 CA Pankos Goyal in his presentation gives some good suggestions. These are summarized as expectation from MSRD. So, I will give some of the replies on it. I do not know whether you have seen it. He gave a list of applicable standards. I think there are 18 standards that he has listed. I think there are two standards which may not be very relevant for us. AS16 borrowing cost and AS19 leases. I think none of you are authorized to go for market borrowing. At the same time, none of you are also authorized to take or procure something on leases, but on hindsight I find that for startup institutions, sometimes you take property or old buildings from the estate governments on some consideration basis. I do not know whether this can be called lease property, but some now you can see the list. In the list, you will find that this AS10 is there, borrowing cost and AS19 leases. There is borrowing cost. I think it is not applicable at all to us. But leases, as I said, some of you might have taken property from estate government on some consideration basis. So, that is the area. I will give reply to some of these things. First one, get CNAG acceptance. I think a lot of people are agitated and I also feel sometimes disturbed. Quite a good number of people have asked me whether we have obtained CNAG's approval this and that. So, I have got my listed. You see, in central government, is ministry follows or works under allocation of business rule? I do not know whether you are aware. That is why MSI is also aware of its rule and responsibilities. It is not that we did not think about it. CNAG is a constitutional body. It has constitutional provision, authorization to conduct audit. So, we are aware about it. So, we proposed, prepare a file, send it to CGA because we cannot go directly to CNAG. Government of India accounts are drilled by CGA, not by CNAG. So, for anything we have to go to CGA. So, we went to CGA. So, we told them these are the new things we want to introduce. So, there was a lot of as it happens in government up and down. CGA, Controllers General Law of Account and CNAG is Comptroller and Auditor General. So, these are two different body. CNAG is a constitutional body. Article 149 I understand, 49, 150. 150 is form. 149 is the CNAG. CGA is not a constitutional body. It is under the Ministry of Finance. But government of India account is compiled by CGA. So, we went to them. In their wisdom, they said within the delegated power, we authorized you. Go ahead. We started. We have got so many letters, emails, etcetera. Then CNAG again came into picture. You see, there are certain statutory requirement. So, you cannot ignore that. So, again the file started moving. So, we gave a long reply to CNAG. We have received a long comments from CNAG. Now, we have again prepared the replies and with the approval of our honorable minister, we have submitted a reply. Two things has happened in that case. One of the thing is whether we should retain receipt and payment or not. We got some request also from many quarter. And also on receipt and payment we thought after lot of discussion in the ministry that receipt and payment should be retained. So, again we went to the minister or honorable minister, Mr. Pallam Raju. He has given his approval. So, now we have decided to retain receipt and payment. So, when you prefer accounts, you can retain receipt and payment. Cash flow we are not insisting on. This is the on change. Second change, two words we have changed in the entire thing. Otherwise the format is same, two words. But officially nothing can be said because the matter has gone to again CNAG. What we what approval we obtained from minister that is what I am sharing. And two words we have deleted that is restricted and unrestricted. Restricted and unrestricted. These two words we have deleted from the format. But other than that there is no change. There is no change. So, this is one area I wanted to share with you. Second one is operational manual. Yes, a talk is going on in the corridor of the ministry that some sort of guideline should be prepared. But right now I cannot tell you what type of guidelines we will be preparing. But once we get all the clearances, then maybe in the form of a circular something will be sent to all. This is the whole thing. Gradual time frame, the third one. You see when I proposed the implementation scheme, I gave a time frame. I did not say that it should be implemented from 2013-14. I did not say. No way. In writing I said that it has to face doubt over the years. That time Kapil Shibbal was our minister. He said no. Start from 2013-14. So, you cannot go against the wish of the minister. So, we started saying from 2013-14. It is not that we did not realize the problems. It is not that we did not think into all this aspect. But when your minister does not agree, what can you do? He said start, implement from 2013-14. Of course, had it been, in his had been, many more things could have happened. Permit, appointment of professional and external. This is within your competency, I agree. And all of you will agree that you do not require the approval of the ministry to appoint someone on contact basis. See, it is your domain. Appoint someone on contact basis or whichever way you think to do it. We are not telling you know the complexity. It is not that we do not know the complexity. And we know most of your background also. As I know my background. I am not a professional chartered accountant. So, I know my background. I know my depth. Similarly, many of you might be knowing your depth also. Only two chartered accounts are sitting here. So, it is better. It is better to appoint someone. But do not delegate the entire thing like dealing with what it is doing. Do not do that. I think their bhausas are also entered by some people and their accounts are also prepared. In that case, you will never learn anything. Now, outsourcing, many people are doing, many institutes are doing. But the way you are doing, you will be handicapped after sometimes. Engage someone. Take his help. At the same time, you also build your own capability. So, capacity welding. So, this is what I feel. So, it is up to you to engage someone or couple of people as you need. Get it done. Already many of you are doing it in different capacity, different way. Get the approval on e-base software. I think also, Eddie, we have stated that we are developing a software. I am not in a position to tell how much we have achieved. N. K. Singh is here. Gavindoji is here. He is in the core committee. We advise N. K. Singh. N. K. Singh is actually the team leader. He is actually writing the software. So, some works have been done. It may not be a perfect one. We did try to convince some universities, some institutes that you try it, download, install and play with it. But most of the institutes are not interested at all. Everybody wants a ready made software