The Voice of Everest Half Yearly Journal-May 2013

united
we stand,
divided
we
fall
Hatemalo Nepali Student Group
Half Yearly Journal May 2013 Vol. 10 Issue 5
Editorial Board:
Anup A Upadhayay
Deependra Upadhyaya
Prabhat Khatri
Sanjeev Timalsina
Sudhan Mahat
Cover Page Designer:
Anup A Upadhayay
Takur Upadhyaya
Graphic Designer:
Gopal Sharma
Om Trivedi
Suresh Dev Pathak
Content Coordinator:
Sudhan Mahat
Typing:
Anup A Upadhayay
Suman Devkota
Support & Assistance:
Bishal Raj Paudyal
Ichha Baral
Jyoti Khadka
Kripesh Ghimire
Merina Maharjan
Mira Pokhrel
Narayan Kandel
Nigista Shrestha
Prakash Baral
Prakash Parajuli
Sajjan Tamrakar
Shaisab Poudyal
Shirish Bagale
Sudip Rayamajhi
Suman Bhusal
Advertisement
Committee:
Ankit Aryal
Bhisma Pokhrel
Bikram Parajuli
Gyanu Sharma
Kapil Acharya
Prakash Baral
Mishan Mahat
Rabindra Khatri
Rabin Pokhrel
Subash Pandey
Just as the season started to wear less clothes to
escape Delhis hot air, HNSG has come up with
new value adorum in terms of knowledge through
this Half Yearly Journal Te Voice of Everest.
HNSG team feels blessed with this fortune to
publish this collection of masterpiece of budding
stars of the nation.
Lets start to turn every page of this Journal with
great enthusiasm and cheers to New Year 2070
B.S. Our team wishes your dreams come true
this year. After reading this Journal once we
are hopeful that the reader will add one more
resolution to their list to create something out of
their mind. And most importantly, carpe diem
enjoy the present would be our wishes to all
the fraternity.
Te year has started with a good note. Te
enthusiasm that we were able to experience in
New Year celebration program is an exemplary of
how unifed we are in this land of dreams, and
how glorifed we are with our culture. We hope
this bond strengthens even more with time.
With the exam season completing recently, we
would like to wish all the best to all students
those who have appeared for the examination.
We hope you all come out with fying colors. You
must have given your best time for keeping those
spirits high.
Te journal has tried to include a variety of
articles which we hope you fnd informative or
entertaining or both, as the case may be. We like
to thank all the members of Hatemalo Nepali
Students Group for their supports in publishing
this journal, and also to all those brilliant minds
without whose contribution with pens, the journal
would be incomplete.
We hope for extended support of everyone in
future to achieve the goals together.
Editorial Message
Published by HNSG
(Hatemalo Nepali Student Group)
Contact: 9540829985
9871280714
Email: hatemalonvs@yahoo.com
hatemalonvs@gmail.com
facebook.com/ourhnsg
The Voice of Everest
Virtue of Teamwork...
Disclaimer
Articles contained in this Journal are for general and intellectual purposes only. while we endeavor to keep the information up to date
and accurate as possible, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy,
reliability, suitability or availability with respect to the information, or related graphics contained in the Journal for any purpose. Any
reliance you place on such information is therefore strictly at your own risk. Te publisher, authors and contributors reserve their rights in
regards to copyright of their work.
No person, organization or party should rely or on any way act upon any part of the contents of this Journal whether that information is
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In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or
damage whatsoever arising from, or in connection with, the use of this Journal.
Comments are welcome, but they should be on-topic and well expressed. Abusive, antisocial, or of-topic comments will be ignored.
A Person Who is Awake in Those That Sleep.
--CA Motto--
~c. Prelims.indd i 6/5/2013 1:00:05 PM
~c. Prelims.indd ii 6/5/2013 1:00:06 PM
I wish you a warm welcome to this half yearly publication of HNSG Te Voice of Everest.
As the chair of HNSG Board, I am glad to express few words through this Journal. I wish
to congratulate the Editorial and Advertising committee for their invaluable eforts,
dedication and patience in bringing this journal Te Voice of Everest to this shape.
I am sure that every reader will fnd this journal informative and inspiring.
HNSG is marching forward with great endeavour and currently reaching the dusk of
fourth year. From early dawn of this year we have been doing various programmes amongst all Nepalese CA
students here at Delhi. Being far from home sometime troubles us with pang of nostalgia. To ease this type of
loneliness HNSG was established by our brothers four years back. Te main objective which this organisation
is upholding since the very time of establishment is to create an integrity of thoughts and actions between all
Nepalese CA students based on values rather than personal gain.
Tere are fair examples of events which symbolize our co-operation, integrity which have proved to be antidotes
to our loneliness. Te Joyous moments of Picnic organised on English new year is worth remembering. Blood
donation programme which kept a record for highest pint collection in a single day in Delhi NCR further helped
in spreading the name and fame of HNSG. Holi celebration at Lalita Park was successful to bring back the smile
on faces which seemed to be fading away. We reminded people about our glory through T-shirts printed on this
occasion with the logo Gautam Buddha, Lumbini, Nepal Te event organised on occasion of Nepalese new
year was once again exhilarating.
Our imagination should be used not to escape reality but to create reality. HNSG has been providing the platform
for the students to show up their talents, creativity and many other skills. Students can write their piece of mind
for this regular journal. I think this opportunity adds a moment of fun in your humdrum life. I have the confdence
that HNSG will move forward with a higher pace and will successfully prove as a helping hand for all students.
All the best to all CA students. Make sure that every step that you are taking is in the direction of your dream,
one day your dream will come true.
Sanjeev Timalsina
Presidents Message
We Express our Special Thanks for their Encouragement and Inspiration:
Charge dafaires Khagnath Adhikari (Nepal Embassy)
CA. Subodh Kumar Agarwal (Honble President of ICAI)
CA. Jaydeep Narendra Shah (Previous President of ICAI)
CA. Vishal Garg (Chairman of Te Northern India Regional Council of ICAI)
CA. Swadesh Gupta (Treasurer of Te Northern India Regional Council of ICAI)
CA. Hans Raj Chugh (Executive Member of Te Northern India Regional Council of ICAI)
CA. Yogita Anand (NICASA Chairman)
CA. Gopal Kumar Kedia (Previous Vice-Chairman of NIRC)
CA. Rakesh Makkar
CA. Bhagwan Lal
Mr. Prakash Sayami (Director at Subharambha-Te Musical Journey)
Mr. Kishore Nepal (Te Editor of Nagarik)
Mrs. Jhamak Ghimire (Writer of Jeevan Kanda ki Phool)
Tirtha Raj Wagle (Political Counselor, Nepal Embassy)
Arjun Raj Panta (Cultural Counselor, Nepal Embassy)
Mr. Lila Raj Baral
We acknowledge their Advice, Assistance and Support:
CA. Rajesh Makkar (Makkar Classes)
CA. Nagendra Shah (NS Academy)
CA. Rajesh Sharma (RSTC Classes)
CA. Ranjay Mishra (Institute of Quality Studies)
CA. Satish Mangal (Satish Mangal Classes)
Mr. Kailash Takur (AKN Institute)
CA. Nabaraj Burlakoti (Prime Chartered Academy)
CA. Bal Chandra Shrestha (CAI)
CA. Lob Bahadur Rawal
CA. Sandip Kaushal
CA. Rajan Adhikari (Founder President of HNSG)
CA. Dipendra Raj Panta (Fouder Vice-President of HNSG)
CA. Navaraj Lamichhane (Founder Secretary and Former President of HNSG)
CA. Sandip Babu Poudel (Founder Vice-Secretary and Former Vice-President of HNSG)
CA. Shyam Sundar Siwakoti (Founder Treasurer of HNSG)
Nishan Babu Mahat (Founder Member of HNSG)
Sudin Yonjan Lama (Founder Member of HNSG)
Sheetal Mainali (Founder Member of HNSG)
Members - Ankit Aryal
Anup Upadhyaya
Bikram Parajuli
Gyanu Sharma
Jyoti Khadka
Merina Maharjan
President - Sanjeev Timalsina
Vice President - Misan Mahat
Secretary - Sudhan Mahat
Vice Secretary - Suman Devkota
Treasurer - Kapil Acharya
Present Board Member of HNSG
Contents
S.No. Name of Article Writer Page No.
1 Reinsurance Business & Prospect in Nepal CA. Laxman Gnawali 1
2 =:= =+ |= =:= =+ --: : -===- =++ 3
3 The Need of Strategy in Todays Dynamic Business Environment Om S Trivedi 4
4 --== -+= -= ==- |+ -=- =+- =-- 5
5 Private Jobs VS Public Jobs Bhargav Nathwani 6
6 Laxminagar, A Dream or A Fate ??? Suman Devkota 7
7 Do Not Quit Ankit Aryal 8
8 Highlights from the Budget Speech of
the FM as on 28.02.2013
Kapil Acharya 9
9 Facing the Reality Prabhat Khatri 11
10 An overview of Harmonized Approach to Cash Transfers (HACT) CA. Lab Bahadur Rawal 12
11 International Financial Reporting Standards (IFRS) Rabin Pokhrel 15
12 t -+ ==+ ==-- =- -= 17
13 |4)|o| fceyk voLFkh 19
14 SMEs and Tendency in Nepal Manoj Subedi 20
15 Take Action Before its too Late Prakash Parajuli 23
16 Alls Fair in Gen-Next Psychology Ramji Khadka 26
17 The unknown Retribution Sajjan Tamrakar 28
18 Its all About Mero Bhai Prakash Parajuli 29
19 Giving up is never an Option Cabery Chand 31
20 c|oo| :+|o =- +== 32
21 Brief list of popular ad-slogans Sudarshan Khanal 34
22 - - = +- - ==- =+= 36
23 Highlights on Performance of Banks and Non-Bank Financial
Institutions
Sujan Tiwari 38
24 :+ oo|o| oom|o = === 39
25 Bank Guarantees Padam Bhattarai 41
26 u|cu|o fCkcsd [kfroMk 43
27 A Subtle Imagination Bishal Raj Poudel 44
28 |oc :+ mu+ +-= -= == 45
29 A journey with dark Mahesh Aryal 46
30 4|ao|o| u|s:+| )) - + 48
31 For a friends who know real happiness Aayushi Sapkota 50
32 My Articleship Experience Divya Barathi 51
33 a 4o o|c| 4o+c =+- =-- 53
34 We are far following the hope, but are we happy? Rojina Ranabhat 54
35 u|o||+ +||o o|+| ac| lqeu Hkqlky 55
36 Jokes Kiran Khwanju 58
37 =--- 62
38 Strategic Decision Models and Characteristics CA. Rajesh Makkar 63
39 Life Principle of Some successful persons CA. Balchandra Shrestha 65
40 History of Accountancy CA. Ranjaya Kumar Mishra 66
41 Interview with an Executive member of NIRC 69
... and many more short writings
Aakash Shrestha
Aakash Bhattarai
Aashish Khatiwada
Aayushi Sapkota
Abinash Shrestha
Ajay Chaurasiya
Akash Ghimire
Akash Shrestha
Akbar Ali
Aman Basnet
Amir Rijal
Amol Silwal
Amrit Kandel
Amrit Sapkota
Amrit Subedi
Anand Roka
Anand Yadav
Ananta Bhandari
Ananta Poudel
Anil Banjara
Anil Kumar Rijal
Anil Poudel
Anish Khatri
Anish Shakya
Anita Kafe
Anjit Lama
Anoj Shrestha
Anukal Aryal
Anup Shahi
Anurup Dhungel
Arjun Tamang
Arjun Yamphu
Arun Adhikari
Arvind Bhattari
Ashish Chandra
Neupane
Ashish Khania
Ashish Khatiwada
Ashish Ranabhat
Ashish Rauniyar
Ashish Regmi
Ashmita Khanal
Ashmita Sedhai
Ashok Tapa
Ashqin Khan
Astha Sharma
Avash Ghimire
Balkrishna Bhusal
Beenie Tchhetri
Began K.C
Bhargav Nathwani
Bhirwani Gautam
Bhisma Pokhrel
Bhisma Poudel
Bhupen Pun
Bhuwan Khadka
Bhuwan Mahat
Bibek Acharya
Bibek Khatiwada
Bibek Prasai
Bibek Ram Bhandari
Bidhan Subedi
Bidhan Jha
Bignesh Shrestha
Bigyan Regmi
Bijay Tripathi
Bijaya Phuyal
Bikash Chapagain
Bikash Sitaula
Bikash Takur
Bikash Tiwari
Bikesh Pokharel
Bikram Tapa
Bimala Awasthi
Bimlesh Kr. Sharma
Binam Rimal
Binesh Tapa
Binod Acharya
Binod Bogati
Binod Parajuli
Binod Phuyal
Bipin Regmi
Birod Wagle
Bishal Dip Raut
Bishal Takur
Bishnu Basnet
Bishnu Koirala
Bishnu Mani Pokharel
BP Koirala
Bristit Dangal
C.A. Deepak Dhakal
CA Atish Shrestha
CA Bharat Rijal
CA Deep Khanal
CA Govinda Gautam
CA Lab Rawal
CA Nabin Devkota
CA Nitin Gupta
CA Prabhat Bhandari
CA Ratnesh Jha
CA RK Gupta
CA Samarpan Kafe
CA Sandeep Kausal
CA Sanjay Gywali
CA Sanjay Pandey
CA Santosh Gupta
CA Sudip Pandey
CA Suman Sharma
CA Surendra Maharjan
CA. Nil Sharu
CA.Laxman Gnawali
Cabery Chand
Chandra Gururng
Chandra Prakash Singh
Chandra Shrestha
Chatra Singh
Chitra Karmacharya
Damodar Bastakoti
Debug lamichhane
Deepak Adhikari
Deepak Oli
Deepu Chaudhari
Dhiraj Bhandari
Dhruba Raj Oli
Dilip Bhusal
Dilip Karki
Dilip Subedi
Dinesh K.C.
Dinesh Yadav
Dipesh Shrestha
Divya Barathi
Diwakar Pandey
Diwas Timalsina
Diwash Dahal
Dr. Nirmal Mani
Adhikari
Durga Shrestha
Durga Siwakoti
Ganesh Bhandari
Ganesh Chhetri
Ganesh Pokhrel
Gaurabh Luitel
Gaurav Shrestha
Gopal Shahi
Govin Gyawali
Govinda Aryal
Hanna Geschewski
Hari Acharya
Himal Shrestha
Himalaya Kazi Shrestha
Imy Maharjan
Irfan Alam
Irfan Ali
Janak Raj Timalsina
Janesh Adhikari
Janma Raj Timilsena
Jaya Ram Shah
Jeevan Gautam
Jelina Kandel
Jenish Aryal
Jeny Malla
Junesh Adhikari
Kailash Takur
Kamal Regmi
Kamala Lama
Kamalesh Prasad Joshi
Kamlesh Joshi
Kapil Adhikari
Kapil Luitel
Karma
Khagendra Parajuli
Khuman K.C.
Kiran Khyaju
Krishna Gurung
Krishna Khanal
Krishna Ranabhat
Kshitiz Bashyal
Kshitiz Gautam
Kumar Lal Shreshta
L.N. Silwal
Lata Panthi
Laxman Adhikari
Lijan Shakya
Lok Bohara
Lokraj Pandey
Madan Pokhrel
Madan Pun Magar
Madan Raj Chhetri
Madhav Ghimire
Madhur Baral
Mahesh Aryal
Mani Bhusal
Mani Neupane
Mani Raj Ghimire
Manip Shrestha
Manish Pariyar
Manisha Aryal
Manoj Mehta
Manoj Oli
Manoj Subedi
Manoj Tapaliya
Milan Adhikari
Milan Khadka
Milan Kunwar
Milan Moktan
Mrigen Karn
Mukesh Agrahari
Mukesh Kumar Sah
Mukesh Shah
Nabaraj Bashyal
Nabaraj Katuwal
Nabin Adhikari
Nabin Gurung
Nabin Regmi
Naveen Gurung
Nawaraj Katwal
Neeraj KC
Neeraj Shrestha
Niraj Tapa
Nirajan Gautam
Nirajan Kumar Mahato
Nisan Poudel
Nisha Chand
Nishan Subedi
Nitesh Jha
Nitesh Raj Shakya
Nutan Devkota
Nutan Katwal
Ojesh Kumar Shahi
Om Shila Karki
Om Trivedi
Padam Bhattarai
Padam Tapa
Pallabh Bhandari
Pamesh Mahato
Paras Rawal
Prabhav Khand
Prabin Giri
Prabin Gyawali
Prabin Khetan
Pradeep Kharel
Pradeep Shrestha
Pradip Malla
Pradip Shrestha
Prajwal Kattel
Prakash Baral
Prakash Basnet
Prakash Bhurtel
Prakash Ghimire
Prakash Neupane
Prakash Shrestha
Praman Nepal
Pramod Gyawali
Prasanna Panta
Prashant Pandey
Prateek Neupane
Prateek Panta
Prateksha Poudel
Pratik Khanal
Pratik Panta
Pravesh Acharya
Pravin Giri
Prem Sunwar
Prem Tapa
Prithvi Regmi
Punit Mishra
Purshottam Chaudhary
Purushottam Sapkota
Purusotam Tandukar
Pushkar Gautam
Puskar Aryal
Puskar Pokheral
Raaj Chhetri
Rabin Subedi
Raj Ballav Koirala
Raj Chhetri
Rajeev Gautam
Rajendra Joshi
Rajesh Bhandari
Rajesh Ghimire
Rajkumar Adhikari
Rajmani Bhattarai
Rajneesh Pandey
Raju Dhakal
Raju Pandey
Ram Bahadur K.C
Ram Hari Kandel
Ram Narayan Yadav
Ram Raj Khatri
Ram Subedi
Ramesh Chalise
Ramesh Pandey
Ramesh Paudel
Ramji Khadka
Ramu Tapa
Rang Raj Adhikari
Ranjit Sapkota
Ravi Ghimire
Reason Regmi
Reeju Shrestha
Richa Lohani
Riju Shrestha
Rikyace Maharjan
Rishabh Mishra
Robert Acharya
Rojina Ranabhat
Roman Maharjan
Roshan Basnet
Roshan Kumar Sharma
Roshan Odari
Roshan Raj Bastola
Rudra Silwal
Rupak Gautam
Rupesh Khadka
Sabin Dhital
Sabita Khatri
Sachyam khanal
Safal Himal Shrestha
Safal Shrestha
Safal Wagle
Sagar Adhikary
Sagar Bastola
Sagar K.C.
Sagun Khanal
Sailendra Ghimire
Sailendra Shah
Sailesh Pandit
Sajana Sharma
Salika Sijapati
Samir Kumar Shrestha
Samundra Shrestha
Sandeep Pokhrel
Sandeep Rana
Sandeep Tiwari
Sandignata Khanal
Sandip Raj Pandit
Sandip Rana
Sanjay Gautam
Sanjay Gupta
Sanjay Ranjitkar
Sanjay Subedi
Sanjaya Aryal
Sanjaya KC
Sanjaya Ranjitkar
Sankar Dhakal
Sankhar GC
Sankhar Tapa
Santosh Basyal
Santosh Devkota
Santosh K.C.
Santosh Khanal
Santosh Sah
Santosh Shah
Sanu Lamichhane
Saroj Manandhar
Sarthak Bhandari
Satish Pokhrel
Saurab Bohara
Saurabh Bhandari
Saurav Basnyat
Saurav Poudel
Selina Pokhrel
Shailendra Ghimire
Shailesh Dallakoti
Shankar Tapa
Shila Ghimire
Shiva Shankar Sahi
Shodesh Hamal
Shovit Basnet
Shubas Chandra Pandey
Shyam Krishna Khadka
Sovit Basnet
Srijana Oli
Srijana Parajuli
Srijana Rai
Subash Mahat
Subash Timilsena
Subham Upadhayay
Subodh Bashyal
Sudam Regmi
Sudarshan Khanal
Sudarshan Pandey
Sudeep Adhikari
Sudeep Ghimire
Sudip Devkota
Sujal Malla
Sujan Bhandari
Sujan Devkota
Sujan Neupane
Sujan Rai
Sujan Subedi
Sujan Tiwari
Sujeet Sharma
Suman Aatreya
Suman Aryal
Suman Khatri
Suman Kumar Malla
Suman Malla
Suman Puri
Suman Rijal
Suman Sahi
Sumeet Gautam
Sumitra Basnet
Sumitra Ghimire
Sunder Shrestha
Sunil Aryal
Sunil Chapagain
Sunil Lamsal
Sunil Pokhrel
Sunita Tapa
Sunita Tuladhar
Suraj Basnet
Suraj Budhathoki
Suraj Kumar Das
Suraj Shakya
Suresh Dev Pathak
Suresh Pandey
Suresh Pathak
Suresh Pyatha
Suresh Shilpkar
Surya Bdr. Mahat
Surya Bogati
Surya Mahat
Sushil Ghimire
Sushil Pokhrel
Suyash Bhandari
Suzan Bhandari
Suzan Karki
Suzan Neupane
Suzan Rai
Swostic Upreti
Tanesor Bashyal
Tikaram Dhakal
Tikaram Karki
Tilak K.C
Tirtha Raj Aryal
Uddabh Dhakal
Ujjwal Poudel
Umesh Pyakurel
Upawan Khadka
Utsaha Bhattarai
Utsav Dhital
Uttam Jung Kunwar
Uttam Neupane
Veer Bhatt
Yubaraj Karki
We are Indebted to the following Seniors, Juniors and Colleagues for their kind Support:
THE VOICE OF EVEREST May 2013 1
Big pay and little responsibility are circumstances seldom
found together.
-- Napoleon Hill --
BRIEF INTRODUCTION OF NEPAL
Federal Democratic Republic country,
Landlocked country,
Located between China in the north and India in
the other sides,
Area 147,181 square Kilometers [93rd largest
country],
Population approx. 26.5 million [41st most
populous country],
Capital Kathmandu, nations largest city and
Terrain Plain in the south, Hills in the middle and
Mountain in the north.
PRESENT INSURANCE SCENARIO
16 non-life, 8 life and 1 composite insurance
companies in the market,
Low capital based companies, NPR 10 Crore (USD
11,500 Approx.) for Non-Life and NPR 25 Crore
(USD 30,750 Approx.) for Life Insurers.
Depend heavily on Reinsurance Support and
Low volume of premium generation
Table 1: Ownership Pattern of Insurance Companies
Ownership Nature of Company Total
Life Non-Life Composite
Government - - 1 1
Private 5 13 - 18
Foreign 1 2 - 3
Joint Venture 2 1 - 3
Total 8 16 1 25
REINSURANCE MARKET IN NEPAL
No local reinsurance company,
Few foreign companies in the market,
GIC of India being the main reinsurance company,
Other reinsurance market is from Asia and Africa,
Small reinsurance support from European market,
Lloyds or other market is not cost efective,
Volume not justifed,
With low premium volume, not a lucrative market
for reinsurer,
Few big losses can wipe out entire premium
income,
Very less confdence of the reinsurers on local
underwriting capacity.
MARKET POOL IN NEPAL
Terrorism Pool, Nepal is a very successful example,
Net worth increased by almost 15 times in 10 years
time,
Now, Terrorism Pool, Nepal is a lucrative one for
Reinsurers Commission (increased from 15% to
52.5 % on Quota share)
Gradually pricing can be reduced,
Pool can be developed in other felds [Earthquake,
Motor TPL, Aviation] even possibly into a
Reinsurance Company,
Pool can absorb large part of risks internally with
excess of loss protection and
Cooperation between local companies has given
capacity and credibility.
EFFECT OF INTERNATIONAL MARKET
Losses in the international market adversely afects
our market also,
Reinsurance market becomes hard,
Often dif cult to get full reinsurance support and
Terms of reinsurance are quite tight in the available
market.
