Change in the Name of Passenger Holding Confirmed Reservation - Railways

Dear Friends..

A confirmed railway ticket can be transferred in your blood relations.

If a person is holding a confirmed ticket and is unable to travel, then the ticket can be transferred to his/her family members including father, mother, brother, sister, son, daughter, husband or wife.

For transfer of ticket, an application must be submitted at least 24 hours in advance of the scheduled departure of the train to chief reservation supervisor with ID proof.

Government officials can transfer to other govt official, students can transfer ticket to other students.

Share this. It may help someone.

Details :

Http:/www.indianrail.gov.in/change_Name.html

PNR Status Train Between Stations Seat Availability Fare Enquiry Internet Reservation Change in the Name of Passenger Holding Confirmed Reservation 1. Save as otherwise, a berth or a seat reserved in the name of a person shall be used only by the person and shall not be transferable to any other person. 2. Chief Reservation Supervisor of important stations are authorized by Railway Administration to permit the change of name of a passenger having a seat or berth reserved in his name in the following circumstances namely : (a) Where the passenger is a Government Servant, proceeding on duty and appropriate authority, makes a request in writing 24 hours before the scheduled departure of trains (b) Where the passenger makes a request in writing 24 hours before the scheduled departure of the train that the reservation made in his name may be transferred to another member of his family, meaning, Father, Mother, Brother, Sister, Son, Daughter, Husband and Wife. (c) Where the passengers are students of a recognized educational institution and the Head of the institution makes a request in writing 48 hours before the scheduled departure of the train, that the reservation made in the name of any student be transferred to any other student of the same institute. (d) Where the passengers are members of a marriage party and any person deemed to be Head of such party makes a request in writing 48 hours before the scheduled departure of the train that the reservation made in the name of any member of the marriage party be transferred to any other person. (e) Where the passengers are a group of cadets of National Cadet Corps and any officer who is the head of the group, makes a request in writing at least 24 hours before the departure of the train that the reservation made in the name of any cadet be transferred to any other cadet.Such request will be granted only once. Regarding item no. (c), (d) and (e), such request for change in excess of 10% of the total strength of group shall not be granted.

How the Internet is Shaking Up China's Banking Sector

Increasing online competition in the banking sector is shaking up traditionally staid business models around the world. But for Chinese banks – already struggling to adapt to liberalization – this shift is turning out to be seismic, as the country’s institutions face a wave of competition from internet finance companies that is changing the industry landscape.

Where existing banks have legacy systems and processes, companies emerging from the technology side have the advantages of agility and deep technical talent. Now they are quickly building the financial capabilities to compete head-to-head with traditional financial institutions.

The Chinese government has announced a pilot program of banks owned entirely by private companies such as Alibaba and Tencent, as it steps up liberalization of its financial sector. Tencent is one of the participants in Webank, which will focus on lending to small firms and consumers. The official entry into the banking sector of online groups further blurs the boundary between internet companies and financial institutions.

With competition heating up, banks are under greater pressure than ever to increase their online offerings. Chinese consumers hold roughly 60 per cent of their personal financial assets in bank deposits (far above the 12 per cent held by US consumers). But as the internet lowers the minimum threshold for investing while improving financial literacy and convenience, customers are diversifying their portfolios.

In June 2013, Alipay launched Yu’ebao; just a year later, its assets under management had swelled to about RMB 570 billion, making it the largest money market fund in China and the fourth-largest in the world. Yu’ebao’s success has spurred competitors such as Baidu and Tencent to follow suit with similar offerings.

As consumers move away from bank deposits toward other asset management products, however, they are largely doing so via websites such as Yu’ebao or online discount brokerages that produce lower margins.

Chinese banks, securities firms, and insurance companies have already built online channels for distribution, marketing, and transactions – and Chinese consumers have been quick to shift with them. According to iResearch, almost 80 per cent of banking transactions in China took place online in 2013.

The Securities Association of China found that 98 per cent of customers at securities firms have registered for online accounts. Meanwhile, the Industrial and Commercial Bank of China estimates an online transaction is typically one-seventh the cost of a transaction at a branch counter.

But while the move to online channels lowers transaction costs, it requires investment and erodes margins by empowering consumers to compare products, fees and interest rates. China’s banks and financial firms will have to counter this effect by using their online channels to become more efficient in sales and marketing and to reach previously unreachable customers.

Beyond the customer-facing side, it is critical also to update back-office and logistics functions to streamline and cut costs. Big data analytics could provide an answer to one of the biggest problems looming over China’s banking sector: a rising tide of non-performing loans.

