(Photo Source: pxhere.com) <ul><li>Chartered accountants in India could reportedly face action who bring ‘disrepute’ the profession even outside work </li><li>CAs may lose their license in case they are found guilty of misconduct. </li><li>According to Supreme Court ruling, CAs could be penalised regardless of whether the misconduct was work-related. </li></ul>Professional or other misconduct even outside work could have severe consequences for India’s chartered Accountants, according to a recent ruling by India’s Supreme Court. Additionally, CAs could be stripped off their professional licence, effectively banning them from work as per the ruling, Economic Times <a href="https://economictimes.indiatimes.com/news/politics-and-nation/donning-cas-hat-means-being-an-accountant-be-accountable-24x7/articleshow/66817162.cms">reported.</a> “A member of the Institute, whether in practice or not, shall be deemed to be guilty of other misconduct, if he is held guilty by any civil or criminal court for an offence which is punishable with imprisonment for a term not exceeding six months or brings disrepute to the profession or the Institute as a result of his action whether or not related to his professional work.” the Supreme Court said in its <a href="https://www.consultease.com/supreme-court/order-council-icai-vs-sh-gurvinder-singh/#.W_4sjmgzbIU">judgment </a>dated 16 November. Even drinking and driving or creating a public scene that disgraces the accounting profession could potentially amount to disciplinary action, according to the ET report, which cited Manoj Fadnis, former president of Institute of Chartered Accountants of India (<keyword id="6364696" type="UNKNOWN" weightage="20" keywordseo="ICAI">ICAI</keyword>) said. The decision came when a Supreme Court bench comprising Justice Rohinton Fali Nariman and Justice Navin Sinha was hearing a case related to an earlier high court judgment involving the Institute of Chartered Accountants of India (ICAI), which had earlier initiated proceedings against a CA, <keyword id="121229" type="PERSON" weightage="20" keywordseo="gurvinder-singh">Gurvinder Singh</keyword>, who was accused of <a href="https://www.consultease.com/supreme-court/council-icai-vs-sh-gurvinder-singh-supreme-court/#.W_4l22gzbIU">misconduct</a> in a matter related to the accused “transferring 100 shares” in this own name. While the ICAI council and Gurvinder Singh had settled the case between them, the disciplinary committee found that Singh’s conduct was “derogatory in nature and highly unbecoming.” Further details of the case weren’t disclosed. The Supreme Court bench overturned the high court ruling, saying it had not correctly appreciated the Sector 21(3) of Chartered Accountants Act 1949, under which ICAI could enforce disciplinary action in case an accused was guilty of a civil or criminal offence that carried a punishment under the <keyword id="75223" type="ORGANIZATION" weightage="20" keywordseo="Indian-Penal-Code">Indian penal code</keyword> of less than six months.

Chartered accountants in India may lose their license for misconduct even outside work

<ul><li>RBI increased the incremental cash reserve ratio (ICRR) for the increase in net demand and time liabilities (NDTL) between May 19-July 28.</li><li>The measure intends to absorb surplus liquidity generated return of ₹2,000 notes to the system &amp; more.</li><li>Das assured that even after this ‘temporary impounding’, there will be adequate liquidity to meet the credit needs of the economy. </li></ul>The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) on Thursday said that scheduled banks shall maintain an incremental cash reserve ratio (I-CRR) of 10%. This ‘temporary measure’ which comes into effect on the fortnight starting August 12, refers to the increase in net demand and time liabilities (NDTL) between May 19 to July 28. “This measure is intended to absorb the surplus liquidity generated by various factors referred to earlier including the return of ₹2000 notes to the banking system. This is purely a temporary measure for managing the liquidity overhang,” RBI governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> said in his speech announcing the monetary policy committee (MPC) decision to keep base interest rates unchanged at 6.5%. The RBI withdrew ₹2,000 currency <a href="https://www.businessinsider.in/finance/news/rbi-to-withdraw-2000-currency-notes-from-circulation-will-continue-to-be-legal-tender/articleshow/100360976.cms">notes from circulation</a> on May 19, and gave people time till September 30 to deposit them with the banks. “RBI has taken liquidity measures to drain out the incremental liquidity (mainly on account of deposits of ₹2,000 notes) to anchor the overnight rates towards policy rates,” said Gurvinder Singh Wasan, senior fund manager and Credit Analyst, JM Financial Asset Management. Das assured that even after this ‘temporary impounding’, there will be adequate liquidity in the system to meet the credit needs of the economy. The ICRR will be reviewed on September 8, 2023 or earlier — with a view to returning the impounded funds to the banking system ahead of the festival season, he added. The existing cash reserve ratio (CRR) remains unchanged at 4.5%. “Excessive liquidity can pose risks to price stability and also to financial stability. Hence, efficient liquidity management requires continuous assessment of the level of surplus liquidity so that additional measures are taken as and when necessary to impound the element of excess liquidity,” he added. RBI’s MPC however raised its inflation projections for FY24 to 5.4%, assured that the Indian economy has maintained its resilience with good domestic demand. "Excess liquidity due to ₹2,000 notes, RBI dividend and capital flows might fuel Inflation. Hence incremental deposits CRR has been increased by 10 percent. This will absorb excess liquidity. This is a temporary measure,” said Marzban Irani, CIO debt at LIC MF. ‘Vulnerabilities creep in during good times’ Macro stress tests indicate that scheduled commercial banks (SCBs) would be able to comply with the minimum capital requirements even under severe stress scenarios. Yet, there is no room for complacency because vulnerabilities may creep in during good and tranquil times. “Buffers are best built up during these periods,” Das said. Maintaining a stable financial system is a shared responsibility of banks and NBFCs as well as the RBI, Das said. “On its part, the <keyword id="50847" type="General" weightage="50" keywordseo="reserve-bank" source="Orion">Reserve Bank</keyword> remains steadfast in its commitment to safeguard the financial system from the emerging and potential challenges. We expect the same from the regulated entities also,” he added.