MAJOR CONSTRAINTS
Aviation, Project Insurance almost totally depend
on foreign market,
Local market has nominal capacity for Aviation
and Project Insurance,
Reinsurance Business & Prospect in Nepal
Laxman Gnawali
CA. M. Com
May 2013 THE VOICE OF EVEREST 2
Te road to success and the road to failure are almost
exactly the same.
-- Colin R. Davis --
Large Risk Insurance is controlled by Reinsurers
terms,
Lack of technical manpower in the market and
Lack of mutual trust and confdence.
BENEFITS OF REGIONAL
REINSURANCE MARKET
Reduce dependence on international reinsurance
centers,
Increase market retention (local and regional
levels),
Generate regional cooperation and support,
Familiar with regional realities,
Possible to insure natural catastrophic perils risks
like storms, foods and space risks etc.,
Research and development (R&D) Innovation/
Risk Protection,
Capacity building through Human Resource
Development
Regional information sharing and
SAARC Insurance Pool: SAARC Reinsurance
Company.
WAY FORWARD
Local market should retain more with local sharing
of risks,
Increase in capital and also by way of possible
mergers,
Tis will develop internal capacity,
Dependency of foreign reinsurance reduces
gradually,
With the retention of higher share, reinsurance for
balance becomes easy,
Confdence of reinsurers will also increase and
High retention market can get Excess of Loss cover
1st SAARC Insurance Regulators
Conference 2013
Subject of Discussion:
Challenges of Reinsurance faced by SAARC
Countries
Finding the win-win dynamics.
Discussion will explore the following:
To develop a regional vibrant reinsurance market,
To sort out regional issues in reinsurance including
handling of catastrophic risks, climate change, etc.,
To maintain long term partnership between
insurers and
reinsurer as a means of price stabilization,
To cope with consequence of fuctuation in
international reinsurance market, contraction and
fuctuation and
Any other matter that may come up for
consideration.
*********
[CA. Laxman Gnawali is Member of Institute of Chartered
Accountants of India and presently working with M/s Insurance
Board (Regulator of Insurance Company in Nepal). Te view
presented are the solely opinion of the writer and hence do
not necessarily represent the view/publication of the Insurance
Board.]
Noble paths
What do you think
Think always the best
When you get no way
Then take a little rest
Select the right way and go for the next
Which enables your future and improves your text
What do you say
Say always after test
Think for what your life is
to runand run, not to paste
Achieve your desire that results to fair
Behave in such a way that nobody scares
What you desire
To earn money and gain the fame
Achieve your destiny in such a way
That you dont have to do rename
Think what you are for
Always speak truth, lie neither or nor.
Bimlesh kr. Sharma
Toppers institute
Birgunj,Nepal
Te only true wisdom is knowing that you know nothing.
-- Socrates --
=:= =+ --: ~-= === +:-==: ~c ~- =:=
=+ |= ~-= +-=: ~c -===--= +t
-==-+ +-==-= +=++=+ =+- = +-+ =-+=
~=-- -: ~- s+ =a : +-+-= +-+ =-=
=-= +- += == - =-+ :-+ c- =-- +t|+ c
=-- == === --= - + -+= - c + =:= =+
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:== vedicbrahman@gmail.com
u|,c o+ :|aa| u|,c o+ ccs
: -===- =++
~ - ==== -~=, +s=: ---===
Great spirits have always encountered violent opposition
from mediocre minds.
-- Albert Einstien --
Victorious warriors win frst and then go to war,
while defeated warriors go to war frst and then seek
to win Sun Tzu
Te world keeps changing. It always has and always will.
Tis is the fundamental value of strategic management,
for the use of strategic planning is to make decisions
now so as to guide an organizations future directions.
Te basic challenge for any company (or, for that
matter, for any living thing) is survival. And to survive
over the long term, a company must have two strategic
capabilities:
the ability to prosper and
the ability to change
What is most surprising is the
amount of change going on around
us! And we notice, at the same time,
how some organisations change
very little.
Darwinism says:
Struggle for existence, survival of the fttest and
origin of new species.
It is not the strongest of the species that survive, nor
the most intelligent, but the one most responsive to
change. Charles Darwin
Over any time period, say one, fve, ten years, in any
geographic region thousands upon thousands of new
organisations are set up, and within the same time
frame many thousands are dissolved, mostly small ones
but sometimes very large ones too. Some organisations
go on for a very long time. For instance, the Tata Group
established by Dorabji Tata has been fourishing since
1907 whereas few commercial organisations have
survived for more than a century. On an average,
however, the lifespan of commercial organisations in
our country is about 50 years.
Over the years, surviving organisations change
their structures as well as the composition of their
activities. As they do so they either threaten or create
opportunities for others. Whole new industries appear
as new technologies are developed, creating niches
of new activities for both new and old organisations,
while other industries disappear.
Many organisations reduce their workforce in
downsizing, delaying activities. Many relocate their
activities from one country to another. Some focus on
one locality while others operate globally. From time to
time, there are major changes in how organisations are
governed. Tere are private and public, commercial and
charitable, governmental and industrial organisations
all interacting with each other in
many diferent ways.
Strategic Management is all
about identifcation and description
of the strategies that managers can
implement so as to achieve better
performance and a competitive
advantage for their organization.
Competitive advantage allows a
frm to gain an edge over rivals
when competing. It is a set of
unique features of a company and its products that
are perceived by the target market as signifcant
and superior to the competition. In other words, an
organization is said to have competitive advantage if
its proftability is higher than the average proftability
for all companies in its industry.
If you dont have a competitive advantage, dont
compete - Jack Welch, GE
Te manager must have a thorough knowledge
and he must analyze the general and competitive
organizational environment so as to take right decisions
at the right time. Tey should conduct a SWOT Analysis
(Strengths, Weaknesses, Opportunities, and Treats),
i.e., they should make best possible utilization of
strengths, minimize the organizational weaknesses,
make use of opportunities arising from the business
environment and shouldnt ignore the threats.
Th e Need of Strategy in Todays Dynamic Business Environment
Om S Trivedi
EPSM-IIMC, Kolkata
When your life fashes before your eyes, make sure youve
got plenty to watch.
-- Anonymous --
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=+- =--
Whether you think you can or think you cant, youre right.
-- Henry Ford --
Tis article is about jobs. As we all know, now-a-days
CAs are also facing problem regarding jobs due to high
competition in the market. CAs are very comfortable
with doing practice because it satisfes with capacity of
work as well as money also. However, now-a-days due
to competition and several weak fnancial situations of
economy, practice is very hard to do and develop.
Chartered Accountant have mainly 3 option i.e.
Practice, Job and to provide coaching for CA Students. As
far as concerned with Coaching, it requires one kind of
skill and hobby to provide Coaching as service. So, its not
much general way to go for it.
Job is more benefcial and one and only option for
us. However, in job we have many options to choose our
feld. Tere is no limitation of our degree. In India, we fnd
lots of private as well as Governments jobs. As India is a
mixed Economy we fnd both options at single place.
Chartered Accountancy is a very diferent type of
professional degree, we cant compare it with any other
in fnance feld. CA is Te King of Finance. As we know
KING is always one. No alternative for this kind of People.
Tis kind of personality has passion in his/her work,
thinking, actions, re-actions and decision making. Tey
believe and think on their own. So, its quite a dif cult
task to go for jobs and working on others directions.
Now, frst of all we should discuss about Private Jobs
and Public Jobs. Ten we can fnally decide what should
be the best option for Chartered Accountant!!!
As we are seeing fnancial situation of our economy
is quite bad from last 2-3 years. Period of recession is
continuous from Big Recession of America. At this time
private companies dont want to create good jobs. It
creates burden on companies fnancial position.
Attraction of public jobs in India is very high from
earlier times. We have many reasons of this attraction like,
healthy salary, job guarantee, fxed increments, bonus,
fxed time for work, leaves, less working burden, etc. are
the most benefcial reasons why people are crazy about
getting government jobs.
Should Chartered Accountants be crazy about
government jobs? Government Jobs are like
Gold. Investing in gold is very good option to get
maximum return on your investments, but it will block
money/ wealth of economy. As a result economy has to
sufer shortage of money in economy. As compared to
this example with our life, we are blocking our future
opportunities and chances of doing something new by
own thinking by Choosing Governments Jobs. Tis job
invisibly prevents our freedom to think about rationality.
We have to face highly corrupt system and people
that cannot be changed by us. And this will also not be
a proper way to change system. Aim and motive to be a
Chartered Accountant may not be satisfes in regards.We
have to surrender our own thinking against majority.
Other aspects like suf cient money, fxation of job,
these all aspects change our attitude towards our original
goals/aims to be a Chartered Accountant. It changes
our direction towards life also. And at last we blame on
system for forgetting our responsibilities, goals, aims, etc.
Just because of us they were in head of government. And
they havent any worries about our career.
As we are seeing in public sector, people have very bad
attitude towards their works. Tey are working like, we are
taking obligation of their position. In real terms, Tey are
Servant of Society. My language is not bad in manner in
what I said. Tis is authorized statement by law of India.
Comparing to this in reality is totally diferent. Tey
dont have manners, communication skills, values,
common sense on how to behave with anyone, dont
follow any ethical standards, morality etc. Tese all are
missing from theirpersonality only because they are sons
of Government.
Tese all are reasons for our total wastage of economys
Wealth. As compared to this private jobs are far better.
However, they are giving less comfort compared to public
jobs. But the thing is that, what we are doing in private
sector is ideal. It has some Standards. We can develop our
self, our own thinking.
Revolutionarythinkers are required for developed India
from developing India. CAs are most important parts of
our Country. If they are attracted by gold investment (as
earlier we discussed) rather than to invest their expert
knowledge for development of the country.
P rivate Jobs VS Public Jobs
Bhargav Nathwani
Committee Member of Rajkot Branch of Western Institute of
Chartered Accounts Students Association (WICASA)
Rajkot, Gujarat
E-mail: bhargav.nathwani@yahoo.com
People seem not to see that their opinion of the world is
also a confession of character.
-- Ralph Waldo Emerson --
First of all, though its a bit late, my congratulation goes
to all the passed outs of CA FINAL, IPCC & CPT of
recent exams. Also, my best wishes for all the colleagues,
friends, seniors & juniors who have just appeared this
May exams. May your coming days be glorious with
hands full of success and results in your favour.
Being the part of HNSG holding a responsible post, I
must have done much more for HNSG. My contributions
and dedications are nowhere. Just looking at the present
context, it had become a tough task for me just to write
an article for the journal. Whenever I met our secretary,
the very same question, Suman, have you written
something? and my readymade answer to him, I will
surely, but I have been unable to choose the topic. I
acted as if I had a vast knowledge and variety of subjects
to write, but right now I am unable to choose the right
topic. But the reality is, I am vacant and dont have a
subject, or I can say, I dont know what to write about.
Te same question was being asked to me at Chachas
tea stall, or in the Metro, or under subways, wherever
and whenever I met others. And my answer to all of
them was always the same, I will write, but now just
choosing the right topic. And to reveal the fact, till now
I had not got any topic.
I tried to write something many a times, but couldnt.
Actually I didnt get any topic to write. I tried to write
about my country, about politics, about economics,
about history, about literature, about of ce life, about CA
student life, about life in Laxminagar. Nothing concrete
came out of me. Every time, after a paragraph, the paper
was torn and the paper reached to kiss the dustbin.
I didnt want to choose the topic on my country
because you know about it more than me. Everyone is
well aware of the happenings and developments in their
own motherland. And the other hot topic is politics,
which I never understood. So, I am not in a position to say
something about it. Te politics is what ordinary people
cant understand, and I myself being a common people
am unable to understand the dirt and dust attached to
it. So, I didnt even dare to return and look at this topic.
Another topic that rumbled in my mind is CA students
and their life in Laxminagar, at which we everyone is
used to and fed up with. Te of ce, morning classes, &
the rush that runs through our adrenaline every moment
Laxminagar, A Dream or A Fate ???
Suman Devkota
CA Final
is what I dont want to bring as a topic. I really dont
want to recall the of ce days when your principal (CA)
is in front of you with your Audit Report or Draft Balance
Sheet.
And to mention about the classes, classes are the
best place to take long nap in chilled ACs. I dont want
to choose this topic either because, why shall I take you
to the nostalgia and regret to have passed through those
classes in which you used to fnd a beautiful girl by your
side. For Articled Students, the situation is further worse.
Te classes for them are the best options for charity as
we need to spend whole month for outstation audit.
Almost half the course is gone through when we are back
to Delhi. Otherwise, early timing of of ce and pressure
from the CA compels most of us to leave in the middle
of the class. Tus, the huge amount of cheques ofered
is just a complete waste. Classes are the only things
in Delhi that worries me most either because a huge
amount of my fathers sweat is fown away through it or
because my time is being wasted on the way to & fro the
classes.
To talk about the life of CA students at Delhi, it is
worth noticeable at the evening when couples wander
on the ways & subways in Laxminagar and Shakarpur.
I have no words to explain the culture and tradition of
Nepali guys copying western cultures and traditions so
easily. Just one question runs throughout my mind, if
the same trend goes on, what will be the future of my
motherland NEPAL? Tere are guys who think of the
girls only, and the girls who think of the guys only, there
are politicians who think of their parties only, and the
sons who think of their parents only.
Ten, who will think for NEPAL???
At last, but not the least, it is unjust just to explain
Hatemalo Nepali Student Group in one or just two
paragraphs. Te functions that it is continuously
organizing and bringing students to one platform &
uniting students at some point of time by whatever
programme or name is really appreciable. Hence, not
being unjust, I wont raise this topic either, because,
the acts that have been done and are being done are far
more than words compiled here.
Nepal is the nation where Angels live but being ruled
by Devils!!!!
A friendship founded on business is a good deal better
than a business founded on friendship.
-- John D. Rockefeller --
After the sad news of demise of one of our collages, I
felt real ugly. Tis is the second incident in last one year
where a Nepali C.A. student has committed suicide.
It is sad news and an ugly fact which we must try to
cease. With this article, I would like to pay my tribute
to the demised soul. Anyone who thinks that things are
not going their way or life seems too dif cult, I would
like to share a short anecdote.
One day a man quit his job, his relationship and
wanted to quit his
life. He went to the
woods to have one
last talk with God.
God, can you give
me one good reason
not to quit? He
asked. Gods answer
surprised him.
Look around, do
you see the fern and
the bamboo? When I
planted the fern and
the bamboo seeds I
took very good care
of them. I gave them
light and water. Te fern quickly grew and its brilliant
green covered the foor. Yet nothing came from the
bamboo. In the second year, the fern grew more
vibrant and plentiful and again, nothing came from the
bamboo seed. But I did not quit on the bamboo seed.
Tere was still nothing from the bamboo seed neither
in the third year nor on fourth year but still wouldnt I
quit on bamboo.
Ten in the ffth year a tiny sprout emerged from the
earth. Compared to the fern it was seemingly small and
insignifcant. But just 6 months later the bamboo rose
to over 100 feet tall. It had spent the 5 years growing
roots. Tese roots made it strong and gave it what it
needed to survive. I would not give any of my creations
a challenge it could not handle. All this time you have
been struggling, you have actually been growing roots.
God said to him.
I would not quit on the bamboo neither will I ever
quit on you. Dont compare yourself to others. Te
bamboo had a diferent purpose than the fern. Yet they
both make the forest beautiful. God have him insight.
With the help
of above anecdotes,
I would like to share
here that life is not
always a smooth
ride, we get to hit
few bumps on the
road and sometimes
it seems that these
bumps are never
ending but then
remember god said,
I would not give any
of my creations a
challenge it could
not handle. So if
any day we feel like life seems hard then please stop
comparing yourself with others. Te main cause of
stress or frustration is comparison. If we are comparing
yourself with other then you are insulting yourself. At
last I would like to quote B.C Forbes, he said, Tey
won because they refused to become discouraged by
their defeats.
And you never can tell how close you are,
It may be near when it seems so far;
So stick to the fght when you are hardest hit
Its when things seem worst that you musnt quit.
Do Not Quit
Ankit Aryal
CA (Final)
Email: a1zankit@gmail.com
Innovation distinguishes between a leader and a follower.
-- Steve Jobs --
1. Global economy has slowed from 3.9% to 3.2%
2. No solution but FDI, FII, ECB to bridge CAD
3. National food security bill is a promise of the UPA
4. Invest allowance of 15% for investment in plant &
machinery
5. Infra debt funds are encouraged to promote
investment in infrastructure
6. 4 IDFs have been registered with SEBI, 2 will be
launched soon
7. Some companies can issue tax free bonds up to
`50,000 cr for Infra
8. Expect to raise `25,000 Cr via tax-free bonds in
FY13
9. Home Loan up to 2500000/- taken after 01.04.2013
-2014 Additional Deduction of `100000/- in
account of Interest will be allowable.
10. Rajiv Gandhi equity saving scheme to be liberalised
11. Income limit for RGESS raised to 12 lakh from `10
lakh
12. CSR@2% shall be part of the Expenditure
13. To increase refnancing of SIDBI to help MSME
14. Government has proposed to setup a New Woman
Bank as Public Sector bank
15. To provide `1,000 cr initial capital to All-Womens
Bank
16. Insurance companies will be empowered to
open branches in tier II cities without prior IRDA
approval
17. SEBI to simply procedures for FIIs, unify categories
of FIIs
18. Proposal to amend SEBI Act under consideration
19. 289 FM radio channels to be auctioned in FY14
20. 294 more cities to be connected by FM Radio
21. Govt to contribute 1000 cr for Nirbhaya fund
Tax Proposals in Budget Speech
28.02.2013
1. Dispute Resolution Method will be introduced for
DT and IDT
2. Minimum Exemption 2 to 2.20 Lacs
3. Additional SC @10% whose taxable income exceed
@1 Crore only for One Year Only called Super rich
tax:
4. Home Loan up to 2500000/- taken after 01.04.2013-
2014. Additional Deduction of `100000/- in account
of Interest will be allowable.
5. Eligibility conditions for disable person Insurance
for 15% to 20%
6. Tax credit of 2,000 for income up to `5 lakh:
7. DDT Surcharge raised to 10% from 5%
8. To continue with education cess at 3%
9. 10% surcharge on companies with income over 10
crore
10. Tax holiday for power plants extended to March
2014
11. Extend 80IA by 1 year
12. TDS @1% on the Capital Gain transaction Over to
`50 Lacs property.
H ighlights from the Budget Speech of
the FM as on 28.02.2013
Compiled by Kapil Acharya
Te more you loose yourself in something bigger than
yourself, the more energy you will have.
-- Norman Vincent Peale --
13. 15% tax on dividend from overseas arms to
continue.
14. DTC in progress, as per best international practice
15. To reduce STT on equity futures, MF Units
16. To introduce CTT on non-agro futures contracts at
0.1%
17. Agro commodities to be exempt from CTT
18. 20% fnal withholding tax on unlisted companies
19. Modifed provisions under GAAR efective April 1,
2016
20. To incorporate decisions on GAAR
CUSTOMS
1. SED on cigarettes hiked by 18%
2. Custom duty on imported motor vehicles hiked
3. To up import duty on luxury cars to 100% from 75%
4. Increase excise duty on SUVs from 27% to 30%
SERVICE TAX
1. No change in standard rate of excise duty, service
tax.
2. Vocational Courses New Services added to negative
List become exempted.
3. Film Industry get exemption for copy rights added
to negative List become exempted.
4. Voluntarily Declaration Scheme in Service tax as
One-time Amnesty Scheme for service tax due
from 2007.
5. To reduce abatement rates for luxury apartments as
reduced from 75% to 70 % in Residential Complex
Services.
6. To impose service tax on all AC restaurants
7. For GST need to be pass by Constitutional
Amendment. To present Draft Bill on GST in
parliament in next few months.
Optimism
I see the cliff
Ninety degree steep
Below flows a river
Several meters deep
Hanging on a rope
I collect my hope
Tied on a trunk
The rope is strong
But it has a girth
Larger than my fist!

Right leg finds a support
Left is hanging free
Neck bent upward
I look at the tree
Hundreds feet above
The leaves are green
That is the point
We had never been.

Push the rocks, pull the rope
It is so simple my mind had told
But these arms are fatigued
I am loosing the grip
My toes have bled
And dry is my lip
The sun is so strong
It must be noon
I said to myself
Youll die soon

Lots of them were lost
Crocs ate them all
I believed, this was simple
But I am going to fall
My seniors were there
Advised not to take a risk
I now regret
I had listened them at least.

I was thinking all this
When a breeze hit me
Sweat cooled my body
The god was with me
A brisk of optimism
I would rather call it
Filled my muscles
And wounds were healed.

I looked down,
And then up
I have no choice
But to reach the top
I will taste the fruits
And will show my roots
Ill be on a point
We had never been
Ill be on the place
Id always dreamed.
Pallav Bhandari
(CA-Final, ICAN)
Tings work out best for those who make the best of how
things work out.
-- John Wooden --
W e were having this conversation regarding plans of
my friend to go abroad. She even told me that she
should have realised it a few years ago itself. I said,
Best wishes! But our country needs talents too, isnt
it? She told me back Yes it does, but it cant aford
the talents!
She was true. I had to agree. Tough I was and am
optimistic from my heart, facing the
reality was inevitable. Our country
lives on the pride derived from valour
of our ancestors. But it does not value
the talents of today. My country cares
about people from neighbouring
country entering my territory, but
blatant brain-drain is not a matter of
concern. My country is complacent
with the political agreements signed
about who is going to lead the next
government and is blindfolded to the
good governance.
Yes, my country stands high on the
substandard pillars laid on some weak foundations
over an active tectonic plate. And these pillars of today,
sell out a dream to the pillars of tomorrow (as they say
it), that the foundation is profoundly stable and they
are going to hold on very well. Quite obnoxious, isnt
it, when it is prima facie evident that the bricks forming
these pillars (of tomorrow) are weathered already and
the cement has already lost its binding property. And
the selling of dreams is a perpetual process.
Our country boasts since it has tremendously
potent resources, however unutilised they may be. Our
country boasts since Buddha was born here some 2500
years ago, it doesnt bother to care if after two and half
millenary some of the great minds are dwelling hither
and thither to seek out some opportunities of presenting
themselves. Our country praises the gallantry of brave
warriors centuries earlier who resisted falling in the
hands of other countries but chooses to forget the
gems of today that are drawn to other countries in
pursuit of a better future. Our country has pride on the
geometrical feature of the fag, but the incongruity of
actions with words is not a matter of headache to any
heads.
My country is very much worried of external
encroachment. As soon as some foreign aids are
revealed, my country raises eyebrows in suspicion
that that country is trying to buy us. Nevertheless,
my country remains sedentary when it comes to
generating the resources from inside. My country
wants roads touching every house, yet doesnt want
a single piece of land being used for
constructing that road. And till the
new development projects build the
roads (without using a single piece
of land) in the locality, they are never
going to get any assistance from the
locality or the country as a whole.
My country promotes the tea-
shop wandering-carom board strikers
as brilliant minds and the ingenious
minds are never apprehended. And
the mind of my country is so much
impoverished, it cant pay for other
minds that could help this country.
And all it can do is stand alone in destitution.
Saying all that, the words of my uncle echoes my
mind, complaining alone doesnt help boy! So what
do I do else than whining? Hope is the answer. I do
hope that one day will come when my country values
talents, when it will be able to aford them, and when
it will absorb them. I do hope that one day my country
will fll all the voids which have made the foundation
weak. I do hope that the pillars of tomorrow become
the pillars of today before the bricks are eroded. I
believe that one day will come when my thoughts will
not jeopardise my prosperity. I believe, one day the
actions will speak louder that words. And, the most
important of all, I have faith that that one day will
come very soon.