Ecommerce platforms typically own a huge amount of information on both small merchants and consumers, including payment histories, point-of-sale data, stock levels, and social network activity. With the right capabilities, banks can analyze this information to reduce risk and increase lending to the underserved small businesses and retail segments.

In addition to providing banks with credit information, some ecommerce companies – including Alibaba, JD, and Baidu – have established their own micro-lending arms.

China’s banks and financial firms will face increasing talent shortages, particularly for highly specialized roles in big data analytics, and some may opt to increase their skills pool through acquisitions or partnerships.

What is clear is that institutions willing to embrace these changes and stay at the forefront of innovation have the potential to capture enormous value. Research from the McKinsey Global Institute projects that by 2025 Chinese banks could save some RMB 800 billion each year by using big data analytics to reduce non-performing loans and another RMB 230 billion by moving more of their operations online.

But the potential ripple effects beyond the banking sector are even larger. Better allocation of capital to small and medium-sized enterprises could add 1 to 2 percentage points to China’s overall GDP growth from now until 2025, creating up to 11 million jobs.

Here Are 10 Money Lessons We Can Learn From Mukesh Ambani

When the wealthiest man in the country, who is a thriving conglomerate and one of the finest business minds, continues to march the path of unabated success, then the success is not measured in money alone. With his charter of success, he turns into an inspiration to millions of minds who would want to borrow the genie from him. When one looks at the path that has been trodden by Mukesh Ambani, the challenges become as visible as the feats. And, they co-exist in equal measures too.

Dictionary explains a 'genie' or a 'jinn' is a sort of tutelary or a guardian spirit that is assigned to each person at birth. Few of them are 'born' with it, and some more earn a genie through hard work, focus, commitment, perseverance, which helps them remain steadfast on the path they have chosen to walk, against all odds and shortcuts. So, is genie, in business terms of a corporate world, destination or a journey? Is it the theory or viva? Is it an impressive resume or a confident demeanor with which one faces a barrage of questions, answering each one with clarity and vision?

Pinning down success to something simple, like a surefire theory or a formula that would yield desirable results, has always been attempted. In other words, when a businessman speaks of his success and what kept him going, he does so from his experience and would generalise it to suit a large section of the listeners who are hoping to follow his footsteps to achieve success and money.

If you ask someone like Mukesh Dhirubhai Ambani to share his secret of success, he may be able to say really few words. Because the man is among those who are 'doers', and not a 'talkers'. He will not spend time pepping people up, or saying big things about his success formula since he believes everything that happens to you is a direct outcome of the 'understanding' you have about your business environment. The better you understand your business ecology, your efforts are sure to meet success. Below are 10 money lessons we learnt from Mukesh Ambani:

1. Money is a by-product

This owner of a Fortune 500 company and India's second most valuable company got his early lessons from the life of his father Dhirubhai Ambani, who built a business empire from scratch. His father was his teacher, and the student that Mukesh was, he imbibed every little detail from his father's words when he took over the Reliance Company. Dhirubhai said money is a by-product and chasing money alone would never make anybody a successful businessman. Mukesh aimed at creating a space for his company in the top cadre of success stories in India.

Today, Reliance is not only the leader, but also a massive employer with nearly 25,000 workforce and 3 million stakeholders who share the success of the company.

2. Have a dream

Like money is not a means to the end, money isn't a dirty word in Reliance. Mukesh believes having a dream and working towards it is the most essential thing for any business to identify its niche space. Words may sound hollow when one speaks of a 'dream' but, really how can a business take shape without a concept and a dream that would show the road ahead?

3. Revenue figures speak louder

Today the PR companies make a killing trying to position someone as a 'subject expert'. For a startup company, PR agencies keep stressing on the need to be 'seen and heard' than 'work and be noticed'. Contrary to the popular belief, Mukesh Ambani's Reliance is almost everywhere, but the man barely has the time to be 'seen' in the media. When work speaks, everything else falls silent. And when the company is on growth trajectory, you needn't worry about being 'seen'. After all, revenue figures do matter more than anything else!

4. Let your instincts guide you

Reliance may be blamed as a company that has feudal values, and Mukesh a 'rich man without a heart' owing to his splurging of money on building his house Antilia and investing in cricket team. Mukesh does what he deems right and mostly, it so turns out that it is the 'right' thing to do.

5. Trust all, but depend on none

When it comes to work, Mukesh Ambani knows nothing can match the aspects of perseverance and self-learning. There's no bitterness here, but having waded through some difficult situations himself at a very young age, Mukesh has been a very hands-on-leader who knows the last nuance of his work. Trust is something, but being prepared for all kinds of emergencies is what keeps the company going - he knows it well.

