising under them or in their firms.

fn consideration of the difficulty cVeited by the strict adhcr- nnce to the requirement that sucn- an additional articled clerk be absorbed in I he next regular vacancy, the Council haa decided that if the balance period to be served by such an articled clerk is 6 months or less, the additional vacancy shall he Riven for the full balance period of the training Tn case the balance period of trainine i, more than six month" the additional vacancy shall be absorbed against the first rcizu' lar vacancy arising after six months under the new employer or in his firm, as the case may be.

6. Infringement of Regulation 32B regarding payment of

utipend to articled clerks.

A number of instances of breach of Regulation 32B, v.hich provide* for the compulsory payment of stipend nt the pres- cribed-rates to articled clerks, were brought to the not'ee of the Council and action under Sections 21 and 22 of the Char- tered Accountants Act was initiated against them. During I he year, in four of these cases, (he Council fiund the members guilty of professional misconduct and forwarded the cases to the concerned High Courts for orders in accordance with the provisions of the Chartered Accountants Act. The remaining cases are under consideration,

7. Board of Studies

who whh to appear in the Entrance Examination coducted. by the Institute, 37 students have, during the period uiider review, taken up the course.

(i) Other Courses.—During Ac year, the Board of Studies conducted a training programme lasting over 8 weeks for IRAS Probationary Officers. Also a short one-week course was conducted at Lucknow for the Institulc of Management Deve- lopment, U.P. Both Courses were appreciated by the parti- cipants.

(j) Students' Conference.—In Jnnuarv 1979 an AU India Students' Conference was organised at Bombay. More than 1,000 delegates participated; a large number of intending dele- gates had to be refused because of late enrolment. The quality of papers read at the Conference and of the discussion resulting therefrom was very high.

VII, EXAMINATIONS

1. Examinations, 1978

The examinations were held as usual hi May and November 1978 at various Centres all over India. The statistics relating lo the number of candidates who appeared and who were de- clared successful are given in Appendix VIII.

2. Piizes and Certificates of Merit

(a) Strength.—During the year under report, 8515 students were enrolled for the Intermediate Course (under the New Regulations) as against 8124 in the previous year. For the Final Course (under the Old Regulations) 360 students com- menced tuition (as affainst 1116 in 1977-78). For ihe Course under the New Regulations, 2491 students commenced tuition as against 2200 students in the previous year. Thus the total number of students enrolled for (he F'nil Course came to 2851 as against 3316 in 1977-78. Statistics regaiding enrol- ment of students and other rrlutod mailers, are given in Appendix VI1.

The names of candidates who were awarded prizes ana certificates of merit in the examinations held in May and November 1978 arc given in Appendix; IX.

3. Action against exam'nees

(b) Academy of Accounting.—The Council has accorded its •auction to t^c se'tinc up of r>ne fell-fledged Academy of Accounting immediately cither at Madras or ul Calcutta; within a comparatively short tim*, the other three big cilice Will also ha\c Academies.

(c) Study Material and other activities.—The study material supplied to students H as usual, being constantly Ivouphi upto-date. Also the Board continues to make regulai con- tributions in the Institute's Journal by giving a summary of current economic events, the "ist of important articles relating to accounting and auditing in foreian journals, a 'litest of Iinorrc-tax nnd Company Cases and Income-tax and Company OlMzes and other current readings. Tt has iiKo been preparing th? Economic Quarterly.

(di Students' Libraries.—The number of students' libraries

including those at regional headquarters remains at 29.

(e) Revision Classes.—These classes continue to be popular and are conducted at a number of places beside? the regional headquarters. Classes of four months' duration for the Inter- mediate students (New Regulations) have been organised ai Delhi, Calcutta, Bombay ?nd Madras. Classes for the Final Course students were held ;t V.omhav, Calcutta, Madras, Delhi Jodhpur and Hyderabad.

(f) Publication*.—The Board is un-to-datc in regard to the volumes of suggested answers to the questions set at the Institutes examinations.

fg) Merit and Loan Scholarships—During the period under report, 7 merit scholarships have been awarded to the can- didates on thf basis of their results in the Intermediate Exami- nation held ivi May 1078 Chit of thr*e 7 scholarships, 5 scholarships have been awarded for meritorious performance at the Tn'Trnedirtc Txanvnation—one from each region.

AliO

year under report.

In addition to the above scholarships, the Institute h.'is de- The Council has debarred 15 candidates, who were found to have resorted to unfair means, from appearing in the exami- na'iions, for varying periods.

4. Discontinuance of the Intermediate and the Final Exami-

njt'.jin under the old syllabus.

It has been decided that the Inlermedhte und the Final e\aminatioas under the old Syllabus b: discontinued from May 1981 and May 1984. respectively. The candidates who are not nble to pass the examinations under the Old Syllabus by the time the said examinations are discontinued, would be allowed to appear in the respective examinations under the New Syllabus provided they are otherwise eligible to appear in these examinations.

5. Shri Jayantilal K, Thakkar Memorial Prize

The Council has accepted the offer to institute a prize to he known as "Shri Jayantilal K. Thakkar Memorial Prize" in the form of a silver medal to be awarded to a candidate who secures the second highest marks (i.e. 2nd rank) in the Final examination of the Institute held in May/November every year,

VITI. REGIONAL COUNCILS AND THEIR BRANCHES

1. Regional Councils

The Regional Councils continued to function in the five Regional Constituencies, viz., Western (Bombay), Southern (Madras), Eastern (Calcutta), Central (Kanpur) and Northern (Delhi). They were generally active and arranged conferences,

seminars, lectures, study circle meetings etc.

2. Branches of Regional Councils

cided to Institute 20 merit-cum-nced scholarships annually. These will be bflsfd upon the results of the Intermediate Fxa- mination iNcw Reguiat'ons) The conditions for the grant of there scholarship-; arc the following:

(i) Only those students who find a place In the meiit-list (i.e., among the first 50 ranks) will be eligible for the scholarships.

(ii) Scholarships will be awarded only to those students whose guardians' income does not exceed Rs. 15,0<10 per annum,

fill) Subject to condition (2) ;ibove, the scholarships will

be awarded in the order of merit

(h) Entrance Course.—In pursuance of the Boards' decision to offer an optional correspondence course to those candidates Seven branches of the Western India Regional Councils, viz., Ahmcdabad, Baroda, Goa, Poona, Surat, Nagpur and Rajkot; twelve of the Southern India Regional Councils viz.. Bangalore, Belgaum, Coimbatore, Ernakulam, Hyderabad, Madurai, Mangalore, Salem, Tiruchirapalli, Trivandmm, Vijaywada and Visakhapatnam; five of the Central India Re- gional Councils, viz., Ghaziabad, Indore Jaipur, Jamshedpur and Jodhpur; Two of the Northern India Regional Councils, viz., Chandigarh and Ludhiana and two of the Eastern India Regional Councils at Asansol and Gauhati continued to function.