Prabhat Khatri
Bhaktapur
Facing the Reality
We cannot solve our problems with the same thinking we
used when we created them.
-- Albert Einstien --
1. Background
Te high level forum on Aid efectiveness that took
place in Paris in 2005 reconfrmed the commitment of
donors and development organizations to improve the
quality of development cooperation and put forward
series of recommendations on how to turn commitment
into reality. Tese recommendations have important
implications for the way the UN acts in the feld, one of
them being an urgent need to direct renewed eforts to
strengthen national capacity for managing development
process
Above mentioned statement has been picked
up from a beginning Para of a letter launching
Harmonized Approach to Cash Transfers (HACT) by
United Nations Development Group (UNDG) duly
signed by United Nations Childrens Fund (UNICEF),
United Nations Development Programme (UNDP),
United Nations Population Fund (UNFPA) and World
Food Programme (WFP). Harmonized Approach to
Cash Transfers (HACT) is an initiative taken by UNDG
in UN reform which helps to reduce transaction cost
and to implement true harmonization in the area of
assurance. Te HACT introduces new way of managing
the process of transferring cash to implementing
partners (these may be Government Organizations/
International Non-Governmental Organizations/ Local
Non-Governmental organizations/ Community Based
organizations etc.)
2. Why HACT?
United Nations had to change the way of doing business
both in programme and operations to keep pace with
the changes in world of development cooperation. In
the very process of implementation of development
assistance the agencies of United Nations Development
system transfers funds to various partners named as
Implementing Partners. When diferent UN agencies
uses diferent modalities of cash transfers which are
sometimes complex, they impose a high burden on
those partners. Implementing Partners spend time
and money negotiating and responding to the diferent
compliance requirements of agencies. If regulations
of diferent agencies were harmonised then time and
money could be focussed on the to more productive
end i.e. timely achievement of development objective.
In the previous system, most agencies used to rely on
a system of rigid controls of managing cash transfers.
However, HACT advocates and implements the very
concept of risk management. It recognises that the
level of risk varies across Implementing Partners. It
suggests agencies to adjust their cash transfer method
and assurance activities according to the level of risk.
Ultimately, it facilitates to concentrate on programmatic
part of development assistance by lowering the burden
of high transaction cost and complex compliance
requirements.
3. Objectives of HACT
Main objectives of the Harmonized approach to cash
transfers are as follows:
Lower complexity of procedures and reduce
transaction costs of development cooperation
Improve capacity of national partners to efectively
manage aid
Minimize risks related to the utilization of funds
and increase overall efectiveness
Increase overall efectiveness of UN operations in
the feld
4. Brief Study of Main Elements of
HACT
4.1 Assessment of nancial management
systems and capacities
Te new approach uses macro and micro assessments
to determine risks as well as assurance activities such
An overview of Harmonized Approach to Cash Transfers (HACT)
CA Lab Bahadur Rawal
Email: lbrawal2011@gmail.com
Identify your problems but give your power and energy
to solutions.
-- Tony Robbins --
as audits and spot checks. It also introduces a new
harmonised format for implementing partners to
request funds and to report on how they have been
used. Te harmonised approach is called Funding
Authorization and Certifcation of Expenditures Form
(FACE). Any organization which is implementing
programme of UNICEF uses FACE. If it is going to
implement another programme funded by the UNDP,
then FACE will be used for fnancial reporting. Hence,
entire procedure of fnancial reporting (to request new
funds, to report on expenditure and to inform balance
amount or receivable etc.) is harmonised.
A macro assessment is a desk review of existing
assessment of national public fnancial management
system that takes place once per programming cycle.
However, micro assessment is review of soundness
of fnancial management system of implementing
partners which is also carried out once a programming
cycle. Tese assessments help to understand the
internal control system on fund management and
work together on best ways to deliver desired results.
Assessments identify appropriate cash transfer
modalities to Implementing Partners.
Te Macro and Micro Assessments serve two
objectives:
Development objective: Te assessments
help Agencies and the Government to identify
strengths and weaknesses in the PFM system and
the fnancial management practices of individual
Implementing Partners, and identify areas for
capacity development.
Financial management objective: Te assessments
help Agencies identify the most suitable resource
transfer modality and procedures, and scale
of assurance activities to be used with each
Implementing Partner.
Te assessments do not establish conditionality for
assistance from the Agencies. Each Micro Assessment
concludes with a statement of the overall risk related
to cash transfers, rated as low, moderate, signifcant
or high. A low risk rating indicates a well-developed
fnancial system and functioning control framework.
A signifcant risk or high risk rating is given if the
system is more nascent and the control framework is
inadequate to assure that cash transfers are used and
reported as agreed with the Agencies. Te fndings of
the Micro Assessment primarily guide the frequency
and coverage of assurance activities.
4.2 Cash Disbursement Mechanism
Disbursements are based on activities described
on Annual Work Plan. Tere are four cash transfer
modalities are available to agencies, within the
framework of programme content and operation
agreements described in the Country programme
Action Plans (CPAPs):
Direct cash transfers to Implementing Partners,
for obligations and expenditures to be made by
them in support of activities agreed in annual work
plans (AWPs);
Direct payments to vendors and other third parties,
for obligations incurred by the Implementing
Partner in support of activities agreed in AWPs;
Reimbursement to Implementing Partners for
obligations made and expenditure incurred by
them in support of activities agreed in AWPs;
Direct agency implementation through which the
Agency makes obligations and incurs expenditure
in support of activities agreed in AWPs.
Te procedures for transferring cash, including
the periodicity of disbursements, reporting on cash
utilization, and maintaining assurance over the
accuracy of the reports, are essentially the same for
the four modalities. Whenever an Implementing
Partner receives cash transfers from more than one
Agency, the Agencies will use the same procedures.
All Implementing Partners will use the same standard
format for requesting cash transfers and reporting on
their use. Agencies will continue to account for cash
transfers in accordance with their establis hed policies
and procedures.
4.3 Managing Risks
Tere is a risk that cash transferred to Implementing
Partners may not be used or reported in accordance
with agreements between the Agencies and the
Implementing Partner. Te level of risk can be diferent
for each Implementing Partner. In following ways risk
for each Implementing Partner can be efectively and
ef ciently managed by the agencies:
assessing the Implementing Partner's fnancial
management capacity;
applying appropriate procedures for the provision
of cash transfers to the Implementing Partner; and
maintaining adequate awareness of the
Implementing Partner's internal controls for cash
transfers through assurance activities.
You live longer once you realize that any time spent being
unhappy is wasted.
-- Ruth E. Renkl --
For each Implementing Partner the level of risk may
change over time, and this may result in changes in the
cash transfer procedures and assurance activities, and
possibly in the choice of modality.
4.4 Assurance Activities
Te specifc combination, frequency and scale of
assurance activities for each Implementing Partner
will be determined by the country representatives of
the Agencies who provide cash transfers and by any
Agency-specifc requirements. Te strongest assurance
activities will be directed to Implementing Partners
with the weakest fnancial management practices.
Te assurance activities are:
Periodic on-site reviews: Tese are tools where
review of the Implementing Partners fnancial
records for provided cash transfers is undertaken
by the agencies. For example for 1
st
quarter of
Financial year 2013-14, $50,000 has been disbursed
to a NGO by UNDP, fnance staf of UNDP will
visit the of ce of such NGO for onsite verifcation
of all the vouchers and supporting documents of
expenditure reported against such request in FACE.
Programmatic monitoring of activities
supported by cash transfers: in this assurance
activity, site visits and fled monitoring activities
are undertaken to monitor progress of the project.
Scheduled audits of Implementing Partners
fnancial management systems: For each
Implementing Partner, audits should be scheduled
at least once during the programme cycle if more
than US$500,000 in cash transfers is received/
disbursed (or is expected to be received/disbursed)
collectively from the Agencies during the period
covered by the CPAPs, or for Implementing Partners
who receive less than US$ 500,000 if considered
necessary by one or more Agency.
5. Conclusion and Recommendation
After the introduction of HACT by UNDG, four UN
agencies i.e. UNCEIF, UNDP, UNFPA and WFP are
using same procedures to work with the Implementing
Partners. Tis helps to manage the funds given by donors
in efective and efective way because the ultimate goal
of development assistance is to work for the beneft of
poor in the world. By applying the same procedures
and sharing knowledge across the UN agencies will
ensure there will be less amount of involvement
of cost of fund management. HACT is a signifcant
breakthrough to convert commitment of reducing
transaction cost and ensuring aid efectiveness. HACT
is just one step in harmonization; there are several
areas like recruitment and procurement where the very
concept of harmonization can be introduced across
several UN agencies. Further, more agencies of United
Nations should use HACT for better fund management
and development.
(Author is a member of the Institute of Chartered
Accountants of India and works closely with an
international frm handling audit assignments
of United Nations. He can be reached at
lbrawal.ca@gmail.com)
References
1. www.un.org
2. www.wikipedia.org
3. Paris Declaration on Aid Efectiveness and Rome
Declaration on Harmonization
4. A letter launching the Harmonized Approach to Cash
Transfers www.undg.org
In Moving Train
...And I gather
Life is a Journey
From here to there
From this to that
Amongst the colors of Time
Through the ripples of Sound
Between the Silence
Just like the wheels of this Train
Slowly, Vigorously and Untiringly
Just like the running blood
In my arteries and veins
Just like these even wandering
Bewilderingly thoughts
From Infinity to Eternity
Raj Ballav Koirala
(He is an actor of Nepali Movie Industry)
Te entrepreneur builds an enterprise; the technician
builds a job.
-- Michael Gerber --
International Financial
Reporting Standards (IFRS)
are designed as a common
global language for business
afairs so that company
accounts are understandable
and comparable across
international boundaries.
Tey are a consequence of growing international
shareholding and trade and are particularly
important for companies that have dealings in
several countries. Tey are progressively replacing
the many diferent national accounting standards.
Te rules to be followed by accountants to
maintain books of accounts which is comparable,
understandable, reliable and relevant as per the
users internal or external usage.
Advantages & Disadvantages
Greater Comparability
Companies that use the same standards to prepare
their fnancial statements can be compared to
each other more accurately. Tis is especially
important when comparing companies located
in diferent countries, as they might otherwise be
using diferent rules and methodologies to prepare
their statements. Tis increase in comparability
has helped investors better determine where their
investment dollars should go.
Not Globally Accepted
Te United States has not yet adopted International
Financial Reporting Standards and other countries
continue to hold out as well. Tis makes accounting
by foreign-based companies that do business in
America dif cult as they often have to prepare
fnancial statements using IFRS and another set
using American Generally Accepted Accounting
Principles.
More Flexibility
IFRS uses a principles-based,
rather than rules-based,
philosophy. A principles-based
philosophy means that the goal
of each standard is to arrive
at a reasonable valuation and
that there are many ways to get
there. Tis gives companies the freedom to adapt
IFRS to their particular situation, which leads to
more easily read and useful statements.
Manipulation
Tere is a downside to the fexibility that IFRS
allows: companies can utilize only the methods
they wish to, allowing the fnancial statements
to show only desired results. Tis can lead to
revenue or proft manipulation, can be used to
hide fnancial problems in the company and can
even encourage fraud. For example, changing the
method of inventory valuation can bring more
income into the current years proft and loss
statement, making the company appear more
proftable than it really is. While IFRS requires
that changes to the application of the rules must
be justifable, it is often possible for companies to
invent reasons for making the changes. Stricter
rules would ensure that all companies are valuing
their statements the same way.
Cost
A small company would be impacted by a countrys
adoption of IFRS in the same way a larger one
would. However, small businesses do not have
as many resources at their disposal to implement
the changes and train staf. Tis results in smaller
companies bringing in accountants or other
outside consultants to help make the changeover.
Tese smaller companies will bear more of a
fnancial burden than larger ones in this area.
International Financial Reporting Standards (IFRS)
Compiled By: Rabin Pokhrel
CA Final
Syangja, Nepal
A real entrepreneur is somebody who has no safety net
underneath them.
-- Henry Kravis --
Tere are many advantages and disadvantages
of converting from GAAP to IFRS.
Advantages
Te use of one common global reporting
language (Flynn, 2008).
It will allow for comparability over all fnancial
markets, regardless of the country of origin
(Flynn, 2008).
Investors will have better information for
decision making (SEC, 2008).
Companies will have more fexibility for
applying accounting principles. IFRS is more
principle based, whereas GAAP is more rules
based. Transactions will be required to be
reported using substance over form criteria.
More professional judgment will be exercised
which will lead to better disclosure to support
those judgments (Flynn, 2008).
Tere is the potential for reduced fnancial
reporting complexity, especially for large,
multinational companies that currently prepare
many diferent sets of fnancial statements in
many diferent forms (Flynn, 2008).
All levels of management, including the audit
committee, will have to be more involved in
fnancial reporting and aware of transactions
(AICPA online video, 12/09/08).
In the end, companies should be more ef cient
and have the advantage of cost-savings (AICPA
online video, 12/09/08).
Disadvantages
Small companies that have no dealings outside
of the United States have no incentive to adopt
IFRS unless mandated (Olson, 2008).
Incompatibility may arise as companies claim
to have converted to IFRS but in reality have
only selected the portions that best ft their
needs (Olson, 2008).
Tere is an extremely high price-tag
the SEC estimates the costs for issuers of
transitioning to IFRS would be approximately
$32 million per company and relate to the frst
three years of flings on Form 10-K under IFRS.
Total estimated costs for the approximately
110 issuers estimated to be eligible for early
adoption would be approximately $3.5 billion
(SEC, 2008).
Although it is unlikely, Commissioners have
three years to change their minds. A defnite
decision will not be made until 2011. Tere is
no incentive for early adoption due to the fact
that it could be a colossal waste of time and
resources. Also, companies would be required
to have two sets of records, one GAAP, one
IFRS, during this time just in case IFRS is not
adopted (Johnson & McCann, 2008).
Many feel that during this fnancial crisis
that the world is currently experiencing, a
conversion of this magnitude is too much to
ask of executives and management (IFRS,
2008).
A minimum of two years of fnancial
information prior to conversion would need
to be maintained on two sets of books, both
GAAP and IFRS, to meet the requirement
IFRS IN NEPAL
In 2003 the Central Bank of Nepal along with two
commercial banks were required to use IFRS in
preparing their fnancial statements(Nepal Rastra
Bank 2003); World Bank 2005). Unlike the central
bank, listed companies were only permitted to use
IFRS (World Bank).
According to a review published by Nepals
Ministry of Finance, Nepal has made a commitment
for full compliance with the International Financial
Reporting Standards (IFRS) and announced
a planned conversion of Nepal Accounting
Standards with the IFRS for public companies by
2012 (Government of Nepal, 2011). Furthermore,
at a discussion organized by the Nepal Electricity
Authority and Nepal Chartered Accountants
Organization in Kathmandu in October 2012, it
was announced that IFRS will be brought in efect
for public and private organizations in the fscal
year 2012-2013.
Also, according to a report by Deloitte, the
Institute of Chartered Accountants of Nepal has
proposed to adopt the IFRS for SMEs efective 1
July 2011
Opportunity is missed by most people because it is dressed
in overalls and looks like work.
-- Tomas Edison --
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fl, QkbZuy
Te only place where success comes before work is in the
dictionary.
-- Vidal Sassoon --
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Poor people have big TV. Rich people have big library.
-- Jim Rohn --
-- - -- +=+ - +c ==c - +-+= --- -+c
+- -== -c-, + === += -c- =c=: =--
--+ == +:= --+- -c == ==- + =-+-
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== ~=+-+ -c +- --+ =c =-- -:+-+ -c,
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= =-+ c- , = ~= +=- =| ==: t
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|4)|o|
fceyk voLFkh
fl, QkbZuy
[ky~xk] usiky
We are what we repeatedly do. Excellence, therefore, is not
an act but a habit.
-- Aristotle --
I have newly explored some places in Ujire, Karnataka
and saw a very striking red coloured fruit hanging on
a tree and felt like to grasp it up. I then got down from
my vehicle and seized that fruit and found a cashew
shaped white part lower than that red one and asked
to a stranger passing through that way.
He explained me that was a cashew and the red part
is called cashew apple which is an edible and good
fruit. Swiftly something knocked in my mind whether
the fruit is currently being produced in my nation
or not? I came back to my friends room and started
searching about the cashew production in Nepal but I
found a few productions in a small scale and I started
considering that why I couldnt go for the production
of this fruit in my country and trade it within the nation
and outside.
I was thinking about to start some business in
Nepal which will be fruitful to the society and nations
economy as well. I learned about the Small and
medium enterprises and its importance during my
study. Here I want to put some of my views regarding
SMEs (Small and Medium Enterprises) and its trend
and possibilities in Nepal.
SMEs are a source of employment, competition,
economic dynamism and innovation. Tey stimulate
the entrepreneurial spirit and the difusion of skills
because they enjoy a wider geographical presence than
big companies. SMEs also contribute to better income
distribution.
Te universal defnition of SME defned by World
Bank in G-20 summit in Pittsburgh is An SME is a
formal enterprise with annual turnover, in U.S. dollar
terms, of between 10 and 1000 times the mean per
capita gross national income, at purchasing power
parity, of the country in which it operates.
SMEs in Nepal account for an overwhelming
proportion of economic activities, making a notable
contribution to trade, employment and national
income.
Nepal is a country that is interlocked between
great powers like India and China and has a dif cult
topography, inferior infrastructure, uncertain political
situation, low human capital and a historically weak
economic growth. Te entire ongoing situation which
we are observing today is because of all those deeds
and activities which we and our predecessors mostly
political, executed in the past. Now regardless of the
fact there is no point in pointing others and possessing
all these negative side of thegorgeous nation we have
ample of chances to proceedfurther andestablish
ourselves as an unsurpassed Nepalese.
Here I am trying to exaggerate a huge encouragement
for the prospective, qualifed, and educated people and
learners, especially Te CAs, MBAs and others having
wide knowledge from their education background to go
for SMEs development and planning in Nepal which in
the present scenario, the country mostly needs and also
have lot of unflled channel which is required to pile up
by us. Since this is completely my frst appearance in
the feld of writing, I may be incomplete in the way I
anticipated to be.
SMEs IN NEPAL
In Nepal, Small and Medium sized Enterprises (SMEs)
has been classifed as those enterprises with the
investment of fxed assets up to Rs.100 million, where
enterprise with fxed assets up to 30 million Nepalese
rupees are small enterprises and Rs 30 to Rs 100 million
Nepalese rupees in fxed assets are medium enterprises.
And the industries in Nepal have been classifed into
seven diferent sector mainly based on the nature and
product of the industries. Tese classifed industrial
sectors are manufacturing, energy, agro and forestry,
minerals, tourism, services, and construction.
S MEs and Tendency in Nepal
Manoj Subedi
New Delhi
BE(CIVIL), MBA
E-mail: manojsubedi94@gmail.com
Te best way out is always through.
-- Robert Frost --
In Nepal as in any other LDCs, the SMEs are family-
based enterprises with management and ownership
to the owners. So lack of credit worthiness causes
uncertainty for development, as family savings and
equity capital are major sources of equity capital.
Technology is locally innovated and managed so
there is no ef ciency or innovation. Most of the SMEs
develop goods for local markets, far and few for exports
as they have inherent constraints
About 111000 small and medium enterprises are
currently operating in the country, employing an
estimated 1.75 million people and accounting for one
ffth of the GDP. However, 25% of these business do not
have formal banking relation with fnancial institution.
Nepals Dependency
Te modern economy of our nation is largely dependent
on remittance i.e. 23%, responsible for reduction of
poverty from 42% (1995-96) to 25% (2011) approx.
Remittance is also responsible for the rising of living
standard.
Hats of to all those Nepalese brother and sisters
who are working in abroad despite having intolerable
situation, dominance environment, lack of care and
adore, unscheduled life rush, yet still contributing to
the nation by deducting some of the portion of their
income and keeping some for their self sustaining.
Due to the increase in revenue from remittance the
currency of the nation becomes stronger compared
to that of the other nations which results in export
becoming more expensive for other countries to buy.
Ultimately the manufacturing sectors will be less
competitive. Also the purchasing power of households
will be increased which leads to high demand of the
consumption and imported goods. And further there
has been wearing down of manufacturing sector leads
to their reduced competitiveness.
Hence a huge stream of ideas should be brought up to
utilize the huge part of remittance into some productive
sector for long run. As a huge knowledgeable force,
we really need to think of enhancing and expanding
SMEs via various means and ideas, which we learned
in our study. We learned the thing, we became able to
re-think and became technocratic and enthusiastic as
well but which fnally confned in the ideas only not
into an exposure. We always tend to look at the dark
side which discourages us totally. Actually there is no
darkness in reality it is only the absence of light and its
the time to put up the light to get rid of this.
SMEs are the strong tool for the inclusive growth of
nations comprising various aspects of economy. It is
certainly the case that large corporations have created
a signifcant portion of the countrys wealth however; it
is the smaller and medium enterprise that has been the
engine that generated most of the worlds economic
growth. Now let us know the age group structure of
Nepal.
0-14 yrs- 32.6%
15-24 yrs-22.6%
25-54 yrs-34.9%
55-64 yrs-5.5%
64 and above-4.5%
Hence the potential age group i.e 25-54 yrs
responsible for high impact on nations economy
and development has maximum percentage and the
future of the nations is following them. So why not we
people direct ourselves towards the nations growth.
Regarding the issue of fund generation for diving into
SMEs despite having tedious procedures and norms
of fnancial institution to provide SME loan, yet they
are providing and willing to provide more and if the
large fow of such ideas could be brought up then the
government will also defnitely take necessary action
for this.
Currently fnancial institutions are providing upto
80% of the project cost for tern loan and working capital
fnancing etc. Mega bank CEO once said that his bank
has lots of money but nobody is there right now to give
it because of having low business confdence. Te
fnancial institution itself is looking for a new market
to pour the money they have. If the enthusiastic and
purported people having real passion for this are
willing to bring up new idea and hopes then fnancial
institution defnitely will go for scientifc management
and procedures for credit ratings tools to SMEs, which
they are willing also.
Training program by industrial enterprise
development institute- Various training program to
start and improve the business, monitoring of feld level
Do not wait to strike till the iron is hot; but make it hot
by striking.
-- William B. Sprague --
SIYB (start and improve your business) are provided by
this institution which are literally benefcial.
TRADE FACILITATION
Trade facilitation refers to simplifcation and
harmonization of international trade procedures,
including activities, practices and formalities involved
in collecting, presenting, communicating and
processing data required for the movement of goods
in international trade.
Nepals situation is a little bit worse because of
Trade transaction costs (TTC) remain high despite
unilateral, bilateral, regional and multilateral
liberalizationregarded as by poor physical infrastructure,
high transport and
communication costs,
inef cient customs and
administrative delays at
borders and ports, and
inef cient payments
system. Poor programme
implementation, lack
of coordination among
and between countries,
inadequate skilled
manpower and lack of a
multi-sectored approach
to TF.
Transit facilities
disrupted occasionally
due to domestic political
instability such as bandhs
and strikes over the past few years. Also Customs
clearance requires flling 83 documents with 102
copies and 113 signatures, totalling 22 days.UNCTAD
supported ASYCUDA (Automated Systems for Customs
Data) and ACIS (Advanced Cargo Information System)
for reducing documentation requirements in Bhairawa,
Birgunj, Kathmandu and Biratnagar, covering 90% of
Nepals trade. Single Administrative Document (SAD)
introduced under ASYCUDA. Nepal has committed in
its Working Party Report to comply with international
standards on documentation procedures by 2007.
It faces constraints for trade facilitation yet Nepal
government is providing some support for it but still
has to do lot of things to ease the trade services in many
custom points and its territory. Hence if avalanches of
ideas regarding export will be enforced then defnitely
government will take further necessary action to go
through the revising of obsolete system and bring a
new one. Export oriented business can be done on so
many products and enhance the existing ones as well.
