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Dear Professional Colleagues,

Budget 2009 was presented in Parliament amid great expecta- tions. The Finance Minister had to balance growth with social commitment against the backdrop of fiscal deficit and eco- nomic slowdown.

The budget has been structured to give a positive impetus to rural development by putting money in the hands of people with the hope that their spending would churn out fresh demand for goods and services giving further rise to income and employment. It is hoped that this upward spiraling effect would put the country back on the 9% growth trajectory. It is a long term growth plan which will try to build a sustained development for people at the grassroot level which will boost demand.

drug abuse, anti-tobacco and HIV/AIDs. The Planet Alert initiative informed people about the dangers of global warming and climate change. Similar activities were organized by various branches making this a national social program.

Capping the celebrations was our special ‘Mile Sur Mera Tumhara’ musical show at the famous Shanmuhkananda Hall. The event was attended by many dignitaries and celebrities. This musical night featured Monali Thakur of Indian Idol fame, Rehan Khan of Sony Sab fame and the talents of the mimicry artist VIP, and dance troupe. But the most heart warming parts of the show were the enthusiastic performances given by our own members, their families and the students. About 3000

members attended the programme with their families and made it a night to remember.

The current budget also aims to jumpstart the infrastructure sector on a number of fronts, from highways to low cost housing to integrated development of villages. By increasing the outlay in the National Rural Employment Guarantee Scheme (NREGS) by 144% and channelising more and more money into projects that would help create and generate employment, it is hoped that it will bring about a positive outlook for steel, cement and other infrastructure companies. This budget aims to perform the dual task of giving stability to the rural masses as well as sowing the seeds for sustained future growth in both rural and urban areas.

To give our members a deeper insight into the budget, a Lecture Meeting on ‘The Finance (No. 2) Bill, 2009 – Direct Tax Provisions’ by our eminent past President, CA. Bansi S. Mehta, was organised at the Yogi Sabhagriha, Dadar, Mumbai which was attended by about 4000 members. The lecture meeting was appreciated by our members who derived practical information which has helped them to unfold the intricate provisions of income tax. We also published a booklet for free distribution at the Lecture Meeting which contained an analytical overview of the Budget prepared by our professional brothers.

The ICAI Diamond Jubilee International Conference was held in Agra at Hotel Jaypee Palace from 3rd to 5th July 2009 which was attended by over 2000 delegates from 38 countries making it a truly interna- tional conference.

In this Diamond Jubilee year, ICAI has embraced an environment initiative: Planet Alert. This initiative is all about making people aware of our environment and how we can take care of our beautiful earth. At the International Conference at Agra, we were privileged to have on board Mr. Rahul Bose – actor and environmentalist, as our Planet Alert ambassador. Mr. Rahul Bose not only enlightened and encouraged everyone to be more conscious of the environment but also launched the Planet Alert Film and Planet Alert Song at the Conference. Mr. Rahul Bose was at the forefront of the Go Green marathon that was part of the Planet Alert awareness campaign. The Diamond Jubilee Conference was a memorable occasion which will live in the memory of the delegates for a long time.

We also had the rare privilege of hosting the Central Council meeting in Mumbai after a long time. The meeting, which was held at Hotel Sahara Star and at Amby Valley in Lonavala provided us the opportunity to interact with the President, Vice President and the Central Council members.

As part of the ICAI Diamond Jubilee, we celebrated the diamond jubilee week from 25th June to 1st July in a grand way which saw the participation of more than 5000 members and students in various events organised by WIRC. To that end a number of social, cultural and knowledge based activities were initiated and implemented.

You would be pleased to know that the blood donation drives at multiple locations, the medical camps and the tree plantation programmes were very successful. To that end we had also organised lecture meetings: Towards Better Living at Yogi Sabhagriha, Dadar and Tanavmukta Jeevan Kaise Jiye at SBPT College, Vile Parle. We arranged awareness drives for diabetes,

This month was an eventful one with activities and programs in which large number of members have participated. We know that this spirit of social enterprise will continue to be at the forefront of our initiatives with the hope that it will be emulated by our members. In the words of Barack Obama, “Change will not come if we wait for some other person or some other time. We are the ones we’ve been waiting for. We are the change that we seek.”

With best regards

CA. B.C. Jain


5 | Forthcoming Events

18| Forthcoming Study Circle Meetings

18| Forthcoming Branch Meetings

20| Bulletin Board

24| Law Updates

26| Recent Judgements

Western India Chartered Accountants Newsletter | July 2009


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