During the year under report one more branch of Northern India Regional Council at Amritsar WHS opened on 16th September, 1978.

DC FINANCE

APPENDIX II

1. Account*

MEMBERS OF THE VARIOUS COMMITTEES

The Balance Sheet as at 31st March, 1979 and the Income and Expenditure Account for the year ended on that date, were approved by the Council at its meeting held on 14th September, 1979. The Income and Expenditure Account foi the year shows a surplus of Rs. 24,92,696 as against a surplus of Rs. 29,03,058 in the preceding year.

An Education Fund has been created by transferring an appropriate amount from the General Rc.jrve,

2, Auditors

Sarvashri P. R. Mehra and M. R. Venkataraman continued to be the Institute's auditors for the year ended 31st March, 1979.

X, APPRECIATION

The Council wishes to place on record its grateful thanks to the Government for its continued support and assistance.

The Council also wishes to place on record its appreciation of the valuable contribution by the members of the Institute who were co-opted on its various committees as als>o other members of the Institute and other distinguished persons who participated in the various conferences, seminars, etc. organised by the Institute.

The Council further wishes to place on record its apprecia- tion of the work done by the- officers and staff during the year under report. Y. H. Malegam P. K. Malllk Vice-resident President P. S. Gopalakrishnan, Secretary

New Delhi. Calcutta, Dated, 14th September, 1979. Dated 15th September, 1979

APPENDIX I

(Ref. Para I/I of the Report) MEMBER OF THE COUNCIL

Mallik, P. K. President

Malegam, Y. H. Vlce-President

(a) STANDING COMMITTEES: EXECUTIVE COMMITTEE : Shri P.K. Mallik, President Shri Y. H. Malegam, Vice-President Shri B.L. Kabra Shri D. Seetharamaiah Shri Jaisingh Slnghi E XAMINATION COMMITTEE: Shri P.K. Mallik, President Shri Y.H. Malegam, Vice-President Shri B.L. Chawla Shri S. Prabhakaran Shri R.K. Seth. DISCIPLINARY COMMITTEE: Shri P.K. Mallik, President Shri Y.H. Malegam, Vice-President Shri S.K. Das Gupta Shri P,A. Nair Shri S.M. Dugar (b) NON-STANDING COMMITTEES RESEARCH COMMITTEE: Shri P.N. Shah, Chairman Shri B.C. Bhandari, Vicc-Chairman Shri Y.H. Malegam, Vice-President (ex-offlcio) Shri B.L. Chawla Shri S.K. Das Gupta Shri B.L. Kabra Shri P.M. Nariclvala-) Shri B.M. Mirza, V (co-opted) Shri V.N. Raiji J POST GRADUATE COURSE COMMITTEE: Shri B.S. Verdia, Chairman Shri V. Rajaraman, Vice-Chairman Shri Y.H. Malegam, VicO-Presldont (ex-offlcio) Shri A.K. Chakraborty Shri R.K. Seth Shri N. Srinivasan Shri H.M, Damania, Vco-onted) Shri A.B. Rabadi / {U> O p t e a) PROFESSIONAL DEVELOPMENT COMMITTEE: Shri Anil M. Parikh, Chairman Shri B.C. Bhandari, Vice-Chairman Shri P.K. Mallik, President—(ex-officio) Shri S. Prabhakaran Shri T. Rengachari Shri B.S. Verdia

S NNNDP ?' }*>"*">

TAXATION COMMITTEE: Shri A.K. Chakraborty, Chairman Shri O.V. Kuruvilla, Vice-Chairman Shri Y.H. Malegam, Vice-Presldent (cx-officio)

Aiyar, R. P. Calcutta Argade, S. G. Bombay Ashok Kumbhat Madras Bhandari, B. C. Jaipur Chakraborty, A. K. Calcutta Chawla, B. L. New Delhi Das Gupta, S. K. Calcutta Dugar, S. M. New Delhi Jagadisan, V. Madras Kabra, B. L. Bombay Krishnan, N. C. Madras Kuruvilia, O. V. New Delhi Maheswari. H. P. Delhi Nair, P. A. Bombay Parikh, Anil M. Bombay Prabhakaran. S. Cochin Rajaraman, V. New Delhi Ramanujam, G. Madras Rengachari, T. New Delhi Roy Chowdhury, A. Calcutta Seetharamaiah, D. Hyderabad Shah, P. N. Bombay

Shri S.G. Argade Shri V. Jagadisan Shri H.V. Vasa Shri Sukumar Bhattacharya, (Co-opted) Shri D. Rangaswamy BOARD OF STUDIES: Shri A. Roy Chowdhury, Chairman Shri S.G. Argade, Vice-Chairman Shri P.K. Mallik, President (ex-officio) Shri B.C. Bhandari Shri Ashok Kumbhat Shri P.A. Nair Shri H. Chakraborty, "1 ( c ^ p t e d) Shri G. Satayanarayana /v

Seth, R. K. K ^ P "* Singhi, Jaisingh Calcutta Srinivasan, N. Madra" Talavlikar, S. B. P™e Vasa, B. V. Ahmedabad Verdia, B. S. Bombay

653 OI/79—5

EMPLOYMENT COMMITTEE:

CODIFICATION COMMITTEE:

Shri P.K. Mallik, Chairman

Shri Y.H. Malegam, Vice-Chairman

Shri A.K. Chakraborty

Shri B.L. Kabni

Shri N.C. Krishnan

Shri P.N. Shah

ACCOUNTING STANDARDS BOARD:

Shri V. Rajaraman, Chairman Shri G. Ramanujam, Vice-Chairman Shri P.K. Mallik, President (ex-offlcio) Shri Jaisingh Singhi Shri H.V. Vasa Shri B.S. Verdia Shri C.K. Hazari "I ,„ . ... Shri B.S. Thackcr )( C° - °p t e d) EXPERT ADVISORY COMMITTEE:

