On July 1, 2022, more than 3.5 lakh chartered accountants across the country will be celebrating CA day. The day is special for every chartered accountant as it not only celebrates one of the prestigious professions in the country but also it a matter of pride for those who have passed the CA exam, which is considered to be one of the toughest exams in the world.
On CA Day, Nation Next speaks to practicing chartered accountant Ajay Vaswani (Partner, ARAS and Company) about the importance of the day, the CA course and what former president Dr APJ Abdul Kalam and PM Narendra Modi famously said about the profession in the past.
Why is July 1 celebrated as CA Day?
On July 1st, 1949, the Institute of Chartered Accountants (ICAI) was established as a statutory body under the Chartered Accountants Act, 1949, enacted by the Parliament. An expert committee, which was formed in 1948, suggested the formation of an autonomous body to regulate this profession and so act was passed and ICAI came in existence. CA Day is celebrated on July 1 to commemorate the formation of ICAI.
What is the motto of ICAI?
The ICAI has a very strict code of ethics. Its official motto is a quote from the Upanishad: The quote is: ‘Ya esha supteshu jagriti.’ It means: ‘One who is awake among those that sleep.’ A CA is honour-bound to follow the ICAI’s regulations and to always be compliant and vigilant. Even when clients are irresponsible about their taxes, it is the CA’s duty to help them become better tax-paying citizens of the country.
What is the role of Chartered Accountants in Indian economy?
Apart from being involved in debit-credit accounts, CAs play a very important role in nation building on a large scale. A chartered accountant is the backbone of the economy. His/her financial expertise helps the country get in the right direction in various financial and economic measures thereby strengthening India’s economy. A CA contributes in the field of tax planning, capital planning, budget planning, financing or other activities, preparation of accounting books and auditing. In the current scenario, after the introduction of GST, the role of the CA has become even more important. In everyday life, the experience of CAs is utilized as much as possible, starting from the preparation of laws and regulations to the implementation of GST.
Former President Dr APJ Abdul Kalam once said that chartered accountants are partners in nation building…
Nation Building involves building financial health, financial discipline, financial reporting and enforcing financial ethics. All these things strengthen overall financial health of any county. Since a CA plays a crucial role in all these things, Dr Kalam, who is also known as people’s president, said that CAs are partner in nation building.
What role does a CA play in growth of any business?
The present business scenario has led to the evolution of the profession of chartered accountancy. Where once a Cas expertise was limited to taxation and regulatory practices, it has now spread all corners of business management right from inception to constantly making effort to making steady progress. CAs play important role in financial planning, cost optimization, business management decisions, structuring and compliance.
CA exams are considered to be one of the toughest exams in the world…
Yes, CA exams are said to be one of the toughest exams considering the fact that very few people compared to people appearing, pass the exams. However, it’s the continuous dedication to study along with articleship, which makes the CA course very tough. A person who can balance work and study well can qualify and become a chartered accountant.
Since there is are reservations in Chartered Accountancy course, every student is an equal when it comes to hard work and intellect. Also, it is very economical to pursue CA in comparison with other professional courses…
The highest performing education systems are those that combine equity with quality. Such institutions give all children opportunities for a good quality education. CA curriculum is same PAN India irrespective state and city, and is free from reservation system or quota. It is also very economical to pursue chartered accountancy. This course, in fact, gives an opportunity to earn while you learn by means of stipend while undergoing training under a practicing CA. The net cost of doing CA doesn’t exceed Rs 1.50 lakh.
What qualities should a student must possess to pass CA exam?
Dedication, commitment, sincerity, punctuality, strong and clear communication skills, positive mindset and self-belief.
What are the opportunities available for freshly qualified Chartered Accountants?
There are endless opportunities for a person after passing the final CA exam. Most industries or companies require the professional service of chartered accountants. A CA can join another CA firm, join a company recruiting chartered accountants, can start own practice, or can start a firm following the path of entrepreneurship.
If you had to describe a chartered accountant in a few words, what would you say?
A Chartered Accountant is a financial doctor, financial lawyer, financial engineer and financial architect.
Prime Minister Narendra Modi once said that ‘The signature of a CA is more powerful than that of the PM…’
Yes, PM Modi said that chartered accountants are like ambassadors of any country’s economic system and that they are interface between the government and the tax-paying companies and individuals. He also famously said that the signature of a CA is more powerful than that of the PM.
Deaf and dumb students put up scintillating show at Radio Mirchi’s ‘Utsav @ Zero Mile’ in Nagpur
Amid heavy rains, Nagpur citizens drenched themselves in patriotism during ‘Utsav @ Zero Mile’ organised by Radio Mirchi on Sunday, August 14. What made the event all the more special was when several deaf and dumb students of Deaf and Dumb School, Shankar Nagar, gave a splendid performance on national anthem that reverberated patriotic fervour. Apart from them, students from Delhi Public School also left people completely mesmerised with their incredibly soothing performance with various musical instruments.
Ex-Indian Idol contestant from the city Kaivalya Kejkar regaled the audience with songs including ‘Maula Mere Lele Meri Jaan’ from Chak De! India.
Kids in Nagpur walk ramp in khadi outfits during Azadi Ka Amrit Mahotsav
In a rare yet commendable initiative, kids walked the ramp in outfits made in Khadi by designer Durgesh Dixit during Khadi Pride. The ramp walk took place at Sugandh Sabhagruha in Nagpur on Sunday, August 14 in the presence of Central Member of Khadi & Village Industries Commission, Micro Small & Medium Enterprises Jaiprakash Gupta.
India’s biggest tribal health project launched in Nagpur; over 10,000 to be screen across Vidarbha
Maharashtra University of Health Sciences (MUHS) along with the Tribal Development Department in Nagpur launched BLOSSOM that was recently inaugurated by Union Minister Nitin Gadkari.
BLOSSOM is an initiative that has been launched to reach out to the remotest tribal villages in districts of Chandrapur, Gondia and Gadchiroli in Maharashtra and screen the people for non-communicable diseases and plan suitable interventions.
Launched at Hotel Centre Point Hotel on World Tribal Day, the initiative BLOSSOM stands for: Breast cancer, Liver and lifestyle diseases, Osteoporosis, Sickle cell, Sexually transmitted infections, and Malnutrition.
Around 22 teams would screen a population of 10,000 tribal people across remote villages in the coming three months.