like Windo. Go to the market, purchase and install. Sorry, our software is not like that. This software is based on open source and there are many issues also related that. So, it is unbound. We are trying to bring them within a bound. That is what we are now talking. They know you should be within the bound. We cannot allow it to be unbound. Open source is unbound. So, anybody can play with it. So, a lot of things are happening there. What I want to say here is that each one of you download it, install it and tinker with it. See, there are many problems. We do not know. He does not know. Each institutes are different. We have different different layer of institutes. At the top, IITs, NITs, IIMs, ISR, NITR, NITs, so many Central University and within the Central University, there are so many layers. So, each institutes are unique. The problems are unique and solutions also are different. So, if you all come up with all your problems, then it becomes easier for us to swap all your requirements and develop a good quality software, but we are not getting the response we expect. See, if you think that a readymade software you need, then you hire TCS or Infosys and develop your software, pay them few crores. They will do it for you. Here, we are not spending crores. We are spending in lakhs and it will be free for all. Am I right? So, you also try to understand it. You see, there is a background in all these things. Yes, many people are telling why do not you hire someone like TCS or somebody and develop a big software and make it available to all. We have not talked about the background, how it came and what initially we proposed thought and what are we doing now. Now, we are only concentrating on central educational institutions. The mandate is for all educational institutions, but we do not want to go into the other side of the fence, because until and unless we put our house in order, we should not try to jump the fence. Secondly, we are also trying to bring certain regulations. There are four regulated bodies, regulated bodies and the MSID. So, we are also trying to bring regulations through them. So, the software will be made available for all. So, these are the ministry level things. Now, institutional level separate regional workshop at school, college, university. So, let us come back to that organized separate regional workshop at schools, at school, college, university and other level. We have no problem if you want to organize some workshop, but ministry is not going to directly organize any workshop. None of the workshops so far have been organized by MSID. Either it is through UGC or through AICT or through CBSE or through NCT or through IIT, Mumbai. So, what type of things you need, you have to decide. What type of training you need? It is you, you have to decide. Further to classroom training, some focus group discussion, etc. So, these are the things you have to decide. We will provide you faculty. I do not know your need. I do not know your problems. See, until and unless we get all these things, a proper training module cannot be developed. So, if I go by this, then I think we need two layers. First layer what we are doing here. Then below that there should be another layer of training, hand holding, practical training, etc., etc. So, we are ready. Besides one more thing you should know that this T10K, this is called T10K project. Prof. Fadok is heading. It has capacity to reach out 10,000 people at a time. So, without moving out of your place, without moving out of your, out of your institute, you can also be party to this training program. Now, it is up to you to take the initiative. If any institution or any university organize this type of how ministry will help this institution for practical training. As I stated, or I am further stating again, rather I repeat. See, we have an understanding with ICI. So, if we organize workshop training, they will provide faculty. Faculty. Yeah. So, including practical, yes, yes. There is all practicing chartered accountants. So, that is why I am telling what type of things you need. You have to tell us. Only then, because then you have to restructure the training program. Here we structure it in a different way. In your case, it has to be structured in a different way. Here we mostly it is theoretical, combined with some examples and others. But in your case it may be practical oriented. So, the material or the training content or courses will be different. So, what I suggest to all of you is that many things have come up in during the discussion. Uniform accounting policy, many people have said, then uniform software and so many things have been talked. So, what I want to say to all of you is that can I get an independent email from all of you? Will you send me an independent email other than the fact sheet and other things we have circulated or certain information I am collecting? Then I will be able to call out the materials and prepare training program in a different way. So, how many of you are using to give an independent email? My email I think everybody knows my email. So, I have two email now. So, A n boxy and the red yahu or A n boxy and the red gmail. So, either of the email you can use send your assessment, requirement, whatever you think. You see one thing is very clear. I repeat it, one thing is very clear. We are going to implement accounting standard. There are no second thought in it. I may request one thing sir. Yes. Sir, during the registration we have already provided our email ID and mobile number. If database administration has is instruction is passed to them, they can circulate the email ID and phone number to all to all the participants. It is it is with them with IIT. I am telling you something different. I am expecting an independent assessment email from you. What you are given to IIT is the data bank they are maintaining. I am also having a data bank. I am also having email for almost all the new students. It is not that I am not having it. This is I who gave them your email. So, I am having it and they have also collected from you also. But your requirement should be none to us. Your problem either say pre-implementation, implementation stage or post-implementation, the challenges. That is why I said earlier the ease institute is different. Challenges are also different. Ease sector is different. So, until and unless we know it, it is very difficult to structure any training program. If you want this type of theoretical, it is better we can organize. But now everything will be done by IIT Mumbai. It will be everything will be on website. So, they will try to reach to everybody. Sir, if we are if we are also given email ID of all all the personal attending over here, we can interact with each other and we can resolve. Most all come, most all come. That can be given by IIT Mumbai only with your instruction, sir. Fine. They will send