Shri N.C. Krishnan, Chairman

Shri P.N. Shah, Vice-Chairman

Shri B.L. Kabra

Shri O.V. Kuruvilla

Shri B.R. Maheswari

Shri Y.H. Malegam

Shri Ashok Kumbhat, Chairman Shri V. Jagadisan, Vice-Chairman Shri Y.H. Malegam, Vice-President (ex-officio) Shri N.C, Krishnan Shri N. Srinivasan Shri K. Swaminathan \rm nntwi'* Shri P. Gopalakrishna R a o /( C o"o p t e cU COMPANY LAW COMMITTEE:

Shri P.K. Mallik

Shri S.M. Dugar

Shri S.H. Talavlikar

SVi N. Sriaivasar, Chairman Shri P.B. Minon, Vie;-Crmirmart Shri P.K. Mallik, President (ex-officio) Shri V. Rajaraman Shri P.A. Nair

Shri T. Rengachari Shri P.M. Narielvala ") Shri S.V. Ghatalia Shri A.B. Tandan, KCo-optcd) Shri S.A. Murali Prasad Sliri R.S. Lodha J

CO-ORDINATION COMMITTEE (ICA-ICWAD

Shri Anil M.Parikh Shri S.G. Vasudeva, "I ,- t .. Shri P. Brahmayya /(Co-opted) UNIVERSITY LIAISON COMMITTEE: Shri H.V. Vasa, Chairman Shri R.P. Aiyar, Vice-chaltman Shri P.K. MalUk, President (ex-offlclo) Shri Anil M. Parikh Shri A. Roy Chowdhury ~\ Shri M.N. Saha > ,~ „„,„ ,, Shri B. Bakthavatsalu Naldu j "-°-°Pt e d)

GENERAL PURPOSES COMMITTEE:

Shri B.L. Kabra Shri P.K. Mallik Shri Y.H. Malegam Shri N.C. Krishnan Shri Anil M. Parikh Shri V. Rdjaraman Shri A.K. Chakraborty

APPENDIX III

(Reference Para m/6 of the Report)

Reaulls of Part I of MAC Examinations:

Given below are the statistics of results of the candidates appeared at the last two examinations held under Part I of the Management Accountancy Course:

1978 Shri P.K. Mallik, Chairman Shri Y.H. Malegam, Vice-Chairman Shri B.L. Kabni Shri D. S.etharamaiah Shri Jaisingh singhi ED tTORIAL BOARD; Shri P.K. MiUik, Editor-in-Chief Sh:i Y.H. Milegam, Vice-President Shri R.P. Aiyar Shri A.K. Chakraborty Shri S.K. Das Gupta Shri A. Roy Chowdhury Shri Jaisingh Singhi

May REVIEW COMMITTEE FOR ACCOUNTING EDUCA TION:

Novem- ber

Both groups:

—Candidates appeared

19

22

—Candidates passed

1

1

—Percentage

4 . 5%

Group I

—Candidates appeared

25

44

—Candidates passed

4

2 Shri B.L. Kabra, Chairman Shri P.K. Mallik, Vtce-Chairinan Shri B.C. Bhandari Shri V. Jagadisan Shri B.R. Maheswari Shri V. Rajaraman Shri R.K. Seth 1 Shri S.K. Gupta I Shri P.M. Narielvala, V(Co-opted) Shri H.M. Damania Shri B.S. Mchta J

—Percentage

9%

8% ETHICAL STANDARDS COMMITTEE:

Group II ..

—Candidates appeared

7

—Candidates passed

nil

—Percentage

6 2 33.33% Shri P.K. MilUk, Chairman Shri Y.H. Malegam, Vice-chairmen Shri S.K. Das Gupta Shri P.A. Nair Shri S.M. Dugar

APPENDIX IV

(Ref. Para V/l of the Report)

NUMBER OF MEMBERS AS ON 1ST APRIL, 1978 & 1ST APRIL 1979

1978

1st April 1979

1979

1st April 1978

Fellows :—

(i) Solely in practice

(ii) Engaged in other occupation in addition to practice

(iii) Not in practice

Associates

(i) Solely in practice

(ii) Engaged in other occupation in addition to practice

ini) Not in practice

Grand Total

APPENDIX V

(R-:f ; Para V/6 of the report)

NAMES OF MEMBERS WHO EXPIRED DURING THE

YEAR 1978-79

Name

Sr. No.

Member- ship Num- ber

Shri Angarai Sundareswara Ananda Nataroja 1. 31

Iyer

Shri Ap.iji Bavji Armn Shri S. Kaliswuian Shri Pahilaj Hassasing Gidwani Shri V.K. Subramania Aiycr Shri Jagmohandas Keshavji Doshi Shri Giryakumar Bhattacharyya Shri Wil Isaac Jacobs. Shri S. Narasirnhan Shri Basudeva Ghosh Shri Narcndra Natvcilal Chokscy Shri Narayan Dinkar Lovalckar Shri Binode Kumar Das Gupta Shri Akshoy Kumar Das Shri T.R. Jagadisan Shri Amiya Kumar Sen Shri Kaib.sh Prasad Bhargava Shri Arun Prakash Sarkar Shri Narayanaswamy Ramaswttiny Iyer Shri Fremroze Bapuji Wadia Shri Dattatraya Chintaman Ranadc Shri Bhupendrarai Ranchhodji Desai Shri Panchapagesa Balr.subramanian Shri Dattatrya. Balkrishna Ketkar Shri Chandrakanr Sitaram Kulkarni Shri Bikramjit Majumdar

127 350 378 432 447 738 800 877 1068 1114 1136 1151 1168 1264 1406 1407 1432 1721 1918 2280 2564 2981 4003 4259 4316

2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 36.

