New India on cards
The Institute of Company Secretaries of India (ICSI) welcomes the Union Budget 2019-20 presented by Union Minister of Finance and Corporate Affairs Nirmala Sitharaman on July 5. The budget proposals are conducive for the vision of new India and aspire India to become a $5 trillion economy in next few years to come.
CS Ranjeet Pandey, President, ICSI welcomes the Union Budget. He lauded that, the present Budget is a visionary step towards New India. He also expressed that, the Government’s vision on building physical and social infrastructure, Digital India, Pollution free India, Blue Economy and Minimum Government and Maximum Governance will go a long way in providing desired impetus to India’s Growth. He also welcomes the steps taken by the Government towards Make in India, Micro, Small and Medium Enterprises and Start-Ups to boost the Indian economy and generate more employment opportunities for the youth.
CS Ashish Garg, Vice- President, ICSI, opined that Union Budget is a revolutionary and progressive Budget. He said that, keeping in view the emerging economic scenario, the Budget laid emphasis on measures to make India a favourable destination for FDI, ease in local sourcing norms in Single Brand Retail Sector, Development of Infrastructure will definitely drive the growth story of Indian Economy. He also welcomes the steps towards reforms in Corporate Debt Market, Non-Resident Indians with access to Indian equities, disinvestment policy and level playing field for Non-Banking Financial Companies.
According to CS Ashok Kumar Dixit, Officiating Secretary, ICSI, the proposal of the Government to establish a National Research Foundation (NRF) to fund, coordinate and promote research and innovation in the country will definitely increase institutional efficiency and credibility. It will give a greater focus on research and innovation in the country.
A significant number of corporates as well as individuals stand to be benefited under the proposed tax policy of the Government, he added.
The ICSI also welcome the budget proposals pertaining to various sections of the society such as Youth, Women and people of Rural India for taking care of their ease of living with provision of Drinking water for all, Khelo India Scheme and Scheme for promotion of Innovation, rural Industry and entrepreneurship (ASPIRE).
ICSI launches UDIN
In an attempt to pursue heightened sense of self-governance and strengthen the practicing side of the profession of Company Secretaries, The Institute of Company Secretaries of India has rolled out a unique initiative in the form of Unique Document Identification Number or UDIN.
Aimed at strengthening the framework of good governance UDIN shall serve the following purposes simultaneously:
Emphasising on the need of UDIN, CS Ranjeet Pandey, President, ICSI said: “Under the mechanism, an alpha numeric number shall be generated for the identification of every document attested by Practising Company Secretaries which shall definitely act as a trust enhancer by facilitating verification that the document is genuinely signed or certified by a Company Secretary in Practice.”
The UDIN will be mandatory for every document except an e-form, signed or certified by a CS with effect from October 1, 2019.