Our Honorable Chief Minister of Delhi, announced a special seven day drive of removing Malba, dust and garbage in case he receives photographs through a special mobile application. Huge amounts
were spent on the entire exercise specially on advertisement. Delhi did not see any result and the outcome couldn't be measured, in the absence of accounting, Management Information System, proper checks and control and no provision for monitoring of outcome.
The Chartered Accountant profession, hereby, volunteers setting up of the entire system of accounting of public spending including:-

• A transparent pre sanction detailed techno economic feasibility study
• Disclosure of the entire break up of plan, technical specifications, description of Bills of Quantity, including standard service level, quality levels and other terms or condition proposed to the potential bidders through a transparent electronic public procurement process.
• Post sanction implementation monitoring including accounting, internal control, delegation of powers and record keeping of actual deliveries against the committed deliverable by measurement of actual physical outcome. A regular step by step website disclosure and invitation of public questioning will ensure that Bill of Quantity (BOQ) is adhered in letter and spirit.

Public Accounting in a transparent manner and its disclosure to the entire democracy is mandatory for structured and monitor growth. The government has specified detailed disclosure, transparency requirement beside compliance's for the private sector. The similar accounting disclosure requirement as well as internal control mechanism is to be put in place for the Central Government, State government and local bodies. The various social schemes, planned expenditure as well as unplanned expenditure needs to be properly accounted for, Management Information System to be put in place with clear cut governance process. In the absence of above, the public funds will always be misused. For Example- Education Cess meant for modernization and infrastructure had been mainly spent on mid-day meal for last several years. The Institute of Chartered Accountants of India (ICAI) can provide a framework and organise Chartered Accountants into groups to provide necessary technology including hand holding of the  implementation .This will ensure eradication of mad competition in the tendering process and will provide suitable remuneration for professional services and high quality result to the Central Government, State Government, Indian Railways, National Highway Authority of India, Public Sector Units (PSUs) and all other similar initiative & schemes of government. The exercise can be funded to ICAI body for onward Chartered Accountant groups to support the exercise professionally.

The Supreme Court of India held that where assessee had declared on goods that they were not meant for retail sale and revenue could not produce any evidence to contrary, there was no requirement to affix MRP thereon and goods were to be valued based on transaction value under section 4.

The Supreme Court of India held that merely because principal manufacturer has extended loan to job-worker for investment in machinery, job-worker cannot be regarded as dummy of principal manufacturer.

The Supreme Court ruled that the demand for interest and penalty under Rules 96ZO, 96 ZP and 96 ZQ of the Central Excise Rules was illegal.

The direct and immediate impact upon the fundamental right of the citizen is that he is exposed to a huge liability by way of penalty for reasons which may in given circumstances be beyond his control and/or for delay which may be minimal. The possibility of achieving the object of deterrence in such cases can be achieved by imposing a less drastic restraint.

Algorithms, the software programs that are increasingly replacing humans in many complex jobs where precision and speed decide the winner, are becoming an essential tool for auditors as well. The different tools used by the auditors give them specifics of even the smallest if transactions once it is defined by the auditor. The auditors need to have a basic know how to run these tools but the results are transparent and elaborate.

The Chartered Accountant Institute plans to usher in the facility of ‘e-hearing’ for its disciplinary cases, its President Manoj Fadnis has said.

Single-brand retail companies wanting to sell on ecommerce platforms will be able to do so only if they have a licence for setting up physical outlets, according to revised foreign direct investment regulations.

India proposes to launch a $1-billion equity fund, with seed capital from public sector units, to support renewable energy companies.

Government hopes to launch a $1-billion private equity fund where the government companies will seed the initial capital and then at a later date we will look at foreign capital to pool with it to provide equity support to companies which want to come and invest in India’s renewable energy sector.

The New Development Bank (NDB), floated by the BRICS nations to step up infrastructure funding in emerging economies, has decided to raise funds in the financial markets by issuing bonds. Last year, the five BRICS countries -- Brazil, Russia, India, China and South Africa -- announced the establishment of the NDB which had an initial authorised capital of USD 100 billion and it will start its operations early next year.  

With an aim of promoting interests of Rs.5.77 crore small businesses, an online portal e-lala was launched to promote business-to-business and trader-to-customer transactions and reduce costs. Urban Development Minister M Venkaiah Naidu inaugurated e-lala, an e-commerce portal of Confederation of All India Traders (CAIT).

The Reserve Bank of India (RBI) said the total subscription denominated in units of gold for the first tranche of sovereign gold bonds stood at 9,15,953 grams amounting to Rs 246 crore.

India has activated recent policy changes that liberalised foreign direct investment (FDI) rules and has spelt out the definition of the term "manufacturing" to provide clarity to companies and promote ecommerce.
Under the revised policy, a company manufacturing goods in India is free to sell online without any restrictions. However, the term "manufacturing" had not been clearly defined in the policy.
As per the definition by the Department of Industrial Policy and Promotion, "any change in the physical object resulting in transformation of the object into a distinct article with a different name or bringing a new object into existence with a different chemical composition or integral structure" would qualify as manufacturing.

Companies that assemble products in India, such as those in the automobile and telecom sectors, stand to gain while those that have simply been processing or relabeling products won't qualify as manufacturers, according to experts.

• Draft note on policy for strategic sale of distressed PSUs being circulated
• Cabinet likely to approve the note by December end
• Disinvestment Commission to decide whether to sell or revive sick PSUs
• Assets of unlisted loss-making PSUs might go under the hammer
• Assets to include factories, warehouses, hotels, office buildings and land parcels
• Cabinet secretary has been meeting various ministries regarding their companies
• FY16 disinvestment target Rs 69,500 Cr - Rs 41,000 Cr from stake sale in listed profitable PSUs and the remaining from strategic sales
• So far, only Rs 12,600 Cr garnered from four stake sales through Offer For Sale route

Three banks snapped up almost 90 percent of bonds sold by Indian states to foreigners, and turned them into derivatives, raising the prospect of more volatility in one of Asia's best performing debt markets. Rs.30000 crore out of Rs.35000crore bonds on offer in October have been picked up by 3 banks.