5,551 1,184

5,095 1,048

7,453

6,721

6,733 718

6.143 578

5,377 1,583

4,761 1,673

12.957

14,102 6,434 6,523

6,960 7,142

21,555

19,678

21,555 19,678

27. 4392 Shri Parankusam Venkata Subba Rao 28. 4399 Shri Satindra Kumar Ghosh

29. 4570 Shri Jayantilal Jeram Daxini 30. 4982 Shri Yashwant Gowind Joshi 31. 5225 Shri Maliikarjuna Panditharadhyula

Kumaraswamy

32. 5230 Shri R.M. Valliappan 33. 5251 Shri Bansidhar Nathalal Jariwnla 34. 5262 Shri K.M. Thariyan 35. 5850 Shri Dinanath Yashwant Bhumkar 36. 6189 Shri C. George Varghcsc 37. 6507 Shri Gyanchand Jain 33. 7122 ShriSarvottamShantaramKuIkami 39. 7274 Shri Midan Lal Airan 40. 7436 Shri Manas Kumar Mukhopadhyay 41. 8473 Shri Chander Sen Jain 42. 10242 Shri Venktesh Gopal Kulkarni 43. 10293 Shri Mothcy Srinivasa Prasad 44. 10365 Shri r.S. Sundararajan 45. 11539 Shri Praphullachandra Gurudas Rsjmachikar 46. 12413 Shri Pandurang Chandralias Gait Gaitonde-

telang

47. 12722 Shri Vangala Venkata Jagannadhtim 48. 13896 ShriRatanshiShivjiThakkar 49. 14680 Shri P. Raghupathi 50. 30084 Shri Surinder Singh Brar

APPENDIX VI

(Ref. Para V/7 of the report)

DISCIPLINARY ACTION AGAINST MEMBERS

1. Charging Premium from the Articled Clerks

A member was found guilty of professional misconduct- under clause (i) of Part II of the Second Schedule to the Chartered Accoutants Act, 1949 read with Regulation 31(1) ojt the Chartered Accountants Regulations, 1964 for having re- ceived premium of deposit from his two articled clerks. The Council recommended to the High Court that the member

be reprimanded. The High Court accepting the finding of the Council and the recommendation made by it, administered a reprimand to the member.

2. Accepting the Audit Assijrament without First Commu-

nicating with the previous auditor in writine.

A member was found guilty nf professional misconduct under clause (8) of Part I of the First Schedule to the Char- tered Accountants Act. 1949 for having accepted (he audit assignment of a school without communicutine with the pre- vious auditor in writing. The member to whom an opportunity of being heard bv the Council had been afforded was not present, but had

3. Accepting the Appointment as Auditor without first ascertaining due compliance of requirements of Section 225 of Companies Act.

A member was found guilty of professional misconduct under clause (9) of Part I of the First Schedule to the Chartered Accountants Act, 1949 for having accepted the appointment as auditor of a company without fusl ascertaining from the company whether the requirements of Section 225 of the companies Act, 1956 in respect of such appointment had been duly complied with. The member who was offered nn oppor- tunity of being heard by the Council was not picsent and hr did not also send any written submission. On a consideration of the matter, the Council administered a reprimand to the member.

APPENDIX Vn

(Ref. Para VI-7 (a) of the Report)

Number of Students enrolled during the year 1978-79

Intermediate Final (Old) Final (Now) (Till

Old

4338 No. of candidates who were on Roll on 1st April, 1978

Enrolled during the year 1978-79 . . ..

4338 Total

No. of students who completed tuition for May 1978

Examination

29

No. of students who completed tuition In the year 1978-79

4309

Total

No, of candidates who were on Roll after May 1978 Exami-

nation

No. of students enrolled during the year 1978-79 .

No. of students who completed tuition for November 1978

Examination

Balance

APPENDIX VIII

(Ref : Para VTI/1 of the report)

Entrance Examination May Novem- 1978 ber!978

Total number of candidates appeared 2139 6744 No. of candidates absent in one or more papers 1001 1618

April 1978)

I

New Total

I

II

n

2364 3063 3303 15651 8515

2658 360

11313 8515

360

24166

19828

3018 2724 3063 3303

554

525

8959 1033 1036

8930

10398 15207 1985 1688 2509 2778

Final (New) Three Groups Scheme effestivo from 1st April, 1978

ii&m

All Groups

i&m

i &n

2778

2509

5287

2491

2491

2491

2491

7778

5269

5000

2491

409

237

360

787

7369

5032

4640

1704

Entrance Examination

May Novcm.

1978 1978

Out of the above No. of candidates ex-

870 1297

empted in one or more papers.

Effective No. of candidates. Total No. of candidates declared success-

2008 470

6423 1603

ful.

Percentage.

23.41% 24,96%

INTERMEDIATE (OLD SYLLUBUS) EXAMINATION

May 1978

November 1978

925

1455 64

Total No. of candidates appeared in Both Groups . No. of candidates absent in one or more papers Effective No, of caivliU.itos

925 No. of candidates appeared . . . .. No, of candidates absent in one or more papers Out of (he above No. of candidates exempted in

one Paper

9

J 1392 332 23.85%

Effective No. of candidates No. of candidates declared Sucw^Cul Percentage

No."of candklat JS doula.'^d su::wful in both groups Percentage Total No. of candidates appeared in Group I No. of candidates absent in ono or more papers Effective No. of candidates No. of candidates successful in Group I Percentage Total No. of candidates app:ar;d in Group IF No. of candidates absent in ona or more papers Effective No. of candidates No. of candidates successful in Group IF. Percentage

97% 1232 48 1134 132 11.15% 966 22 944 24 2.54%

INTERMEDIATE (NEW SYLLABUS) EXAMINATIONS

May 1978

November

1978

7370 527

Total No. of candidates appaared in Both Groups . No. of candidates absent in one or more papars

6756 17

Effective No, of candidates

6739 No. of candidates appeared No. of candidates absent in one or more papers Out of the above—No. of candidates exempted in

one paper . . . . - . •• 21 6864

No. of candidates declared successful in Both Effective No. of candidates

1632 23.78%

No. of candidates declared successful Percentage

1293 19.18".' 9428 492

Groups Percentage Total No. of candidates appeared In Group I No. of candidate*) absent in ono or more papjrs Out of the above—No, of candidates exempted in a

paper

18 8954 1567 17.5% 7477 316

Effective No. of candidates No. of candidates declared successful in Group I . Percentage Total No. of candidates appeared in Group II No. of candidates absent in ono or m jro papors Out of the above—No. of candidites cxampted

in a paper

Effective No. of candidates No. of candidates declared successful in Group II . Percentage

13 7179 502 6.99%

EXAMINATION

FINAL (OLD SYLLABUS)

May N<

svember 1978

Novem- ber 1978

May 1978

No. of candidates absent in one or

1978 165

more papers.

m

Total Na. of candidates appeared in Both

Out of the above—No. of candidates ex-

1028

1402

5

18 Groups.

empted in a paper.

No. of candidates absent in one or more

2

Effective No, of candidates. No. of candidates declared successful in

1

4578 4222 papers.

Out of the above No. of candidates ex-

510

886 19.35%

Group I. Percentage. Total No. of candidates appeared in

empted in one or more paper in a Groi

12%

Group II.

1026

ip — 1401

Effective No. of candidates.

2893

No, of candidates absent in one or more

2295

papers.

