1. education

“Character is the real Foundation of all Worthwhile Success”
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March-April 20
15
Volume 27
E-Newsletter
TEAM AADITYAVAT
CA Anchal Agrawal
Editor
INSIDE THIS ISSUE
Nikhil Harsh
Co-Editor,Design &
Print Editor
Aakansha Jhunjhunwala
Astrology Expert
Astro Expert
SECTION HEADS
CA Ojas Modi
Krupa Gandhi
Vishal Chitlangya
Maulik Vora
Parthi Shah
Team Aadityavat
and
Ahmedabad Branch
Of WICASA
wish you a
Merry Christmas
THIS BRIGHT
NEW DAY 24
HOURS OF OPPORTUNITIES,
CHOICES AND
ATTITUDES.
THIS UNIQUE
GIFT, THIS ONE
DAY, CANNOT
BE EXCHANGED,
REFUNDED OR
REPLACED.
HANDLE WITH
CARE.
MAKE MOST OF
IT.
AADITYAVAT
- Ahmedabad Branch of WICASA
Chairman’s Message
Dear Members,
celebration at the branch initiating discussions and lectures by eminent speakers
covering fine prints of budget proposals on direct and Indirect Taxes. Jam Packed
Gujarat University Convention Centre Hall with 2300 plus participants on 2nd March,
2015 is a testimony of members interest who turned up to listen to Dr Girish Ahuja's
lecture on detailed Technical Analysis of Finance Bill 2015, which was supported by JITO.
First Reactions on Budget by CA NC Hegde on 1st March and Analysis of indirect tax
proposals in the budget by Advocate Sujit Ghosh on 3rd March drew wide appreciation
from the members. Heavy demand for entry passes by the members to listen to Shri
Saurabhai Soparkar's Technical Analysis on Finance Bill jointly organized by CA
Association at Tagore Hall shows the immense popularity and respect for the person who
has been decoding the finance bill year after year for the benefit of the members.
M e n t o r ’s D e s k
CA AMRISH J. PATEL
The Financial year beginning on 1st April has it's own
importance for Chartered Accountants. Generally the
financial year is adopted for maintaining the books of
accounts by the entities and our audit report also covers
the Financial year. With the beginning of new Financial year
I wish all our esteemed members a very happy Financial
year 2015-16. With the beginning of April the mercury also
starts soaring especially at places like Ahmedabad and
people start looking at cooler options, But our members
thirst and appetite for knowledge does not see any change
and their spirited involvement in branch activities keeps
soaring.
Many provisions of the Companies Act, 2013, has left the professionals and Business
communities confused and programs on Companies Act has always received
unprecedented response. After many representations by the stake holders, though late
MCA was able to relax the provisions with respect to refund of deposits for the time
being which is a welcome step but a number of draconian provisions in the Companies
Act 2013 needs due consideration in the interest of survival of business and the
authorities needs to address them with their proactive approach. A Seminar on Year End
Compliance on Companies Act-2013 titled "compliances from auditor's perspective "on
9th March, 2015 led by CA. Priyanshu Gaudana was well received. Again a Seminar on
Companies Act,2013- on very burning topic – " Critical issues for Private Limited
Companies with "special focus on Deposits, Loans & Advances, Depreciation" by wellknown faculty CS MC Gupta, drew more than Full house at Shantinath hall.
Through this communication, I would like to draw the attention of the members that
the Company's Act has cast enormous responsibility and liability on Chartered
Accountants and they are advised to adequately insure themselves from class action
suits. Very recently as per a news paper report a Toronto lawyer has launched a
$384-million class-action lawsuit against Deloitte LLP, alleging that
hundreds of lawyers were misclassified as independent contractors, depriving them of
employee benefits.
Seminars on statutory Bank Branch audit has been of immense interest to the
members and Two half day seminars during the month on critical issues in Bank branch
audits were addressed by CA Atul Gupta, Ca Kuntal Shah, CA Atul Bheda and CA Sanjay
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The Board of studies of ICAI is in the process of revising the syllabus of the CA
course and proposals have been hosted on the website of the institute for public
comments In order to have more views and wider reach. An outreach meeting was
organized at the branch with Educationists, Eminent and senior Chartered Accountants,
RCM and Students, etc., in presence of CA Dhinal Shah CCM and representative from
Board of studies Ms Prem Bhutani. The meeting was a resounding success with the
presence of Dr. MN Patel, Vice Chancellor of Gujarat University as Guest of Honour and
principal's of reputed City colleges contributing their views and suggestions for the
betterment of the syllabus.
Strengthening of the Coaching classes at the branch and welfare of the students
are my equal priorities and career counseling programs arranged at the branch received
overwhelming response not seen in the recent past. The motivating address to students
by CA Nitin Parikh CFO of Zydus Cadila Group was mesmerizing.