6. Risks give greatest lessons

There is a fundamental difference between adventure-seeker and gambler. Both set out to make memorable experiences. But, both choose different ways to do so. Mukesh is more of an adventure seeker than a gambler. He knows his goals and will chase them to their logical end.

7. Be hungry, be impatient

Success eludes those who rest in the middle of a run. You gotta recharge your batteries, agreed. But, don't time it right in the middle of a competition that's hotting up. Markets wait for none, so be on your toes. Resting time is when the market slips into slumber.

8. Build team-morale

Be there for your team. Trust the professionals. Learn, learn and learn. It's never too late for that. When you build teams that are trustworthy, every moment you spend with them contributes directly to revenue of the company.

9. Stay alert, on-guard

It always pays well to understand your surroundings. You may have created a niche product. But if there is a better product in the market that's going to outdo yours, you better pull up your socks and sit down to improve your skills. A product is not sacrosanct. Competition always yields better deal to the customer.

10. Credibility carries high premium

Whether your team needs you, or your competition - be there on both occasions to give your fullest. Understand, innovate and prepare for the future. You settle into your resting chair, and you will be the biggest loser. Credibility is something that needs to be safe-guarded beyond your cash inflow and outflow.

Source:

Satyam case judgement and independent directors

Satyam case judgement and independent directors

I had a post yesterday on the judgement in the Satyam case in a trial court in Hyderabad. I said it was not clear from media reports what the independent directors were fined for and why Krishna Palepu of HBS was fined Rs 2.66 crore while the other independent directors were fined Rs.20,000 each.

I am still waiting to get my hands on the court judgement. In the meantime, we have a report in BS that sheds some light on the matter:

The court on Monday imposed a fine of Rs 2.6 crore on Palepu for conflict of interest in providing professional services to the company and  remaining on the board of Satyam as an independent director and for failing to get the government's nod for providing professional services. Palepu has to pay the fine within two months.....Palepu was fined by the court as he had received Rs 87 lakh from Satyam towards consultancy fees, while each individual director was paid around Rs 13 lakh for the year 2007, according to Satyam’s annual report.

If the report is correct and the reason for Palepu's attracting a heavier fine is that he helped himself to a consulting fee as independent director, I must say the judgement is very interesting indeed. What the court is saying is that when you get paid by a company for something other than your work as independent director on the board, it creates a conflict of interest. It compromises your independence. And if that is what the court is implying, it has hit the nail on the head.

An independent director is defined as somebody who has not had a pecuniary relationship with the company for a certain number of years before he gets on to the board. Given this definition, it beats me how you can have a pecuniary relationship with the company after you get on to the board. You can collect your fee and commission but not anything else. And yet here we have Palepu, who is said to be a expert on corporate governance, providing consultancy services to Satyam and making a tidy pile. In my view, it was incumbent on other independent directors to have objected to this arrangement if they were aware of it. And the markets regulator, SEBI, should have been alert to such goings-on in companies (as I mention further on, I did raise an alarm at SEBI).

This is a matter that has troubled me for years. How can a so-called independent director earn consulting fee from a company whose board he is sitting on? I happened to be a member of the Primary Markets Advisory Committee of SEBI a few years ago. Deepak Parekh was the Chairman. When we were discussing the issue of corporate governance, I brought up this matter. I argued that we could not allow independent directors to compromise themselves in this way. I asked that SEBI write to listed companies and ask for details of consultancy fee paid to independent directors. Such companies and their directors, I said, needed to be named and shamed.

To my astonishment, my point was brushed aside. It was not even considered fit for further discussion. I heard people say that the sums involved were small, so what was the fuss about? Well, if the sums involved are small, then the independent directors should not been charging them in the first place!

I guess the Satyam judgement- again, going by the BS report- is another instance of the court having to step in where there is an executive or regulatory failure. I hope SEBI wakes up now and does what I asked them to do- collect details of consultancy fee paid to independent directors. After that, it should do two things. One, pass strictures against or issue warnings to the companies and directors concerned. Two, amend clause 49 to make it abundantly clear that independent directors are not supposed to milking the companies whose boards they sit on for personal gain.

Shareholder activism in India- a new dawn?

Shareholder activism in India- a new dawn?

Finally, finally, is something changing in the realm of corporate governance in India? I'm seeming a glimmer of hope.

Three things seem to have made a difference. One, allowing shareholders to vote electronically. This has empowered shareholders who could not be troubled to attend the AGM especially if it happened to be in another city.

Secondly, the recent amendments to clause 49 requiring that related party transactions be approved by 75% of minority shareholders.

Thirdly, domestic institutional investors beginning to flex their muscles.

