MM TAX CLUB

We are pleased to inform that the Draft Bank Branch Auditors’ Panel(MEF) of Chartered Accountants/firms for the year 2021-22 has been hosted at www.meficai.org

Kindly note that it is a Draft Panel and the category of the applicants of Multipurpose Empanelment Form for the year 2021-22 is subject to validation of Financial Documents of the applicants. Changes or inconsistencies if any, will be communicated separately to the applicants.

The following details can be viewed by the applicants by giving MEF No. / FRN or MRN in case of individual:

MEF No.

FRN No.

Name of the Applicant

Unique Code Number

Category

District

Reason for ineligibility, if any

The applicants would also be able to view the reasoning for change in their category, wherever applicable, in the Draft Panel itself. However, in case of any observations/ complaints the applicants may raise the query with details at https://app.meficai.org/complaints which will be suitably addressed and replied individually.

The Draft Panel will be available up to Sunday, 23rd January, 2022. Complaints if any have to be lodged by then. After suitable addressal of the queries, the final panel will be sent to RBI for their consideration.

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The Institute of Chartered Accountants of India ("ICAI") releases the Exposure Draft of Guidance Note Dated January 16, 2022 on Audit of Banks, 2022 edition issued by the Auditing and Assurance Standards Board.

Says apparel exports to pick up further speed in 2022

Shri  Narendra Kumar Goenka, took charge of Apparel Export Promotion Council (AEPC) as its new Chairman.  Padma Shri Dr A Sakthivel handed over the charge to him. Assuming charge of the Council at its Executive Committee meeting held today, Shri  Goenka said, “We are witnessing a robust growth in apparel exports. Going by the export orders in hand, this positive trend will further accelerate in the last quarter”.  He further said, “Apparel exports were 22% up at $1.46 billion in December 2021 from $1.20 billion in December 2020. The same in the first nine months of this fiscal stood at $11.13 billion, 35% more than $8.22 billion in April-December 2020. The trend is getting stronger.”

Shri Goenka said that this major turnaround in apparel exports was possible due to the highly efficient management by the government led by the Hon’ble Prime Minister Shri Narendra Modi and the entrepreneurial spirit of the Indian apparel exporters. Despite several disruptions in the global supply chain and demand, the Indian apparel industry demonstrated its resilience by gradually inching back to the pre pandemic growth path. By the end of this financial year, we will be looking at new targets, he said.

“With global demand picking up gradually and industry reporting handsome orders in hand, apparel exports are likely to pick up in 2022. We need to strongly focus on efforts for promoting Brand India taking suitable measures to ensure sustainability and other social compliances,” he added.

Shri  Goenka has been associated with the Council for more than two decades. He was the Vice Chairman of the apex body of Indian apparel exporters before taking charge as Chairman, AEPC.

AEPC is the official body of apparel exporters in India, under the aegis of Ministry of Textiles,  that provides invaluable assistance to Indian exporters as well as importers/international buyers.

The Government of India (GoI) has announced the Sale (Re-issue) of (i) ‘4.56% Government Security, 2023’ for a notified amount of Rs 2,000 crore (nominal) through price based auction using uniform price method (ii) ‘5.74% Government Security, 2026’ for a notified amount of Rs 6,000 crore (nominal) through price based auction using uniform price method (iii) ‘6.67% Government Security, 2035’ for a notified amount of Rs 9,000 crore (nominal) through price based auction using uniform price method, and (iv) ‘6.99% Government Security, 2051’ for a notified amount of Rs 7,000 crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to ₹2,000 crore each against one or more security/securities. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on Friday i.e. January 21, 2022.

Up to 5% of the notified amount of the sale of the Securities will be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on January 21, 2022. The non-competitive bids should be submitted between 10.30 a.m. and 11.00 a.m. and the competitive bids should be submitted between 10.30 a.m. and 11.30 a.m.

The result of the auctions will be announced on January 21, 2022 (Friday) and payment by successful bidders will be on January 24, 2022 (Monday).

The Securities will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circular No. RBI/2018-19/25 dated July 24, 2018 as amended from time to time.

16 projects of Specialty fibres cleared including 5 projects in Healthcare, 4 projects in Industrial and Protective, 3 projects in Energy Storage, 3 projects in Textile waste recycling, & 1 in Agriculture and 4 projects in Geotextiles (Infrastructure)

Industry and Academia connect is essential for the growth of research and development in the application areas of Technical Textiles in India, says Shri Piyush Goyal

Inter-ministerial synergy is required for attracting mega research projects in the country: Shri Goyal

Ministry of Textiles today cleared 20 strategic research projects worth INR 30 crores in the areas of Specialty fibres and Geotextiles under the chairmanship of Union  Minister of Textiles, Shri Piyush Goyal.  These strategic research projects fall  under the Flagship Programme ‘National Technical Textiles Mission.’ 

Amongst the 20 Research projects, 16 projects of Specialty fibres were cleared including 5 projects in Healthcare, 4 projects in Industrial and Protective, 3 projects in Energy Storage, 3 projects in Textile waste recycling, & 1 in Agriculture and 4 projects in Geotextiles (Infrastructure) were cleared.

Various leading Indian Institutes, Centres of Excellence and Government Organizations participated including IITs, DRDO, BTRA, among others in the session which cleared projects strategic for the development of Indian economy and a step in the direction of Atmanirbhar Bharat, especially in the Healthcare, Industrial and Protective, Energy Storage, Textile Waste Recycling, Agriculture and Infrastructure.

While addressing the esteemed group of Scientists and Technical Technologists, Shri Piyush Goyal said, “Industry and Academia connect is essential for the growth of research and development in the application areas of Technical Textiles in India. Building convergence with Academicians, Scientists and Researchers is the need of the hour.”

Shri Piyush Goyal also highlighted that the focus should be on the Internationally high value added products and building a structure of brainstorming around problem statements. In addition, Inter-ministerial synergy is required for attracting mega research projects in the country.

Previously, 11 research projects worth INR 78.60 Crores were cleared by the  Ministry of Textiles on 26^th March 2021.