No. of candidates declared successful in

118

Out of the above—No. of candidates ex-

109

32

Both Groups.

empted In a paper.

Percentage.

7.78% 3.11%

2 2777

76 1 2220

Effective No. of candidates. No. of candidates declared successful in

Total No. of candidates nppeartd in

Group II. Percentage.

Group I.

4738 4321

401 18.1%

1059 38.13%

FINAL (NEW SYLLABUS ) EXAMINATIONS

May 1978

November

1978

Total No. of candidates appeared in Both Group;, 617

Total Number of candidates appeared in all Groups 975

1 616

No. of candidates absent in one or mora papsrs Effective No, of candidates

No. of amdidntes absent in one or more papers Effective No. of candidates Number of candidates declared successful in Both

No. of candidates declared successful in all groups

975 . 120

120

Groups

Percentage . . . . . . .. 19.48% Percentage . . . . . ..

. 12.4%

Total No, of candidates appeared in Group I

Total No. of candidates appeared in Group I

1028

2081

No. of candidates absent in one or more papers

No. of candidates absent in one or more papers

32

IS

Out of the above No. of candidates exempted Out of thi- above—No. of candidates exempted in a

in

a paper

paper . . . . . . .. ¹

997

2064

311

816

1430

29

14

B e st s t u d e nt of *" *™ l ^{9 7}R

November 1978

May 1978

C. Mukundan.

Lilani Abdul Karim Ahmed,

5.

S. Ramakrishnan.

Ynzdi Jamshid Panthaki,

fi.

7.

Jai Bhagwau Gupta.

N.M. Shah Prize (value Rs. 200/-) for the best paper on Taxation Surl Memorial Fund Award for the best paper on Commercial Laws and other Direct Taxes Acts. The U.C. Majumdar and S.M, Shah Prize for the best paper on Company Law.

Swapan Kumar Dey.

Jointly to :— Shri Manohra Rao S. and Kuruvilla J. Amlaii Vinod Chatrabhuj.

8.

Miss Pramilla V. Nalr.

9.

Vinod Kumar Jain.

Ratan Lal Jain.

10.

Ratan Lal Jain.

11.

Vinod Kumar Jain.

12.

Ratan Lal Jain.

Kishor Purshottam Chaudhari.

n.

B. Sriram.

S. Rama Krishnan.

The Venkatachalam Mohan Cash Prize of Rs. 100 for th? best paper on Economics. R. Sivabhnsam Prize to the best lady candidate Rum Chandra Singhi Prize to the best candidate. . M N. Das Prize for the best student in the Accountancy Group of the year 1978. G. Basu Foundation award for the best student of the year 1978 The Kerala Varma Priz^ for tlv? b,:st candidate in Group I The P.]\. Ghosh Memorial Prize for the best candidate in Group 11 (New Syllabus).

14.

Jai Bhagwan Gupta.

15.

Ratan Lal Jain. LHani Abdul Karirn Ahmsd.

Certificate of Merit : (Old Syllabus) 1st Rank Ilnd Rank IIIrdRank

16.

Narendra Kumar S. Karnavut. Babu Srinivas M.S. B. Sriram.

Final (New Syllabus) Certificate of Merit : 1st Rank Ilnd Rank ITIrdRank

Vinod Kumar Jain. K. Viswanathan. S. Ramakrishnan.

INTERMEDIATE EXAMINATION

May 1978 November 1978

Sunil Goel.

1. G.P. Kapadia (First President) Silver Medal . . ..

Jaycsh Prabhulal Shah.

2. Suri Memorial Fund Award for the best student of the year 1978

Jayesh Prabhulal Shah.

3. Dinesh Himatlal Shah Prize for the best paper on Auditing

Sanjay Lallu Bhai Shah.

4. Certificate of Merit (Old Syllabus) :

Partha Pratim Datta TA Sundar Raman.

1st Rank Ilnd Rank

IflrdRank

r

/Pavan Kumar Aggarwal and \Talupuri Venkata Kumaraswam}

(New Syllabus); 1st Rank Ilnd Rank IIIrdRank

Sunil God. Ghanshyam Chirania. S. Raghuraman.

Jayesh. Prabhulal Shah. Vishnu Krish a Kanhere. Saurabh Natwarlal Soparkar.

AUDITORS' REPORT

3. in our opinion, the accoun'.i are maintained in con- formity with the requirement of the Chartered Ac- countants Act, 1949 ; and

4. In our opinion and to the best of our information and according to the explanations given to us, the state- ments together with the notes thereon, the schedules attached, give a true and fair view :

We have audited the attached Balance Sheet of the Institute of Chartered Accoutants of India as tit 31st March, 1979 and also the annexed Income and Expenditure Account for the year ended on that date incorporating subject to note 2 thr Assets and Liabilities of. Regional Gbuncils, Students' Asso- ciations end Branches in the manner indicated in note 1 and report that:—

affairs as at 31st March, 1979, and

fii) in the case of the Income and Expenditure Account 1, We have obtained all the information and "xpinnations which to the best of our knowledge and belief were necessary far the purpose of our audit;

of the Surplus for the year ended on that date.

New Delhi p. R. Mehra, M. R. Venkataraman Chartered Accountants 2. the. Balance Sheet and the Income and Expenditure Account dealt with by the report are in agreement with Ihc books of accounts;

Dated, the 14th September, 1979.

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA, NEW DELHI

BALANCE SHEET AS AT 31ST M A R CH 1979

Funds & Liabilities

31-3-1979

31-3-1978

Rs.

Rs.

Rs.

Rs. Rs.

Rs.

I CAPITAL RESERVE

Balance : 1-4-1978

74,29,932

67,44,465 Add: (i) Entrance Fee allocated . . ..

5,57,433

5,39,467

(ii) Donation by Slnghi Foundation towards

part of the cost of construction of audito-

rium of Calcutta Building

45,000

(iii) Donation by Lodha Charitable Trust for

Library and Reading Room of Calcutta

Building

1,01,000

79.87,365

74,29,932

Less: Loss on portion of Bombay Building demoli-

shed

62,184 79,25,181

74,29,932

11 OENERAL RESERVES

Balance (1-4-1978)

37,97,753

8,55,335

Less : Transferred to Education Fund

10,00,000 27,97,753

Add: (i) Surplus as per Income & Expenditure Ac-

count

17,22,696

29,03,058

(ii) Transferred from Earmarked Funds

45,20,449

39,360 37,97,753

in OTHER RESERVES

(includes net accretionof Rs. 6,40,350 during the

year)

10,76,440

4,36,09

IV E A R M A R K ED F U N DS

(i) Education Fund : Transferred from General

10,00,000

Reserve

Transfer from Licom: & Expenditure A/c

7,70,000 17,70,000

(if) Earmarked Funds (other than Education Fund)

(Schedule'A')

11,90,926 29,60,926

11,70,481 11,70,481

V LIABILITIES

(i) Fees received in advance . . ..

