Railways to adopt New Accounting System: Suresh Prabhu

Railways will be adding 8-19 kms of Railway lines, per day, in the next 3 years

Suresh Prabhu new accounting reformsKochi: The Indian Railways plans to entrust many development works to companies to be formed jointly between the Central and State governments, said Suresh Prabhakar Prabhu, Union Minister for Railways, here on Thursday.

He was inaugurating an investor awareness programme organised under the aegis of Investor Education and Protection Fund of the Ministry of Corporate Affairs, Government of India and Committee on Financial Markets and Investors Protection of the Institute of Chartered Accountants of India (ICAI).

The programme was hosted by the Ernakulam Branch of SIRC of the Institute of Chartered Accountants of India, said a press release here.

As per the present development programme of the Railways, there will be an addition of 8- 19 kms of railway line per day in the next 3 years.

With the participation of the proposed new companies and 14 foreign countries who have offered their co-operation the development would be manifold, the minister said. These investments would further strengthen Indian economy.

The newly proposed income declaration scheme of the Central Government should be given due publicity by ICAI.

Double Entry System

It said that the Railways was changing to the Double Entry System of accounting and the Minister expressed his deep gratitude to the ICAI for its services.

The growth of the Indian economy during the year would be higher compared with the previous two years, he said.

Sanjeev Kumar Balyan, Minister of State for Agriculture and Food Processing, was also present.

Babu Abraham Kallivayalil, chairman, Board of Studies and Jomon K. George, secretary, SIRC of ICAI, and Lukose Joseph, vice-chairman, addressed the gathering, the press release said.

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