RBI’s temp measure to absorb surplus liquidity caused by ₹2,000 note inflows

Aurangabad, Apr 28 () The Hazur Sahib Gurudwara inMaharashtra's Nanded district is on alert after some pilgrimswho went back from there to Punjab tested positive forcoronavirus, a gurudwara official said on Tuesday.The shrine administration is sanitising the premisesat regular intervals and following the social distancingguidelines, he said.Eight of the Sikh pilgrims who recently returned fromNanded to Punjab tested positive for coronavirus on Monday.Five of the pilgrims belonged to Tarn Taran whilethree hailed from Kapurthala in Punjab."We are taking all care. Spraying of disinfectants andsanitisation of every corner of the premises is being done atregular intervals. Social distancing is being maintained. Wealso have our own quarantine facility here," the gurudwarasuperintendent Gurvinder Singh Wadhwa told .Any staff member who goes out of the city isquarantined at the facility available here. After completionof the quarantine period, the person is asked go to the civilhospital and get a check-up done before resuming duty, hesaid.Three persons are already quarantined at the facility,he added.Nearly 4,000 pilgrims from Punjab, who came to payobeisance at the Gurdwara Hazur Sahib in Nanded, got stuckbecause of the coronavirus lockdown.Now, they are being sent to Punjab after theintervention of the Union Home Ministry. AWGK GK

Hazur Sahib Gurudwara on alert as 8 pilgrims contract COVID-19

(Eds: adds details)Aurangabad, May 1 () The Gurdwara Hazur Sahib atNanded was on Friday sealed by local authorities after severalpilgrims who returned to Punjab after visiting the shrinetested coronavirus positive, officials said.The Gurdwara Langar Sahib in the premises, whichserves food to all visitors, has also been closed, they said.Hazur Sahib, also known as Takht Hazuri SahibSachkhand, is among the holiest Sikh shrines in the country.At least 115 of the over 3,500 pilgrims who returnedfrom the Nanded gurdwara have tested positive for coronavirus,according to Punjab government figures."The gurdwara and langar (community kitchen) havebeen closed from Friday," the official at Nanded said.Gurdwara superintendent Gurvinder Singh Wadhwa said,"District and civic officials reached the gurdwara in themorning on Friday and directed that it be closed and thelangar service be stopped."The batch of pilgrims who left from Nanded to Punjabhad been tested at the local government hospital for the virusand none showed any symptoms, he said.The pilgrims had made halts at Indore, one of thecountry's worst coronavirus-affected cities, Bhilwara andHanumangarh in Rajasthan, and Bhatinda in Punjab en route,gurdwara functionaries said.Baba Balwinder Singh of Langar Sahib said there aresome 175 people from different states in the complex. AWBNM VTVT VT

