V.SUBRAMANIAN, B.E., A.I.T.P., B.L., President. Date:

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1 V.SUBRAMANIAN, B.E., A.I.T.P., B.L., The Secretary, Valuation Standards Board, Institute of Chartered Accountants of India, ICAI Bhawan, A-29,Sector-62, Noida Sub: windup the illegal constitution of Valuation Standards Board established by Institute of Chartered Accountants of India(ICAI) for the purpose to formulate Indian Valuation Standards and to stop the proposed unlawful draft work to establish Indian Valuation Standard 202 for Valuation Report and Documentation with immediate effect Regarding Ref: Request for valuable suggestions on the Exposure of Draft Valuation Standards formulated by Valuation Standards Board of ICAI latest by 12 th May 2018 ( ) published in your website We wish to state that the Institute of Chartered Accountants (ICAI) is established under Parliament enacted Act namely the Chartered Accountants Act,1949 for the sole purpose to regulate the profession of Chartered Accountants only. The ICAI cannot form any committee or board or any establishment to regulate valuation profession. The subject of valuation of assets has already regulated by the Wealth Tax Act, So, the ICAI has no legal right to form or constitute a committee/board to regulate other professionals namely Valuation Profession. It is legally not possible to form a committee or board in the name of Valuation Profession in India by anybody except the Central Board of Direct Taxes under the Department of Revenue of Ministry of Finance. So, it is very clear that the above said request by you is arbitrary, ultravires, illegal, unconstitutional and void ib intio. Hence, we direct you to stop unconstitutional work with immediate effect on the receipt of this letter. If failed to stop the unlawful work, we will be constrained to initiate appropriate civil, writ and criminal proceeding against you both in individual and official capacity. Copy to Hon ble Shri.Arun Jaitley, Minister for Finance and Corporate Affairs Copy to the Secretary, Department of Revenue, Ministry of Finance Copy to the Chairman, CBDT, Department of Revenue, Ministry of Finance Copy to the Secretary, Ministry of Corporate Affairs Copy to the, Institute of Chartered Accountants of India

2 Hon ble Shri.Arun Jaitely, Minister for Finance and Corporate Affairs, North Block, New Delhi Sub: direct the Secretary, Ministry of Corporate Affairs to direct the of Institute of Chartered Accountants of India (ICAI) to stop any work on the subject of valuation profession and direct the Secretary, Department of Revenue to direct the Chairman, Central Board of Direct Taxes to prepare a bill to regulate the valuation profession to regulate the valuation profession to establish the Council for Valuers to make suitable amendment in the existing Wealth Tax Act,1957 with immediate effect - Regarding assets has already regulated by the Wealth Tax Act, 1957 but there is no specific Due to this legal flaw, onside the other professional bodies such as ICAI, IBBI are It is the fundamental duty cast upon the Secretary, Department of Revenue. Nonregulation of valuation professionals is violation of fundamental rights enshrined under Article 14,19 and 21 of the Constitution of India. Hence, we request you to direct the Secretary, Department of Revenue to prepare a Bill for regulation of valuation professional services to safe guard the 12.5 crore engineering based valuers of our Nation. Thanking you sir. Yours truly,

3 The Secretary, Department of Revenue, Ministry of Finance, 128-A,North Block, New Delhi Sub: direct the Secretary, Ministry of Corporate Affairs to direct the of Institute of Chartered Accountants of India (ICAI) to stop any work on the subject of valuation profession and to direct the Chairman, Central Board of Direct Taxes to prepare a bill to regulate the valuation profession to regulate the valuation profession to establish the Council for Valuers to make suitable amendment in the existing Wealth Tax Act,1957 with immediate effect - Regarding assets has already regulated by the Wealth Tax Act,1957 but there is no specific Due to this legal flaw, onside the other professional bodies such as ICAI,IBBI are It is the fundamental duty cast upon the Secretary, Department of Revenue. Nonregulation of valuation professionals is violation of fundamental rights enshrined under Article 14,19 and 21 of the Constitution of India. Hence, we direct you to direct the Chairman, CBDT to prepare a Bill for regulation of valuation professional services to safe guard the 12.5 crore engineering based valuers of our Nation.