M e n t o r ’s D e s k
dealing with the department and redressal of associated technical problems, an open
house was arranged jointly with other professional bodies and associations and Hon'ble
Principal Chief Commissioner of Income Tax, Shri S K Ray alongwith senior officers of
the department responded to the queries raised. It was heartening to note the positivity
of the Principal CIT and his team on a public platform, where he invited the aggrieved to
visit him on Wednesday as per CBDT guidelines for grievance redressal. Members are
requested to take note of the same and approach higher authorities for
genuine difficulties.
I also take this opportunity to thank the Honourable Minister of Education, Gujarat
Shri Bhupendra Singh Chudasama for his support to Ahmedabad branch for encouraging
the students of XII Commerce to consider Chartered Accountancy as one of the career
options.
I was also honored to be the Chief-Guest at 3rd Annual Function of Kadi Sarva
Vishva Vidyalay, a private university of Gujarat State in presence of President of Kadi
Institute, Shri Vallabhbhai Patel where the Students were encouraged and motivated for
their career and life goals.
The branch had the privilege of felicitating the Office bearers of WIRC of ICAI for
2015-16, CA. Sunil Patodia, Chairman, CA. Dilip Apte, Vice-Chairman CA. Sushrut
Chitale, Secretary and our own local RCM CA. Subodh Kedia, Treasurer on 28th March,
2015. We thank the office bearers for giving us an opportunity to felicitate them and for
showering their love and affection on the members of Ahmedabad branch.
Friends, Ahmedabad branch is proud to announce a felicitation program for the
supreme torch bearers of the Profession, Honourable President CA Manoj Fadnis and
Honourable Vice President CA M Devraja Reddy on 18th April, 2015 at Sardar Patel
Smarak, Shahibaug. The details of the program has been hosted on the website of the
branch and I request all the members to participate in large numbers and interact with
the Hon'able President and Vice President.
I end with a quote:
“Let him come with me, who has love in his heart and courage in his mind.”
-Swami Vivekanand.
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- Ahmedabad Branch of WICASA
“NOTHING IS PERMANENT EXCEPT CHANGE ITSELF”
I hope you all have heard that a proposal for change in CA course structure is under
consideration. The pattern of CPT will be replaced by a new style and subjective and
objective questions. Yes it’s too early to contemplate about this as it is still not finalized and dates of implementation still dicey but let’s hope and pray that the change
is beneficial in the larger interest of ca student fraternity.
Talking about changes, we have been witnessing a great change in the atmosphere
as well. Many of us experienced hailstorms for the 1st time in our lives and it was
amazing shocking as well as eye opening as well. We finally know that the global
warming that we have been talking and studying about since years is finally here.
It’s actually happening to us for real. Yes! The reason being we dint care and take
nature seriously and now nature is making its pain felt. As I sit writing this Ahmedabad has just felt earthquake tremors with Nepal as its center.
C h i e f E d i t o r ’s D e s k
Hello friends,
I wonder all our education, money and everything else that we are madly running
after would be actually help us in saving our lives when Mother Nature decides that’s
it’s enough atrocity on her? I don’t deny that we have needs yes we do but don’t u
wonder that what is harming the Nature is not our needs but our GREED?
Let’s please understand that if we nurture nature only then will it nurture us. We
may have means to buy resources but they are not infinite and exhaustible. Let’s
bring change in a small ways like switching off lights, fans when we aren’t around,
planting trees, filling our glasses we as much water we drink, and many other different ways. Lets join hands to help Nature for it will cripple without us.
As usual mail in your suggestions, criticisms, articles anything and everything for it is
always welcome at [email protected].
Sayonnara, Sayonnara..
CA ANCHAL AGRAWAL
CHIEF EDITOR
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Abstract
Alvin Toffler- The associate editor of Fortune magazine has rightly said that the illiterates of the 20th century are not those who cannot read & write but those who cannot
learn, unlearn & relearn. There are so many issues widely discussed in global education
like students’ enrollment issue, literacy rate, girl child education, skill development, infrastructure, technology etc. There are many higher education issues widely discussed in
globe, but still quality has remained top instrument to tackle all the issues. Country like
South Korea has proved that having excellent quality education transformed their economy into 12th largest in the world.
This study, based on secondary data investigate many aspects such as quality syllabus
up gradation, market orientation, teaching methods, technology, quality research work,
vision of management, adequate resources etc. various case studies mentioned in the
paper helps the stakeholders to improve quality further.
E x p e r t ’s D e s k
-By Asst. Prof. Pooja Chande and Asst. Prof. Nishant Chauhan
Nature & Significance of Quality Education
If a country makes a lot of investment in literacy rate growth, infrastructure, technology, capacity building but if quality aspect is not given the top priority then all above
investment will automatically be abolished. The developed countries like Japan, USA,
and UK have direct correlation between the powers of their economy with excellent
quality education system. Not just developed country but also developing country has
shown the same caliber.
Case study:
South Korea - Correlating significance of quality education with economic progress.
If we consider the developing countries, South Korea is one of the best examples where
quality education has made them poor to the 12th largest economy in the world today.