47,17,219

35,22,404

(11) Creditors for expenses . . ..

9,96,554

7,90,528

(iii) Other liabilities

15,07,326 72,21,099

9,38,246 52,51,178

Total

2 1,37,04,095

1,80,85.434

PROPERTY & ASSETS

I FIXED ASSETS (Schedule 'B')

48,31,609

49,50,012

II E A R M A R K ED INVESTMENTS

(a) Education Fund Investments (Fixed Deposits

with Bank) (Transferred from non-earmarked

investments) . . . . ..

17,70,000

(b) Other Earmarked Investments (Schedule 'C') .

11,90,926 29,60,926 11,70,481 11,70,481

I ll— 1 4 3 5 III OTHER INVESTMENTS (AT COST)

(a) Fixed Deposit with Bunks . . ..

78,55,601

71,10,949

(b) Government Securities . . ..

2,606 78,58,107

2,506 71,13,455

IV CURRENT ASSETS

(a) Publications, Study Materials & Stationery

(at cost) . . . . . ..

12,59,126

8,48,115

(b) Amounts Receivable :

Interest . . . . .. Others

5,45,866 3,79,473 9,25,339

4,97,731 4,07,799 9,05,530

(c) Advances & Prepayments

(i) Advances to staff . . .. (ii) Loan Scholarships to Students

4,20,454 4,11,523

3,22,599 3,33,737

(iii) Others (includes Rs. 3,35,144 for cons-

6,15,429

truction of building at Bombay)

14,47,406

1,13,305 7,69,641

(d) Cash & Bank Balances

44,21,582 80,53,453

48,51,486

23,28,200

Total

2,37,04,095

1,80,85,434 1

3. Subject to Note No. 2 above, the Surplus for the yeai includes net Surplus of the Reginal Councils, Students' Associations and their branches for the year 1978/79.

4. Previous year figures have been recasted wherever found

necessary to make them comparable.

5. Claims not acknowledged as debts estimated at

Rs. 12,000 (Rs. 10,000),

1. In the absence of the current year's audited accounts of some of the branches of Regional Councils, Stu- dents' Associations and their branches, their un-audited accounts for the current year or the latest available accounts for earlier year (audited or un-audited) have been incorporated in these accounts. Adjustments as may, subsequently, be considered necessary prising out or the audit of such accounts will be made in due course. These accounts include certain adjustments for some of the above mentioned associations and branches for earlier period."

P. K. MA1.LIK, President

Y. H. Malegam, Calcutta, 15th September, 1979 Vice-President P. S. Gopalakrishnan,

Secretary.

P. C. Jain, Deputy Secretary

New Delhi, 14th September, 1979.

2. The Fees and Grant-in-aid amounting to Rs. 85,500 (Previous year Rs. 50,300) disbursed to those branches of Regional Councils, Students' Associations and their branches, in respect of which return* for the year 1978-79 have not been received, has been included under the Expenditure head 'others'. Balances of branches of Regional Councils, Students' Associations nnd their branches (in respect of which returns have not been received) amounting to Rs. 86.026 (as at 31-3-78 Rs. 82,018) are included und"r the head •Other liabilities'.

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA, NEW DELHI

Income & Expenditure Account for the year ended 31st March, 1979

1978-79 Ra.

1977-78 RS.

I. INCOME

(a) Members

36,95,819 2.12.515

(i) Regulatory & Professional Development (As per Schedule D) (il) Research (As per Schedule D)

37,81,688 1,72,174

39,08,334

39,53.862 Sub-Total

(b) Students (As per Schedule D)

88,19,784

77,29,102 Sub-Total

• . . .

653 GI/79—€

1977-73

1978-79 RA.

Rs.

(c) Miscellaneous

(i) Income from Property

(ii) Income from Investments (excluding Earmarked Funds) .

5,710 4,45,153

6,124 7,17,484

7,23,608

4,50,863

Sub-Total

1.21,33,827

Total

1,34,51,726

II. EXPENDITURE

(a) Members

25,24,785 1,41,646

34,66,389 2,14,397

(i) Regulatory & Professional Development (As per Schedule E) (ii) Research (As per Schedule E)

26,66,431

36,80,786

Sub-Total

(b) Students (As per Schedule E)

72,78,244

65,64,338

Sub-Total

92,30,769

1,09,59,030

Sub-Total

24,92,696

(c) Surplus for the year

29,03,058

(i) Transferred to Education Fund 7,70,000

1,21,33,827

1,34,51,726

Total

(ii) Transferred to General Reserve 17,22,696 .

P. R. Mehra, M, R. Venkataraman

Chartered Accountants P. S. Gopalakrishnan Secretary P.C. Jain Deputy Secretary

Y. H. Matagam Vice-President

ANNEXURE TO BALANCE SHEET—SCHEDULE (A)

The Institute of Chartered Accountants of India, New Delhi.

Particulars

31-3-1978

R i.

31-3-1979 Rs.

Rs.

Rs.

(a) Research Fund

6,31,747

6,30,705 1,042

6,31,747

Balance : 1-4-78 Additions during the year

6,31,747

(b) Medals & Prizes Fund

1,85,976

Balance : 1-4-78

1,55,037

2,000

28,500

Additions during the year

1,87,976 15,219

1,83,537 12,871

Add : Income earned during the year

2,03,195

1,96,408

10,432

14,373

1,88,822

Less : Cost of Medals & Prizes Awarded

1,85,976

(c) Scientific Research Fund

2,28,641

2,28,641

2,28,641 41

2,28,682

Balance : 1-4-78 Additions during the year

31-3-79

Particulars

Rs.

Rs.

Rs.

31-3-78 Rs.

(d) Social Cost Benefit Analysis Fund

43,161 4,950

51,801 4,496 Balance : 1-4-78 Add: Income from Investmont during the year

48*111 5,211

Less: Expenditure during the year

42,900

56,297 13,136

43,161

(e) 7th Conference of Chartered Accountants Scholarship Fund

32,546 2,610

Balance : 1-4-78 Add: Tncome earned during the year . . ..