4 The Chairman, Central Board of Direct Taxes, DATABASE CELL OF CBDT, E-2, Mezzanine Floor, J.R.A. Centre, Jhandewalan Extension, New Delhi Sub: direct the Secretary, Ministry of Corporate Affairs to direct the of Institute of Chartered Accountants of India (ICAI) to stop any work on the subject of valuation profession and to prepare a bill to regulate the valuation profession to regulate the valuation profession to establish the Council for Valuers to make suitable amendment in the existing Wealth Tax Act,1957 with immediate effect - Regarding assets has already regulated by the Wealth Tax Act,1957 but there is no specific Due to this legal flaw, onside the other professional bodies such as ICAI, IBBI are It is the fundamental duty cast upon the Chairman, CBDT. Non-regulation of valuation professionals is violation of fundamental rights enshrined under Article 14,19 and 21 of the Constitution of India. Hence, we the Chairman, CBDT to prepare a Bill for regulation of valuation professional services to safe guard the 12.5 crore engineering based valuers of our Nation.

5 The Secretary, Ministry of Corporate Affairs, A Wing, Shastri Bhavan, Rajendra Prasad Road, New Delhi Sub: direct the of Institute of Chartered Accountants of India (ICAI) to stop any work on the subject of valuation profession and to submit the recommendation to the Government to regulate the valuation profession to establish the Council for Valuers to make suitable amendment in the existing Wealth Tax Act,1957 with immediate effect - Regarding assets has already regulated by the Wealth Tax Act,1957 but there is no specific Due to this legal flaw, onside the other professional bodies such as ICAI,IBBI are It is the fundamental duty cast upon the Secretary, Department of Revenue. Nonregulation of valuation professionals is violation of fundamental rights enshrined under Article 14,19 and 21 of the Constitution of India. Hence, we direct you to direct the of Institute of Chartered Accountants of India (ICAI) to stop any work on the subject of valuation profession to safe guard the 12.5 crore engineering based valuers of our Nation.

6 The, Institute of Chartered Accountants of India, ICAI Bhawan, Indraprashtha Marg, New Delhi Sub: windup the illegal constitution of Valuation Standards Board established by Institute of Chartered Accountants of India(ICAI) for the purpose to formulate Indian Valuation Standards and to stop the proposed unlawful draft work to establish Indian Valuation Standard 202 for Valuation Report and Documentation with immediate effect Regarding Ref: Request for valuable suggestions on the Exposure of Draft Valuation Standards formulated by Valuation Standards Board of ICAI latest by 12 th May 2018 ( ) published in your website With reference to the letter cited above, we wish to state that the subject of valuation of assets has already regulated by the Wealth Tax Act,1957 but there is no specific So, the ICAI has no legal right to form or constitute a committee/board to regulate other professionals namely Valuation Profession. It is legally not possible to form a committee or board in the name of Valuation Profession in India by anybody except the Central Board of Direct Taxes under the Department of Revenue of Ministry of Finance. So, it is very clear that the above said request by you is arbitrary, ultravires, illegal, unconstitutional and void ib intio. Hence, we direct you to stop unconstitutional work with immediate effect on the receipt of this letter. If failed to stop the unlawful work, we will be constrained to initiate appropriate civil, writ and criminal proceeding against you both in individual and official capacity.

Exposure Draft. Appendix B of Ind AS 21, Foreign Currency Transactions and Advance Consideration

Exposure Draft. Appendix B of Ind AS 21, Foreign Currency Transactions and Advance Consideration Exposure Draft Appendix B of Ind AS 21, Foreign Currency Transactions and Advance Consideration (Last date for the comments: 28 th April, 2017) Issued by Accounting Standards Board The Institute of Chartered