As a part of nations economic tools we all should
suppose the giant soft power of our nation viz: water
resources, forest, herbal products etc.Te god gifted
natural topography is our one of the aspect to be proud
of being popular in the world. Literally, observing
through these things, these are the resources that weve
and which is enough. Hydropower industry should be
given priority at this stage
since we all know about
the present problem that
we are facing. Te huge
aerated and fertilized
land in the Terai and its
popular brand as the
Land of food storage
are the acquired souvenir
for us. Present ongoing
advancement of IT in the
world defnitely will help
our nation to expand and
grow in IT sectors as well.
As we all arewell-
known to the ongoing
situation and the jam-
packed turbulence in the nation, we need not to scratch
all those wounds and get depressed. Now this is the
time to re-think and step-up. Being admired in the
world by the Name and Fame of Gorkali, Te land of
Mount Everest, the birth place of lord Gautam Buddha,
Te terra frma of Himalayas, the land of braves, now
we need to be trendy in other diferent ways which can
be of transformation into and imaginative platform
despite having numerous obstacles as a best nation, as
a successful and hardworking Nepalese and as a good
quality human being.
A goal is a dream with a deadline.
-- Napoleon Hill --
In an excellent poem by Whittier there are the lines: of
all the sad words of tongue or pen,the saddest are these-
it might have been. Tese are the same lines which
are echoing in my ears since the time I was a secondary
level student. Te principal of my frm where I am
being morphed into a qualifed chartered accountant
reminds me time and again that we are running short
against time. Really, time is warning all of us. We are
on very crucial age of our life where we have to either
take action otherwise dig pit to get buried. We will
be worthless in this fercely competitive world for not
taking action on time.
On the occasion of Holi I was on Lalita Park celebrating
holi with HNSG members.
After noon the number of
Nepalese students started
to increase. It was around
2 pm I was astonished to
see such galaxy of budding
CA students who were
all from Nepal. I turned
around to my friend with
a bewildered look on my
face and asked him, Are
all they going to be a chartered accountant?.He got
confused and fnally replied, Lets assume that all
of them will become CA, I am bemused whether our
country can aford so many CAs or not. Im sure all
of the students on that park might have felt this sort of
doubt on their mind. It is not only a case in Laxminagar.
Tis type of question often arises in the mind of every
student from every streams.
We all are warriors who have left motherland to
make our parents smile. We are here with arrows on
the quiver and bow on hand. We have already put
an arrow on bow and have stretched arrow on hand.
Now we shouldnt get stuck in thought after aiming
the arrow on the stretched bow. Its not the proper
time for us to think whether the nation can aford all
or not. Its the time to do smart work. Serving a nation
does not necessarily mean working within the nation.
You can do a lot for your country by working anywhere
around the globe. I have seen so many herds thinking
that CA has become just like BBA. My neighbor brother
from my countryside is taking classes for Inter. One day
I asked him, How are your classes going?. He said,
kati nepali hun dai malai ta shankardev campus ma
BBS pade jasto lagchhawith a great sense of humour.
We cant deny the fact that the herds size is increasing
but its the time for us to make ourself unique in the
herd.
I have lots of my mates
who have wasted much
of their time saying, I
dont have enough time
to prepare properly for
exam ,why to give exam
just as to pass?,i will drop
this attempt and score
rank in next attempt as I
will digest all topics in six
months time.But if they
had not talked about this paltry time all day,they would
really have spared enough time to pass the exam in frst
attempt. If you want any assignment to be completed
on time give to the bussiest person because a busy
person only has a time.You have got the same time
that were given to the worlds greatest people.In this
universe either we can make excuses or make progress
but not both at the same time.
Distraction from the main objective is another
greatest mistake that we often make. Sometimes we
make our mind busy in stupid things thereby forgetting
why our parents had send us here. Tough we cant
control what goes on outside but we can always control
what goes on inside .Damn beautiful ladies in the streets
Take Action Before Its Too Late
Prakash Parajuli
CA-Final
Every day I get up and look through the Forbes list of the
richest people in America. If Im not there, I go to work.
-- Vinnie Rege --
try to distract me too but I do one thing special that
has helped me till today.Just after reaching home from
of ce or class your mind will be houseful of thoughts
including bad thoughts.What I always do is,I go infront
of mirror,look myself and say these sentences loudly,
Mr. Prakash! dont forget why your parents have sent
you here,dont ever dare to disrespect their sweat,you
have lots of promises to keep and you have miles to
go. till the time I feel myself refreshed.Talk to yourself
atleast once in a day otherwise you may miss a meeting
with an excellent person in this world.
Worlds highly respected leadership expert,Robin
Sharma has written these words in one of his books.
Learn from a good movie. Tree Idiots is one of such
movie which had helped most of us to decide our future.
Once we entered into one feld we shouldnt watch this
movie again.You will come across stressful times and
ask yourself why you had joined that subject. Te time
you take a decision to do any course after watching
this movie , your destiny will be shaped.After this you
have to love what you do. We often sleep late in night
so it becomes very dif cult for us to wake up in the
morning to go to of ce.My roommate greets me with
one prologue, bihana uthera of ce jana man lagne
din aye kasto huntyo hola,kya kuhera gayo ni jindagi.I
am really surprised to see this attitude of him.If we are
taking all obligations by just compulsion,do you think
it will help us grow? We cant fnd a rainbow by looking
down.We should have the fear of being nobody then
only we get some energy to jump out of bed in the
morning.
Once I was in Select City Walk Mall,saket with my
friends We were having Latte on Star Box.Tere were
one recently married like couple sitting next to our
table.One of my friend commented jealously, saala
bhagyamani rahechha,chawk budi payechha.we all
burst into laughter by hearing him.After coming to
room I instructed him with these lines of Eleanor
Roosevelt , Small people talk other people ,Average
people talk about things and great people talk about
ideas.I asked him what type of person his parents want
him to see. We are not in our marital age to garner
bad feeling in mind about the girls we see.Once you
become a Chartered Accountant there will be no any
girl to deny your proposal. Why dont you read Eleven
minutes by Paulo Coelho and learn the fact that this
is nothing.You can enjoy so many eleven years with
your beloved ones after you qualify CA then why are
you entrapping yourself in this Eleven minutes shit.
My friend,Te greatest moment of happiness is to see
smile on the face of your parents.Dont wait to make
your parents smile.Now the time has come to bury
the hatchet,just forget how many times you f**ked
or got f**ked,the Almighty have spared lots of time
for all these hungers now its merely the time to take
righteous action.Dont you ever feel shame on your
face that the nation is caged in political gridlock and
you are wasting your time with a girl asking her, which
favor do you need?, which burger do you want?and
which Pizza shall I order?.I have one fear that when
you learn to control time for your main aim,you will
be too old for everything.You may have opinion that I
am reading and maintaining my relation with my girl/
boy side by side. But you are day dreaming my friend.
Never clumsily assume that the tactic that worked on
one person will necessarily work on other .Do notice
one thing, A river fsh may be an expert swimmer but
it still cant cross the sea.
Finally I want to remember my principal. He had
once instructed all of us to understand the CA course
by heart not by mind. One of our co-article had hastily
made mockery of his instruction saying, Dil se to
bahut kuch samaj me ate hain lekin ye CA ki course aaj
tak samaj me nahi aya.Tough this type of comment
seem ridiculous but these are the forces that prevent
you from doing something.If you know how to deal
with inside roadblocks you will surely be unstoppable.
Now onwards start walking on moving escalator and
walking inside the moving train towards the door from
where the exit gate becomes nearer.Tis is a crucial
test for you. Never waste your single second for a girl/
boy.A woman/man in this age is just to screw up your
happiness. Tese relationships are such tides which
even drown experienced swimmers. Its the time for us
to plant a tree so that our kids will feel the shade of it. A
corpse is a corpse but the world is going to respect that
corpse of the man who has lost his life for the people.
Tere is no greater religion than patriotism,no greater
dream than the nations welfare and no greater beneft
than the nations beneft.
Poor people have big TV. Rich people have big library.
-- Jim Rohn --
=--= --
- =:-+ =+= |+ =+ +==+ -=- -c ==
+=, =- -s-- --- |- =~ ==s- ==+ =+=-
==+=-+ += ++- -- =c- -- -+ += ==s-=
-=- --=-=: --+ = -= =--+ +--++= =+
+-=+- =:- -~ + =| ~= t=- =+=+ = -+
=+ =--=+ +s~=+ =a ==-=: =+- +== ===- -= -
:- - --=- -+=+ =--+ ---= =+- += ==-= ===
+ - =:-+- -s-- - += =- --- - ==+= -
=|+ - + ~- ~- --==+ c ==+ -=- =--+ += +
~ + =++ =++ =-: :--=: =- +== +- ==-
-: += =-|+ =--+ =-= -= -+= -c =~ =-= -
+== -+ =r= +=- - =+- - =:- + - += -~| -
= ~+=| ~=+ =--+ == === +- =s=s =- == +-
+ == =--+ +=- -=----+ ~: =-- =c ===:
a ==-===+ =-=- c
-= -+==-- =+- ==+= == +==+ = += -+
=r=+- =-+ =--+ ---=: =+- += ==s-=: +=-
+= =| =c == -=-= --- +- =c ~- :-ca ---
- - --=-= =+ == +- ---= +-+c ~- =a=- ==
+==+-+ =+= -
= +--+ +- -= =-- =-- - - ~- = ~: -+
c +-~- -- -= =-- === += =--+ =- +==
+-- -- === |++ =- -- +=-=+ + ~
+--+ -=- -=, -+ =-== ==- =- ==- +-a -==
-- - =-+ c, = = -=- -= --== ~- = ~-+ c
+- += ==- + +-- =--+ == =: =-+ c ~- -=
== -- -= =+ -= ===-, +- -+ +=:+ +=
~-= + =+- ;= =+ = -- += =-+ c -+ -
=:-+- ==+ = ===- = ===- -- += =---+ =+
-~| |+ ===- -=++ +- - ~- + -== - = c
-+ ===, = |--=+ ---=-+ ===- =- -= -=
-:+ =-=: =~ - +- =c -== -= + == =-
==- +--+ c- =+= -c =- -= == -= =--+ ==
+- = += --c == -= +- = +- +--=-- -= +--+
== +- s= -+= =-+ = + =--+ =--=: -+=
= - -=+- -+== + --c
=== = == == =-- === =|+ c, =+- =-- == ==
=+==+ +c ~ =+ == == == =- =++ -:= -=
= +-- - =+-c === ==: -+=+ = -- =+ -- ~- =+
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Ive been blessed to fnd people who are smarter than I
am, and they help me to execute the vision I have.
-- Russell Simmons --
Alls fair in love and war, the famous proverbattributed
to English writer and politician John Lilly from his
literary work Euphues, Te Anatomy of Wit (1578) has
its relevance to every generation. Literally, it means one
do not have to obey the usual rules about the reasonable
behavior during the love and war. Since then, the proverb
became the law and direction for lovers and warriors
including emperors throughout the history. It not only
motivated lovers and soldiers during trouble, to march
ahead despite failure but also provided excuses for all
the wrong deeds for wrong causes. It motivated people
to deceit, cheat, backstab or whatever comes along the
way to attain ones desire because of humans ability and
intelligence to interpret anything into his own favor.
Perhaps nobody knows logic behind the proverb but
all have been using it in some form or the other. Tis
proverb has been driving the human psychology of our
time directly or indirectly and we are using it knowingly
or unknowingly as per the needs.
We are in the evolutionary process and ours generation
is a sophisticated and complicated Gen-Next. We are
in gifted technology driven world where life has been
the gift and slave of technology. Our day begins with
product of technology, ends with the use of technology
and we dream with use of technology. With the advent
of technology we are becoming advance, fast, forward,
ambitious, competitive, self-centered and we want
success and our own identity. Most of the time even we
need products of modern sciences for inducing sleep i.e. a
natural process. We are used to invirtual life where social
networking forms the basis and think we have everything
in our control. We can do whatever we want; eat as per
our taste, travel where destineand do the things whatever
gives satisfaction to us in fast pace. In nutshell we spend
our whole life in technological environment.
We, being a social animal have society and livein
certain normsand are guided by set of values, beliefs and
sense of being a human that govern our ideal life. Be it
a religion, culture, society, environment, independent
values, we are governed by set of these ideologies to
remain in society for common reason i.e. live, let live and
fourish. Together we form a community, nation and a
whole world. We have family in home, relatives in society
and friends in need wherever we wander. All those so
called network in human being are tied together by a
natural bond called love, trust and its product helpfulness
similar to the gravitational force in the universe. In the
absence of these factors human life will be miserable and
one can imagine how the world will exist in the absence
of trust, love, respect and sense of belongingness amongst
us.
On the one hand we, the Gen-Next are super and
advanced creatures than the previous generation in
terms of educational level, technology, speed, accuracy,
knowledge and using our brain for personal and communal
beneft. On the other hand, we are being misguided by
self-driven attitude. Moral, ethics, characters, dignity
which forms human societys basic foundation dont
seem so important to us. We are being pioneer in using
brain but no one cares about heart.Feeling doesnt
seem valuable as in the past used to be. Friendship,
relationship, love, trust all these abstract terms remain
abstract andare defned in terms of beneft. Genuine
motives are being easily out-casted by selfshness. We
defne everything with our own attitude. Nowadays we
are too busy being social, spending major part of our day
with social networking sites. We enjoy being part of the
society by drinking, partying whole night and disturbing
others. Who have time to think for the next member of the
societies in trouble? After all we have point, we are just
busy being social and if it hampers others then thats their
business.
We believe in free competition and are competent
enough to pull legs of others to move forward.We use our
energy in reducing competitors value than on increasing
our own values. We have easy answer and excuses that
its fair because time demands and its basis for survival.
Whoever dont follow will perish because we believe in
survival of the fttest principle and fttest means deciding
our fate on the weakness of others and not on the strength
within us. We are so patriotic that all dreams we have
is settling abroad after completing higher education
because Nepal cant provide us opportunities of our
competence level. We know everything about politics
because we think all the politicians are worthless and
they did nothing for the country; after all we dont have
responsibilities towards our country. If country prospers
then its ours and if not then who cares? All we want is
safe future. We believe in love, passion and soul mates
thats why we keep changing girlfriend and boyfriend
to fnd out who the real soul mate is. Love is defned in
terms of gifts and personal beneft one is getting from
others. We are rich in friendship and proof is friend list
in Facebook. Whenever we update status or post pictures,
Alls Fair in Gen- Next Psychology
Ramji Khadka
CA-Final
I fnd that when you have a real interest in life and a
curious life, that sleep is not the most important thing.
-- Martha Stewart --
we get overwhelmed by the number of likes and comment
that pours in because Facebook friendsare very close to
our heart that they understand us truly that our status
and pictures are meant to be liked and commented. We
have so trustworthy friends circles that we know secret
about one another enough to deceive and cheat other at
the time of need. After all,friend in need is friend indeed
and we care and respect each others feelings. What
if anything goes wrong? Its simple! Be practical, its all
about the time and not our character and values. We are
expert analysts and researchers that we keep analyzing the
records and achievement of others and keep commenting
because we belong to Facebook generation and who cares
about self introspection? We spend time talking about
the goals scored by Messi and Ronaldo and not about
our own goal still feeling proud in the same because we
know the value of time and being upto date.Blaming us
for copying western culture? Mind your own business!
We have so much love and respect towards our culture
that we just want extra pieces to be added to make our
culture rich. Even the Englishmen cant compete with us
in English because of our vast vocabulary in English. If
you have doubt,thenyou can check with the number of
slang and swear words we use in our conversation, the
next time.We are so smart and forward that whenever we
are objected for anything wrong or its against our values
and beliefs, its not because it is wrong but because our
parents or seniors thinking are outdated. Altitude of
attitude forms the inherent capabilities of ours.Each of us
thinks ourselves as clever and others as fool because we
believe in optimism, self confdence and being positive.
We believe in Imagination is Powerful than knowledge
so, we dont bother to take knowledge and simply imagine
that we are superior and know everything and others
know nothing. We value peoples feelings and emotions
thats why we try to convert it into monetary terms. We
know a lot about the world and their culture since we
have watched everything in the Hollywood movies and
guess what? What has been shown in the movies is all
real so we just follow it. We are so modern and civilized
than others for we listen to rap, hip hop, rock, pop, eat in
KFC, get shopping done in malls, insert beautiful slang
words every time we talk with friends. If you dont believe
we are civilized, then you can assume it observing our
comfortable and decent dress code, body language and
egos.
If you still think that we are not so smart, clever,
modern, ethical and moral, so what? Common! We are
acting according to time. Time has changed and so does
thought, behavior and pattern. We are changing according
to time and you are status quo. If you see us with cigarettes
next time, dont be confused with smoking because we
are just puf ng. Dont call us drunkard in case you found
us with full of liquor, we are just being social. Dont call
us drug addict; we are just being habituated in that .We
believe in history and mystery so we are just proud to
announce that our country, parents and relatives had
so much wealth and prosperity and ours is all mystery.
Next time if you see us in the park or public places in
objectionable(comfortable for us) position, then dont
mistake for public display of afection we are just being
open minded and practical. We believe in showing the
talents or whatever lies within us so we are not exposing
just showing whats with (in) us. In fact you dont know
what we are doing; we are just utilizing democracy and
freedom as a means of modernizing society because we
know everything. We are always right and if you dont
believe, simply assume it, reconsider it and if you still
get confused then accept it, as all is fair in Gen-Next
Psychology.
Are we really that smart, educated, modern, social and
clever as we think or just pretending that we are?Time
has changed but what about our thought?Arent we
communicating cunningness as cleverness and over
confdence as self confdence? Why do we think only of
proft and not of worthiness? Does enjoying life means
only playing in the fortune of parents without taking
responsibility? Do we think money is power without
recognizing that basic power within us is what makes
money and everything in turn?We eat for others, dress
for others, act, play, talk, work for others and live life of
others and still we say we are unique and proud to be
like that. Do we know where we are heading and what
is our destiny without direction? Do we want to be a lost
generation with copy- cat without our own values and
identity? If we defne everything in the name of changed
time then, is it fair if we are called animal and animal are
called human, simply because time has changed?Is this
all about Gen-Next? Such questions may raise eyebrows
of groups of our Gen-Next but more or less its the
reality where we are in and we dont know where we are
heading. No doubt, we are blessed with time and have
technology, knowledge, ambition, resources, confdence
and are fast in almost everything but it seems that we are
focusing in more reverse direction than what is needed.
If we try to open our eyes, give a rethink and act in unity,
we are so powerful that our blessing and whatever we
have can be transformed into strength within us to reach
a destiny everyone aspires forand build a society, Nation
and World as a whole where everybody wants to live as a
proud citizen. Its the thought that needs to be changed at
frst place and everything will be in shape.
As a food for thought, I want to dedicate my all time
favorite quote by Lao Tzu, a Chinese philosopherto all.
Watch your thoughts; they become words.
Watch your words; they become actions.
Watch your actions; they become habit.
Watch your habits; they become character.
Watch your character; it becomes your destiny.
Success is liking yourself, liking what you do, and liking
how you do it.
-- Maya Angelou --
Te fog is receding back toward the ocean. It is Saturday
morning. Te clock struck eight. Te breakfast was ready
for me. I could see bread and eggs. A fresh orange juice
surprised me. I love orange juice.
Last night I guzzled liquor with my colleagues. Now
I am baf ed and discomft with myself. Te reason for
such consumption was known later. I despise alcohol.
My colleagues hold great regard for it. Te reason for
such jamboree was because it was one of my colleagues
birthday
Te cacophony of my room flled with my friends
alarmed our neighbors. Te sense of reasoning of ones
pain and gain, stories of love and hatred, achievements
and failures knows no bound at this stage. Amidst the
racket, I stepped aside and barged into another room of
my fat. I was feeling fuddled and askew. Strange thoughts
came pouring in my mind. I hated myself for a moment;
Im going against my principles, I said and fell on my
bed. My phone ringed, I had tapped the silent key; keep
ringing, I dont care, I said.
I could still hear the faint noise coming from the other
room. I imagined the atmosphere around there. I guessed
they were dancing to the sound of music. I took of my
spectacles and calmly put it on the study table. I turned
my head the other way around. Tere was an article
pasted on the wall captioned one day more. It was an
article relating to Nepals constitutional setting up and
tracking the election date. Te country is in mares nest,
I said and giggled hilariously.
I have a purpose in life, I said. My purpose is to make
sure that the wrong deeds which I do is not done by
others. Once again I giggled, now like an insane person
with intense excitement. Its impossible; I said and
wondered, rolled my eyes and shut it.
After four hours of sleep, I suddenly woke up and
discovered that I was alone in my room. I thought spooks
and goblins were next to me. Tere was utter silence. Tis
speechlessness and muteness drove me crazy. Tis mortal
instinct of fear caught me. I tried moving my leg. I was
shivering and frightened .I threw my blanket, walked and
opened the door and barged into the room where my
friends were but there was nobody. I was right, I said.
I turned around and felt glad. I ac hieved my purpose
in life, I said. I walked back again towards my room. I
switched the light on. I took a sip of water, tightened the
noose and placed it frmly on the table. I settled my bed,
it was dirty. I fell into a deep sleep immediately but the
lights were still on.
The Unknown Retribution
Sajjan Tamrakar
B.COM(H), SRCC, DU
CA Final
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If your ship doesnt come in, swim out to meet it!
-- Jonathan Winters --
Male chauvinism is a buzzword from the 60s. I have
a doubt whether its the best term to use. But I want
to make my readers clear that I am not favoring male
chauvinism by saying by dear sister as brother. I am
going to use the word brother to indicate my lovely
sister till the time this strange world remains where
this Didi and Bhai inhabit. I owe you a great debt of
gratitude, Lord pashupatinath. Its because of you I
met her in an astonishing way alike you meet your
countryside friend surprisingly in Wall street, New York
City.
Getting started with these words of Osho, Remember,
and Love is not something that is done by the mind; it
is the absence of mind. When mind stops love happens.
It is not something out of mind; it is something beyond
the mind. I have read many theories on love. Love is
a basic human emotion, but understanding how and
why it happens is not necessarily easy. In fact, many
psychologists & researchers suggested that love is
something that science couldnt understand. In love
the paradox occurs that two beings become one and
yet remain two.
Two love birds belonging to the Garden of Eden
had been dating for two years. I dont know what went
wrong one of my dearest birds felt distressed, anxious
and confused. I got a call from her around the mid of
the night. It was 10
th
day of May 2012. All the students
were going through tough exam times. I was about to
sleep. I came out of my room as the cooler was creating
noise slightly less than a generator. I picked up the call,
hey! How was taxation paper? I heard her crying her
eyes out. I started consoling her, You need not have
to worry, and you have done your part of job. You have
diligently handed over your assignment to the institute.
Dont make your heart small. Just wait for the reward
to come.But to my great surprise the reason for this
woe was her boyfriend. I too was a tyro in such matters.
I could not say anything. If two loving birds are at a
distance, there are more chances of communication
gap which leads to the end of a healthy relation.
Now-a-days making girlfriend/boyfriend has become
ubiquitous. When everyone thinks alike no one thinks
much. People get into a relation carelessly as they have
no fear of the end result. Te misconception that being
single means lonely has ruled over the mindset of the
youths. For them falling in love is a chance to escape
from themselves and the loneliness within. Tey think
that life becomes possible and worthy of living only
with a lover, which is the root cause of misery. My
brother too has become victim of this fu. She used to
say that the boy always followed her and cried for her
on phone. By not seeing any way to get out of it she
had accepted the proposal. As time kept passing she
also started missing lovable moments with him. Tey
were addicted to talk on phone throughout the night.