29,936 2,610

35,156

32,546

(f) Southern India Chartered Accountants Students Association

Hostel Fund Balance : 1-4-78 Add : Income earned during the year

11,929 956

12,885

10,973 956

11,929

(g) Students Scholarship Fund

8,100 Balance : t-'-78 Additions during the year . ..

8,741 12,000

Add : Income during the year

20,741 1,574

8,100 641

8,741

Less: Expenses during the year

22,315 1,875

20.440

8,741

(h) South Gujarat Chartered Accountants Stud} Circle Fund

6,037 Balance : M-78 Add: Income earned during the year

6,037 1,054

7,091

6,037

(i) Seminar Fund

Balance: 1-4-78

21,703 1,500

20,348 1,500

Add: Income-earned during the year

23,203

23,203

21,848 145

21,703

Less : Expenses

TOTAL

11,90,926

11,70,481

P,S. Gopalakrlshnan P.K. Mallik P. K. Mchra, M. R. Venkataraman

Secretary

President Chartered Accountants

P. C. Jain Y. H. Malegam

Deputy Secretary Vice-President

ANNEXURE TO BALANCE SHEET—SCHEDULE (C) The Institute of Chartered Accountants of India, New Delhi

Particulars

31-3-1979

Rs.

Ra.

Rs.

31-3-1978 Rs.

(a) Research Fund

(i) Fixed Deposit with Banks

6,25,384

(H) Transferred to non-earmarked investments.

6,35,328 5,144

Bank Balance

6,30,184 1,563

6,31,747

6,25,384 6,363

6,31,747

(b) Medals & Prizes Fund

(i) Fixed Deposit with Banks

(11) Govt. Securities and National Saving Certificates

1,29,581 51,524

98,856 80,025

(iii) Bank Balance

1,81,105 7,717

1,88,822

1,78,881 7,095

1,85,976

(c) Scientific Research Fund

(i) Fixed Deposit with Banks (ii) Bank Balance

2,24,654 4,028

2,28,682

2,24,654 3,987

2,28,641

49,500

49,500

(d) Social Cost Benefit Analysis Fund (i) Fixed Deposit with Bank (il) Bank Balance

43,161

49,500

6,600

(iii) Transferred to non-earmarked Investments

42,900

49,500

6,339

(e) 7 th Conference of Chartered A c c o u n t a n ts Scholarship F u nd

26,1 (M)

(i) F i x ed D e p o s it with B a nk . . . ..

9,056

(li) B a nk Balance

32,546

26,100

6,446

35,156

(f) S o u t h e rn India Chartered A c c o u n t a n ts Students' Association

Hostel Fund

(i) Fixed Deposit with Bank ,

. ..

9,560

(ii) Bank Balance

3,325

12,885

9,560 2,369

11,929

(g) Students' Scholarship Fund

20,100

(i) Fixed Deposit with Bank

(il) Bank Balance

340

8,741

8,100

641

20,440

fli) South Gujarat Chartered Accountants Study Circle Fund •.

(i) Fixed Deposit with Bank

(ii) Bank Balance

5,000

2,091

7,091

5,000

1,037

6,037

(i) Seminar Fund

(i) Fixed Deposit with Bank

15,000

15,000

8,203

23,203

6,703

21,703 (fi) Bank Balance

11,90,926

11,70,481 TOTAL

P.S. Gopalakrlshnan P. K. Mallik P. R. Mehra, M. R. Venkataraman

Secretary

President

Chartered Accountants

P.C. Jain Y.H. Malcgam Deputy Secretary Vlce-President

ANNEXURE TO BALANCE SHEET-SCHEDULE (B)

The Institute of Chartered Accountants of India, New Delhi

Fixed Assets as at 31st March, 1979

Book Value

Additions during the

Cost as at 31-3-1979

Assets

Cost as at 1^-1978

Adjustments Relating to Branches

year

Depreciation as at 31-3-79

as at 31-3-1979

Bock Value

as at

31-3-1978

Rs.

Rs.

Rs. Rs.

Rs.

Rs.

Rs.

1. LAND AND BUILDINGS

y. 1 Free-hold Land

1,12,500

1,14,404

Madras              .     .     .     1,12,500                                                           1,12,500
Calcutta            .     .     .     1,14,404                                                           1,14,404

1,12,500

1,14,404

1.2 Lease-hold Land

2,159

53,630

New Delhi . . . 2,159 Bombay . . . 53,630

2,159 53,630

2,159

53 630

1.3  Buildings
    New Delhi           .     .    .    18,71,519                                                         13,86,789
    Madras              .     •    .     3,84,869                                                          2,33,594
    Madras (Annexe)     .     .    .     2,53,183                                                          2,34,665
    Calcutta            .     .    .     7,68,798                    23,175                                7,35,305
    Kanpur              .     .    .     2,26.957                                                          2,02,838
    Bombay  (Old Bldg)             .     3,97,548                                                          1,23,528

18,71,519

3,84,869

2,53,183

7,91,973

2,26,957

2,00,364

-)1,97,184

4,84.730 1,51,275 18,518 56,668 24,119 76,836

14,22,348

2,39,584

2,40,683

7,30,985

2,08,038

2,51,379

•• ("

2. ELECTRIC INSTALLATIONS AND FITTINGS

13,746 6,11,059 3,46,095 2,64,964 2,80,659 2.1 New Delhi . . . 5,97,313 2.2 Regional Councils, Students'

Associations & Branches . 42,573

297

5,227 48,097 28,262 19,835 17,656 3. AIR CONDITIONING INSTALLA-

TION

3.1 New Delhi . . . 5,25,925

5,25,925 4,09,151 1,16,774 1,37,381

4. LIFT

89,858

1,57,883

68,025

••

••

75,583 4.1 New Delhi . . . 1,57,883

39,089 17,000

2,18,477 68,162 7,321

4,71,97; 71,122 9,038

2.92.5S6 L 19,960 1,717

:,O3,(.64 58,736 8,134

5,11,063 88,122 9,038

5.1 New Delhi 5.2 Madras 5.3 Calcutta 5.4 Regional Councils Student's Asso-

ciations & Branches

4,67,523

42,749

2 4"> ">">2

7,022

5,17,294

2,75,072 2,56,577

6. OFFICE EQUIPMENT

35,537

2,88,199 6,810 5,526

2,03,206 3,7O7 1,534

3,23,736 6,810 5,526

1,2O,f;.O 3,023 3,992

1,06.264 3,556 4,697 6.1 New Delhi 6.2 Madras 6.3 Calcutta 6.4 Regional Councils Students' Asso-