In 1940, Korea got freedom from Japan. After independence the war between South &
North Korea broke out. It made both the countries poor. Poverty was at the peak having
too much unemployment prevailing in the country. South Korea has a Literacy rate was
nearly 22%. South Korea’s development over the last half century has been nothing
short of spectacular. Fifty years ago, the country was poorer than Bolivia and Mozambique; today, it is richer than New Zealand and Spain, with a per capita income of almost $23, 000. The fundamental reason was only quality education with other aspects.
The old generation of the country decided to focus on quality education for their child
and made a lot of investment on education, they used to have skill oriented education
with null physical infrastructure. They focused on technical aspects like steel industry,
electronics, automobiles etc. After constant efforts on education, infrastructure etc,
Korea was able to achieve 9% GDP growth for 30 years constantly.
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Defining Quality
What does quality mean in the context of education? Many definitions of quality in education exist, testifying to the complexity and multifaceted nature of the concept. The
terms efficiency, effectiveness, equity and quality have often been used synonymously
(Adams, 1993). Considerable consensus exists around the basic dimensions of quality
education today, however. Quality education includes:
E x p e r t ’s D e s k
Here we would like to conclude that for achieving substantial growth & transforming
economy into world’s top economy, fundamental reforms was only education. Hence the
education system should be well directed towards the qualitative aspects.
There are many accreditation bodies that have made contribution in this field. In Japan,
National Institute of Academic Degrees & University Evaluation (NIAD-UE), in Europe,
Standards & Guidelines for quality assurance (International co-operation in higher education & training), in India, National Assessment & Accreditation Council (NAAC) have provided various levels of guidelines
for developing quality assurance. Most of these bodies follow process which shows identifying quality criteria, implementation, monitoring, evaluation & feedback. Hence, quality is complex to understand in nature since each institute, courses, university & other
bodies have made relevant contribution yet there is no single standard universally. Designing & implementation are also very dynamic in nature. It is a continuous process,
which needs to be monitored time to time to improve its effectiveness.
- Learners who are healthy, well-nourished and ready to participate and learn, and supported in learning by their families and communities;
- Environments that are healthy, safe, protective and gender-sensitive, and provide adequate resources and facilities;
- Content that is reflected in relevant curricula and materials for the acquisition of basic
skills, especially in the areas of literacy, numeracy and skills for life, and knowledge in
such areas as gender, health, nutrition, HIV/AIDS prevention and peace;
- Processes through which trained teachers use child-centered teaching approaches in
well-managed classrooms and schools and skilful assessment to facilitate learning and
reduce disparities;
 Outcomes that encompass knowledge, skills and attitudes, and are linked to national
goals for education and positive participation in society.
As we said before, there are so many issues and aspects of education widely discussed in the education world. But quality in education has become the most critical issue in the education world today. Many schools, institutes & universities have their own
set of quality standards though there are no universal standards or definition of quality.
We define the quality of education as:
Learning attitude towards education
Education values which are directed towards specific object
It should contribute the value to the society
Indicators/Standards to Determine Quality Education
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E x p e r t ’s D e s k
There are many indicators/standards used for quality measurement, but it has no
universal system prevailing in the world. Since courses, curriculum, institutes, university, regulatory bodies etc does change often. So determining the general quality criteria
is the best way to guide policy makers. However we have gone through the best institutes, journals, agencies who have made significant contribution in this field. Based on
our analysis, we have classified quality indicators into two broad categories. First, traditional quality systems and second, Modern quality system. The
Modern quality system has been further divided into two parts,
one is process/method orientation & second, result orientation. Here we have explained
the case study of traditional method in detail.
Traditional Approach
Case study: “Gurukul system” prevailing in 19th century in India.
If we want to understand quality precisely, we must go back to the older “Gurukul
system”. In Feb. 2, 1835 Lord William Adams presented full details about indigenous
education system in British Parliament (source-William Adams report house of command/Hansard/British Parliament). It was stated that India is having almost null poverty
and unemployment due to excellent quality education pillars prevailing in the country.
The report further assessed that 7, 32,000 revenue villages existed containing gurukul
in each having strength ranging between 200 to 20,000. The education system was
highly inclusive since there was no bias in terms of gender, caste and region with respect to education. As a result there was almost more than 90% of literacy rate. The
way of teaching was quite efficient as they were taught a single subject for almost a
year. So by the age of 21 to 22 starting from the age of 5, they learn almost 18 subjects
effectively. Each senior student used to teach their junior students as a part of learning
program while faculty of gurukul has to go through special training centre built inside
the gurukul. The orientation was more towards knowledge and learning rather than just
information and results as it was highly emphasized towards innovations, Practice projects, and entrepreneurship. It’s surprise for many educationists that funding was not a
big issue at that point of time since their innovations used to produce lots of funds automatically. Also their innovations contributed to the society which even exists today.
Choice based subject system was also existed but it was well directed.
