A new logo for the profession of Chartered Accountants (CA) was unveiled by the Union Minister of Corporate Affairs, Prem Chand Gupta on the 59th Chartered Accountants Day. It was on July 1, 1949, that the Institute of Chartered Accountants of India (ICAI) was established with the enactment of the Chartered Accountants Act, 1949.
The minister also announced that after the Chartered Accountants (Amendment) Act 2006, ICAI can now increase the membership fee without any change in regulation and approval from the government, subject to a ceiling and that to increase the fee more than the ceiling, only an approval from the government was needed.
He added that the ICAI has been empowered to approve academic courses as well as their contents without affecting any change in CA regulation.
The government has also removed the ban on fee sharing by members of ICAI, with certain categories of non-members to be recognised by the Council of ICAI.
Gupta said that regulations to effect the above will come into force at the earliest.
According to Sunil Talati, president, ICAI, the logo has been designed to create brand image for CAs. He stated that the letters CA in the logo have been put in blue colour which is the corporate colour and denotes creativity, knowledge, integrity, stability and depth.
The upside down tick mark typically used by chartered accountants, has been included to symbolise the wisdom and value of the profession.
The green colour in the tick mark signifies growth, prosperity, harmony and freshness.
The ICAI has also come out with a co-branded credit card for Chartered Accountants in association with ICICI bank.Talati added that the credit card will benefit the members and is expected to act as an affinity card for the members.
NMDC bags prize for reducing costs
The Institute of Cost and Works Accountants of India (ICWAI) gave awards for excellence in cost management to Indian corporates this week.
Among manufacturing organisations in the public sector, National Mineral Development Corporation Ltd bagged the first position for reducing cost in prominent areas like manpower, power, fuel, and selling and distribution.
Bharat Electronics Ltd came second while the third position was shared by Gujarat State Fertilizers and Chemicals Ltd and Central Electronics Ltd.
Among the best performing manufacturing units in the public sector, Bharat Heavy Electricals Ltd. (BHEL), Hyderabad, stood first for giving equal emphasis to cost management and quality management. GAIL LPG Plant (Vaghodia) stood second while the third slot was bagged by Gujarat Alkalies and Chemicals Ltd.
The first position among the private manufacturers was bagged by Tata Motors Ltd for focusing on value creation through product improvement and integrated approach covering each component of the cost. Lakshmi Machine Works Ltd stood second and Tata Steel Ltd third. Among manufacturing units in the private sector, Madras Aluminium Company Ltd bagged the first prize.
The service sector was a separate category.
The organisations were categorised based on ownership, size and type of operation. Hence, generalising the manufacturing and services sector would have been unfair, explained BB Goyal, advisor, ministry of corporate affairs and a member of the jury.
Mumbai Port Trust bagged the first position in this category, followed by Cyber Media (India) Ltd.