After they parted she regretted in front of me for those
priceless times they spent on phone and hang out at the
malls which our youngsters spell dating with million
dollar smile on their face. She felt that talking about all
such routine things retards our imaginative power and
our creativity fades away. Tis is what happens with
the love addicts, they are hardly attracted to someone
who wants them, they often go for the one who rejects
them. Tis way they spent their valuable time with
Its All About Mero Bhai
Prakash Parajuli
CA-Final
People often say that motivation doesnt last. Well, neither
does bathing thats why we recommend it daily.
-- ZigZiglar --
books in hand but the dream girl on mind and still if
someone approaches to them, they say that they are
thinking about the problem of the study material and
says, I had found the person who had instructed me
to do CA, I would have killed him.
I had kept this heartbreaking song of Deepak Limbu
YAHA DESH KO CHHA CHINTA, TIMI MAYA MAYA
BHANCHAU as my phone ringtone. Whenever my
phone rings,she glares at me with her chin up and
looks below shyly. Tis implies that after this historic
turnaround my brother too has become dieheart fan of
Single means not lonely Club. I feel proud that I freed my
brother from the shackles of so called love and taught
her a great love of her own life. Before we say I love
you,we should be able to say I with the understanding
of the self. If the foundations of I are shaky the rest
love you part gets useless. I have another female friend
whom I tease saying runchi. She often says I cant
imagine life without him. I will die if he goes away.I
have nothing to tell her but simply ask, How did you
live your life before he came into picture?Just realize
that things only mean what we want them to mean.
We should learn to control our feelings. At this early
age where you dont have your own future, how can
you promise someone else to be a part of their future.
Tats why its not the time to fght with the one who
have not accepted your proposal and quarreling for
not trusting, not having faith, not believing and all that
shits. Just trust yourself,you know more than you think.
Always be centered, behave like a diamond and make
sure that you will be a Chartered Accountant because
you are going to be only a chartered accountant and
nothing else. You are brave enough to say goodbye to
your boyfriend of once upon a time. When times comes
life will reward you with a new hello. Tis all is what I
had to say so mero bhai be happy because happy girls
are the prettiest.
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Expect the best. Prepare for the worst. Capitalize on what
comes.
-- ZigZiglar --
Life is hard!!!!!!!
And it is so most of the times. It feels like we are
constantly being tried and tested for how far we can
go, how much we can resist, how much we can endure.
It is almost like an unknown force that tries to drag us
through the mellows of hard times to see if we really
can take it all and come out as victorious.
And just when we are through a hard phaseand are
blissfully soaking in the warmth of peace and serenity,
theres another blow. And Lifes hard once again. Its
almost like a continuous process-like running around
in circles, without an end, without a hope.
We all have dreams-some small, some big and some
which seem impossible, but equally dear nonetheless.
We dream of greater things, greater goals and greater
lives. As kids, we dreamed of growing up and saving
the world and as we grew up, we
thrived to make a place of our own in
the world which we once dreamed of
saving. Our dreams change with time
but once we are clear of what we really
want in life, we desperately want them
to come true-someday.
But then it hits us-not once or twice
but repeatedly in so many forms,
times and situations-Its hard to make a dream come
true. Its hard to carry on, its hard to live in our own
terms and basically-Life is one tough journey.
Sometimes people give up their biggest dreams
just when they are about to take the last step towards
achieving it just because it seemed unattainable. And
then they live the rest of their lives in the sorrow of
their unfulflled dream that was so close. Why, after
coming this far and being so close to what we
wanted, we give up? Why, after proving time and
again to the world that everything is possible if we
are determined and focused, we end up giving away
our life-long ambitions?
WHY DO WE MAKE GIVING UP
AN OPTION?
Giving up-is not and never will be an option. None of us
is as vulnerable or as weak as we make ourselves to be.
Tere are so many people in our lives who constantly
support us through our ups and downs, believe in us
(sometimes more than we believe in ourselves) and
deep in their hearts have hopes from us. And they
dont believe in us just out of the love they have for
us or because we are related to them but because they
know us as we are -they know how strong we are and
they are right there to back us up in case we fall apart.
You have the determination, You have the willpower,
You have the strength, You have the talent and You
have the unfathomable love and belief of people to go
get your dreams, So what can possibly stop you from
obtaining what you stand for?
Obstacles are temporary,
achievement is permanent. Why give
up? I can see a hundred reasons for
why I should be chasing my dreams
as against one reason for why I should
give it up. And I will go for 100 as
against 1 and I bet that is the right
choice. We shouldnt let the shadows
of our hard times take over our willpower and strength.
I strongly believe that in life we come through hard
times to learn to appreciate the good things in life more
and to bask in the glory of victory even better. In a way,
barriers are made to see if anyone is strong enough to
break through it and move forward. So on your way to
success, if you come through barriers-Be the one who
breaks them-Your dream is just seconds away.
Never give up, because GIVING UP IS NEVER AN
OPTION.
Giving Up Is Never An Option
Kaberi Chand
Website: www.kaberichand.wordpress.com
Follow me on twitter@caberyChand
Failure is the condiment that gives success its favor.
-- Truman Capote --
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|+c-+ =+=+ +c -= =-= -== =t- -=
s: == ~=:, -=+; -- c=: -, +- :
= =t- | =- =t- +== -==: =-= ==- +
=, = = === -r-, -: --; +==- tt-=
-+ ==== += =-- =c- -= =-== -=
= +==++ = -=+ =-- --= - +- ~- =
=- =+- +== =-- -:- - | -== - --
+-= =|+ - ==: t-+ = ==-+ |== t
=== -= =- --~= -- == -== -| =|+,
-= - --= -, -= =-==== =|+ - | ==z=
- = = - =:-c =-, = =:- =- ===+== -
- - - |+= t |+- =- |+= |+=~ --=
=-= =- ~ = = ~- =-+ ==+ ~a= ==|+
+=- - | =- === =-+ +=-+ =:+= ===
|
=++-=+ , +-+ == +=- - ==: +-
= +- -~|+= =- ==- ~|+ :+= === -=+
=| -- := =-~= = c --, ; ++ c, ~+
=-, =-= +- ===-- =c =- ~ ---= -
+- +== - =- -+ --- -c = c, --=
c -, -==-- =-=: =- -~c ++-+ +=
-- +| -= =-+-- c - --=: ~- +-+
=a= =-== +- c- =+ =+c -= +- = =-=
=+ |== = == c= += =- - +--- ~
----c = c++ +- = +-~ =- - +-=+
----c ==- ~ = c- ==- =- =- =+ =-
c|oo| :+|o
=- +==
, -+=
Vision without action is daydream. Action without vision
is nightmare.
-- Japanese Proverb --
- -= :== === |+c- -= ==: --+ -- --
+=, =-+ =--== == - = = =- ==+c +
-= =-+ +-- =- -= +s=:= === ==
--, -- === - =+= ~--= +t +t=-~=,
==+c -= = =-+ =-- = =-= ~== |==
+-- =:- +-- +-- =+ |== + ++ -+--~=
-= ==+ =++ +- = =- =- += +=+ ++-
=-+ +-- +t- =+ =-= -+: == ~|+ = + |
===, = == ~|+ = +- -- =====: ~-+=-
-==, |+-= =+ =, ==: ==- -== = = ~|+
= -+ - ==+ = +-- +t+c -= == =- =+
- - =- - -=-= = +-- ~--- ~|+ = -
-= === +-+ -- =- |-=+ ==-+ - =++
=- =|+, = ~ =|+ -+===, === - -+ +=
= ~= ~- -= =:= =- +-- ==, --
=-=: +t- ==c = ~-+c =+ = ==: +++ =
=-= == += =- +-- = ~= -- = ==+- =|
+-- |+ |, =-= ~+ =+ +-- = -==- ~=
=- - =--= --, =-= =+ -- ~-+c - +=-=
~| -= --= == = += -==: : ~= ~- =
+- =- =+ -c ~- = == =- ~---~|+ =,-
== ++c =+ === +- =- == ==c -+ - = -=
== - - - =-+ -+ + = =-- == + =-+
=--+ s++ --:-=, +- -| +-, c ==| +-,
|== == =-== + -c- =-=: +=-+ --
c- -, - =-= c+|+ -- = +- = - +-+ +
+ =| =-= ==- -:+ |, = +-~+ =-=z+-
~|- ~ - =-= ==+ + =- =- =-== =- =-
==-= +=++ = ==c-, +-= +-- +t+c ~=- =|+
+- c- ==: = = === +- c =- = +- -c
=-+ =+ ==+ +-- ===: =- =-= -+=+ -:-:+
--+ =- --c, =+= =- = =- -==: ===-
== |+c-
c-=: ~ ~|
-:== c: -=|
+: ~:=| =-- =+-
+ ~:== =+-
---= +=+ =--= ===-=:- = =--=:
|== =- == = - =- ===-== -- =--
=-+ ==== =-- =--= =
==-== ==-c =--
+- -- =
+- -- =
- = ~ ~
- ~ =-c-
= = ~ ~ =-= =tc-
= +-- = = = ~- =+- = ===+ --=-
+--+ =-=:- = | =- = ==== -=, = +=+
==== =t+ -:=, +-= -=- ~===z=
=-+ = =-+ +---- =-==, = =+-+ ====:
===: =-+ =+- ==+ ==== ==:--~|+
-= += ==
|== =+= =+ =+= =|=-- ==-+ = = -=
-+ += += =- , == ++ , +- =
+- -, =a-= == =-- ==- +-:- =|
=+- =-= -- -:--~|+ -== + = =--
== + =c t ~|+- ==+ == t ----c |+=-
+-+ =, =+ -= == == = ==-
=-== = ---= += c- - = =+- =a-+ =
+- ==: --- =-== =- -+ c- ===+ ==-=
-c =-, - += =t =- == +- =-+= c ~- ~-
-+ ==== = =s= ~=z= += =--=-- ==- -
tt= ~- +- =s -= =-= |+= ++ = -
--+- +== ==: ~- =+- + -=+- -=, =
-- +| -= =-- ==-=
-:=+ =-=+- +c =-+ +====+ =-+==
== =-+ += ==-=+ = =- += == -=
=--- = -- ==+ ==~+ ++ ~-- =- =- =-
~|+- |== :=+- - -+:- =-= ==+ =-:
=- ===~- - -c ===+ ==-=-c == +s- -
=- ==-= -c-, ==+ ==-=+ ==: =+= c==|+
=== - =-- - +- -+- -c, = - =- =a-
-==- ~| =+ === - =-+ ---= =+=
=-+- += == =+= =-= = +- +-- += -+
+- == = -=+ ---= -:= ===- +==+=
=-== +-=:-+ -c- += ==-=-= +- -=- ~|
-:-:+ =-= --=- =-+ +==+ +==- =-= -
=--= = =--= =--= +=+ == + -~:--
~|+ = = ==- --= =- =| -- -====
- -=- :-c +- +c + ==c ~ - ~= -=
=-=
=-= -+ + +==+ +- ~=+= ==, == ==,
+c ===-+ -==- -- --== ---=, ==-
=-- =| +- =++ ~=== +- =-- ~--=+
==+ ==|+ r =- c; ++- +- =- ==~
=-+ |== +-= -=:= ==-= ~- =+ =-= ++
==- +:- ~= ~- - c:-+ =
Te function of leadership is to produce more leaders, not
more followers.
-- Ralph Nader --
Advertisement plays an important role for companies as well as consumers worldwide. It gives a seller an
opportunity to showcase his products & the buyer a variety of options. Advertising slogans are of immense
importance too. As the slogans are the frst step to introduce and educate about the product to the consumer,
advertising helps to keep the consumers informed about whatever new products or services are available in the
market at their disposal, like an old slogan puts it Advertising, your right to choose . Here are brief lists of some
of the most popular slogans of diferent companies & banks in India are as under:
A. Companies
S.No. Slogans Company
1 His Masters Voice HMV
2 Reach out and touch someone AT&T
3 A diamond is forever. DeBeers
4 Where do you want to go today? Microsoft
5 Lifes Good LG
6 Neighbors envy, owners pride Onida TV in India
7 Snap, Crackle, Pop Rice Krispies
8 The Real Thing Coca-Cola
9 Wheres the beef? Wendys
10 Plop, plop; fzz, fzz; oh, what a relief it is. Alka Seltzer
11 Sharp Minds, Sharp Products Sharp
12 Finger lickin good. Kentucky Fried Chicken
13 Connecting people. Nokia
14 He keeps going and going and going. Energizer Batteries
15 Do you Yahoo!? Yahoo!
16 Wikipedia, the Free Encyclopedia Wikipedia
17 Because youre worth it. LOreal
18 Inspired Living Haier
19 Lets Make Things Better Philips
20 Hello Moto Motorola
21 Nicorette, Nicorette, you can beat the cigarette Nicorette
22 Its everywhere you want to be VISA
23 Wemake moneythe old-fashioned way.We earn it Smith Barney
24 Everything is easier on a Mac Apple Computer
25 Welcome to the World Wide Wow AOL (play on World Wide Web)
26 Nothing Runs Like A Deere Deere&Company
27 Live unbring Ikea
28 The ultimate driving machine. BMW
29 Live in your world, play in ours. Sony Playstation and Playstation 2
gaming consoles
30 When it absolutely, positively has to be there overnight. Federal Express
Brief List of Popular Ad Slogans
Compiled by Shudarshan Khanal
CA Final
Dhapuk-09, syangja, Nepal
References: Rituparnaa; www.Dazeinfo.com
Without continual growth and progress, such words as
improvement, achievement, and success have no meaning.
-- Benjamin Franklin --
31 Get N or get out Nintendo 64
32 See what the future has in store. Future Shop
33 Easy as Dell Dell Computer
34 Go further with Shell Shell Oil
35 Once you pop, you cant stop Pringles
36 Push Button Publishing Blogger.com
37 How do you spell relief? Rolaids
38 Were number two; we try harder. Avis Rental Cars
39 Is it live, or is it Memorex? Memorex
40 The Worlds Online Market Place eBay
41 Wherever you go, our network follows Hutch Cellular India
42 Consider IT Done Syntel
43 Nothin says lovin like something from the oven. Pillsbury
44 No battery is stronger longer. Duracell Batteries
45 High Performance, Delivered Accenture
46 Intel inside Intel
47 Making Tomorrow Better ONGC (Oil & Natural Gas
Commission, India)
48 Let your fngers do the walking. Yellow Pages
49 Khao Gagan, Raho Magan Gagan Vanaspati
50 Im A Complan Boy Im A Complan Girl Complan
51 Kharram Khurram, Khurram Kharram Mazedar Lazedar Swaad Swaaad Mein
Lijjat Lijjat Papad
Lijjat Papad
52 Dho Daala Surf excel
53 Texla TV Jab Se Aaya, Sabke Mann Mein Texla Hi Chaya Texla Tv
54 Dimaag Ki Batti Zala De Mentos
55 Thanda Matlab Coca-Cola Coke
56 Abhi to main jawan hoon Safola
57 Jo biwi se karey pyar, woh presttige se kaise karey inkaar?? Prestige Pressure Cooker
58 Im loving it McDonalds
59 Neighbours envy, owners pride Onida TV
60 Maybe shes born with it, maybe its Maybelline Maybelline
B. Banks
S.No. Banks Slogans
1 Allahabad Bank A tradition of Trust
2 Andhra Bank For all your Needs
3 Bank of Baroda Indias International Bank
4 Bank of India Relationship beyond Banking
5 Bank of Maharashtra One Family One Bank
6 Canara Bank Together we can
7 Central Bank of India Central to you since 1911
8 Corporation Bank Prosperity for all
9 Dena Bank Trusted Family Bank
10 IDBI Bank Banking for all
11 Indian Bank Your Tech-friendly bank
12 Indian Overseas Bank Good people to grow with
13 Oriental Bank of Commerce Where every individual is committed
14 Punjab National Bank The name you can bank upon
You must be the change you want to see in the world.
-- Mahatma Gandhi --
+- = =+ = c=: =+ -| ===:===:
=-|+c +- ~|+ ==-+ ~~ -=- ==+ =+ + :-,
=-+ +++- :+= =~:- =- --+- =-c=-= =s-
= =:- =- + ===, ===: - -+= ~- =--
+-, :+- =+- ~: ~ =- +| ~= =-- == :-=
~- s+ -- c-, ~- |+ c = - =+ =- -, -= -==-
=+c - ~-+ =:=: -=, |+ == ==|+c ~=+ +== ~
+= -=-, +== =- +z+z|+ =+c --== --=
~- ~- +-+= -- =-+ +=+= =- - +=+
+ ==-+= =-= =+=: - +- -+|+ +=: --- -=
=+- +- ~+ -=: =+ =c -==: =- -- =c
~- +-+= + -+-+= ~- t- -=, ~- =c t- ==
~- =-= -- - z= ==- ~== =:= ==- =-
=:= =-=c, ==+= -:- ~= +s~+ +=+c =t= =
=- = |+- -== ~- --=
-:-, == +- =- | =|+ - + ~- =++ , =+ --
= ~-- ==-+= | -= =+-+ == = ==: + =-|+
-:- =+-= = -= =+=: - +- = ~-+ =-=+ +=-
=-- - ==+ =-:-:, ==+ === === =-==: ~=-
-+ = ==c- == = - =-- =+~ -== =-=- =+=
=| -- - =-- --= ~- =+~ ~ = == =--
c =-- -~|+ :+- ==:+ += ++= =-c=--
-== ~- --=
--= == -- +=== ==-+= =-+ c== =~| +-
=::- ==+c - --:- +-+ = =- === :-
|== +- == ++:-= -=: - c-, == -~| - +:+
== ~- c- ~- +- ==~=- - -=: += - ~:=+=
- ~|+ - - ==== -: +=|-, ~-= ~|~+ = -+
=| ==== = c ~- --= = ~|+ =, =-
~| -- :+= +- +-=| ==== t= ~= =|+c +-
= |+c- c:+ -:- -- - ~:=+=, -+= ~-+ ==
++: =| - -+|+ = += +- |- =- == +-= -==-
=-= --= =- ==-+
| ==- -= =+- +=:= ==|+ c ~- ==: -- =-
== -:- - = - ~- - ==-++ + =-- -=+
|+|+ =-=- - ~-+ = -=:| --= ==+c =--- --
+= ~- =++ -=- t+ = - =| ==-+ =+ ~
+- -= -=+ -= ==-- ~: ~ c|+ - =-- ==-
=, = = =-=- =+= + =:= =-c=-= + - +c
+s= +=+ --= = |+ | +-=: =-- = ==-++
=-- =+ -+ === --== - = =|+c -=== +: +
+ :- =-= - --~ = -+ = =- +++ = =+-
=-= + :-, = = =-= ~|+ =
--+ -=- - - ~-+ ++ -=- |== =-=-+ =+-
=+ = = = =-=: =+- :-c === ===- = =+ --
=-~- == =-= ~- - ~- --==+ ==-++ ---+ =--
-+ =-- -+ = +-=: =-- ==-+ = - -=-- --=
+ +c - ~-+ = - == == =- ~c, -= =-+c ~-
+=+== ==-++ -=: +--= +== = =+ + --+ =-=-=
+- = |+ -+ + - = - +- =+ -= t=-=
=| =|+ | -- = - +- =-= == =- =
+s~+ +=+c - =-= ==-+== -- =-=: ~| -~|+
=+ ==| =+= ==|+ =++ +-- =+ ==-++ +==
= =- =:+ =- +- +c +-- --
+, == = -=: += s+ + -c -==, +-=: --
+= +=+c +-+ -=- -|+ | -- = +-= =+=
+- ++= +=+= =- -- ~- ~== ~+~+ +=- ~|+ ==-+
== =-= =+ + == ~+ =- +s= =| c+
=z= +-=+ :-
|, - =- =| == =-+ c= =s, ++ -: =-c=-=
=+ == -:c= + = + =- +- +c +s~+ +=+
--= +-+ -=+= =| ++ --= ~- = == =- =c
+- --= ~-- ==-+=
+ = + ~-= =-= ~-+ + -=- - ++ -==- -=:
- +=: +=+ c- =-- c,--= |+|+ ==-++ =-s= ==-
=-=: = ~- +s= ~|+ --== =+ =~= =-=| -
-= ==-+= +-+ --= =+- + c==- +=- =- ==-
--= =~ =:== - =- +-+ ==-+=: =- = ==-+
==-+= +-+ -= =:== =+:-
|= ~ --= ==-++ =-s c:| ==-+= --+-
--==|+ c=: =s| += - +-==-+ -=-
==+ +s= +=- =-
----+ = =+ +=- ~|+ =-- s- -= --= --
--+ =:+ === +-=: =+=- =- -+ ~| - =- -
--=: + ~= +- =- +== ~:= t= -- ~:= t=+c
==-+= =-=: =s=-+ -=- -+ +=- =- - =+-- ==+c
c=+== =-=- = =-= --=: =-+-= +-=:- =-+-==
:+=-= ==+c - ~= --=: +- ~|+ -c =- r-
=+, = - =+ - ===- =+-
+= : =--=== --=: =-+-== = =+= == -
=-= +- +++ =+ =|- -- =-+-== -=== ==-+=
+-+ =-= +- +++ += -- :-- =- == -- =
+-+ =-= ==+ =-= =+--= =-=: +-+ +- ++=-+
-=- ===== +- =- =+- =-++ =- =-+ += =
++ : =-- =-+-== +c --=: =- - = -=:=, =
- - = +- -
==- =+=
+=-
+ =+==
=, :
What you get by achieving your goals is not as important
as what you become by achieving your goals.
-- Goethe --
-+ =- - = - ==-+= ===, =, -+ = |+ s==
==| === ++: =+= :- c --=: +- -:-
==+c -+ -== = ==- +| = -= =+- --=:=
=-, =- -= + = =| +-+ =-c=-- =:- =-= =
= =+- -+== -= =:- --+ =--~ =:- =-
== -+ + -= =-+ ++== =| ++= =+=+ +:-
-+:=: = ==-+ =+ =- +- -:- =+=: --+

+-+ =--= - ==+-+ =-+= ~-- ==-+= | =-=,
== - =+= +- =|c : = =+== - =+ = +- c -,
-=+ == +- c- ==+- = -=+ = ==c -
==-+ -+= =-= =s- =+= ==|+ =+== =--- -=
=+ = ==| =:-
-+:=: = == ==- ==-+ =+ |+= =- +- ~-+ -:-
- + =- ==: ~- ==- === =- +c = - ~ ==-+=
|== += ==- == - ==- +=+= =+|+c --+ -+
- =+- = == - = == c: =-= ~--, =--= -,
+-- = -=- =|+ c ==-+= =-+ ==== +=+=+=
= --+ == -- -==+ ~- ++= -- -=
-+c == +-= +=+ = =+- ---c= -+:== == =: =-
=-c =- -
+-+ =+- =- = +-== ==-+= -=- --= ~--
-~ =-= - --+ =--= =--=-- =+- =--= -+ = =-=
t --= ~--, - - = +- -
:oc| ao| )
:-: =
=| +:-=
- c =~ +- -= == ~ ~-
- =, t=+== -= += = ~-
==, == =- = = =-- ~= -=
-= ~ -=== =: - = ~-
-==+ --+-= -= -c ~c= ~-
+== : ==: c: -= ~ + ~-
-= ~ -=== =: - = ~-
==+ = := |+=|+= +-
= :-c, -- ==: == +:= = ~-
- c =~ +-, -= == ~ ~-
- = t=+== -= += = ~-
-= ~ -=== =: - = ~-
=s ==+ =s
==+ +=~+ :=- +- ++- =-+ -c-
t == = -+ ~+ c +- - ==: ~-= - -+
+ == ==+c, |+ - = =+ ==,=== +- = =
:-= + =--- -== =- +- ++ t=: = c: +=
- -: = - +- -=-- =- =, +== += - =--- ==
= +- = == += - =|+ | =- + === +==
| += -+|+c~+ ==, =- ==, === += ==, = +-
==- =- =- ~+:= ++ =- +- ++ t ~+= c=+=: -
+ : =-+ = -=- r- =+- =- == =--|+c
== -==c =- + ~c
~=+-= ==: =- == =+= == +- = ~-|, -,
== = =+ - =- -=-= =-= +- + | - == =+
: =- =-=+ === = ~ |, ===-= ++:
== == -c =- =c
-+: =- =- += -
- ==-- =|, - -=- +- ~=, -| === ==
==: ==--=: == |+ =~=== =- ==
=- -+:= +- ~- ~|- ~- - ~- - = == -=
=--=: - -|+ ~| = -= =- | - - -|+ +-=
+==+= ===== - = = =-- ~|+- --=, -= = =-- +
- c-, :- +-
=== =-=- ==~c, = +-- =- ~=-- +- ==-+ =
---c ~--c
-- - +-== --= =- - ~== =-=
--=as +-= =:= + --== - =-
=- -= == ~- --= +=-c =- == ~- +-= ~=
=- +=-c ==+-, =s ==- =: =- -== =
+ ==+
= ~=: -c =-+ c
= -=- ==+-+ = -:- ~- -=- - = + s=
==-= -
+--- =+ +- : ===- =+=+=+ -= =+ +-=
=- --- = +-+- ~|+ =
Capital isnt scarce; vision is.