Case study: Finland- Reflection of best quality education practices
In a recent analysis of educational reform policies in Finland, in 1970s Finland has
changed its traditional education system into a model of a modern, publicly financed
education system with widespread equity, good quality, and large participation – all of
these at reasonable cost. In addition to the gains in measured achievement, there have
been huge gains in educational attainment at the upper secondary and college levels.More than 99 percent of students now successfully complete compulsory basic education, and about 90 percent complete upper secondary school. Two-thirds of these
graduates enroll in universities or professionally oriented polytechnic schools. And over
50 percent of the Finnish adult population participates in adult-education programs.
Ninety-eight percent of the costs of education at all levels are covered by government,
rather than by private sources.
-No single thing can explain Finland’s outstanding educational performance. However, most analysts observe that excellent teachers play a critical role. Among the successful practices that we can take from Finland are:
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Discussion of various Standards from above case
Identifying new approaches towards examination, inclusion of practical exposure,
skills development rather than result oriented exams.
Focusing on choice based credit system.
Ideas, patents, research work, class room Innovations for Self fund generation capabilities.
Directed towards external changes in environment.
Social contribution
Content organized in a limited number of subjects
E x p e r t ’s D e s k
-The development of rigorous, research based teacher education programs that
prepare teachers in content, pedagogy, and educational theory, as well as the capacity
to do their own research, and that include field work mentored by expert veterans;
-Significant financial support for teacher education, professional development,
reasonable and equitable salaries, and supportive working conditions;
-The creation of a respected profession in which teachers have considerable authorities and autonomy, including responsibility for
curriculum design and student assessment, which engages them in the ongoing analysis and refinement of practice.
-There are no external standardized tests used to rank students or schools in
Finland, and most teacher feedback to students is in narrative form. The focus
is on using information to drive learning and problem solving.
Connecting it to the present scenario in India.
The government of India is highly focused towards ‘Make in India’ campaign. Since
India’s raising population & unemployment amongst youth is very critical. According to
the census of 2011, 65% of the population in India is below 25 year age. We have massive job employment requirement & low employment rate prevailing in the country. The
best solution to tackle this issue is to build more & more SMEs, culture of entrepreneurship. Also we need huge funding to build our education system in respect to accessibility, quality, and technology etc. our institutes, universities, & other stakeholders can
stand by their own feet by learning gurukul system in many aspects. Also India can
solve many core issues such as poverty, unemployment, growth etc. Hence Education is
best instrument to achieve superior growth.
Mini Case study: Recent E-Commerce boom in India, Snapdeal.com
Recently emergence of E-Commerce in India can’t be ignored. Kunal bahl, founder &
CEO of Snapdeal.com has said that India is a natural entrepreneurs hub. If we consider
a case of an uneducated & handicapped household lady of 63 years started to use snapdeal platform via phone application. She got business ideas & started to sell sarees
online with null employment. Within few months she used to have RS 15 lakh turnover
having RS 5 lakh net profit. She only manages inventory online. There are 10 lakh upcoming entrepreneurs are expected by his company for next 5-7 years (Khas Mulakat,
Nov 1, 2014). In our opinion, academics can learn lot from this study since classroom
innovations can make entity self reliance in terms of funds, skill development, quality
assurance initiatives, further career assistance to students etc.
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-Create specialized training centre for teachers to be more competitive as they join institute or university. Skill development cell is also best way creating platform where industry-academia interface can be done. Teachers & students both must be part of these
learning initiatives. Sometimes bureaucratic structure does not allow implementing such
ideas.
-Considering funds as an investment instead of expense. Hence education must focus to
be more efficient in terms of finance. If we look at Gurukul system closely, the finance
was generated inside by students & faculty having excellent innovation capacity. Even
after passing out students used to get fund for new start ups. We conclude that in long
run education entity needs to become more efficient & self reliance by adopting similar
approaches. For Instant Many private universities provide such environment to students
&faculties to create new patents, innovation corporate consultancy, social initiatives
which help them to build more funds. If faculties & students connect with external opportunities with their learning, positive outcome can be achieved at greater extent.
-The method of teaching must enhance towards knowledge orientation rather than information orientation.
-Rethink on implementation of existing primary education policies such as right to education.
-Maintaining the balance between accessibility and quality of education by identifying
correct equilibrium.
-Create learning environment or culture rather than degree orientation approach, we
also suggest to decrease examinations at higher education as a part of student assessment, From Gurukul case we believe there should be practice projects & research orientation. Assessment should be based on how skillfully student has done work rather than
what is outcome of assignment.
-Invest in quality resources such as various technology & digitalization.
-According to Prof Anil Gupta, the faculty of IIM-A, given the widespread popularity of
social media, it is amazing that not many academics have used it to teach beyond the
class and learn from the students beyond the walls. As experimented by posing questions on Face Book and LinkedIn and have found very interesting quality and quantity of
response, sometimes this response help me to moderate my class even better. It will be
useful to create social media platforms for generating learning opportunities. -Online
courses have become a powerful way of democratizing knowledge. Some of the leading
universities have been offering courses online mobilizing thousands of students from
more than hundred countries.