Shareholder activism has produced some interesting results in recent months:

• The rejection of the compensation hike proposed for top management of Tata Motors despite the company making a loss
• United Spirits management proposal to sell and distribute spirits of its parent Diageo was rejected 
• Maruti Suzuki is having to bring to vote its proposal to set up a manufacturing plant in Gujarat under the auspices of its parent 

Note that RPTs also need to be screened and approved by the Audit Committee. That may not make a big difference given that independent directors are chosen by the promoters. Indeed, not much can be expected of the board in India, given that independent directors are beholden for their appointment to management or the promoter. It is inconceivable that the board can ask for the removal of the chairman or the CEO as these posts are filled by the promoter or they are appointees of the promoter.

But shareholder activism, abetted by the three advisory services that have come into being, could make up for lapses of the board. This seems to run counter to the trend in the US and elsewhere. In those places, shareholders have been stymied by various regulatory hurdles. It is boards that have begun to be more active compared to the best. 

We must be careful, however, not to overdo the celebration. Shareholder activism in India can prevent expropriation of minority shareholders.  However, it is not still not in a position to discipline non-performing management. 

Facebook Wants to be Your Wallet: Are You Ready?

Facebook already handles your social life; now it wants to handle your money. Hacked screenshots leaked in October show a hidden payment option inside Facebook’s popular Messenger app, which is currently used by 200 million people around the world. The feature would let ordinary users—but not retailers or companies—send money to one another in a message using debit card information. (Facebook hasn’t commented on the hack or on when it might activate the service.)

The big question here is, why would Facebook—the world’s largest social network, work an estimated $200 billion—even consider going down this road at all? Existing peer-to-peer payment apps are generally free to use, i.e. there’s no immediate profit to gain for the service provider. And rumor has it that Facebook Messenger’s version will be free, too, at least initially. It’s even been reported that Square Cash, a similar service from Twitter co-founder Jack Dorsey, actually loses Square around 25 Cents each time it’s used, since someone has to swallow the debit card transfer fees charged by the banks.

The answer lies in the fact that Facebook knows its current foray into payments could result in a potentially enormous longer-term payoff. The social network may be gearing up for a future showdown with the world’s largest credit card companies, with a potentially massive jackpot at stake: the $40 - $50 billion a year (in the U.S. alone) that credit card-issuing banks make off the so-called interchange rate, i.e. the hefty transaction fee that merchants have to cough up whenever customers use credit cards.

But do a few hacked screenshots really spell the upheaval of the entire payments industry?

Maybe. For starters, Facebook hasn’t exactly been coy about its interest in payments. Back in June, the company poached PayPal president and payments guru David Marcus to head up Messenger, a move that now makes a lot of sense. Meanwhile, in a Q2 earnings call, as reported in TechCrunch, Facebook CEO Mark Zuckerberg was quite explicit in saying that “over time there will be some overlap between [Messenger] and payments.” The groundwork for a Facebook payment service, in other words, has already been laid.

But—and here’s where things get really interesting—there’s nothing stopping Facebook from ultimately opening up the payment service to merchants, as well, allowing them to accept debit card payments from customers via Messenger. (Zuckerberg has hinted as much, noting that the planned tool will ultimately “help people share with each other and interact with businesses.”) For merchants, this would have some huge advantages. While credit cards, not to mention PayPal, Stripe, Square and other services, all charge interchange fees ranging from around 2- to 4-percent of total purchase price (an amount considered exorbitant by critics), debit card swipe fees in the U.S. are currently capped at a mere 21 cents.

With this kind of savings hanging in the balance, it’s not difficult to image millions of merchants and potentially hundreds of millions of consumers signing on. Consider that there are currently 79 million Master Card Credit Card holders in the U.S.—a sizable number. But there are nearly 200 million monthly active Facebook users in the country. Facebook, in other words, has the potential to create a payment network that rivals—and, in some cases, dwarfs—the major credit cards, virtually overnight.

Once merchants and consumers are hooked, Facebook may ultimately turn its focus to profits. Again, Zuckerberg has already signalled this aspiration, explaining to revenue-hungry investors in July that the company is planning “to take the time to do this in the way that is going to be right over multiple years.” With credit card interchange fees currently set so high, Facebook would have plenty of room to make money from merchants while still undercutting traditional credit cards by a wide margin. If the network were to eventually charge a $1 fee as has been suggested or even retain just a fraction of a percent of each transaction, the revenue stream could be enormous.

All of this might seem a bit far-fetched, if some of tech’s biggest players weren’t already pursuing similar strategies. Last week, for instance, rising ephemeral social network Snapchat teamed up with Square to launch Snapcash (via a snappy little video). The new feature allows Snapchat’s 100 million users to quickly and seamlessly send cash to one another after a one-time process of adding bank details to their existing profiles.