-- Sam Walton --
Financial Sector at a Glance
1. Te history of fnancial system of Nepal was begun
in 1937 with the establishment of the Nepal Bank
Ltd. as the frst commercial bank of Nepal with the
joint ownership of government and general public.
Nepal Rastra Bank was established after 19 years
since the establishment of the frst commercial
bank. A decade after the establishment of NRB,
Rastriya Banijya Bank, a commercial bank
under the ownership of Government Nepal was
established.
2. In the context of banking development, the
1980s saw a major structural change in fnancial
sector policies, regulations and institutional
developments. Government emphasized the
role of the private sector for the investment in
the fnancial sector. With the adoption of the
fnancial sector liberalization by the government
in 80s opened the door for foreign Banks to open
Joint venture Banks in Nepal. As a result, various
banking and non-banking fnancial institutions
have come into existence. Nabil Bank Limited, the
frst foreign joint venture bank of Nepal, started
operations in July 1984. During two decades, Nepal
witnessed tremendous increment in number of
fnancial institutions. Nepalese banking system
has now a wide geographic reach and institutional
diversifcation.
3. Consequently, by the end of mid July 2012,
altogether 265 banks and non- bank fnancial
institutions licensed by NRB are in operation. Out
of them, 32 are A class commercial banks, 88
B class development banks, 69 C class fnance
companies, 24 D class micro-credit development
banks, 16 saving and credit co-operatives and 36
NGOs. In mid- July 2011, the commercial banks
branches reached to 1425 with the population
of nineteen thousand per branch. Present
development of fnancial institutions in Nepal is
refected in table below.
Growth of Financial Institutions
Types of
Financial
Institutions
Mid - July
1
9
8
5
1
9
9
0
1
9
9
5
2
0
0
0
2
0
0
5
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
Commercial
Banks
3 5 10 13 17 18 20 25 26 27 31 32
Development
Banks
2 2 3 7 26 28 38 58 63 79 87 88
Finance
Companies
21 45 60 70 74 78 77 79 79 69
Micro-fnance 4 7 11 11 12 12 15 18
Development
Banks
21 24
Saving & Credit
Co-operatives
Limited
Banking
Activities)
6 19 20 19 17 16 16 15 16 16
NGOs
(Financial
Intermediaries)
7 47 47 47 46 45 45 38 36
Total 5 7 44 98 181 193 208 235 242 263 272 265
4. As of Mid July 2012, Commercial Bank group
occupied 77.3 percent of total assets/liabilities
followed by Development Banks 12.4 percent,
Finance Companies 8.2 percent and Micro-fnance
Development Bank 2.2 percent. In Mid July 2011,
the respective shares were 75.3, 12.0, 10.9 and 1.8
percent respectively
5. Te composition of the total liabilities shows
as usual, deposit held dominant share of 78.0
percent followed by other Liabilities 11.0 percent
Capital fund by 8.5 percent and borrowings by 2.5
percent respectively in Mid July 2012. Likewise
in the assets side, loan and advances accounted
the largest share of 58.5 percent followed by
investments 15.2 percent, liquid fund 17.5 percent
and others 8.8 percent in the same period.
Source: Economic Report of Nepal Rastra Bank/
WWW.NRB.ORG.NP
H ighlights on Performance of Banks and Non-Bank Financial Institutions
Sujan Tiwari
CA Final
Lamjung, Nepal
You can get everything in life you want if you will just help
enough other people get what they want.
-- Zig Ziglar --
=-- +-= +--= ~|+ |- =- = =- + -==
=+- c ~- == ==+ |- -== |+ +==: =
= =+ ==- t:= -=- =c + += - =+ - =-
+ ~= -= -=== == -==: =+ -=+ s
== -==: +--= -=+= =-+ |- -= =
~:+ ==: --- |- == -==: s== s, =+
:+ = -== ==: ===, = ==-- =+ =
-== === = - = += -= s;= -= -
-= - ==: -+ =-= -= ~- - =
==-, -= + -- ==: =- +-= +- - =|
=- +== ~- == +- ==-= -= ===+ =-
c s-+ | ===|+c -=- == -- --= =
-= ~, -=+- ==- - +- --= | ==-
- =- +- -: |- -= +=:= ==: +--= ==
-= -+ == =,=+=+- =, =+|+
=- =+=: = ~ +=- -= s = +-- -
=-- = == =-=, == ++=- = s-,
-= =-- -: + =- + - + ==, ==
= =- -= -= ++:, +- === ==- = +
=-- = == -=-|+ r =+ r - = =+=:
+ - =-- +- +- | === == = +-
-==- =+= - -=+ -+- +| -= =-- = -
=-- = -= s, =++ s :=z =- ==,
=-=- === ==+ =-=: -+-= =+- =- r
=== ~- =-a = - =|+ -= s
=-=+ +- s, -=--= ----- | -=+ ==+
| === ==+ | -= - == =+=: =-+
==: --- s =-+ : , = =-|+- +=- -=
== =+ -+ === =+=: = +- =+ -~:-
+= =:= | = =-- =+ +- : =+ ~- =+
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Whatever you do will be insignifcant, but it is very
important that you do it.
-- Mahatma Gandhi --
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As long as youre going to be thinking anyway, think big.
-- Donald Trump --
Bank Guarantee is a type of Contract of Guarantee,
which is issued by the bank on behalf of its client, to
the third party. Bank guarantee assures Re-payment of
advance and payment of compensation to benefciary,
in case of non-repayment of advance and incomplete/
delayed performance of contract respectively by the
principle debtor. Bank charges commission from
its client to issue BGs on behalf of third party. Bank
Guarantee is issued for pre-described period of time,
which is known as validity period of Guarantee.
Bank bears the liability towards benefciary up to
the validity period of Guarantee. It can be released
before the expiry of validity period by both the bank
& principle debtor. Release means the cancellation
of Guarantee. After releasing the Guarantee, bank
bears no liability towards benefciary. Validity period
of expired guarantee can be increased after charging
further amount of commission. It is contingent liability
for bank. It is shown on foot note of Balance sheet. It
is a non-fund based liability. Non fund based liability
are those liability which does not require immediate
out fow of cash. It is a signifcant source of fnance for
principal debtor.
Bank Guarantee consists of three parties as:
Surety: Te one which gives the guarantee (Bank).
Principle debtor: On whose behalf the bank
guarantee is given.
Benefciary: On whose favour the bank guarantee
is given.
Example,
ICICI Bank Issued EMD Guarantee on behalf of IL&FS
Engineering & Construction Company Limited for DLF
Limited relating to Rapid Metro Rail Gurgaon (RMRG)
project. Here, in this example
ICICI Bank is Surety.
IL&FS Engineering & Construction Company
Limited is principle debtor.
DLF Limited is Benefciary.
Types of Bank Guarantees
Tere are Two types of Bank Guarantees as mentioned
below:
1. Financial Bank Guarantee: Tis is a broad &
general Guarantee, which assures the Re-payment
of advance to the Benefciary, in case of default in
re-payment made by the Principle Debtor. As and
when the default in payment is made by Principal
Debtor, Benefciary asks the Bank (Surety) for
payment. After the bank makes payment to
the Benefciary, Guarantee converts to Current
assets which were shown as contingent liability
before. Examples, Mobilisation Advance, Material
Advance.
(a) Mobilisation Advance Guarantee:
Contractee generally gives certain amount
of money ( Generally 10 % of contract price)
to Contractor as per the terms & conditions
of Letter Of Award (LOA) of project, to
mobilise the project. Contractee releases
the payment after contractor submits the
Bank Guarantee of equal amount in favour
of contractee which is known as Mobilisation
advance Guarantee. Contractee recovers the
mobilisation advance given to contractor in
installment from each Running Account Bill
(RAB) at agreed rate (generally 5%) of work
Certifed. Contractor can reduce the value of
Guarantee as the mobilisation advance gets
reduced.
(b) Material advance Guarantee: Guarantee
which is issued for realising money from the
contractee for purchase of material is known
as material advance Guarantee. Contractee
generally recovers the material advance
outstanding, with contractor from Running
Account Bill. Contractor may decrease the
Guarantee value, as the out-standing amount
of material advance decreases, by the equal
amount.
Bank Guarantees
Padam Bhattarai
CA Final, New-D elhi.
If you want to achieve excellence, you can get there today.
As of this second, quit doing less-than-excellent work.
-- Tomas J Watson --
2. Performance Guarantee: Guarantee which
assures the payment of compensation to the
Contractee (benefciary) in the event of Non-
Completion or Delayed Completion of Contract
by the Contractor (Principle Debtor) is known as
Performance Guarantee. Performance Guarantee
does not assures completion of project, it only
assures the payment of compensation in the event
of Non-Completion or Delayed Completion of
project. Bank charges high rate of commission for
issuing Performance Guarantee in comparison
to Financial Bank Guarantees. Example, EMD
Guarantee, Retention Money Guarantee, Security
Guarantee.
(a) EMD Guarantee: EMD stands for Earnest
Money Deposit. EMD Guarantee is used to
replace security deposit for tender purpose.
After the expiry of tender process/period it
can be released.
(b) Retention Money Guarantee: Contractee
retain certain amount of money (Generally
5 % of Work Certifed) from each Running
Account Bills for the security purpose. Tis
retention amount is released by the contractee
after the completion of Defects Liability
Period. If the Contractor wants to release
the retention money before the completion
of Defects Liability Period, it should submit
the guarantee on behalf of contractee of the
equal amount. Terefore RM Guarantee can
be defned as the Guarantee which is used to
release the retention money.
(c) Security Deposit Guarantee (ISD): Security
Deposit is also known as Performance
Security. Before commencing the contract,
contractee asks contractor to submit
guarantee on behalf of its name which is
known as Security Deposit Guarantee. Tis
Guarantee gives the sense of security to
the contractee that the contractor would
complete the contract as per the terms &
Conditions of Letter Of award (LOA).
Note: Above mentioned fgures are obtained from
practical experience of audit of PCL & IL & FS
Engineering & Construction Company Limited. Te
rates may vary as per the terms & conditions of the
agreement between contractor & contractee.
+|:+| +u+o||
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As we look ahead into the next century, leaders will be
those who empower others.
-- Bill Gates --
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My son is now an entrepreneur. Tats what youre called
when you dont have a job.
-- Ted Turner --
Im a little occupied, enveloped. Surprisingly Im awake
too for an instant, things seemed preposterous. Ive
been talking to my self Ah its all conjecture, not a fact.
I stand in an upright position, head straight for the
window but I feel that the room is windowless. Tere is
the music sea. Sometime, rather of time I ask myself is
it nearly obscure, nah, Id rather keep mum.
My toe hit a brick yesterday. I can peel the weight of
my toe overpowering the rest of my body. I look down
towards it. Objectively speaking, it seems senseless but
Im feeling it heavy. My dad was compelling me to visit
the doctor, I refuted, even though it
seemed critical.
I could hear a musical instrument
having steel wire strings that sound
when struck by a felt covered
hammer operated from a keyboard,
oh come on its a piano! Im not
being straightforward, I guess Im
not willing to, I said to myself. I
wondered why? I was chosen as
the best for academics this month.
Am I overestimating myself in that
occasion? One of my peers (my
opponent in class) broke into a
scuf e with the head master for not
placing the honor on him. How derisive it seemed
to me that people covet such honor as if it was their
ultimate.
Slowly and steadily, I switched on the main light.
It grew dim and then bright I felt happy for a second.
My room is lit with bright light but it is dark outside.
I turn the music on the song goes, Love Hurts its
Nazareth, I convince myself. Im pretty relieved that I
now believe those two words. I skip to the next track.
Tere was a bang on my door. I immediately open it my
neighbor throws tantrums over me playing the music
loud. Sorry was my answer. I kept reiterating it even
after I closed the door.
Its one oclock in the morning. Its dark outside as
usual. I can sense some eeriness in my room. I horridly
search for my mobile. Tere was a missed call from
my former roommate. I feel so providential in second.
He has remembered me. I had not kept my word for
contacting him as soon as Im back in the city. Do we
change every day? Why am I taking things for granted?
An hour has passed, I sit and think. My friends say
that Im pretty dignifed in my approach. My nobility
strikes them passively. My character refects them. At
this moment I do not fnd myself as a perfectionist in
what I do and say. But this is what
that keeps me moving, striving
for the best. As a student, Im not
pressurized. What I do, is to the
limit I mark beforehand. I can never
cross my limit. Tis is what I mean
about excellence. It varies from one
another.
Im alone in my room. I take
a deep breath, a sigh of relief about
being praiseworthy and feel that I
must make a cup of cofee for myself.
Te utensil is dirty. I wash it well. I
sit on my bed sipping the cofee. It is
boiling hot. I get angry for a moment.
I ponder why the world isnt awake at this moment; at
least I could communicate few words which may do
them good. I have the individual freedom to do it, but
the world is asleep, I mustnt disturb them.
Oh, individual freedom! I have a subtle imagination
for it. Individual power is what governs me. My agility
lies in my mind. I lay back in my bed, somewhat
relieved by being individualistic in my deed. I look up
towards the ceiling. Te fan is still. I havent switched
of the lights. Te fan stillness depicts that it is not
moving. Tis is the meaning which is to be understood
clearly. My individual instinct goes beyond that simple
understanding into another realm of reality that it
can move.
A Subtle Imagination
Bishal Raj Poudel
CA Final
Courage is being scared to death, but saddling up anyway.
-- John Wayne --
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Too many of us are not living our dreams because we are
living our fears.
-- Les Brown --
She waved her hands with lots of memories of her time
with whom she spent nearly two years. Really! Some
memories dont die out which a man contemplates. She
was in rush that day but she wasnt contorted. She used
to feel that her life was quite boring but some warmth
began to overwhelm her, blow her that day. Tat day it
was her last day of her college and stay with her nearest
one .She had to do a trip which she thought would really
be an interesting and challenging. Yeah! It was her trip
for future. She became ready to in crave a good bye to
Pokhara, a city of love, inspiration and intimacy.
Everyone dreams but there are some peculiar dreams
that are never forgettable, they just overcome. Everyone
around her was dreaming visualizing future days but she
had an only dream to peep that daybreak where actually it
was. She didnt think that she was a normal or an ordinary
girl but her performance wasnt quite appreciable to her
good wishers because they expected bit more from her.
Some special memories which she left with her friends,
teachers and people werent unappreciable too. But
reality which she was facing was more dominating than
these other things. In her mind there was only thing to do
because she had to move ahead in the search of her way,
a real destiny of her life.
Te gold line overcame the rim of the hills. She was on
the way to her destiny. She used to walk that way every
day. It was a calm evening. Te sun appeared focusing her
within the vast world. Te soft breeze caused a leaf to fall
down. She felt herself as a chosen one. Suddenly the tears
rolled down and fell on that leaf. She stood on her knees
and picked it up into her bag.
Rush Kush! Rush! I got a text and four missed call
notifcation which I didnt picked up. I was in the city bus
before setting our destiny to Kathmandu.
I got the call again and slide my middle fnger on the
screen to receive Nashrees call.
Hello Nashree! I am in front of you near to the bus
stop in between the bars I shouted. She cut her phone.
She might have listened me without phone.
She was in white and pink kurta, white shawl encircling
her white face with red cheeks and her usual friendship
band and a shiny citizen watch on her wrist. She looked
really amazing that night. Nashree was with her mother
full with tears, a normal tradition of Nepali mothers. I was
with my father holding yellow, green bags.
It was almost 9 pm when my father asked her Are you
ready for your journey beta?
She smiled with her red cheeks. Her dimples seemed
as if someone had made a hole on her cheeks. However
it was wonderful.
Yes! Uncle. She replied.
Te environment became emotional then. We did
some family talks, hugged our parents and gave a good
bye kiss.
My father had arranged tickets for us at the middle part
of the bus. Te seats were quite inconvenient. Te journey
begun, we remained silent. But I hated that silence.
How was your exam?
Before her answer came I said it was good na.
You are lucky to be with him in the board examination.
I added.
I dont think so and what does that luck mean! She
seemed quite angry.
And listen Kush he had a good fortune to be with me
okay! She added.
Why are you angry girl? I am ....
I am going to give you a blow if you are talking about
it again.
Oh, Im really sorry! I acted as if I am really frightened.
She smiled on me. I was thinking that what a sorry
cant make.
Te environment became cool then. Afterward I just
hung up with informal talks and her boring, lazy and
worried face until the midway of her journey. She dozed
on my shoulder. I let her do that. But I was out of Sleep.
I found nothing to do except a red dairy of her and some
chocolates in her blue bag. I then thought my trip is going
to be interesting.
Happiness may come to you this year
We will brighten our love more my dear
Lots of smile and lots of love
Lets be together, thee and me...
I dont know to whom it was dedicated to. Tere was a
smiley face with glittering blue color.
I turned the page and found the date 2066/05/02 and
a poem again
What is the cause I like you?
What is the reason I love?
Spring become worthless looking at you
Days dreams begins and end on you..
Ten second stanza came.
Looking mountains and birds pair in the sky
I always think you and me so high.
So higher dancing and roaming in the forest
Wishing the result thinking to harvest
A journey with dark
Mahesh Aryal
Kathmandu
Te link between my experience as an entrepreneur and
that of a politician is all in one word: freedom.
-- Silvio Berlusconi --
Like that my eyes reached onto 4th stanza and to the
end. I realized something was happening to her. Her head
was still on my shoulder.
Everything what I behold
Are just changing
Time changed and destiny has changed
And the weather we observing...
Te second...
Te third and
Te fourth...
And the ffth was,
My hands are compelled
To stay inside my palm
Tey cant receive your hand
But still may remember that warm and charm...
Te diary became more mysterious. I couldnt realize
what is happening to her right now. I also read other
written text and again faced a poem titled.
A fairy star I loved...
Itd be better if the sky
Gives him a place
If not he will fall to die
And will be vanished from all of us...
If he cant be seen there
I cant live here
It will lead me to jump
On the fre of death
If you sky not receive my heart
You cant see your others
Only you will get full of shyness
Because you will be naked for darkness...
Ten nobody will look at you
Neither moon sun nor another do
And you will be alone
Like me and my sisters...
But I cant be happy either
Because I lose your warmth.
And love and faith of her
And I will be unfulflled forever....
It was about 1:35 pm. She suddenly changed her
position. I was nearly shocked. Luckily she closed her
innocent eyes. I looked more beautiful. I got rest.
If you are listening me
Look down I am beholding you
Praying and knocking for the door
So, I could get some special place for my star
My ever shining star...
As the poem ended I became more emotional. After
that the diary changed its story. My eyes wetted. I couldnt
stop.
Like the prisoner in the cage
In the cage of fre and hurt
I am engulfed in the shoal
In the shoal of death...
Te diaphanous weather changed
I almost in the mystery
Te calamity of the air is lost
In the search of sagacity..
Te suavity of blown of leaves
Has lost on the rude jungles
Te spirit of brine turned of
And she is confned in the crevice
Te sky is whimpering
Im not brazen by
Te rhythm of birds songs are not hearken
Because my heart is really broken
Not only me you might be thinking
Feeling you alone between the people
Tere is no person to touch you
To touch your soul and make you alive...
I didnt know what real story was but she was in
trouble anyway. She tried many things but she couldnt
get satisfed. At the end of diary there was a massage from
smiley dated 2065/03/22
Te night is dark
Tunder to rain
You came in my dream
Again and again
No moon in the sky
No friend to talk
I think in my life
Tere is no luck
Writing for a letter
Waiting for your call
I dont know dear
I wept alone...
My eyes stopped and the diary closed. In that trip I
really realized someones inner heart but couldnt fnd
any idea to solve these types of problems.
Last Bhadra 12, I met her .She was happy.
I asked her a question How are the days going on?
She knew that I have studied her. She just answered me
First love isnt to forget, its to be realized.
If you keep saying things are going to be bad, you have a
chance of being a prophet.
-- Isaac B. Singer --
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jfoUnz [k=h
dkHkzs] usiky
Success consists of doing the common things of life
uncommonly well.
-- Unknown --
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If you dont have a competitive advantage, dont compete.
-- Jack Welch --
A loud jerk instead of a gentle touch but still he
never minds waking up every morning.
Rubbing his sleepy eyes, work remaining from last
night is not the frst thing to hit his mind. Rather you
can hear him chuckling about something funny that
happened yesterday and well, work, its there and it
will always be there every morning and every day.
Running out to join his mates playing out there?
Ummno! He is having fun with these plates
he has to clean, see! Tese soapy plates slip so
beautifully as it they were dancing and he gets lost
within those shiny bubbles.
Sun glows brighter to fnd him even more
energetic, running around, peeping from window
to his friend who is serving food out there, calling
him with many diferent names, mimicking visitors
he found funny and sometimes weird. Puzzled to
see people throw away the food they paid for, paid
MONEY for.
And what about school? Does he go to school?
People say schools are made for everyone but not
everyone is made for school. He knows more than
your ten year old kid who goes to school with big
lunch box and ironed pants just to pee on them,
believe me he knows much. He has learned to wipe
out the dirt of other people, he knows if they are not
cleaned, they rot and stink making everyone around
them smell like trash.
He knows how to be thankful to every small gift
that life brings on his way every day, may it be a pen
someone dropped while leaving or a smile from a
stranger. He knows how to share; he shares his food,
his bed, his clothes with the other guy of his age
who works there along-with him and the best thing
he shares is his laughter, I bet its enough to cheer
you up.
And yes, you will never miss his songs, there
is always one being tuned on in his mind and in
his broken tone, of course! He catches every near
melody being played around in radios, he is quick
to learn. And if you are lucky enough you will even
catch him dancing, trying to copy his favourite actor
Salman. He wishes to grow up fast and be like him
and go punching around the people who treat him
bad; he says he wanted to beat the guy who came to
restaurant yesterday and complained about the glass
which wasnt cleaned properly. He wasnt allowed
to have dinner just because of that complaint but
his friend hid it and brought it for him. He knows
hunger and he knows the value of food. He knows
hard work and he knows nothing comes free, you
dont just get it, you have to earn it.