96,016

25,320

2,00,573

l.O^Ctf?

ciations and Branches

1,21,826

2.26.S93

7. MOTOR CAR 7.1 New Delhi

32,779

32,779 11,801

20,978 2o,223

4,87,095

4,32,575

54,520

3,93,382 93,713 78,974 8. LIBRARY BOOKS 8.1 Now Delhi 8.2 Regional Councils Students' Asso-

1,605

7,22,860 4,76,596

6,35,503

85,752

2 46.2C4 2-19,?f,2 ciations and Branches

TOTAL

8,924

82,85,738

81,30,883

1,45,931

34,54,129 4fi,31,ffJ 4C50.012

P. S. Gopalakrlshnan P. K. Mallik P. R. Mehra, M. V. Venkalaiaman

President

Chartered Accountants Secretary P. C. Jain Y. H. Malegam

Deputy Secretary Vice-President

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA, NEW DELHI

Annexurc to Income & Expenditure Account for the Year Ended 31st March, 1979

SCHEDULE (D)

TOTAL

Ml

EMBERS

STUDENTS

r

1978-79 1977-78

al Research

1978-79 1977-7JP

Regulatory & Profession

Development

1978-79 1977-78

1978-79 1977-78

Rs.

Rs.

Rs.

Rs.

Rs.

Rs.

Rs.

Rs.

I. INCOME

1,04,500

1,04,500 88,300

88,300

34,03,702

34,08,702 31,51,508

31,51,508

1. Entrance Fe? 2. Membership Fee . 3. Post Graduate Course

Fee

20,000

20,000

14,300

14,300

4,25,800 4,01,530

4,25,800

4,01,530 4. Students Registration Fee . .. 5. Students Association

Fee (Contra)

84,870 79,980

84,870 79,980

39,40,261 36,81,514

39,40,261 36,83,514 6. Coaching Fee 7. Examination Fee

29,45,861

36,45,732

36,45,732 29,45,861

8. Journal & News

1,81,409 4,13,912

3,52,987

1,81,409

60,925 Letter

82,143

1,24,351

76,602 58,109

6,13,170 5,85,775

4,12,217 9. Publications

4,45,520

10. Interest on Investments

1,52,883

87,787

1,52,155

89,731 64,358

63,152

11. Nomination fee for Elec-

tion to Council and Regional Councils

12. Others . . . 1,51,519 1,65,401 86,015 1,16,484

377

297 65,127

48,620

TOTAL . . 1

116,82.964

27,28,118

36,95,819 37,81,688

1,72,174

2,12,515

88,19,784

77,29,102

653 GI/79—7

TOTAL

MEM [BERS STUDENTS

, —--*._ _ -, 1978-79 1977-78 Regulatory & Professiona .1 1978-79 1977-78

Dtvdopment

Research

i - ^ — *•

1978-79 1977-78

' 1978-79 1977-7iT

Rs.

Rs.

Rs.

Rs.

Rs.

Rs.

Rs,

Rs.

II. EXPENDITURE

1. Salaries & Staff Ex-

penses (Includes Gratuity)

77,317 405 83,119

64,060 769 34,095

8,50,593 1,52,775 1,92,755 4,05,432

10,58,600 2,24,514 1,88,834 7,70,207

27,31,252 3,49,071 3,98,292 5,08,432 13,34,433 19,66,844

32,43,641 4,54,107 4,70,960 9,03,919 15,91,517 20,62,126

21,07,724 2,29,188 l,99,O.)7 1,33,712 15,91,517 20,62,126

18,16,599 1,95,527 1,71,442 1,03,000 13,34,433 19,66,844 2. Printing & Stationery . 3. Publications 4. Journal & Newsletter 5. Coaching 6. Examination 7. Postage, Telegrams &

Telephones

3,33,330 3,86,848 1,99,186

2,84,759 2,94,519 1,32,575

1,79,951 2,11,014 1,04,538

1,11,761 1,15,577 52,662

1,53,379 1,75,834 94,648 8. Rent, Rates & Taxes . 9. Repairs & Maintenance

1,72,279 1,63,493

3,44,401

1,73,100 3,45,379

1,72,998 1,78,942 79,913 1,80,908 10. Depreciation

11. Travelling & Conve-

VHtlCC *

32,194

2,17,698 1,93,142

34,619 1,18,537

3,59,270

3,68,429

1,31,509 (a) Council Members .

(b) Staff & Others

1,17,024 1,35,905 63,292 67,453

4,957

3,713 48,775 64,739

12. Library Maintenance

31,027 29,881 18,662 15,394

12,365

14,487

••

13. Overseas Relations

67,924 30,738 67,924 30,738

14. Seminars, Conferences

27,522

27,522

etc. (Net) .

42,828

96,046 26,907

47,631 74,588

53,218 15. Professional Fees

16. (a) Election

36,483 21,070 36,483

(b) Fresh Election

16,405

21,070 1,09,112

4,390

97,964

1,30,651

2,13,281

99,779 2,45,020

17. Others

1,41,646

2,14,397

25,24,785

72,78,244

34,66,389

65,64,338

92,30,769

109,59,030

TOTAL

Note:—Expenditure on Overseas Relations has been shifted from Research to Professional Development.

P. S. Gopalakrishnan P-K. Mallik P. R. Mehra, M. R. Venkataraman

Secretary

President

Chartered Accountant

P. C, Jain Y. H. Malegam

Deputy Secretary Vice-President

APPENDIX

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA, NEW DELHI 1978-79

Analysis of Expenses on Members for the Year 1978-79

SI.

1978-79

1977-78

No.

I, (a) No. of Members

21,390 3,681

19,645 2,666

Rs.

(b) Total Expenditure (*)(**)

172

136

Rs.

Rs.

II Total Expenditure per member

m REGULATORY

Rs, Rs

938 44 26%

1,004 51 38% (a) Total Expcnditurc(*) (b) Expenditure per member . . . . . . . . . .. (c) Percentage

IV PROFESSIONAL DEVELOPMENT

Rs. Rs,

2,743 128 74%

1,662 85 62%' (a) Total Expenditure (•) (*') (b) Expenditure per member (c) Percentage

(*) Rupees in thousands

P, S. GOPALAK.RISHNAN, Secy.

(**) Includes expenditure on research

PRINTED BY THE MANAGER, COVT. OF INDIA PRESS, RING ROAD, NEW DELH1-110064

AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI-110054, 1 9 79