E x p e r t ’s D e s k
Suggestions
-Phill Fisher, the famous investment consultant, has rightly said that in evaluating organization, the management is 90%, industry is 9% and other factors are
1%.Management has to give the top priority to quality and for that they have to build
leaders and create teams to achieve high standards of quality. For achieving excellence
in quality, management needs clear vision, connecting internal quality assurance with
external environment, continuous monitoring & follow up. Management should have entrepreneurship approach towards education. Kerry Walton the granddaughter of Sam Walton, the founder of Wall mart has
started a new trend in school education in US and she has set the best example of entrepreneurship in US.
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He had students of all ages from northern America to Pacific and extremely experience
professional to young people. We must encourage faculty members teaching more and
more course online. In some cases, even if institutional certificates cannot be given, faculty should be empowered to issue a
personal certificate depending upon the performance of the students and their proficiency. Courseera, Udacity and MITX (MOOC-Massive Open Online Course) are some of
the initiatives which are going to transform the educational environment around the
world. India cannot lag behind. We must encourage all institutions of excellence to put
all the content of their courses
in multiple formats online.
-Choice Based Credit System (CBCS) should be developed further.
-There is a need of increasing awareness for better counseling. The students who are
confused choosing their course or are unaware of the courses should get a counselor to
help.
-When things come to implementation, the bureaucratic structure creates the bottlenecks to the system.
-Cross broader education system should be promoted to capture global opportunities.
E x p e r t ’s D e s k
In mid 90’s when World Wide Web was not around the way we know it and one has to
use FTP to transfer files, Prof Anil Gupta, the faculty of IIM-A, had taught an online
course on which a doctoral student from Cornel University did the research.
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Understanding Bitcoin
-CA Shreyans Motani
Bitcoin - Creation
Bitcoin is the first implementation of a concept called "
crypto-currency",which was first described in 1998 by Wei Dai. He
suggested the idea of a new form of money that uses cryptography to
control its creation and transactions, rather than a central authority. The
first Bitcoin specification and proof of concept was published in 2009 by Satoshi Nakamoto. Satoshi
left the project in late 2010 without revealing much about himself. The community has since grown
exponentially with many developers working on Bitcoin.
Satoshi's anonymity often raised unjustified concerns, many of which are linked to misunderstanding
of the open-source nature of Bitcoin. The Bitcoin protocol and software are published openly and any
developer around the world can review the code or make their own modified version of the Bitcoin
software. Just like current developers, Satoshi's influence was limited to the changes he made being
adopted by others and therefore he did not control Bitcoin. As such, the identity of Bitcoin's inventor
is probably as relevant today as the identity of the person who invented paper.
Bitcoin –> De-jargoned
S t u d e n t ’s D e s k
Bitcoin is a consensus network that enables a new payment system and completely digital money. It is
the first decentralized peer-to-peer payment network that is powered by its users with no central
authority or middlemen. From a user perspective, Bitcoin is pretty much like
cash for the Internet. It was introduced as open source software in 2009 by
pseudonymous (possibility of false name) developer Satoshi
Nakamoto. It is a crypto currency, so-called because it uses cryptography to
control the creation and transfer of money.
Bitcoin network and its functioning
Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is
controlled by all Bitcoin users around the world. While developers are improving the software, they
can't force a change in the Bitcoin protocol because all users are free to choose what software and
version they use. In order to stay compatible with each other, all users need to use software
complying with the same rules. Bitcoin can only work correctly with a complete consensus among all
users. Therefore, all users and developers have a strong incentive to protect this consensus.
From a user perspective, Bitcoin is nothing more than a mobile app or computer program that
provides a personal Bitcoin wallet and allows a user to send and receive bitcoins with them. This is
how Bitcoin works for most users.
There are a growing number of businesses and individuals using Bitcoin. This includes brick and
mortar businesses like restaurants, apartments, law firms, and popular online services such as
Namecheap, WordPress, Reddit and Flattr. While Bitcoin remains a relatively new phenomenon, it is
growing fast. At the end of August 2013, the value of all bitcoins in circulation exceeded US$ 1.5
billion with millions of dollars worth of bitcoins exchanged daily.
Creating Bitcoins
New bitcoins are generated by a competitive and decentralized process called "mining". This process
involves that individuals are rewarded by the network for their services. Bitcoin miners are processing
transactions and securing the network using specialized hardware and are collecting new bitcoins in
exchange.
The Bitcoin protocol is designed in such a way that new bitcoins are created at a fixed rate. This
makes Bitcoin mining a very competitive business. When more miners join the network, it becomes
increasingly difficult to make a profit and miners must seek efficiency to cut their operating costs. No
central authority or developer has any power to control or manipulate the system to increase their
profits. Every Bitcoin node in the world will reject anything that does not comply with the rules it
expects the system to follow.
Bitcoins are created at a decreasing and predictable rate. The number of new bitcoins created each
year is automatically halved over time until bitcoin issuance halts completely with a total of 21 million
bitcoins in existence. At this point, Bitcoin miners will probably be supported exclusively by numerous
small transaction fees.