Does he have any plan for life? Well, he remembers
very little about his past, place he was born, he wont
be able to fnd his way back but yes, he has a plan for
life- today he will complete his work quickly, learn a
new song, talk to more people, dance a little more,
laugh a little more and live a little more. NO? You
were asking for future? Oops! Ten theres a trouble
because my friend plans only for now because he
lives in present, he lives in the moment, he lives in
the giggles and voices, he lives in his glimpses and
actions, he lives in every breath he takes in and every
bite of food he swallows, he LIVES because he is not
dying of fear of what awaits out there, in that ghostly
thing they call future.
Tere are many kids around us who are living just
as this friend of mine and may be you too know few.
So all I want to say is help them if you can and if you
cant then its fne but dont forget to get help from
them because they can show you HOW TO LIVE.
For a Friend who Knows Real Happiness
Aayushi Sapkota
IPCC
People are not lazy. Tey simply have important goals
that is, goals that do not inspire them.
-- Tony Robbins --
D ear All,
I just wanted to share my articleship interview
experience at Ernst&Young with you. I really worked
hard to get a call from the company as I did not have
any references. I applied to the audit division. Initially
there was an aptitude test with the following sections:
1. Quantitative Aptitude
2. Accounting
3. Logical Reasoning
4. General Knowledge
Te paper was little lengthy but comparatively easy,
so I did not have a problem with clearing that.
Next round was the technical interviewusually
BIG 4s conduct a HR Interview frst which will involve
questions about yourself and your personal traits, soft
skills etc. followed by series of technical interview
rounds where you will be questioned on academic
subjects but in my case there was only one interview
where I was asked all types of questionssome of them
were:
1. As usual it started with- Tell Me about Yourself
2. Diference between fnance lease and operating
lease
3. AS-6 Depreciation
4. Diference between Reserve, Provision and
contingent liability.
5. Journal entry for Provision for Bad and Doubtful
Debts
6. Why Big 4?
7. What are your favourite subjects in CA? etc.
My Performance
First of all I had travelled the entire previous night for
the interview and hardly slept for two hours... I lost
my presence of mind completely and here is how it
went:
1. When he asked tell me about yourself I replied-
I am a type of person who does only what I am
truly passionate about. He instantly caught me
and asked me...CA Profession gets monotonous
sometimes...How do you think you can manage
that if you can do only what you are passionate or
interested about? I somehow managed that but, he
did not seem satisfed with my answer.
2. He scanned through my resume and asked (I had
done a course related to stock markets)- a question
about thatwhich I answered to his satisfaction.
3. Series of questions on accounting standards-
which I barely managed because I could not recall
anything.
4. When he asked an example for Reserves- I said
reserve for bad debts (which is wrong because it is
not a reserve but a provision)
5. And for the journal entry for Provision for bad
debts I told- Bad debts a/c to debtors a/c (Ans-
P&L a/c to Prov. for bad debts
6. I think the interview was over when I gave the wrong
answer to the journal entry question itself. But the
worst thing I did was when he asked me which
is your favourite subject in CA... he tactically gave
me the options like...among law, fnance, costing
etc which is your favourite subject (note that the
options dont include accounting and auditing)- I
told him I like company law and any fnance related
subjects.......I should have told him my favourite
subjects are accounting and auditing as I applied
to the audit division. So he concluded that it seems
like you are more into fnanceaudit is not an area
of interest to you.
My Articleship Experience
Divya Barathi
CA Final
B.com Professional graduate from Christ University Bangalore
Email: divya_iim@yahoo.com
Nobody talks of entrepreneurship as survival, but thats
exactly what it is.
-- Anita Roddick --
My Inference/Suggestions
1. First of all go to the interview in a right mind set...
sleep well the previous night and make sure you
have the presence of mind...In my case I knew
the right answers to what is a Reserve, Provision,
Contingent Liability and even the answer to that
journal entry...but in-spite of that I gave the wrong
answers
2. Secondly, dont pretend to be something that you
are not In my case I was not really interested
in audit...my interest areas were taxation and
fnance...but since they were hiring only for
audit I pretended to be interested in it...but the
interviewer caught me red handed....believe me
the interviewers can read your face and fnd out
whether you really mean what you say.
3. Be your natural self...think before you answer...
because if you give a wrong answer but even if you
correct it immediatelystill the damage is done....
this shows that you are not sure about what you
know.
4. Lastly dont settle for something because that is
what is available....follow your passion truly and do
only what you think you can do really well. Here I
told him I do only what I am passionate about
which is true about my character but it became
a lie in this case to a certain extent because I am
really not very interested in audit but still I went to
the interview.
Finally I would like to conclude by saying that ...we
all know how dif cult it is to get a call from a big 4
for articleship interview and I, even after getting an
opportunity, failed to utilise it. However I never lost
heart As I believe Everything happens for a reason...
and the reason here maybe is that God wants me to
do what I really want to do :)
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larksk ds-lh-
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Some people dream of great accomplishments, while
others stay awake and do them.
-- Anonymous --
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Failure defeats losers, failure inspires winners.
-- Robert T. Kiyosaki --
Life starts at birth with lots of love, afection and
bounds, carving out the hope of our future dreams. Te
parents of each child might have struggled and cared
and thought of them since they heard they would have
a sweet and their small part with them, within next 9
months. Connecting with each and every sorrow and
happiness.
Stepping forward, the time begins and runs just like
the single blink of an eye. Every single child fies out
for their dreams. Some speak out Doctors, Engineers,
Actors, Singers, Dancer, Businessman and some CAs.
Te time of transition comes, where each of us should
pass through.
Every one of us moving for being titled as the
Chartered Accountant; none of us had ever thought
we would come so far from our beloved ones. But one
question remains, are we happy? For what we are or for
what we had dreamed?
Hopefully the answer might be No. Of course, none
of us is happy, but why? Its because we love being held
inside the arms of our beloved ones. Te thread of love
and afection in our family binds us strongly without
tension of handling our own problems. But the sudden
break makes us depressed. If not then why the song
of Taare Zameen Par titled Maa or anyone walking
with their parents or having their Tif n made by their
mom makes each of us emotional!
Although we are far, our parents blessings are with
us forever and we must face this interval. Its not just
because its just one situation in our life but also, think
that need for time is not for now but for future so learn
to be happy and be awake with full ways of sunshine
following the hope as seen in the dream.
So, Good morning everyone, dreams are made to be
fulflled and it surely comes with no expiry date. So fx
the wings and give your dreams the heights of success,
ready, get set and go..!!
I cannot ensure that everyone wins the race, however
it doesnt matter. What matters is, everyone should be
in the feld.
We are far, following the hope, but
are we happy?
Rojina Ranabhat
New Delhi
I have a big dream, goal, aim.
Tis is the reason why I am far from my home.
I was unknown about the afection of home.
Now I know how am I, without sweet home.
I miss it every single night, wish I was there for a
single time.
Now no option except counting the days to go home.
Home, I will come soon; being a perfect boon.
Till the grade 12, I was living in home.
I used to think what a rubbish to be stuck in home.
Now I know its damn-prettier to be in home.
My sweet home, I miss you every second.
Now no option except counting the days to go home.
I miss my acts in my home
Here I am alone
No-one is here to hear me
U are the enormous who was near to me
Home, my sweet home this is my little creation
thinking about you because
Now no option without counting the days to go home.
My Sweet Home
Bibek Acharya
Toppers Institute
hi.bibek2007@yahoo.com
Chitwan, Nepal.
I know for sure that what we dwell on is who we become.
-- Oprah Winfrey --
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fl, QkbZuy
nka] usiky
Trust because you are willing to accept the risk, not
because its safe or certain.
-- Anonymous --
Tere cant be another word in the English Dictionary
which I hate more than Because because its just
disgusting. If it were some tangible, Id chop it into
million pieces, in-fact into a gazillion pieces.
Do you want to know why I hate because so much?
Ill tell you why, but let me frst ask you to remember all
more things when you have used this stupid word. Well
it might be too tough for you to recognise, even for me
its dif cult. Everyone including you and me are fond
of this word, mostly when its time to face the pressure;
exams.
Why didnt you do well in exams? Because my pen
ran out of ink, because I didnt get enough time to
study, Because of load-shedding, because teachers are
my enemy, they always ask the thing which I havent
studied, etc.
Come on! Wake Up! When you fail your exams, you
are faulting others, have the guts and say, it was my
mistake, not the pen, have the guts and say, It was me
who didnt study when I should have. If you have the
courage, admit your mistake, somehow you will get the
courage to correct your mistake.
In contrast, if you try to hide your weakness by
concealing your mistake, by making excuses saying
because this and because that, you will never be able
to improve yourself. You will start living in a virtual
world created by yourself and once you have lived in
that world long enough you will actually start believing
your own lies. You will fall in a deadly vicious circle.
Beware! Because it really keeps you away from success.
Dont worry yourself thinking what others think
about you since they are even more worried about
what you are thinking about them. Be bold enough to
clarify your concept. Others may laugh at you today,
but tomorrow you will be praised and be the one to live
wisely.
Dont make excuses, dont hold yourself back, avoid
BECAUSE!
I hate Because
Durga Shrestha
Te doctor said that I need to be admitted..Its 2 A. M
at the morning. My friends had brought me here just
one hour ago due to severe headache and chest pain. I
have always been afraid of doctor and hospitals. I hate
hospital; I hate medicine and needle a lot. Being in a
foreign land is quiet dif cult. I havent told my families
about it yet, because they will say that I havent taken
care of myself.
Now, who will stay with me? Tat was the problem.
I had a lot of friends, studying friend, drinking friend,
movie friend, girl friends and so called close friend
to whom I always share my feelings. But now nobody
gives a damn shit to me. Nobody is here to take care
of me.I have been in these land for 3 years and have
met lot of people. You know sometime I was also not
present there when they need me, but I had helped lot
of people.
Well it feels too bad and it hurts. As I used to think
there are lot of people who really care me and for whom
I matter the most. Well, the reality is quite diferent.
Here, everybody have their own life and own dream.
Tey are busy in their own work. Nobody bother
about other. Yes, I have not visited him when he was
hospitalized for 1 month. Who give a damn shit about
other?
It is not my village. It is a town, a metropolitan, city
of ghost and demons. In village there used to live
her, my friend who cares me a lot but now she is with
someone else. Why because I dump her as I felt so
and there is no any specifc reason, Tear drops., !
Where is my mobile? .I need to call her. I know she miss
me.. Shit! Forget her, man. She had gone.
Hey you turn over here. And this ugly nurse put an
injection in my arm. I am feeling sleepy; she is in my
dream looking towards me. Now I dont need anybody
to care me. I have her; she will take care of me. I can
feel her presence at here.
Friends
Subodh Bashyal
CA-Final
Bhairahawa
Logic will get you from A to B. Imagination will take you
everywhere.
-- Albert Einstein --
A Young man made his journey on foot for six
months through the trail of Himalayans serving three
monasteries abandoning his physical world for the
sake of fnding his spiritual peace which he termed
as nirvana. He started his journey from the northern
part of taplejung without having any wallet, cell phone
and even any debit/credit card. He barely got anything
to eat during his trip. He managed with the yak -milk,
cheese. After 15 days of walking he reached at frst
monastery at the very northern part of Sankhuwasabha.
He served there for one and half months. During his
stay, he was presented in the morning pray, started
meditation, learned about the Buddhist holy Triptaka
and chants. He made himself devoted toward the belief
of nirvana. He got involved in talking about spiritual
happiness with the monks and lamas.
He again continued his journey since; still he has to
go long way. After walking for 12 days through the yak
trail of passing through the giant, fascinating mountain;
of course incredible Everest, he got into very popular
Tengboche monastery. At here he learned more about
the Buddhism principle and belief; he even managed
to learn about the Buddhism art and painting. His
Seeking for spiritual pleasure which made him to take
such journey got refected through the shining snow
clad peak of Ama Dablam, the tip of Everest that glow
from the Lotse ridge and several other peaks. It made
him felt lucky; he witnessed the paradise of the globe.
After there for 2 months, he again made his next
trip which last for 18 days continuously walking from
khumjung of Solu to Boch, Rasuwa district. Here he
reached at Lapchi monastery which is nearly 400 years
old and survived the Cultural Revolution. Monastery
was half abandoned due the destruction caused by fre.
He volunteered for the rebuilt of this monastery. Wall
of monastery got the painting of newly young monk
who left his physical happiness very far from these holy
monasteries. He made himself fully devoted toward the
Buddhism.
He witnessed his life mourning; he witnessed
his soul dying inside ardent for spiritual peace.
He has his own experience, he has his own word
.... When he came from the
spiritual transformation, He showed up the world with
his own cherished story to share with YOU.
Journey for Nirvana
Sudip Rayamajhi
CA Final
Kathmandu, Nepal
D own from the beautiful city, the capital of Nepal,
Kathmandu to the city of opportunity, the capital of
India, Delhi, was an exciting trip to be in. And obviously
heart moves on throughout with happiness of course,
there is lot of ups and downs. Tere is only one way
to stay calm during bad times i.e. building up own
personality and character. So, its not a big deal to stay
away from family and friends to build a pillar of career
and concrete of personality for some years. After all,
fnal destination is obviously family and friends.
At the day of my departure, at the moment of doleful
environment, all I could do was promise myself and
my belated father that I will never lose enthusiasm
towards my career at any cost, at least not in this life.
Delhi, a destiny brings out so many hopes for
me. Now, Im in Laxmi-Nagar where most of the
CA institutes are located. Chartered Accountancy, a
prestigious and toughest course known, was in my
destiny; although deciding to join CA course was a
risky job for me specially when changing my faculty
from science to non-science. Anyway, I wont let myself
down and try my best to achieve my destiny. It was my
promise and I will never try to evade it.
I would also like to deliver some message to my
pals from Nepal. We are not here only to have fun and
enjoy, were here to fulfll the expectations of our family
and well-wishers. Were here to build our career, to
fulfll our promise. Life will not move on automatically
as we want it to, we should obviously make some
eforts. Luck is necessary but its not that we leave the
whole eforts to luck. It will never tend to success. So,
please friends be sincere towards your destiny and
expectations of your parents. We cannot aford to lose
our enthusiasm at this moment. So, put your full efort
and move towards success. At last all I want to say is;
Respect your parents, respect your teachers, respect
your smartness and yes most importantly respect your
profession and lead your way to your destiny.
Down from the Beutiful Land
Bibek Ram Bhandari
CA-IPCC
Balaju-16, Kathmandu,
Nepal
Success is walking from failure to failure with no loss of
enthusiasm.
-- Winston Churchill --
1. A man bought a car by bank loan. But he did
not pay loan amount. So they took the car
from him. After seeing that the man thought,
If I knew before, than I would have taken a
loan for my marriage also.
2. A blind man was waiting to cross the road
when his guide dog peed on his leg. He
reached into his pocket and took out a
biscuit for the dog.
A passerby whod seen everything remarked:
Tats very tolerant of you after what he just
did.
Not really, came the reply. Im just fnding
out where his mouth is, so I can kick him.
3. Boss: Where were you born?
Sardarji: Oye Punjab.
Boss: Which part?
Sardarji: Oye, Kya which part? Whole body
born in Punjab.
4. Santa and Banta went to see a 9-12 PM movie
show.
But they came back at 10 PM.
Why?
Because the movies name was Dastak
(Das-tak: until 10 O clock).
5. Jack and Max are walking from religious
service.
Jack wonders whether it would be all right to
smoke while praying.
Max replies, Why dont you ask the Priest?
So Jack goes up to the Priest and asks,
Father, may I smoke while I pray?
Te Priest replies, No, my son, you may not!
Tats utter disrespect to our religion. Jack
goes back to his friend and tells him what
the good Priest told him.
Max says, Im not surprised. You asked the
wrong question. Let me try.
And so Max goes up to the Priest and asks,
Father, may I pray while I smoke?
To which the Priest eagerly replies, By all
means, my son. By all means. You can always
pray whenever you want to.
Jokes
Collected by Kiran Khwanju
Bhaktapur, Nepal
o |4m+| o||ou
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~-~- -+= =--=: |== +== =- += =+
= -+= =-+ =~~-+ =- =+=, == = +=
=:-= == --- ~= =-- |+=++ == -
-=-= c- =-- =-=-+ -== ==+ =+ =-=:-+
co
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++= c == ===+ +- ++ = =~~-+ ---
=+ c=++ c-=- =- =c, === == ==
~| =+= += -+= =- -+ c-=- c +-
+=- = ~|+- ~a |+ c -+=+ == - ==z++
=-+ - ==- -=
-+ += =+= =-- -c = += -+-+ -+ -:-
- - = +;+ - - - - ---+ += -+=+
== - = - =+=+- = --+ -= ----,
+: ~ t - =-=zr= ~|+ == =:|+
-= ==+ --+ |+=+ - = ,-+ ===-=,
-+= ~-== --+ =++= +-- =- =+=
==-=: =---+ =- =-+=: : =z+ +z==
=:=- =- =-= -+== --==== |== +-=-++
- +++ ==|+ c
|+ := +c =+ := = -= ==-+ += ~+
=:-+ c =a+ -- == +=+ --= - -- =++
c- --- =+ -=- t-- == =- - ===
-++++ =--- -- -:== =-- c- -+= ==+
+- - +=+ +-= ++ - =, +c=+-,
==, == =-:, == =z+=, == =-+-+ =~-
=- -:=-+ a-= ==+ + +== - =:-+ c
-+=-= c=+- - =-, - ==- = --+-+
--+ ==+ -+ c- ~+-z= -+= =-- c=+=
++= =:+, =-- =- =+-, - -= ==, +====
=+-, == =- =- == ===- ~ ~+ +=
--| ~=--, =-= =- = == ~ - ==
+ ~=== c===- == =: --+ =, +-
|-== ===- - ~==+ |+ =:+ =+= =+=:
--+ =- - + c- = -= ==-=+ =-=
+- --c = =-= ==--=~+ -==, = =+==
-+ +, = ~=-- ---
: |+ == =-= +==
-= =
=- : |+ == =+- ==
|+ c- -, =
==-=, ==-++, -+= :+ =+==
+- =-- =-, =- |== -= =- +|+ c ===+, = --
=-- =-+-+ == +--- c=-+ ---, =-+ =
=- -+ === ==== |+ += ~- =- ~- -+== =-~=
- -= +t- +- ~- -- =-~= = = - +--= =-
-+= =- = - =+ -- =-- ==+ = - +c -= =-~=
==~ =-c -+~ ==- =| -+= =| : += | + |+=
=+ = ==== -= +-+ =+ =-- =- = |- -
== ---= ===+ ==+ ==-= - = = ~:+ +t:
= +-+ = =++ = =++ =-= - -=+= =
= +-= +-+ =- - = === ---c
-+ +== === ---+ +-= +|- +- = +-
+ =- =- --= =|+ ==~ =~ ==== =c ===+
- += +t =--= +- =-+c ~- == -+= ~= +t-
== cs -- +- == +-== -== +- =- =+
c+-a=: =-- | =+==- =+= +- = ===+ ~ +=
-- ~| + = ==, ==--= t=
-+=+ =z== == ==: + == =- -=, =+=- --=
Grammar + G =: -== === =r == == =-~= = -
One day i will make you speak in English Proudly ~- == =- +--
=r- = -+=+ = +=+== ~= =-= =:= =- +- c:-
+==+ =- - += | +== ~-+c - +- = -+
+=|, |== == +- ~= =-= ==~ =:= =c
== - -+= =-- == |= |= = == =-- ~|-
++=- +=== - = ~- ~| : - - c+-a= +t =-+
:= ==+==+= -= =| +t= ~- - == +- +=c ~-
+c =| +t- ~- :-c == +== =+= -+== =+= +t
vkbZ-ih-lh-lh +- -+== +t ==+c =:== =- -= =| |+=
==-+-== =+| ==: ==-== +- : -|c --== -
+- +| |=|== +- += =- =+==- =+= |== +==+
:= -=-- +- -+=+ --= + =-== =-~= -= =|+
+-= -= + =+ =+=
- =--, := =+, +-= |==+= =:+== += = ==+
c = =-c + == ~- = +- =+- -c + - +-
+ ===: - ==+ =+- + =-= ~-=+ ==
=+ ==+= +-+ ~= |+ -= =| -= + = +--
- -=+- = ~= c- -
, mVkdFkk
' kSko i kSMsy
l h-, - vkbZ-i h-l h-l h
+|co|
+ ~= + -= - =|+,
=; +- -== -+s|+
+- -c -= =++ =
++ == = := =- ==+=
== =; c: -= - ~= +
-= - |+= ===c -= +==
--- =+=== ==+-= c,
==~-= +-= + - == c,
=:+- == == --- ~+c-
- -= = =+ -= -=+ = -c-
+ ~= +
==+ --= -+ --= +- -= = +=-,
+- ~| - +:- =- =-+ ==-
-= =| == = ==+ c- ~c-
-- +=-+ ~ t== c-
==- --
=-+, ++=--
)|,+
=-=-=
=:= = | -
-= -
==-=
= =
-a+ -
- - =-
- - =-+ -+
= | + +
==- -+=
lh-,- QkbZuy
-+= += ++ |+ ==- -= - |+ -=- ~-: =-
+=+ += =+-+ - =+=- =- =-+ = ==-=
==- =+= ---c
-=:= =-== ==- ~|+ ~-:= -+= =+ -
=+-+ =- ==-+ += =-=-= ==- +-==- ~|+
c
+--- c -= = ==: --== =:|+ c=
=-:
=-+= -+:+ =+- =a=- =-- ==-
+= =-+ +-+ -== +- -:- -=
= -= == - =-- - =- -=:= ++ - =~=
==+ - = === += =- +-+ =-= - =
-=+= --+ =+= == = = = : +===+
===- -=:== =+= , := +t- +== +s=: += =
=- =- =r-, ==- =, -+= - =-=--= +=+==
~= = = -=-+ - =- =+ = ~= = =
+s=: +=, = ==-- +:: --=
- -+=+ =+ - =+-+ ==- += +-
=+ =-~-- ==== -+=+ =+ - =+-+
==-+ --=- --+ = -:- -=
=- ==- +::+ == = ===- -=+ =+ |-=
-+-- ---- ~|- = =+ |--== --+ =- =r-
= -+ += -= - =- - c == +- + =
=- += =- = =- ~| +- =-+ c== +-, == =
+- +
=-= =- ==-+ =--- - =r== -: =| +-
==+- ~- -= ++ c =+ =- +- =+-++-
~|+ c +-++ +-= +=== ==++ -- +- = =--
=+ c = ==== =+-+ =- == c== ++ =-~-
c = =+-+ =- =+=+-+ c- = += =-
==-+, =-+ ==+ -+ c-, +=+ ~= =- =
== ==- c== ++ c-
+= - ==-+ ==== =+ += -
==- +=: - ==- +=+ c == =~= -+:~
== += - ==-= ==+ =a-+ =--=+-=
+a+ =-== +=+ c - ~- ==-= ==
=--=+- =- =~- c - +==: =--=+-+
=== -=- ==: ==- c ==, =+-
==+-+ =-- +=: +- +==:- -=
==- += == ==+ -+ ==: -- =- c
==+= -=== = +==c- - =-+ ==-+=: +
=- c +=== =:+ ==- =| =-= - += =-==
-+ c =-= =- =+- -+-= =-, -= - c - =
c- === -= = +=+ -- ++ c
+=- =-=+ =+ +-- -c
+- +- + -=, ==+ - =++ -+= =- - +=
- = - ++=-, ---, ==-, :+ - = +- +=
~+ +c - == ~+ -- - =-= - =- =-=
+=+ |== + -
=++ -+= += - ==-=: --
=+- +-- -+ c - +-- -= ~- =--
-c
== +=+=: =-- ~-+ c - +=++ -=-
s= -- - +=+= - c- -= = ~-+ ==+-+ =
c - -:+ ==+- ==+ +- = ===+ c ==
=+= +:- +- - =-= =s=- ==- -=- +c
=- ==-+ = =-=: +-- += -:- =- = c
= - =+ += +== +=+=: ==- =-+c
- === ==-- ++ -+ c-
=- ==-= ==+- -- ==- c ==+ ==- +--
=+== ++- =- ==- c
+-== - ===-=-+-= =-=:
+ ~- =---c
=- - +- =- ~| +- -+= =-, ==-, --=, --+-
-~= ~- =-c = = - =- =| +- == =: -
=-c =-- -+:- +-, + == =- =|- -+:-+
=: -+= - - +-== - +- +==:, ==: = ==-
=-- ~|+= +=- ~- =-c
=---
He who has a why to live can bear almost any how.
