CAduniya.com : CA India Blog

In what could be a significant deterrent to corporate frauds, the concept of rotation of partners received a green signal from the apex body for chartered accountants, Institute of Chartered Accountants of India (ICAI), and mandates change of partners after seven consecutive years with a listed company.

The step, cleared by ICAI, will be operational from April 2009 and is expected to significantly reduce complexity between individual partners in audit firms and their assigned companies, something that has been a cause behind many of the big corporate frauds to have hit the financial world.

“We have cleared rotation of partners and this would come into force from April 1, 2009 only for listed firms, ICAI president Ved Jain said.

New Delhi:  With marginal cuts in freight and passenger fares and with a cash profit of Rs 25000 crore for this fiscal, Railways Minister Lalu Prasad presented his fifth budget Tuesday, adding another chapter to the dramatic turnaround story of the Indian Railways. Run-up to Budget 2008-09

Springing a surprise on 14 million passengers who travel by Indian trains every day, Lalu Prasad said that fares would be cut by five per cent in sleeper class, four per cent in AC II Class, three per cent in AC III Tier and seven per cent in AC I Class. Transportation of fuels would also cost five per cent less.

The minister also announced in the Lok Sabha 10 new ‘garib raths’ and 53 other new trains for the next fiscal. He said that for the first time tickets would have the expected time of arrival of trains to ensure punctuality.