VERY SERIOUS ERRORS FOUND IN FINANCIAL SYSTEM AND IT'S EDUCATION IN INDIA.
Respected Madam / Sir,
I / We Need Your IMMEDIATE ASSISTANCE For 1 VERY SERIOUS MATTER CONCERNING LIFE AND CAREER OF MORE THAN 4,00,000 Students (YOUTHS) of India, who are NOT GIVEN EDUCATION AT ALL AND THEY ARE ALSO BEING EXPLOITED AND TORTURED IN THE NAME OF EDUCATION. This Matter is to be Handled by The Minister of HRD, New Delhi ( See Attachment - Min. of HRD.jpg), which is Reply of My RTI Given by The GOI. Given below is Brief Details about the Points which I / We want to Raise before the Ministry of HRD And The President of India And Bring Relevant "ROOT LEVEL CHANGES" in the Whole System of Financial Education in India.
“ANNEXURE - MAIN ISSUE POINTS (A Brief Overview)”.
I /We am / are giving Brief Over-view of the "FEW POINTS" of "MAIN ISSUE(S)" of Objections' Which I / We Wish The Govt. of India to Take Seriously which are as Under:-
1) In SATYAM Investigation Case, Does CID Or CBI Officers Know Even “A” of Accounts Or “F” of Finance?? Are they TECHNICALLY SOUND in Financial In & Outs?? How Can A Criminal (Just For E.g. The ICAI) Punish And Catch his own Team-mates (Just For E.g. Member of The ICAI i.e. CA)?? If A Businessman (Just For E.g. SATYAM) Knows How to Manage Finance, then Why Does he Employs A Financial Expert (Just For E.g. CA)?? A Businessman knows How to Earn More Money And Expand His Business But Doesn’t Knows MANAGING AND PLACING FINANCE. I / We want to Submit TECHNICAL PAPERS in this regards Immediately, so that many other Frauds And Scams like Satyam can be Avoided. I / We wish to SUGGEST ROOT SOLUTION to the Problem.
In CA Curriculum Students' are Trained / Asked to Make FAKE (FALSE) Balance Sheet(s) , FAKE Expense(s) Entries and Voucher(s), FAKE Profit & Loss A/c., And Income-tax Return(s) Etc. of People / Client(s) in Various CA FIRMS of Members' of The ICAI - All Over India.
Instead of Good Education, "CRIMINAL EDUCATION" And "WRONG
EDUCATION" is Given Between the "CLOSED DOORS" of CA FIRMS.
Which has Already HARMED INDIA And it's INNOCENT PEOPLE at
E.g. "SATYAM" Case. It's Roots' are Here in the Education System of The Govt. of India.
2) Today, when many New Industries and Companies are coming up in India, while joining CA Course And After Passing it, Most of the Students Opts for joining A Company and making a career. Reason – Good Pay Starting from 40,000/- p.m. to 60,000/- p.m., whereas joining A CA Firm will Hardly give them 10,000/- to 15,000/- (Max.) p.m. While joining any company, Experience i.e. Article-ship of 3 Yrs. In CA Firm is NOT CONSIDERED As Work Experience. It is just said that it is Time-pass Or No Work done in CA Firm. So, in this Scenario, Is Article-ship of 3.5 Years to 5 Years (including Exam and other leaves) REQUIRED in CA Firm Where CRIMINAL EDUCATION is given??
3) Nobody comes FULLY EDUCATED in this world. Parents teach their Kids to Speak, to Walk, to Talk. Teachers teaches students in schools till Colleges and thereafter too. So, How Can A Student of just 12th Pass, study such Highly Technical And Specialised Financial Education Himself?? As per My / Our Own Experience, Contribution of Article-ship (in CA FIRM) is NOT MORE THAN 3% in Passing CA EXAMS And getting A DEGREE. Nothing comes in Exam Papers what is Self-learned in Article-ship of 3 Yrs. Knowledge Level of Finance is also SHALLOW in Principals i.e. CA. So, they don’t give Any Education.