Meanwhile, in September, Apple unveiled Apple Pay, a mobile wallet app that lets users store credit card information and then “tap and pay” with their iPhones. For the moment, Apple is content to act as something of a middleman in this process, making it easier for customers to use their existing credit cards while collecting a tiny fee from the banks in the process. But with time, consumers and merchants may get used to the idea of using Apple for their transactions, with credit cards playing an ever diminishing role and—maybe one day—slipping out of the picture entirely.

What’s clear from these efforts is that the stodgy old payments space, dominated for so long by traditional banks and their credit cards, is finally beginning to face some serious challengers. The good news for consumers and merchants, is that there’s much to gain and little to lose aside from high fees as the payments race heats up over the next few years. It’s all pretty exciting stuff.

6 Wonderful Exercises To Start Your Day With

6 Wonderful Exercises To Start Your Day With

Here is a list of sic simple exercises that you can easily do every morning in order to feel better all day long. Workouts charge you with additional energy and improve your mood.

Exercising and your level of activity influence your whole day at home and work. Doing sports does not require a gym membership. You can always practice simple things at home. Do these exercises regularly and in a matter of days or maximum weeks you will notice the positive changes.

1. Walking or running/jogging
Walking outside is a great exercise. In this case you kill two birds with one stone – you get in shape and breathe fresh air all at the same time. If you have a treadmill at home you can use it instead. Treadmills can be adjusted according to your level and preferred fitness program. If you are only beginning, then start with walking. When you feel strong enough, try and jog. Walking as well as running reduces stress and depression, helps to lose weight and maintains it. Being in open air provides you with oxygen and connects you with nature. Finally, this exercise is good to reduce blood pressure.

2. Cat Camel Stretch
There are two types of stretches – dynamic and static. Both of these types are necessary for those who want to avoid arthritis. Stretches tone your muscles. The stretches called ‘cat camel’ are dynamic ones. They are recommended by specialist for those of us whose workday is spent at a desk. If most of your day is spent in an office, include this exercise in your workout routine. 

Kneel down and place your hands on the floor. Slowly round your back imagining that you are forming the camel hump. Your head should be directed to your pelvis. Now lift your head and arch your lower back imagining you turned into a cat. Cat camel stretches should be done very slowly and repeated 4 or 5 times.

3. Jumping Jacks
If you want to have stronger legs and beautifully shaped calves, then you should practice jumping jacks. A lot of famous people, such as Michelle Obama, love this exercise and recommend it for you.

Your starting position is with your feet together. Jump and spread your legs and arms at the same time. Return to the starting position and repeat. Beginners can start with 1 minute while more advanced can increase this time.

4. Leg Squats
Your hips and knees need special care and attention as well. Here is one good exercise for these body parts. Stand straight, spread your legs a bit wider than your hips. Stretch your arms forward. Then imagine that there is a chair behind you that you are trying to sit on. Your knees at their lowest should make a 90 degree angle. Return to the starting position. Practice it every day. Two sets each consisting of 15 squats will be enough for beginners. The exercise looks simple yet involves a whole range of muscles: calves, hamstrings and quadriceps.

5. Push Ups
Lie down with your face down. Hold your body up at your arms’ length. Position your hands parallel to your shoulders. Lower your body, breathe in and push yourself back up as you breathe out. If you do not feel strong enough for this exercise, you can bend your legs at the knees and lift only the upper part of your body. Do not chase after quantity. Here the technique is far more important. It will take some effort and time to be able to do more than 50 push ups at a time. Start with 2-5 push ups and gradually increase repetitions. This exercise involves most major muscles and is good for those who want to tone up their chest, triceps and shoulders. 

6. Bicycle Crunches
Is your tummy as flat as you want it to be? If not, then here is an exercise for you to do to improve your abs. we recommend you should start with 15 repetitions and increase the number. 

It is good to all these exercises regularly. Only then will you see the positive changes you have been wishing for. You can have one day off, where take a rest from your workout routine. Dedicate your day off to gentle stretching exercises, yoga, jogging or anything that would keep you active yet not tired.

Morning exercises are beneficial if you suffer from insomnia, stress or mood swings. They also help to lose excessive weight and keep you in shape.

5 Reasons Why Coke Is Bad For Your Health

5 Reasons Why Coke Is Bad For Your Health

People who watch their diet and keep track of what they eat and drink already know that coke should be avoided. This is what any doctor will advise you to do.

The chemicals and sugar contained in fizzy drinks ruin your health. They are addictive and getting rid of this bad habit is not that easy. Do not drink Coke if you want to stay fit and healthy.

What harm does Coke do?