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Bitcoin Valuation
The price of a bitcoin is determined by supply and demand. When demand for bitcoins increases, the
price increases, and when demand falls, the price falls. There is only a limited number of bitcoins in
circulation and new bitcoins are created at a predictable and decreasing rate, which means that demand must follow this level of inflation to keep the price stable. Because Bitcoin is still a relatively
small market compared to what it could be, it doesn't take significant amounts of money to move the
market price up or down, and thus the price of a bitcoin is still very volatile.
Possibility of Bitcoins becoming worthless
S t u d e n t ’s D e s k
Bitcoins have value because they are useful as a form of money. Bitcoin has the characteristics of
money (durability, portability, fungibility, scarcity, divisibility, and recognizability) based on the
properties of mathematics rather than relying on physical properties (like gold and silver) or trust in
central authorities (like fiat currencies). In short, Bitcoin is backed by mathematics. With these
attributes, all that is required for a form of money to hold value is trust and adoption. In the case of
Bitcoin, this can be measured by its growing base of users, merchants, and startups. As with all
currency, bitcoin's value comes only and directly from people willing to accept them as payment.
History is littered with currencies that failed and are no longer used, such as the German Mark during
the Weimar Republic and, more recently, the Zimbabwean Dollar. Although previous currency failures
were typically due to hyperinflation of a kind that Bitcoin makes impossible, there is always potential
for technical failures, competing currencies, political issues and so on. As a basic rule of thumb, no
currency should be considered absolutely safe from failures or hard times. However, no one is in a
position to predict what the future will be for Bitcoin.
Bitcoin as a bubble
A fast rise in price does not constitute a bubble. An artificial over-valuationthat will lead to a sudden
downward correction constitutes a bubble. Choices based on individual human action by hundreds of
thousands of market participants is the cause for bitcoin's price to fluctuate as the market seeks price
discovery. Reasons for changes in sentiment may include a loss of confidence in Bitcoin, a large
difference between value and price not based on the fundamentals of the Bitcoin economy, increased
press coverage stimulating speculative demand, fear of uncertainty, and old-fashionedirrational
exuberance and greed.
Ponzi scheme
A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own
money, or the money paid by subsequent investors, instead of from profit earned by the individuals
running the business. Ponzi schemes are designed to collapse at the expense of the last investors
when there is not enough new participants. Bitcoin is a free software project with no central
authority. Consequently, no one is in a position to make fraudulent representations about investment
returns. Like other major currencies such as gold, United States dollar, euro, yen, etc. there is no
guaranteed purchasing power and the exchange rate floats freely. This leads to volatility where
owners of bitcoins can unpredictably make or lose money. Beyond speculation, Bitcoin is also a
payment system with useful and competitive attributes that are being used by thousands of users and
businesses.
Advantage to early adopters
Some early adopters have large numbers of bitcoins because they took risks and invested time and
resources in an unproven technology that was hardly used by anyone and that was much harder to
secure properly. Many early adopters spent large numbers of bitcoins quite a few times before they
became valuable or bought only small amounts and didn't make huge gains. There is no guarantee
that the price of a bitcoin will increase or drop. This is very similar to investing in an early startup that
can either gain value through its usefulness and popularity, or just never break through. Bitcoin is still
in its infancy, and it has been designed with a very long-term view; it is hard to imagine how it could
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be less biased towards early adopters, and today's users may or may not be the early adopters of
tomorrow .
Finite amount of Bitcoins
Deflation in value of Bitcoins
The deflationary spiral theory says that if prices are expected to fall, people will move purchases into
the future in order to benefit from the lower prices. That fall in demand will in turn cause merchants
to lower their prices to try and stimulate demand, making the problem worse and leading to an
economic depression.Although this theory is a popular way to justify inflation amongst central
bankers, it does not appear to always hold true and is considered controversial amongst economists.
Consumer electronics is one example of a market where prices constantly fall but which is not in
depression. Similarly, the value of bitcoins has risen over time and yet the size of the Bitcoin economy
has also grown dramatically along with it. Because both the value of the currency and the size of its
economy started at zero in 2009, Bitcoin is a counterexample to the theory showing that it must
sometimes be wrong.
What is it?
Desk
Notwithstanding this, Bitcoin is not designed to be a deflationary currency. It is more accurate to say
Bitcoin is intended to inflate in its early years, and become stable in its later years. The only time the
quantity of bitcoins in circulation will drop is if people carelessly lose their wallets by failing to make
backups. With a stable monetary base and a stable economy, the value of the currency should remain
the same.
S t u d e n t ’s
Bitcoin is unique in that only 21 million bitcoins will ever be created. However, this will never be a
limitation because bitcoins can be divided up to 8 decimal places ( 0.000 000 01 BTC ) and potentially
even smaller units if that is ever required in the future. As the average transaction size decreases,
transactions can be denominated in sub-units of a bitcoin, such as millibitcoins ( 1 mBTC or 0.001
BTC ).