-- Friedrich Nietzsche --
Classic Decision Making Process
Te classic decision making process is traceable to John Deweys formulation of the problem solving process.
With minor variation it can be found in many places. It is the archetype of the rational-analytic approach to
problem solving and decision making, the kind that featured prominently in Charles Kepner and Benjamin
Tregoes book, Te Rational Manager.
Access
the
Situation
Gather Facts
and Assess
Unknowns
Identify
Alternatives
Establish
Decision
Criteria
Weigh
Alternatives
Select Best
Alternative
Review the
Decision
The Classic Decision Making Process
The Military Model
Te military model is a variation on the classic model. Te model that appears to the right is from the U. S. Army
War College.
Set Organizational
Goals & Objectives
Develop
Alternatives
Compare/Evaluate
Alternatives
Choose Among
Alternatives
Implement
Decision
Command, Lead &
Manage
Review Goals
& Objectives
Develop New
Alternatives
Corrective
Action
Review/Set New
Goals & Objectives
Information/Mission
Information/Data
Information/Criteria
Information/User Reation
Mintzbergs General Model of the Strategic Decision Process
Te most frequently cited model of the decision-making process is one proposed by well-known professor Henry
Mintzberg and his colleagues, Raisinghani, and Teoret (1976)
Mintzberg and his colleagues, Raisinghani, and Teoret identifed three major phases with subroutines or
subphases within each. Tese included the following:
Strategic Decision Models and Characteristics
CA. Rajesh Makkar
B.Com.(H), F.C.A
Life is a shipwreck but we must not forget to sing in the
lifeboats.
-- Voltaire --
Search Screen
Design
Judgement
Analysis
Bargaining
Authorization
X3 X4 X5 X6
X7 X8
X11
New Option Interrupt
X12
External Interrupt
Selection Development
Recognition
Diagnosis
X1 X2
X9
X10
Internal Interrupt
Indentification
The Identication Phase
Te Decision Recognition Routine: Opportunities, problems, and crisis are recognized and decisional activity
is evoked.
Te Diagnosis Routine: Information relevant to opportunities, problems, and crisis is collected and problems
are more clearly identifed.
The Development Phase
Te Search Routine: Organizational decision makers go through a number of activities to generate alternative
solutions to problems.
Te Design Routine: Ready-made solutions which have been identifed are modifed to ft the particular
problem or new solutions are designed.
The Selection Phase
Te Screen Routine: Tis routine is activated when the search routine identifes more alternatives than
can be intensively evaluated. Alternatives are quickly scanned and the most obviously infeasible ones are
eliminated.
Source: Fred Nickols 2005
Recognition Communicating
Generating
C
l
a
r
i
f
y
i
n
g
C
o
m
m
i
t
t
i
n
g
N
e
g
o
t
ia
t
in
g
E
v
a
l
u
a
t
i
n
g
Deciding
Managing
Supporting
Be content to act, and leave the talking to others.
-- Baltasa --
Alok Kejriwal Founder and CEO, contests to
win
If you are determined enough you will learn to
support yourself
Rashesh Shah - Founder Chairman and CEO,
Edelweiss
Always make sure your employees are your partners
Make sure you are proftable , otherwise you will
share other peoples dreams and not your own
Ashok Soota CO-FOUNDER AND CHAIRMAN,
MIND FREE CONSULTING
Dont waste money on a bargain purchase if you
have no immediate use for it,
instead, be willing to pay a little
extra for a worthwhile deal
Nimesh Kampani founder
Chairman, JM nancial
Value of assets goes down
but the liabilities stay with
you. Never borrow money for
personal needs and dont ever
give guarantees.
Liabilities are like a taxi meter
which keeps running for 24
hours. Te interest meter runs even when you go
of to sleep.
Saha Rukh Khan - Actor
Deserve before you desire the roles you want
Never think of reducing your expenses instead
think of ways to increase your income. Te time
and energy you spend on trying to plug holes, if
they are spent on thinking of constructive ways to
increase your income, will bear better results.
Malvindar Mohan Singh - Group Chairman,
Religare and fortis health care
Take bold decision and see them through
Krian Mazumdar-Shaw Chairman and MD,
Biocon
Failure is temporary, it is giving up thats permanent.
So try and convert every failure into success and
you wont feel like, your world has come crashing
down.
Piyush Pandey Executive chairman and
creative director, Ogilvy south Asia
In cricket to down 53 for 6 is a problem for ordinary
people but an opportunity for stars
Take your work seriously but dont take yourself
too seriously and enjoy your life
Shantanu Prakash- Executive Chairman and MD,
Educomp solution ltd
Be focused during times of crisis and use crisis as
opportunity to become stronger
Going back to the core always
bring clarity and focus
N. Shankar- Chairman, Sankar
group
All management decision
ultimately boiled down to common
sense and logic
Whatever was compared by
a letter was what the recipient
understood in reading it, not what
writer intended to convey
Javed Akhtar - Poet
No work is insignifcant, the worker maybe. Te
security is in your excellence, not in the job
Aamir khan - Actor
When you are faced with situation where you may
go wrong, but even so, if you follow your heart, its
always better to go wrong on your own instincts
than an anybody elses.
Janished J. Irani - Director, TATA sons
Out of every ten men who are born in this world,
nine worked for the tenth. So prepare yourself to
be the tenth.
Dr. A.P.J Abdul Kalam-Former president of India
My work would be fruitful only if I tried to prevent
the use of what I had created gave a new mean ing
to my life.
Life Principles of Some Successful Persons
CA. Bal Chandra Shrestha Prawaha
Early History
Accountancys existence can be traced back to the
earliest days of human agriculture and civilization
(the summaries in Mesopotamia, and the Egyptian
Old Kingdom). Ancient economic thought of the Near
East facilitated the creation of accurate records of
the quantities and relative values of agricultural
products, methods that were formalized in trading
and monetary systems by 2000 BC. Accounting is
mentioned in the Christian Bible (New Testament)
in the Book of Matthew, in the Parable of the
Talents. Te Islamic Quran also mentions accounting for
trade and credit arrangements.
In the twelveth-century A.D., the Arab write, Ibn
Taymiyyah, mentioned in his book Hisba (literally,
verifcation or calculation) detailed accounting
systems used by Muslims as early as in the mid-
seventh centuryA.D. Tese accounting practices were
infuenced by the Roman and the Persian civilizations
that Muslims interacted with. Te most detailed
example Ibn Taymiyyah provides of a complex
governmental accounting system is the Divan of Umar,
the second Caliph of Islam, in which all revenues and
disbursements were recorded. Te Divan of Umar has
been described in detail by various Islamic historians
and was used by Muslim rulers in the Middle East with
modifcations and enhancements until the fall of the
Ottoman Empire.
Modern Accountancy : Luca Pacioli
Luca Pacioli (1445 - 1517), also known as Friar Luca
dal Borgo, is credited for the birth of accountancy.
His Summa de arithmetica, geometrica, proportioni
et proportionalita (Summa or arithmethic, geometry,
proportions and proportionality, Venice 1494), was a
textbook for use in the abbaco schools of northern Italy,
where the sons of merchants and craftsmen were educated.
History of Accountancy
CA. Ranjay Kumar Mishra
(Mob. : 9911986815)
E-mail: crnmishra@gmail.com
It was a compendium of the mathematical knowledge of his
tme, and includes the frst printed description of the method
of keeping accounts that Venetian merchants used at that time,
known as the double-entry accounting system. Te treatise,
Delia Mercatura et del Mercante Perfetto (Of Trading and
the Perfect Trader), by Italian author Benedetto Cortrugli
is the frst known work on double-entry book keeping.
He described how the perfect merchant should keep
tract of his transactions in a rational way so as to achieve
a proft. Although this work was not published for more
than a century, Pacioli was familiar with the manuscript
and credited Cotrugli wth originating the double entry
method. Tough Benedetto Cotrugli wrote the book in
1458 but is was not published until 1573 and so Paciolis
book may be regarded as frst published text, and he is
widely regarded as the Father of Accounting.
Te system he published included most of the
accounting cycle as we know it today. He described
the use of journals and ledgers, and warned that a
person should not go to sleep at night until the debits
equalled the credits. His ledger had accounts for assets
(including receivabls and inventories), liabilities, capital
(owners equity), income and expenses - the account
categories that are reported on an organizations balance
sheet and income statement, respectively. He demonstrated
year-end closing entries and proposed that a trial
balance be used to prove a balanced ledger. He treatise
also touches on a wise range of related topics from
accounting ethics to cost accounting.
Post-Pacioli
Te frst known book in the English language on
accounting was published in London, England by
John Gouge (or Gough) in 1543. It is described as a
Proftable Treatyce called the instrument or Boke to
learn to know the good order of the kepyng of the
famous reconynge, called in Latin, Dare and Habere,
and, in English, debtor and Creditor
Te only true wisdom is knowing that you know nothing.
-- Socrates --
A short book of instructions was also published in
1588 by John Mellis of Southwark, England, in which
he says, I am but the renuer and reviver of an ancient
old copies printed here in London the 14 of August
1543; collected, published, made, and set forth by one
Hugh Oldcastle, Schoolmaster, who, as reappeared by
his treatise, then taught Arithmetics, and this booke in
Saint Ollaves parish in Marko Lane. Mellis refers to the
fact that the principle of accounts he explains (which
is a simple system of double entry) is after the former
of Venice.
A book described as Te Merchants Mirrour, or
directions for the perfect ordering and keeping of his
accounting formed by way of Debitor and Creditor,
after the (so termed) Italian manner, by Richard
Daforne , accountant, published in 1635, contains many
references to early books on the science of accountancy.
In a chapter in this book, headed Opinion of Book-
keepings Antiquity, the author states, on the authority
of another writer, that the form of book-keeping referred
to had then been in use in Italy about two hundred
years, but that the same, or one in many parts very
like this, was used in the time of Julius Caesar, and in
Rome long before. He gives quotations of Latin book-
keeping terms in use in ancient times, and refers to ex
Oratione Ciceronis pro Roscio Comadeo, and he adds :
Tat the one side of their booke was used for
Debitor, the other for Creditor, is manifest in a certain
place, Naturalis Historiae Plinii, lib. 2, cap. 7, where
hee, speaking of Fortune, saith thus :
Huic Omnia Expensa.
Huic Omnia Feruntur accepta et in tota Ratione
mortalium sola.
Utramque Paginan facit.
An early Dutch writer appears to have suggested
that double-entry book-keeping was even in existence
among the Greeks, pointing to scientifc accountancy
having been invented in acient times.
Tere were several editions of Richard Dafornes
book - Te second edition in 1636, the third in 1656,
and another in 1684. Te book is a very complete
treatise on scientifc accountancy, beautifully prepared
and containing elaborate explanations. Te numerous
editions tend to prove that the science was highly
appreciated in the 17th century. From this time on,
there has been a continus supply of literature on
the subject, many of the authors styling themselves
accountants and teachers of the art, and thus proving
that the professional accountant was then known and
employed.
Origin in India
Ancient India is a prime example of a culture whose
accounting practices merit more attention due to their
complexity and innovation. Looking back at Indian
history, one fnds that the art and practice of accounting
were present in India even in Vedic times Te Rig Veda
has references to accounting and commercial terms like
kraya (sale), Vanij (merchant), sulka (price). As Prof.
Max Mueller observed.
Whatever sphere of the human mind you may select for
your study, whether be it language, or religion, or mythology,
or philosophy, whether be it laws or customs, primitive art
or primitive science, everywhere you have to go to India,
whether you like it or not, because some of the most
valuable & most instructive materials are treasured up in
India, & in India only.
Tere is very clear evidence of the highly developed
Hindu accounting tradition in Arthashastra written by
Kautilya (also known as Chanakya and Vishnugupta)
around 300 B.c. when literally translated, it means
Scripture of Wealth. Tough it focuses on creation
and management of wealth, it is a masterprice covering
a wide range of topics like statecraft, politics, warfare,
law, accounting systems, taxation, fscal policies, civil
rules, internal and foreign trade etc.
It contains particulars of business of keeping up
accounts in the of ce of accountants. It contains
matters which should be recorded, registers to be
maintained, system of examination of accounts it also
provided methods of detection of what is embezzled
by government servants out of state-revenue;
examination of the conduct of Government servants;
the procedure of forming royal writs; the superintendent
of the treasury; examination of gems that are to be entered
into the treasury; and even details of punishments for
default.
Te Arthashastra includes
i. Various types of income (including aspects of
accounting for price changes, price-level changes,
the distinction between what is now called real
and fctitious holding gains, etc.)
ii. Classifcation of expenditures or costs (including
possibly fxed vs. variable costs); and
iii. Notions of assets, debts and capital
Experts say that the depth of arithmetic knowledge
displayed in Kautilyas work demonstrates that the
prerequisites for the establishments of the discipline of
accounting existed in India. In addition to bookkeeping
rules, Kautilya developed :
i. Procedures for preparing periodic income
statements and budgets
ii. Performing independent audits.
iii. Method of segregation of duties between Treasurer
and a Chief Comptroller-Auditor where the
Treasurer managed assets, while the Comptroller-
Auditor handled the maintenance of the Records
Of ce, the maintenance of records, compilation
of rules, inspection, audit, and preparing and
presenting fnancial reports to the king.
He also recommended :
i. Te king not consults with any advisor who had a vested
interest in the outcome of a particular project.
ii. Establishment of an ethical code of conduct - a
topic which has received a great deal of attention
now during the past few years after corporate
scandals.
iii. Te codifcation of accounting rules into one
uniform system to prevent problems in translating
fnancial data between disparate methods of
accounting - a subject which the international
accounting community is dealing with in terms of
the convergence of accounting standards.
Tus, not only was India practicing a sophisticated
system of accounting nearly a millennium before
Paciolis book was written but the methods were so
advanced that accountants are depending on it to
solve contemporary issues like conficts of interest and
convergence of accountng standards.
Dont spend time beating on a wall hoping to
transform it into a door. So give up. Just give up.
When we think about being successful or achieving
success, we often focus on the skill and habits we
should add to our lives. But sometimes the key of
success actually lies in our ability to giving up some
certain habits and behavior.
We should not be right to any point because the
world itself is a dynamic, so we have to maintain
precaution on certain factors, thats what we called it
as a moral of life. Never cry for your past but always be
learner of your past and learn to implement it in your
life.
To be successfully bound just give up. Sometimes
giving up is not to become a loser.
Give up the habit of waiting: Te way you spend
your time defnes who you are. You dont get to
choose how you are doing to die or when; you can
only decide how you are going to live right now, so
stop waiting the best moment to move on.
Give up past but learn lesson: You cannot rewind
your past and cannot correct if. But you can start
from today and have a happy ending, so to make a
happing ending just learn a lesson from past and
correct those mistakes in future.
Give up trying to be perfect: Sometime we try to
show the world that we are fawless in hopes that
will be liked and accepted be everyone. But we
cant please everyone and we shouldnt try too.
Te beauty lies in our vulnerability, our love our
complex emotion, so give up trying to be perfect.
Give up the doing things you know are wrong.
Nothing is more damaging to you than doing
something that you believe is wrong. Your beliefs
alone dont help you grow the thrive, your behavior
and action do. So always do what you know in your
heart is right for you.
Give Up
Bikash Thakur
Kathmandu, Nepal
A friendship founded on business is a good deal better
than a business founded on friendship.
-- John D. Rockefeller --
1. Sir, heartiest congratulations on being elected
as an executive member of NIRC. Being the apex
body in the Northern region, how do you see
this institution in the years to come?
- Tank you so much, As we look to the economy of the
Country and cross border demand of the professionals
we can really understand that this profession and
Institution will reach to the next level in the years to
come.
2. The ever increasing number of chartered
accountant students has boosted the popularity
of this Institution. Is it so? How is the feedback
of the students with regard to the development
in this Institution?
- Yes, of coursewith the increase in the strength of the
students in this professional course, the popularity
has grown with. If we really see this profession it has a
contribution in the Nation Building and more so with
the kind of curriculum it has, there is an inbuilt strength
in this course to gain greater knowledge which makes
everyone from this profession a good service provider
and add value whatsoever they do for corporate or
otherwise.
- As far as the feedback with regard to development
is concerned, wehave a mix kind of feedback from
the students. Some gives very encouraging feedback
and some are normal. But this is for sure that this
profession gives satisfaction not only monitory but also
recognisition wise.
3. After passing the intermediate (group 1 or
group 2), students enroll for Articleship. Few
lucky ones are placed well in good rms while
a major chunk is stranded behind, dubious of
which rm to join and its value. What is your
opinion in this regard?
- If we look at the overall scenario of the professionals in
practice, we have proprietorship and partnership frms
and under the same some are big who serves to the
large corporate and some serves to small and medium
business community. Tis is right that everyone can not
have the opportunity to join the big frms but there are
no. of small frms who with their systematic forward
looking approach they grow. Articles should not only
have concern about the level of clients associated with
frms rather they should look towards the professional
approach of frm.
4. It is inevitable for CA students to take coaching
classes. The private institution teachers charge
heavy fees. Does it bother the council? What do
you think about its alternate?
- Te chartered accountancy course is designed in such a
way that students get theoretical knowledge of subjects
along with practical training exposure also. Study
material are designed in such a way that students can
have that knowledge through self study. In addition to
the study material ICAI has very recently launched the
facility of e-learning also. Further Regional council and
various branches are also organising classes. However
it is very true that private institution are charging very
high and all students cannot aford heavy fees. Tey
are commercial coaching centres. To my view self study
backed by the afordable classes of the diferent wings of
the ICAI and e-learning modules are more advantageous
than private coaching.
5. What is the reason for the uctuation of result
at every level? Is the performance of students
enhancing or the institution being lenient?
- As the question relates to examination and results, I
will not be able to ofer any comments on it. Tough I
am of the opinion with the awareness and competition
involved, students over a period of time have understood
that nothing can move without hardwork, vision,
determination and discipline. Hence the sincerity and
seriousness has come in the students and that may be
one of the reason of the better results.
6. Indian economy is an emerging one and looks to
rebound in 2013. Is market condition favorable
to welcome CAs with good pay packages?
- It is very true that the Indian economy is an emerging
economy and has witnessed unprecedented levels of
economic expansion and cross border transactions.
Indias manufacturing base and service sector has grown
Interview with CA. Hans Raj Chugh,
an Executive Member of NIRC of ICAI
Success consists of doing the common things of life
uncommonly well.
-- Unknown --
with a good speed. However to my view the situation
as on date and in the very near future in 2013 seems to
be not very encouraging. Chartered Accountants always
been a front runner in the demand but as the demand
has been little bit slow in the market hence the CAs
with good managerial skill and having good practical
exposure during articleship will only be welcomed by
the market and packages will not be an issue for them.
7. How you look forward for increasing an amount
of stipend which they are receiving seems to be
so marginal?
- Our ICAI through Board of Studies from time to time
evaluates the need to increase the stipend. If you
personally ask me I will simply say that it has to be
revised but at the same time one should not ignore
the fact that stipend is only a token amount. It has
nothing to do with your performance nor it should be
considered as a salary. During the articleship period
the focus should be on training and learning with an
understanding and utilising the learning for the value
additions for the clients and for the organisation where
you are getting the training. After the completion of
training and course your eforts will ripe into handsome
rewards and package also.
8. A considerable percentage of CA students
residing in Laxmi Nagar are from Nepal. They
have formed a group named Hatemalo Nepali
Student Group which signies their unity and
cooperation in the eld of CA. They organize
meetings, conferences and extra-curricular
activities among CA students .They have just
have a meeting with NIRC Chairman also. What
do you have to say about this? How do you feel
to have a meeting with Nepali Students Group?
- I am of the frm opinion that any group, if it is formed
with an objective and all actions are being taken to fulfll
that objective like knowledge sharing and helping each
other whenever any group member needs it etc.,this will
go a long way. Tere is an established fact that Unity is
the Strength and once the group is united and have a
clear vision then it will create the history. Tis a great
step undertaken by the CA Students from Nepal and I
hope that all actions taken with the right perspective
for the unity, togetherness and co-operation amongst
the group members will make this group to grow with
leaps and bounds. I am sure that the group will follow
the spirit of its name i.e. hand to hand.
- I feel honored whenever any group of students meet
me for any discussion or issues of the students.. Recent
meetings with the delegates from HNSG and your
invitation to join on the programme to celebrate the
Nepali New Year was a great honor for me. I assure you
that whenever you need me or any support is required
feel free to call or meet me.
9. A number of rms in Delhi have stopped taking
Nepali students as an article and in their vacant
post; even though they are meritorious. It is
really disappointing them. Do you have any
recommendation for them?
- I am not aware of any such kind of discrimination has
been made by the members but as the normal system
recommendation matters while engaging articles. I
am of the view that this kind of conduct should not be
there of the members. You have brought this issue in
my notice, as I keep on meeting many practicing CAs, I
will request them to engage Nepali students also on the
basis of their merits.
10. A nal word for future CAs..
- In order to have the world class competencies and create
in you a quality of a global professionals, you all have to
follow the path of hard work, vision, determination and
discipline with human values and dignifed virtues.
11. Our group feels so thankful to have a talk with
you. Thank you so much.
- My Pleasure.
(Disclaimer: Opinion given above are my personal and interview given are in my personal capacity and not on behalf of NIRC
of ICAI.)
CA CPT CLASSES
FREE OF COST
for
ALL NEPALI STUDENTS
by Rajesh Makkar Classes
F-6, 3rd Floor, Above CA Library, Vijay Chowk,
Laxmi Nagar, Delhi 110092
1/45, Lalita Park, Laxmi Nagar, Delhi 110092
9953922272, 9717920131
Glimpses of HNSG, 2013
Special guest and Guest of Honors at New Year Greetings Program, B.S. 2070
Cultural Counselor from Nepal Embassy handing Certifcate of Appreciation in
Blood Donation Campaign, 2013 A.D.
Holi Celebration, 2013 A.D. New Year Greetings Program, B.S. 2070
Student donating blood at Blood Donation Campaign, 2013 A.D.
His Excellency President of Nepal, Dr Rambaran Yadav with HNSG Souvenir 2011-12 at
Nepal Embassy, India
Volunteers of Blood Donation Campaign, 2013 A.D. New Year Picnic Celebration, 2013 A.D.
New Year Picnic Celebration, 2013 A.D. Chief Guest and Guest of Honors of Blood Donation Campaign, 2013
Holi Celebration, 2013 A.D. Handing over our T-Shirt to NIRC Chairman CA. Vishal Garg
HNSG Members in Holi T-Shirt, 2013 A.D. Holi Celebration, 2013 A.D.
New Year Picnic Celebration, 2013 A.D. Holi Celebration, 2013 A.D.
Chief Guest and Special Guest alongwith HNSG President at
Blood Donation Campaign, 2013 A.D.
First AGM of HNSG, 2010 A.D.
Interaction with Nepals top Political Leaders and Intellectuals at Laxminagar, 2013 A.D. Nagaland Ex-Police Commissioner at Holi Celebration, 2013 A.D.

The Voice of Everest Half Yearly Journal-May 2013

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