1. Bad teeth

Cavities occur when we consume too many sugary and acidic foods and drinks. Coke is no exception. It contains both and ruins the enamel. To fix the problem will cost you money. Dental work is never cheap. Of course, you can try and brush your teeth after drinking sodas, but the smarter choice is to avoid them and drink water instead.

2. Risk of diabetes

Carbs is another name for sugars. Most foods contain a lot of carbs. Pouring Coke on top will only make the problem worse. It takes only 20 minutes to increase your blood sugar. It’s extremely hard to treat diabetes hence we suggest you should stop drinking all brands of sodas, Coke included.

3. Poor metabolism

Do not trust commercials where you see famous sportsmen drinking Coke after a training session. You will keep piling up pounds merely by drinking Coke because sugary sodas slow down your metabolism and your body does not burn fat as efficiently. Drink plain water!

4. Aspartame affects inner organs

Aspartame is still being studied. It is known to cause a lot of diseases. It does not really matter which type of Coke you opt for – you are ruining your body anyways.

5. Coke affects fertility

Regular consumption of Coke might have a negative impact on your reproductive system. The chemicals that most fizzy drinks contain lead to defects in your organs that are responsible for reproduction. Avid Coke fans should bear this bad news in mind.

Acquire legal knowledge and it will help you

Acquire legal knowledge and it will help you

Students pursuing CA and CS will study the subject of law too as part of their syllabus and the ICAI and ICSI do lay due emphasis on conceptual issues and many fundamental legal concepts. But, what I observe is that the students pursuing CA and CS will study law only from examination point of view and they will concentrate more on their core subjects like Accountancy and Taxation in case of CA course and Secretarial issues in the case of CS course. I know many fresh CA and CS and they will be good to a great extent in their core areas, but, they hesitate to concentrate on legal issues. The fresh CA and CS may have to look at legal issues when they work in some firm or under some Chartered Accountant and Company Secretary. In my opinion, we cannot separate the core subjects of CA and CS from the subject of Law. Students very often forget the fact that they are in fact studying the rules and regulations in CA and CS course too to a great extent and whatever they do and practice in future is to be viewed from some particular regulation. Regarding the maintenance of books by the Company, the students may have to lay emphasis on the provisions of Companies Act, 1956 apart from Accounting Standards and other regulations. It is not enough to focus only on certain provisions of Companies Act dealing with the essential requirements of conducting meetings, giving due notice, statutory requirements, filing of certain financial statements with the Registrar of Companies, Compliance Certificates and getting delay condoned by the authority on certain lapses or delays in filing the documents with the Registrar of Companies (ROC). A Chartered Accountant or a Company Secretary may not choose to represent matters before various forums like Tax Tribunals and Company Law Board though many represent before such special forum or Tribunals.

When a student or a fresh Chartered Accountant or Company Secretary focuses even on legal issues and when he is confident of certain basic legal issues and procedures, then, it will definitely be an additional advantage for them and their profession may actually demand those qualities. Clients may not always use the services of Chartered Accountant for audit of accounts, submitting statements with Financial Institutions and advising on Tax issues etc. Clients or the business people repose so much confidence on their Chartered Accountants and Company Secretaries than believing their lawyers and as such even on legal issues; clients may expect advice from Chartered Accountants and Company Secretaries. As such, in my opinion, it is imperative for the students pursuing CA and CS to concentrate even on certain fundamental legal concepts and it is not good to think that experience in future will teach a lot. Experience may not count much today with the tremendous growth and competition and one has to proceed with the fact that ‘human being can imagine even the things not seen; and he can experience things with imagination though he is not actually experienced the things’.

I know that the students pursuing CA and CS will be studying many judgments of various High Courts and Supreme Court on certain issues. They read judgments, but, they do not concentrate as to why they should read judgments and as to how to look into and understand those judgments. This is the problem with some of my friends. They will be studying and remembering many judgments of Supreme Courts on Tax subjects like as to how to look into the issue of ‘revenue gain’ and ‘capital gain’. Many such issues are there. But, they will not think logically at all these issues and it would be beneficial for them if they really look at certain fundamental legal issues and concepts.

According to me, it would be beneficial for students if they understand and focus on certain legal issues as follows:

1.      About the law making authority in the light of constitutional provisions. On certain subjects only parliament can enact laws and on certain subjects states will make laws. Again on certain issues, both parliament and states can have concurrent jurisdiction to enact laws. This basic concept is to be kept in mind.

2.     It would be beneficial for students if they focus on knowing the difference between ‘Tribunal’ and ‘Court’ in the light of landmark judgment given by the Supreme Court on Constitution of National Company Law Tribunal.

3.      The students can focus as to why they should read judgments. They should understand the issues of constant overruling on certain issues and they should practice as to how to understand the judgments. They should learn thinking logically too.

