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Editor’s Column

December 4, 2012

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Hard work, dedication and commitment always pays off……Congratulations to Muhammad Shahid Nazir for his innovative marketing technique to attract customers. His rhythmic and catchy song “One Pound Fish”, which he composed to attract customers, has hit more than 3.6 million views on YouTube and is also giving him a chance to strike a deal to record a music video – a fair chance to become a pop star. Coming to Indian economy, the struggle to achieve reform process continues. The much awaited FDI in retail is receiving strong opposition inspite of which, the Government is hopeful that it will clear this bill along the other major bills in the winter session of parliament. Unprecedently the gold imports are soaring high, causing a concern to the RBI as this has its implications on the inflation effecting the common man. RBI proposed the introduction of two new gold-based instruments aimed to ease the demand for physical gold and to combat inflation. These proposals are (a) designing products to convert the existing hoard of physical gold with households into paper securities and (b) enabling investors to make a seamless exit and entry back in gold, and with rewards to earn a return on their fresh savings comparable to that on physical gold, thereby mitigating the temptation to invest in gold per se.. If these schemes are implemented successfully, it may help to keep the price of yellow metal under control. Arvind Kejriwal formally launches AamAadmi Party (AAP) with the object to eradicate corruption in India. Most of us want to be like him, but somewhere we are scared and sit back with the hope that someone else will initiate the process of change. Despite of all odds, he has stood up resolutely and is trying to bring about a change. We should all be inspired by his initiatives and do our bit wherever possible to fight corruption. The department of labour, AP Govt on 23rd Nov, 2012 issued an order directing all business establishments to put up their sign boards in Telugu thereby affecting all the shops and establishments across the state of AP. The shops and establishments have been given a month's time to comply with the order, failing which the department has warned that the name boards will be taken away and a penalty levied on the owner. It is advised that all the shops and establishment comply to this in order to avoid penalty. Though the due date for XBRL filing is nearing, it seems that the majority of corporate are not fully geared up and are hoping for extension of time. This time due to revised Schedule VI and revised taxonomy, it was learnt that filling of e-forms 23AC(Non-XBRL) and 23ACA (Non XBRL)was a tedious, laborious and time consuming process. I feel there is great need for automation of this process, else the effective time of professionals and others involved in this process may be badly impacted. Before I close, I would like to convey my New Year wishes  to all of you- 'Wishing you the vision and mission to march ahead with high spirits this New Year, 2013.  Hope you have a very  joyful, successful and colourful New Year'. With regards, Ramakrishna Gupta R
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