ICAI Invites EOI from CA Firms for Indian Railway Accounting Project

  Inviting expression of interest from eligible Firms of Chartered Accountants ICAI Accounting Research Foundation (ICAI ARF) established by the Institute of Chartered Accountants of India in January, 1999, as a Section 25 Company under the Companies Act, 1956 (now a Section 8 Company under the Companies Act, 2013), for promoting research in the areas of accounting, auditing, capital markets, fiscal policies, monetary policies and other related disciplines. ICAI ARF hereby invites proposals from eligible Chartered Accountant Firms having preferably their Head Office at following places to be associated for handling its upcoming project of Indian Railways for conversion of its books of accounts from hybrid to accrual accounting: RFP No. Zonal Railway Place State Minimum Team Requirement Team Leader Team Member ARF/RFP/Mar 17/01 Central Railway Mumbai Maharashtra 1 5 ARF/RFP/Mar 17/02

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Odisha seeks Rs 5,870 crore package in Railway Budget 

Odisha Chief Minister Naveen Patnaik today said the state generates an annual revenue of over Rs 15,000 crore for Indian Railway and sought a Rs 5,870 crore package for development of railway infrastructure in the state. “For the forthcoming Budget 2017-18, I have proposed a package on railways for Odisha for your consideration and I reiterate that this package will help both the state and the Indian Railway in furthering their goals of economic and social justice. The package is of Rs 5,870 crore,” Patnaik said in a letter to Railway Minister Suresh Prabhu. He said the package includes detailed proposals for ongoing projects, sanctioning of new lines, station modernisation, introduction of new trains, extension of existing trains, improved passenger amenities at stations, on board service, establishment of rail-based industries,

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Parliament Panel for preserving Railway autonomy after Budget merger 

There should be adequate discussion on railway finances in Parliament even after the merger of Rail Budget with General Budget, a panel of MPs said today. In a report, ‘Structural Changes In Union Budget’, the Committee on Estimates of the Lok Sabha said that NITI Aayog should be given full weightage in allocation of resources for development programme. While approving the government proposal for merger of Railway Budget with General Budget, the Committee said that the financial and functional autonomy of railways should be maintained. The Railways, it said, should continue to get reimbursement of losses on operation of strategic lines and finance ministry should extend adequate budgetary support “The Committee are sanguine that the working and finances of the railways would continue to be discussed in the House for

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Demonetized notes cannot be used to pay Railway Tickets, its Catering Services and to Purchase tickets for travel by suburban and metro rail services

  MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 7th December, 2016 S.O. 3678(E).—In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby further amends the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S. O. 3408 (E) dated the 8th November, 2016 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) dated the 8th November, 2016, namely:— 2. In the said notification, in paragraph 1, clause (b), clause (l) and clause (m) shall be omitted with effect from the 10th December, 2016. [F. No. 10/03/2016-Cy.I] Dr. SAURABH GARG, Jt. Secy. Note : The principal notification was published

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No Service Charge on internet booking of Railway tickets via IRCTC  to encourage digital payment

  Press Information Bureau  Government of India Ministry of Railways 23-November-2016 17:30 IST Ministry of Railways has decided that in order to help passengers and incentivise the payment through credit/debit/cash cards instead of cash payment for booking of reserved tickets, Service Charge shall not be collected on booking of e-tickets/ i-tickets from 23rd November to 31st December, 2016. Service Charge is Rs. 20 on sleeper/ 2nd Class and Rs. 40 on AC classes for booking through IRCTC. AKS/MKV/DK

Seeks to amend Cenvat Credit Rules, 2004 so as to amend the requirement of enclosing photocopies of the railway receipts (RRs) with the STTG certificate-reg

  [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 45/2016 – Central Excise (N.T.) New Delhi, the 20th September, 2016 G.S.R. (E).- In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the CENVAT Credit Rules, 2004, namely :- 1. (1) These rules may be called the CENVAT Credit (Tenth Amendment) Rules, 2016. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the CENVAT Credit Rules, 2004, in rule 9, in sub-rule (1),

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Railways seek Rs 1.19 lakh cr from FM for safety works

With the aim to achieve zero accidents, Railways has sought more than Rs 1 lakh crore from the Finance Ministry to strengthen the track and upgradation of the signalling system to ensure safe train operation. Railway Minister Suresh Prabhu has written a letter to Finance Minister Arun Jaitley seeking Rs 1,19,183 crore to create a separate safety fund for undertaking various safety works, including track works and elimination of level crossings by construction of rail overbridge and rail underbridge among others, said a senior Railway Ministry official. Since railways has decided to increase the average speed of trains, it is important that rail track and rail bridges are also strengthened alongwith signalling upgradation. Besides increasing speed of passenger service, railways has also decided to run freight trains with 25 tonne

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Railway to launch new Bedroll scheme at Delhi railway station

Railway is now to launch new bedding scheme. Railway passengers need not worry about carrying bedding as the public transporter has lined up a “personalised take-away bedrolls scheme” at New Delhi station. Passengers can book a bedroll kit while purchasing their ticket and the item can also be bought across the designated counter at the station upon cash payment. “There are two types of bedroll kits available. One consists of two cotton bedsheets and a pillow at a cost of Rs 140; the other has just a blanket priced at Rs 110,” a senior railway ministry official said while giving the details for the scheme, which is to be launched shortly. “Bedrolls are disposable. Hence, passengers can take them home after journey,” they said. Railways at present provide bedrolls in

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Railway contracts to be awarded online soon: Suresh Prabhu

Pitching for complete transparency, Railway minister Suresh Prabhu today said the public transporter will make the entire process of awarding contracts online soon. “We are using the information technology in a big way in our operation. Now all tenders have come on e-platform and the entire procedure of awarding contract will be online soon,” Prabhu said here while participating in the Raisina Dialogue. The sale of scrap is currently online in the Railways while the procurement and submission of tendering documents are also on e-platform. Railways is playing a significant role in providing connectivity and currently our primary focus is to expand rail network connecting all parts of the country. In an indirect attack on previous government, Prabhu said “There was hardly any revamping of railways in the last few

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Section 43B to include certain payments made to Railways

  The existing provisions of section 43B of the Act, inter alia, provide that any sum payable by the assessee by way of tax, cess, duty or fee, employer contribution to Provident Fund, etc., is allowable as deduction of the previous year in which the liability to pay such sum was incurred (relevant previous year) if the same is actually paid on or before the due date of furnishing of the return of income irrespective of method of accounting followed by a person. With a view to ensure the prompt payment of dues to Railways for use of the Railway assets, it is proposed to amend section 43B so as to expand its scope to include payments made to Indian Railways for use of Railway assets within its ambit. This

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