4.      Students should know the difference between a ‘civil wrong’ and an ‘offence’. They can focus on the basic concepts like a ‘civil wrong’ can be proved by the principle of preponderance of possibility and an ‘offence’ is to be proved beyond reasonable doubt. They should understand that the police or the investigating authority acts as a prosecuting agency to prosecute the accused in criminal cases normally though in cases like an offence under section 138 of Negotiable Instruments Act, the procedure will be different.

5.      They should know as to why there was so much delay in Civil Courts in getting justice which is the main reason behind constitution of special tribunals like Company Law Board or the National Company Law Tribunal.

6.      They must know the concept of fundamental rights and rights guaranteed to the citizens under Part­III of constitution of India and they can know the difference between Fundamental Rights and the Directive Principles.

7.      Students can also know various writs entertained by the High Court and Supreme Courts and they should know as to how the writ petitions are filed even in Tax matters and concepts.

8.      Students can also know as to how a citizen can approach a High Court under Article 226 and Supreme Court under Article 32 asking for enforcement of fundamental rights by the State.

9.      They must know as to how the ‘Deeds’ and etc. are drafted and they should think logically in this regard. Students can also concentrate on the pleadings in court and there was a fine tradition when it comes to pleadings.

10. If one looks at the pleading of a Chartered Accountant or a Company Secretary and compare the same with the pleading prepared by an Advocate, then, you can find lot of difference, Advocates normally think too much logically on the consequences of putting something on record and will also concentrate on the things that can be omitted in pleadings.

The problem with few students pursuing CA and CS is that they think that subject of law is completely alien to them and they need to have expert legal knowledge. They may also think that they can not possess legal knowledge as the advocates possess as the law students will have the privilege of attending classes in Law College regularly. This is a baseless notion and the students pursuing CA and CS can get all the required knowledge in the subject of law and they can put some minimal effort to know the practical things in the legal proceedings. It will help them too in giving better service to their clients and these people can improve their clientele too when they start their own independent practice. A true lawyer, even if he has not completed the courses like CA and CS, will talk about the minute accounting issues and limitations when he has to argue a case touching the issues of accountancy and secretarial issues etc. That will be the attitude of a true lawyer when he handles a case. This quality makes the lawyers to possess abundant knowledge on many issues and subjects in the society. Likewise, even the students pursuing CA and CS can learn all they can learn as a habit and they should manage their time well in this regard. By having an habit of probing and by having an habit of reading News Paper constantly, anyone can gain vast amount of knowledge on many areas and it will help the students. Students very often say that they do not have sufficient time to focus on their syllabus and as such they cannot look at other issues. The courses are to be pursued not with the intention of clearing exams, but, to know the subject first and that will make them conceptually sound and will help them to grow in profession in a short span of time.

Note: I have just highlighted few issues and I may wrong in my opinion too. I have expressed my feelings on the issue based on my own experience of meeting many people and knowing them and their style of functioning.

Why I do not trust the Forbes' rankings anymore?

The highly reputed international magazine, Forbes, regularly publishes various rankings in the form of ‘Forbes Lists’ which are often considered as a benchmark for global or regional or individual wealth and power. Millions of people refer to those lists and rely on the information provided by the magazine. Apart from the high standard of business journalism, one of the major reasons for the popularity of Forbes is due to the rankings it publishes. Considering the credibility it has gained over years, it is a general perception that the magazine’s editorial staff treat this periodic activity with utmost seriousness by giving due attention to all the aspects. However, while going through the lists of Richest Indians published on the official website of Forbes (as seen on 4th-5th December 2014), my personal opinion changed to some extent.

The credibility of the Forbes rankings certainly comes under a shadow of doubt when we take a closer look at the data provided in the various lists which are displayed on the official website. Let me share a few examples which came to light when I compared the World's Richest Lists with India's Richest List on the same date. Obviously, there were some names which are common on both the lists. The net worth of Mukesh Ambani, #1 richest Indian is shown as $ 23.6B in the India's Richest List while on the World's Richest List, his net worth is shown as $18.6B. Ironically, the photo and the caption on both the pages are same and even the error on the caption text is also getting repeated. But Ambani is not alone, the same treatment has been meted to others as well. Take another case, Savitri Jindal whose ranking on India's richest list and world's richest list happens to be #12 and #295 respectively. Her networth is shown as $ 6.4B and $4.9B on the respective lists while the caption below her photograph mentions her world ranking as #80. While it is understandable that there could be some minor differences in the figures but it is baffling to see so much variations.