4) CA Exams including CPT is taken 2 Times in a Year. At Present, there are More than 5,00,000 (Five Lakhs) Students (YOUTHS) in CA COURSE. Exam Fees is Nearly Rs.2,000/- Per Student (YOUTHS). Now, Every Year Income from Just Exam Fees is 5,00,000 X 2,000 X 2 (Times) = .………………(Approx.). Tomorrow, Number of Students (YOUTHS) are going to Increase to 10,00,000 , 20,00,000 And More………. Also, the results is Not More than 20%. So, 80% of the Students are going to Pay Exam Fees Every Year. PLUS – Course Fees, Income from Suggested Answers, Compilations, Seminars Etc. EXTRA. In Short, it is A CHEAP BUSINESS OF MAKING MONEY BY FOOLING INNOCENT STUDENTS AND PEOPLE OF THE COUNTRY Without Providing Any Education and Playing with the Life and Future (i.e. YOUTHS) of India. I / We hope You All will Agree with Me / Us ???
5) When it’s time to study, study and when it’s time to play, play. Both things doesn’t happen together. Right?? Similarly, when it’s Time to Study, Students should sit down and study. And after completing Education, go to work. Both things together is NOT POSSIBLE. So, Full Time 5 Years Highly Technical and Specialized FINANCIAL EDUCATION is to be FULL TIME Study Only And Not Article-ship. Other Technical Clarifications is Duly Documented.
"FINANCE" is a matter which is Affecting Each and Every Sector and Section and Citizen of India. This is a Very Serious Matter of Financial Education.
6) Article-ship is also there in Medical Field i.e. Doctors And Legal Education But there students are given THEORETICAL CLASS-ROOM EDUCATION FIRST And then only they are allowed and given Intern-ship. But in CA COURSE, Why there is Article-ship WITHOUT ANY THEORETICAL CLASS-ROOM EDUCATION by The ICAI??? Just for their SELFISH INTENSION of getting Cheap LOW-COST Employees, Members of The ICAI & The ICAI has Formulated such Scheme to Misguide Innocent Students and their Parents and people too.
Due to this reason, The ICAI has Lost Many Potential And Intelligent Students who have Diverted to MBA Or Law Or Other Education and have made their Bright Careers there. These students could have made Image of The ICAI Much Brighter. Due to this Reason, THE REPUTATION OF The GOI is also in Danger. In this way, The ICAI And The UPA Govt. Both are HARMING Themselves. We, being The Members, Students And Future Members of The ICAI, are having Deep Concerns for The Institute But Due to RIGID ATTITUTE of The Members, The Matter is taken to Hon’ble Minister of HRD – Shri Kapil Sibal for Immediate Consideration.
7) How many times do you fall SICK in a year – 1,2,5,6 Times??? You need A Doctor to Get Well Soon. Can you purchase your food without Money?? Can you spend Even A Day without Money?? So, Financial Education is Affecting and playing A Major Role in our day to day life. Right?? So, demand of FINANCIAL EXPERT i.e. CA is Even More than A Doctor. Right?? Even to Suggest to The GOI to Tackle Financial Crises Problems like Recession it is Essential. Today, there are Just 1,50,000 (Approx.) CA’s in a population of 150 CRORES (Approx.). It is Just 0.01% of The Population of India!!!!! Also, Financial Education is NOT LIMITED only to Income-tax & Auditing. It’s Scope is Very Large & Deep. We are filing Income-tax Returns just 1 Time in a year!!!! So, I / We have MODEL(S) for Imparting Proper Financial Education to be given to The Ministry of HRD.
8) What Package Salary does A Graduate from IIM’s get in the Market And What Package Salary does A Fresh Qualified 3 Years Article-ship CA get in the Market?? What is the Productivity And Out-put of An IIM’s Graduate And of A Fresh CA?? Both Cannot be Compared. The reason is Faulty Education and Selfishness of The Members of The ICAI.
I / We Need Your Co-operation and Help in this Matter.
To get More Details about the Matter, Please E-mail Me / Us on
Eagerly Waiting for Your IMMEDIATE HELP AND RESPONSE.
Mr.CHIRAG SHASHIKANT SAWANT
(A Student of CA FINALS of The ICAI)
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