COVID-19: Hazur Sahib gurdwara, langar at Nanded sealed

(Eds: Merges related stories) Aurangabad/Chandigarh, May 1 () Local authorities sealed Nanded's Hazur Sahib gurdwara on Friday, hours before Punjab reported that 91 more people who returned from the shrine in Maharashtra had tested positive for coronavirus. So far, 197 pilgrims out of the 3,500 rought back from the Maharashtra gurdwara, among the holiest sites in Sikhism, have contracted the infection, according to authorities in Punjab. The returning pilgrims formed the bulk of 105 fresh cases reported in Punjab on Friday. The 197 Nanded pilgrims are a third of the 585 confirmed coronavirus cases reported so far in Punjab. Taking into account the 20 deaths and people who have recovered, they represent about 40 per cent of the "active cases" in the state. In neighbouring Haryana, 18 Nanded pilgrims are in quarantine, officials said. About 4,000 pilgrims from Punjab had remained stranded for about a month at Hazur Sahib gurdwara in Nanded due to the nationwide lockdown to fight the coronavirus pandemic. Gurdwara Langar Sahib on the same premises, which serves food to all visitors, has also been closed, officials said in Nanded. "District and civic officials reached the gurdwara in the morning on Friday and directed that it be closed and the langar service be stopped," gurdwara superintendent Gurvinder Singh Wadhwa said. The pilgrims heading back to Punjab had made halts at Indore, one of the country's worst coronavirus-affected cities, Bhilwara and Hanumangarh in Rajasthan, and Bhatinda, according to gurdwara functionaries. Baba Balwinder Singh of Langar Sahib said there are still about 175 people from different states in the complex. In a video clip, Akal Takht jathedar Harpreet Singh on Friday claimed there was a conspiracy to "malign" the Sikhs just as the Muslims were after the Tablighi Jamaat episode. The reference by the Amritsar-based jathedar was to the Tablighi Jamaat congregation in Delhi in March. Hundreds of people who participated and then returned to their homes across the country had tested positive. "It is being propagated as if Takht Sri Hazur Sahib was the home to coronavirus and these people carried it with them to Punjab," he alleged. "It is a very big conspiracy," the jathedar said. He said the pilgrims stayed at the Nanded gurdwara's "sarai" for over a month, volunteering for the "langar sewa". "How come they turned coronavirus positive after they reached Punjab? This question comes to the mind of everyone," the religious leader claimed. Harpreet Singh said there were complaints about the quarantine arrangements made for them and urged Punjab Chief Minister Amarinder Singh to set things right. "A video surfaced in Amritsar where some women are complaining that they are not getting water to drink. Some are being kept in 'deras' which is against their sentiments. It appears to be the irresponsibility on the part of the government," he said. He said the state government should have contacted the Shiromani Gurdwara Parbandhak Committee (SGPC) for arranging the stay and meals for the quarantined pilgrims. Amarinder Singh has asked people not to be worried about the sudden spike in cases, saying most of the new cases are people coming from other states. The state government had already ordered a 21-day quarantine for people coming from outside. CHS SUN VSD AW BNM VT ASHASH

Nanded gurdwara closed, 91 more Punjab pilgrims test positive

<img class="gwt-Image" src="/photo/47267090.cms" /> 
 
The 68th annual <keyword id="6362016" type="ENTERTAINMENT" weightage="100" keywordseo="Cannes-film-festival">Cannes Film Festival</keyword>, which starts today in the beautiful city of Cannes, France, is all set to make a lot of headlines, like it has been doing, year after year. 
 This year, the world would see not one or two but three Indian beauties walking down the red carpet of the Cannes film festival. All three divas, namely <keyword id="6366471" type="PERSON" weightage="100" keywordseo="Aishwarya-Rai">Aishwarya Rai</keyword> Bachchan, Sonam Kapoor and Katrina Kaif would be representing the popular international cosmetic brand, L’Oreal. 
 
This would be the Cannes debut of Katrina Kaif, as Aishwarya Rai Bachchan and Sonam Kapoor have already appeared and represented the brand at the prestigious film festival. 
 
Katrina Kaif would be walking the red carpet on the first and second day of the festival, which means that she would be gracing the red carpet today and tomorrow. 
 
For Aishwarya Rai Bachchan, who completes 14 years at Cannes this year, the red carpet appearance would be towards the end of the festival, reportedly on 17th and 20th May. 
 
Sonam Kapoor, for whom this is the 5th Cannes appearance, would be showing off her elegance on 16th and 18th May. 
 
Talking of movies, there are two Indian feature films that will be screened under the Uncertain Regard section. The first one, titled Masaan has Richa Chaddha in the lead. The movie has been shot in Varanasi, is directed by Neeraj Ghaywan and co-produced by Anurag Kashyap. The second movie is Gurvinder Singh's Punjabi movie Chauthi Koot, which is a period drama set in Punjab of the 1980s. 
 
Other than this, there is a short movie to be screened, called Miyan Kal Aana, which is produced by actor Nawazuddin Siddiqui and directed by his brother Shams Siddiqui.

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Chartered accountants in India may lose their license for misconduct even outside work

BI India Bureau

RBI’s temp measure to absorb surplus liquidity caused by ₹2,000 note inflows

Katya Naidu

Hazur Sahib Gurudwara on alert as 8 pilgrims contract COVID-19

PTI

COVID-19: Hazur Sahib gurdwara, langar at Nanded sealed

PTI

Nanded gurdwara closed, 91 more Punjab pilgrims test positive

PTI

All that Bollywood can at ‘Cannes’

Nandini Sharma