Mining is the process of spending computing power to process transactions, secure the network, and
keep everyone in the system synchronized together. It can be perceived like the Bitcoin data center
except that it has been designed to be fully decentralized with miners operating in all countries and
no individual having control over the network. This process is referred to as "mining" as an analogy to
gold mining because it is also a temporary mechanism used to issue new bitcoins. Unlike gold mining,
however, Bitcoin mining provides a reward in exchange for useful services required to operate a
secure payment network. Mining will still be required after the last bitcoin is issued.
How does it work?
Anybody can become a Bitcoin miner by running software with specialized hardware. Mining software
listens for transactions broadcast through thepeer-to-peer network and performs appropriate tasks
to process and confirm these transactions. Bitcoin miners perform this work because they can earn
transaction fees paid by users for faster transaction processing, and newly created bitcoins issued into
existence according to a fixed formula.
For new transactions to be confirmed, they need to be included in a block along with a mathematical
proof of work. Such proofs are very hard to generate because there is no way to create them other
than by trying billions of calculations per second. This requires miners to perform these calculations
before their blocks are accepted by the network and before they are rewarded. As more people start
to mine, the difficulty of finding valid blocks is automatically increased by the network to ensure that
the average time to find a block remains equal to 10 minutes. As a result, mining is a very competitive
business where no individual miner can control what is included in the block chain.
The proof of work is also designed to depend on the previous block to force a chronological order in
the block chain. This makes it exponentially difficult to reverse previous transactions because this requires the recalculation of the proofs of work of all the subsequent blocks. When two blocks are
found at the same time, miners work on the first block they receive and switch to the longest chain of
blocks as soon as the next block is found. This allows mining to secure and maintain a global consensus based on processing power..
Bitcoin miners are neither able to cheat by increasing their own reward nor process fraudulent transactions that could corrupt the Bitcoin network because all Bitcoin nodes would reject any block that
contains invalid data as per the rules of the Bitcoin protocol. Consequently, the network remains secure even if not all Bitcoin miners can be trusted.
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CA ki Kalakari
“Even in the deepest frustration when
the wellsprings of creation seem as dry
as the Sahara Desert, it’s the capacity
of the
Artists to take the abundance of nothing
surrounding them, and create a masterpiece.” Give them a piece of paper and
they will add a life to it. This artist belongs to our CA fraternity.”
-By Kruti Shukla
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CA ki Photography
“I think a photography class
should be a requirement in
all Educational programs because it makes you see the
world rather than just look at
it.”
-by Karan Punjabi
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From Poet’s desk….
Dedicated to Sagarika
Thodi Sari to thodi kharab Ghadi rahi che…
Kemke Sandhya dhali ne Raat banva jai rahi che…
Po e t ’s d e s k
Aansu o no Dariyo…
Sagar ni lehro Kinara ne avi rite mali rahi che k…
Koi navdampatti Hath ma Hath nakhine Chali rahi
che…
Varsad ni Shital Boondo mara par avi rite padi rahi
che k…
Jane aashik ni Kabr pr ek Premika radi rahi che….
-by Sagar Gopani
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AADITYAVAT
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"I hired a plumber to help me repairs at an old farmhouse. He already had a rough and
* a flat tire
* his electric drill fault
* his old car break down.
* his tiffin was spoilt
* he lost his wallet
* his bank was calling for loan repayments
In all the tension and stress he finished my repairs.
Since his car broke down, I drove him home. While I drove him home, he sat silently,
but I can mark his agony and restlessness.
On arriving, he invited me in to meet his family. As we walked toward the front door, he
Inspirational
tiresome day.
paused at a small tree, touching the tips of the branches with both hands and closed his
eyes.
When the door opened, he was smiling and happy. In seconds he underwent an amazing
transformation.
He hugged his two small children, gave his wife a kiss, laughed, and never even slightly
make them feel the troubles that he had encountered that day.
I was astonished, aback and curious. Seeing my inquisitive eyes he told “Oh, that's my
Trouble Tree. My best friend. My trouble carrier for the night”. He replied.
“I know I
can't help having troubles on the job, but one thing's for sure, those troubles don't belong in the house with my wife and the children. So I just hang them up on the tree
every night when I come home and ask God to take care of them. Then in the morning I
pick them up again.” He smiled and shared secret that “when I come out in the morning
to pick 'em up, there aren't nearly as many as I remember hanging there the night before !!”
Life may be a burden of worries, but there is a way to keep our loved ones untouched
from these worries.
Time will heal every wound.
Whom so ever is tensed today , look for a tree
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During winter, the digestion strength is so much powerful that it is capable of digesting
any food stuff irrespective of its heaviness and the quantity. This is explained with a simple concept. Digestion strength is compared to fire in Ayurveda. Because of weather, the
body heat is not moving out of the body, hence, the fire within is ignited, leading to improved digestion strength.
Desired qualities in foods:
Hence, you should take proper quantity of foods. If not, it affects the quality of Rasa
Dhatu (nutritious fluid generated as a product of digestion) and this may lead to depleted
Rasa dhatu (depleted nutrition.).
Foods that are sweet, salt and sour tastes are recommnded during this period.
