Dear Members,

The Hon’ble Finance   Minister presented the Finance Bill 2006 on 28th February 2006.  The same was passed by the Parliament on 22nd March 2006.  It has been unprecedented that the Finance Bill has been passed within less than a month, as usual without much debate from the elected Members of the Parliament.  One of the very disturbing features is the immediate withdrawal of exemption from service tax on services rendered by Chartered Accountants.  The notification is unjust, unfair and discriminatory.  I hope the Government restores the exemption.

My congratulations to CA. Mr. T N Manoharan and CA. Mr. Sunil Talati who recently assumed the office as the President and Vice-President of the Institute of Chartered Accountants of India.  My congratulations also go out to CA. Mr. Sunil Goyal who is elected as the Chairman of the WIRC of Institute of Chartered Accountants of India. 

It is ‘India Shining. ‘India is on the global map and the radar’.  India is looked upon as the most favoured destination for investments.  The valuations are rising.  Estate prices up, stock market up, bullion up.  India’s fortunes are today linked with the global economy as never before.  The growth is explosive.  This ‘up’ surge in the economic indicators seems to be positive and up-beat.  We need to however observe caution.  The valuations are showing an upward trend. This being good, professional and work opportunities will increase.  We will have to capitalize the business opportunity.  We will have to upgrade ourself, acquire the necessary education, skill and attitude to rise to meet the professional challenge.  Let us have a positive outlook towards this rapid change.  We will have to adapt ourself to the fast evolving and changing scenario.  Change and adaptation is inevitable.

I hope we will face the challenge that lies ahead.

With Best Wishes and Warm regards,