The reason for the disenchantment is further due to the fact that I was able to spot more than half a dozen factual errors on the photo captions in the list of richest Indians which included top 100 billionaires from India in 2014. The official website of the magazine published photographs of these high ranking billionaires along with their captions. Surprisingly, the captions were not matching what was shown in those photographs.

Although it may be argued that those mistakes may not impact the rankings but this editorial faux pas conveys a message that Forbes is hardly bothered on how the factual information is presented to the millions of online readers. Such instances also give rise to questions on the credibility of the rankings which are published by the magazine. If the magazine is so careless about how the information is publicly presented on their website which is viewed by millions, then it may be wondered how seriously it is doing the analysis while making the lists? Now, after finding so many silly errors in a list which shows some of the best known names in the business world, it is anybody’s guess how seriously the reputed publication takes its own lists.

In this fast paced age of internet journalism, we often tend to ignore minor typographical mistakes on websites or blogs. Such human errors are bound to creep into the blogs, websites and news material published on internet because of various reasons and maybe overlooked. But if the publication happens to be as reputed as Forbes magazine, the expectations are obviously much higher.

Here are a few examples of the editorial faux pas from Forbes’ official website:

(Screenshots captured on 4-5th December 2014 from the official website of Forbes, www.forbes.com)

• Error# 1: The caption on the photo mentions that India’s #1 billionaire, Mukesh Ambani is posing with his wife Nita whereas she is not visible anywhere in the frame.
  
  Photo Caption on Forbes website: “Reliance Industries Chairman Mukesh Ambani (L) poses with his wife Nita...” http://www.forbes.com/india-billionaires/gallery/mukesh-ambani
• Error# 2: The caption on the photo of India’s #3 richest person, mentions Communication and Information and Technology Minister Ravi Shankar Prasad with Azim Premji whereas the photo shows him alone.
  
  Photo Caption of Forbes website: “New Delhi, India, July 03: Communication and Information and Technology Minister Ravi Shankar Prasad with Azim Premji, Chairman, Wipro...” http://www.forbes.com/india-billionaires/gallery/azim-premji

• Error# 3: The caption on the photo of India’s #5 richest person says that Lakshmi Mittal is flanked by Commission president Jean Grellier at an appearance at Paris. The other person is nowhere to be seen in the photo.
  
  Photo Caption of Forbes website: “Steel giant group Arcellor Mittal’s president Lakshmi Mittal (L) posses prior to the start of a ‘Commission of inquiry’... flanked by Commission president Jean Grellier(C)…”http://www.forbes.com/india-billionaires/gallery/lakshmi-mittal
• Error# 4: The caption on the photo of India’s wealthiest woman, Savitri Jindal - #12 on the list, shows her net worth at $6.4B and right below, it is mentioned as US$10.9billion. Which of the figures is correct?
  
  Photo Caption of Forbes website: “Savitri Jindal, India’s wealthiest and the world’s 80th richest person with a net worth of US$10.9 billion…”http://www.forbes.com/india-billionaires/gallery/savitri-jindal
• Error# 5: The caption on the photo of Vivek Chaand Sehgal, mentions him along with Laksh Vaaman Sehgal whereas the photo shows a single person.Photo Caption of Forbes website: “Vivek Chaand Sehgal ,Executive Chairman & Executive Director Samvardhana Motherson Finance Limited (R) along with Laksh Vaaman Sehgal…” http://www.forbes.com/india-billionaires/gallery/vivek-chaand-sehgal
• Error# 6: The caption on the photo of the founding member of Infosys, N.R. Narayan Murthy mentions second right (2R) among three other persons – K.V. Kamath, SD Shibulal and Kris Gopalakrishna. Photo Caption of Forbes website: “Indian founding member of Infosys, N.R. Narayana Murthy (2R), looks at outgoing chairman K.V. Kamath (R), as CEO SD Shibulal (2L) and former CEO Kris Gopalakrishna (L) look on…“ http://www.forbes.com/india-billionaires/gallery/nr-narayana-murthy
• Error# 7: The caption on the photo of #58 on the list, Ashwin Choksi, mentions him with another person, M. L. Bansal. However, in the photo, he is standing alone holding a microphone. Photo Caption of Forbes website: “Mr. Ashwin G. Choksi, Chairman, Asian Paints and Mr. M. L. Bansal, Secretary at the company’s AGM…" http://www.forbes.com/india-billionaires/gallery/ashwin-choksi

Now all this leaves a lot of open questions in our minds about the authenticity of the these popular lists published by Forbes. Surely, the magazine needs to do a lot more to maintain the credibility and trust that it has enjoyed from the millions of readers worldwide over the years. After all, trust is like an eraser, it gets smaller and smaller after every mistake. Is Forbes Inc. listening?