RBI phasing out old Rs 1,000, Rs 500 notes

New Delhi, Aug 28 (PTI) The Reserve Bank is phasing out old currency notes in the denomination of Rs 1,000 and Rs 500 of 1996 series and replacing them with new ones with added security features.RBI spokesperson Alpana Killawala from Mumbai told PTI that the public will not be put to inconvenience by the phasing out of these notes, which merely means that these currency notes would not be reissued after they are deposited with banks.These notes will be replaced with 2006, Mahatma Gandhi series notes, which have more security features, she said.Initially, only Rs 1,000 and Rs 500 are being phased out, which may be extended to other currency notes of old series as well.When asked whether these notes are being phased out because of the problem of counterfeiting, she said replacement of old currency notes with new ones is an exercise followed by central banks all over the world.The spokesperson made it clear that these notes are not being withdrawn, as is being speculated in some circles. Withdrawal of notes basically means that a currency note will no longer be a legal tender after a stipulated date.She said no target date has been put for phasing out of these notes, as it all depends on when they are deposited with banks.As such, notes which are not deposited with banks will continue to be legal tenders in the hands of the public. PTI

OPENINGS WITH E AND Y

JOB OPPORTUNITY FOR FRESHER CA'S AS WELL AS

EXPERIENCED CA'S

WITH ERNST AND YOUNG. AT CHANDIGARH... IN HOTEL PARK INN. SECTOR

35 C CHANDIGARH...


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ICAI NEWS

In partial modification of the announcement dated 31st March, 2008 regarding submission of Form No. 112, it is hereby notified that articled assistants registered and undergoing graduation or any other course on or before 31st March, 2008 need not submit Form No.112. However, articled assistants registered on or after 1st April, 2008 and undergoing graduation or any other course shall be required to obtain specific permission by submitting Form No.112.

SEBI CIRCULAR ON INTERNAL AUDIT

DEPUTY GENERAL MANAGER
MARKET INTERMEDIARIES REGULATION &
SUPERVISION DEPARTMENT
DIVISION OF POLICY AND SUPERVISION - III
Tel: 26449261, Fax: 26449021
Email: manojk@sebi.gov.in
MIRSD/ DPSIII/ Cir-26/ 08
August 22, 2008

The Managing Director / Executive Director
of all Stock Exchanges

Dear Sir,

Sub: Internal Audit for stock brokers/clearing members

In continuation with the Circular No.F.1/5/SE/83 dated May 31, 1984 of Government
of India, Ministry of Finance, Department of Economics Affairs, Stock Exchange
Division, you are advised to direct your stock brokers/clearing members to carry out
complete internal audit on a half yearly basis by independent qualified Chartered
Accountants.

The scope of such audit shall cover, interalia, the existence, scope and efficiency of
the internal control system, compliance with the provisions of the SEBI Act, 1992,
Securities Contracts (Regulation) Act 1956, SEBI (Stock Brokers and Sub-Brokers)
Regulations, 1992, circulars issued by SEBI, agreements, KYC requirements, Bye
Laws of the Exchanges, data security and insurance in respect of the operations of
stock brokers/clearing members. The first such audit period should be from October
1, 2008 to March 31, 2009.

The exchanges shall ensure compliance of the above mandatory requirements by
all the stock brokers/clearing members.

The Stock Exchanges are advised to:

1. make necessary amendments to the relevant bye-laws, rules and
regulations for the implementation of the above decision immediately,

2. bring the provisions of this circular to the notice of the member brokers
/clearing members of the Exchange and also to disseminate the same on
the website, and

3. communicate to SEBI, the status of the implementation of the provisions of
this circular in the Monthly Development Report.

This circular is being issued in exercise of the powers conferred by Section 11 (1) of
Securities and Exchange Board of India Act, 1992 to protect the interest of
investors in securities and to promote the development of, and to regulate, the
securities market.


Yours faithfully,

MANOJ KUMAR

CONGRATULATIONS

HEARTIEST CONGRATULATIONS TO THOSE WHO HAVE

CLEARED CS FINAL IN CHANDIGARH

1. NITYA GUPTA (A.I.R 22)

2. AKHIL GUPTA

3.NEHA MENGI

4.NIPUN ARORA (3rd GROUP)

FOR FURTHER RESULT QUERY LOG ON TO:

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GOLDEN WORDS OF HITLER

Golden Words of Hitler:

 

When u r in light, everything will follow u. But when u enter dark, even your own shadow
will not follow u
that is life

God made relatives. Thank God we can choose our friends

Money glitters, beauty sparkles, and intelligence shines.

Keep a very firm grasp on reality, so you can strangle it at any time.

Life is like a box of chocolates, you never know what you're getting.

People may not always believe what you say, but they will believe what you do.

I've always wanted to be somebody, but I should have been more specific.

You can't have everything - where would you put it?

Laugh and the world ignore you. Crying doesn't help either.

God is not moved or impressed with our worship until our hearts are moved and impressed by Him.

Life is like a mirror, if you frown at it, it frowns back; if you smile, it returns the greeting.

Never trust a person who isn't having at least one crisis.

Goodness is the only investment that never fails.

The only thing lazy people do fast is get tired.

Never deprive someone of hope; it may be all they have.

Silence is the only thing that can't be misquoted!

If we don't control our money, it will control us.

Life Insurance: A contract that keeps you poor all your life so that you can die rich..

Some drink at the fountain of knowledge. Others just gargle.

Everyone has a photographic memory. Some don't have film.

If you r living on the edge, make sure you're wearing your seat belt.

A classic is something that everybody wants to have read and nobody wants to read.

Minds, like parachutes, only function when they are open.

The shortest distance between two points is under construction.

Learn from other people's mistakes, life isn't long enough to make them all yourself.

On the road, never argue with a vehicle heavier than yours.

One thing you can give and still keep is your word.

Life is funny if you don't think about it.

Life is like a grammar lesson. You find the past perfect and the present tense.

There are two kinds of lawyers, those who know the law and those who know the judge.

More doors are opened with 'please' than with keys.
 

 

 

DIVYA SHARMA

--
CA. VIKAS     KAPAHI
     TREASURER
   JAB WE MET CA
REDEFINING PROFESSIONALISM

THOUGHT OF THE DAY:

 

 

 

. A ship is very much safe on the its harbour,but this is not what it is made for.

 

 

--
CA. VIKAS     KAPAHI
     TREASURER
   JAB WE MET CA
REDEFINING PROFESSIONALISM