you. So, anyway, these are the few things I wanted to share with you. Now, if anyone of you have anything to ask, I represent the ministry and I am the only person who is spearheading the implementation. There is no second person. My only agenda, only job is to implement accounting standard. Whatever we have learned in 5 days. It is very good. It is very useful, very informative and very comprehensive and very interactive also. But point is that implementation. Implementation is the most difficult part. Now, I will make one request to you that accounting standards which are applicable, at least of those accounting standards along with the forwarding letter should be sent to all the institutes because authorities have to understand. They have to give full support to us. Even if you want to implement all those things and accounts are to prepared following based on those accounting standards. If they are told that these are mandatory and these have to come and these have to be followed by the institute without exception, that will help us in implementation of the this new format accounts and accounting standards. So, that letter is expected from the ministry. Very well taken. In this regard, I want to say two things. I think I have circulated that format. Applicable accounting standards, I think they have collected. On the basis of that, I will do two things. One, I will identify the applicable accounting standard. As I said, C.A. Pankos-Goyle has given 18 out of 18. 2 may not be applicable. So, 16 are more or less, we are on the same wavelength. This is one thing. Second, what I am proposing to do after getting the information from everybody, I will finalize the list and request ECHI to also prepare a checklist. So, I do not know whether anyone of you have read the third booklet, Practical Approach to Implementation Accounting Standard. I do not know whether anyone of you have read it. It has been sent to few days back. I think before we came over here, few days back it was done. There you will find against number of standard checklist are provided. Checklist audit checklist. That means the system will automatically will take care of whether you are following a standard or not. But they have not covered all the standards. Even in our software, am I right, Singh? In our software also, we are trying to embed it. So, but for that we have to first identify the list of standards which are applicable to us. Then we have to go back to ECHI. We have to request them to prepare a checklist for all the software, for all the standards and then we will include it in the software also. So, this is already we are on the job. Organizations. Because if we try to implement, we may face restraints, we may face difficulties, we may face constraints. But if the letter goes from MHRD that it is mandatory and accounts are to be on the basis of the accounting. That's why I am telling Najia first I finalize the list. Thereafter I will send email to everybody. 2013-14 accounts we are finalizing now. So, it is already prepared in the old format almost. So, this year can we follow the old format? No. No. 13-14 you have to follow new format only one relaxation. One relaxation is that recital payment you can return. Don't play with all these things. It's a government having the decision. You cannot just say I will follow different path. We have already said I think for the last two years we are telling that you have to prepare your account 13-14 on the basis of the new format. But we are finalizing to be in the new format. So, when you are preparing the accounts you prepare accounting the new formats. Only one change I again repeat only one change that is you return recital payment. Shall we have some kind of communication so at least we can show the CAG that recital is not required here. I told you that after the approval of the minister the file our reply has gone to C&AG through CGA. So, until and unless we get replies from their end we cannot officially communicate anything as we have obtained the approval of the minister. So, we are telling recital payment to return. And this thing I have said in the from day one. So far we have conducted six workshops. In each workshop I have said recital payment to return. I have never said you follow cash flow. I have always said recital payment you maintain. So, it's not new thing. And of my own without obtaining the approval of minister I have said now we have obtained the approval of honorable minister. So, it is easier for us to say. The cash flow statement we can dispense with what already it is decided in the IESS. We have obtained approval of honorable minister. For dispensing with that. You 65 of the ministry's instruction is there. I asked that question of whether we have to follow for 13-14. You are saying ministry will get the approval from C&AG. I have already stated very clearly in the 13-14 account when you finalize recital payment to return. I have made it very clear. I think this thing I have I have said 3-4 times here itself. Recital payment to return. Instead of cash flow recital payment to return. And don't do any other things. If you take initiative for at least one day training program for operation of Rihaspati. Operation of? Rihaspati. Software. Just operational part. If you can arrange that. Yes we can do that. So after that if we download that it will be Yes we can do that. You have got his e-mail. Am I right? In case you have given your e-mail. Who are interested please send your e-mail. Your consent will organize a workshop for Rihaspati. At IIT Kanpur. Because IIT Kanpur is developing the software. But you have to confirm your consent or attendance or whatever we call it. We will organize it. And even if you say 2 days we will do for 2 days. Why to talk about 1 day? We will do it 2 days. I think everybody receive a 1 Rihaspati e-mail page. In that page in bottom there is 2 e-mail IDs are written there. You send any one of them. In the top of the e-mail there is a Rihaspati Yahoo group there. So you join that group so that you are aware of the development of that complete system. You see Professor Fatah wanted to utilize the time in a best way, better way so that you are enlist. Besides you see the objective is also to record everything. So that all these records are also put into available online. So it has an objective. It is not that for you only it has been organized. As I said it is under T10K. That means 10,000 people can be addressed at a time. And all these materials, all these recordings will be made available under open source. Nobody is having copyright. Neither Mr. Banka or Mr. Goyal anybody. Nobody is having copyright. It will be made available. That is why it was very very important for us to utilize our time to the extent possible. We are providing good training. We are providing good materials. We are give you suggestions. You now go ahead and do it. So we will have a tea break.