Whenever, a body tissue is depleted, Vata tends to increase. Hence, during winter, because of low food quantities, if Rasa dhatu gets depleted, this coupled with coldness of
season, Vata Dosha gets imbalanced. (coldness is also a Vata quality.)
Medical Centre
Digestion strength is more:
Massage and bath:
1. Hot water usage: To counter the effect of winter, hot water bath and hot water for
drinking are recommended.
2. Oil massage – is highly recommended. It relieves dry skin, improves blood circulation.
During winter, body ache gets worsens (cold weather – vata increase – pain increase). So,
oil massage helps to relax muscles and relieve aches and pains.
Palm massage – once in a while it is best to undergo just dry palm massage. It helps to
keep good blood circulation to hands and legs.
Oil massage to head is highly recommended to avoid dry scalp, dandruff, hair fall, headaches, worsening of migraine etc, which are quite common during winter.
After massage, the oil is washed off with astringent powders and bathing. Then fine powder of Saffron, Agaru (Aquilaria agallocaha) and kasthuri (musk) is applied.
The body is exposed to the fumes of aguru (Aquilaria agallocha)
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Know Your Destiny
Aries: March 20 - April 18
There might be some people who would leave you but it’s for your better. Only who deserve you will stay in your life.
Intellectually you are strong and you will do anything to get your work done. So keep up
the good work.
Tarot Tip- Take special care when you speak as it might get misunderstood
T
Taurus: April 19 - May 19
Don’t get distracted because other people are influencing you to do something else. Focus on what you want.
Beware of some people who is creating problem in your life. It’s better to be with few
good people than with many wrong people.
Tarot Tip- Don’t stress about this and just be aware of what you want.
Stars Soul and Me
By:Aakansha Jhunjhunwala
Gemini: May 20 –June 20
Thinking won’t help you move ahead action will. Take action now and work hard for your
dream.
Over thinking can ruin your success so keep yourself busy with your work and study to
get success.
Tarot Tip- Try to see the real view and be practical to move on in your life.
Cancer : June 21 - July 21
The best thing about this period is you are listening to your heart. You are doing what
you wish to do.
You know that you have worked hard and you will get reward for this so that’s why you
can celebrate now.
Tarot Tip- Be fully present in this time and the very moment you are living because it’s
beautiful.
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Leo: July 22– August 21
Tarot Tip- Just have faith and you are surrounded with good people so trust them .
Virgo:August22-September21
Patience is a virtue so you have to learn to keep it. Rushing things will worsen the situation.
Thinking over and over again might create health problems. So take special care of
health.
Tarot Tip- things will happen when time is right for you. So don’t worry sooner or later
it will.
Libra: September 22-October 22
The care free attitude is helping you to get ahead in line. You believe in yourself that’s
the best thing right now.
The time is in your favor so utilize it to the best possible way for achieving your goal
Tarot Tip- You should take care of your loved one while you move ahead in your career.
Stars Soul and Me
When you believe that God is with you and step ahead then you are going to win no matter what.
Everyone will support you with whatever you do and will encourage getting success in
your career.
Scorpio: October 23 - November 20
Career will examine your determination at every step but you have to keep moving
slowly and steadily
You have to be strong enough to face all the obstacles to reach where you want to go.
Tarot Tip- Don’t give up. You have the capability to achieve great success.
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Sagittarius: November 21 - December 20
clear.
Capricorn: December 21 - January 19
This is a very crucial period for your career and you have to win but worrying does not
guarantee success.
You have put yourself in this situation and now you have to focus on the brighter side to
get rid of this negativity.
Tarot Tip- Try to appreciate or compliment yourself to become positive in your life and
be happy
Aquarius: January 20 - February 18
This period of time is very stressful and mentally tiring. The only thing is do not stop or
quit.
It may be very tough for you but it will pay off later and you know that so don’t be sad
so go with the flow
Stars Soul And Me
Confusion may lead you to stress or worry something which is irrelevant or unnecessary.
This is a phase of time which too will pass very soon and a shining morning will take you
closer to your dream.
Tarot Tip- Just keep confidence and don’t let confusion of anything ruin this. Be very
Tarot Tip- this will pass and what you waiting for will come to you if you do not stop.
Pisces: February 19 - March 19
Your rigid or stubborn attitude has leaded you this way. Because of this you still are
fighting for your goal.
Don’t make this attitude become an obstacle in between your goal. Just be determined
and do your best.
Tarot Tip- Be very firm on your terms and the way you want to lead your life.
“E-Newsletter”
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AADITYAVAT
- Ahmedabad Branch of WICASA
ing Game in which it is
required to find out
the maximum number
of words that can be
formed either Vertically, Horizontally, or
Diagonally from the
random
Alphabets
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1.FRONTIER
2.RETURN
3.LABOUR
4.MACRO
5.INFLATION
6.LEVERAGE
7.SERVICE
8.ORIGIN
9.MERGER
10.FUND
DISCLAIMER: The articles published here in are the views of
the writers and we hold no responsibility for the same as the
views represented are of their own.
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