Vice-President s Communiqué

Transcription

1 For only. For Private Circulation only. Price: `10 BCASNewsletter Harnessing Talent and Providing Quality Service A Monthly Newsletter of the Bombay Chartered Accountants Society Vice-President s Communiqué Dear, The Q1 growth data for the Indian economy was released recently. The GDP growth at 5.5% may not appear as good as the previous year, but let s not lose sight of the fact that this growth has come at a time when the world economy is in doldrums. Agriculture, mining, and manufacturing were the main underperformers, while construction, real estate, banking, financial services, and insurance helped maintain the high growth rate. Overall it looks like we are on the road to recovery. I now look forward to seeing a promising near-future, what with the Government finally finding its spine and at least making efforts to push back the roadblocks to proper governance. SEBI is looking at development of the capital markets by reviving the mutual funds industry followed by the deferment of GAAR provisions. Hopefully, we may soon have a roll back of the draconian tax amendments, and reforms in the real estate space, both of which will boost the infrastructure sector further. On the BCAS front, nearly all programmes of the Society held in the last few months have met with an overwhelming response. The representation made by the Society on VAT levied on real estate was very well received by the authorities and the industry. Deepak Shah President, and Shri Govind Goyal Chairman of the Indirect Tax and Allied Laws Committee, were extensively quoted in The Times of India. I congratulate the President on behalf of everyone for a great start to the year. The core group is very enthused and motivated and has planned numerous exciting programmes for the rest of the year. In our formative years, our parents play an important role in mentoring us, particularly with regard to our value systems. They continue to remain our guides for the rest of our lives. At a later stage, if we are fortunate, we find some good teacher who mentors us and guides us to discover our dreams. But as we grow older we often find ourselves at crossroads Vol. 15 No. 6 September 2012 Lecture Meetings Venue I Walchand Hirachand Hall, Indian Merchants Chamber, Churchgate, Mumbai Day, Date & Time I Wednesday, 3rd October, 2012, 6.15 p.m.* Speaker I CA. T. P. Ostwal Subject I Domestic Transfer Pricing *Fellowship over a cup of tea at 5.45 p.m. Venue I Walchand Hirachand Hall, Indian Merchants Chamber, Churchgate, Mumbai Day, Date & Time I Wednesday, 17th October, 2012,6.15 p.m.* Speaker I CA. Pradip N. Kapasi Subject I Taxation and Accounting Few Important Developments *Fellowship over a cup of tea at 5.45 p.m. and we wish there was someone to counsel us. A few of us have been lucky to find such a person who mentors us. Many professional institutions recognise the power of the concept of mentorship and have formal programmes. Wellingkar s is one such institution that I am aware of, which has been running a structured mentorship programme for its students. I was one of the mentors that they had appointed and I had a wonderful time guiding a small batch of students assigned to me. It was an extremely enriching and satisfying experience. Over the last few years, members such as Narayan Varma, Nandita Parekh and Kanu Doshi have suggested that BCAS should design a (Continued on page 2) PROGRAMMES AT A GLANCE Indirect Tax Laws Study Circle Walchand Hirachand Hall, Indian Merchants Chamber, Churchgate, Mumbai... 3 Students Study Circle BCAS, 7, Jolly Bhavan No.2, Ground Floor, New Marine Lines, Mumbai... 3 Seminar on Labour Laws Gulmohar Hall, BCAS, Jolly Bhavan no. 2, Ground Floor, New Marine Lines, Mumbai.. 2 Alternative Investment Funds Regulations, Hotel J W Marriot, Juhu, Mumbai... 3 Certificate Course for Professional Accontant BCAS & HR College th Residential Study Course on IFRS / Ind AS Hotel Dukes Retreat, Khandala th Residential Refresher Course... 10, 11, 12, Golden Palms Hotel & Spa, Off Tumkur Road, Bangalore... 5 E-Learning Program on XBRL...ongoing program... online program... 5 Lecture Meetings...03 & Walchand Hirachand Hall, Indian Merchants Chamber, Churchgate, Mumbai , Jolly Bhavan No. 2, New Marine Lines, Mumbai Tel. Nos. : ; Fax: bca@bcasonline.org; Website : President: Deepak R. Shah, ; president@bcasonline.org Vice-President: Naushad A. Panjwani, ; vp@bcasonline.org Hon. Jt. Secretaries: Nitin P. Shingala, ; joint.secretary@bcasonline.org Raman H. Jokhakar, ; joint.secretary1@bcasonline.org Hon. Treasurer: Chetan M. Shah, , treasurer@bcasonline.org BCAS Newsletter I September

2 mentorship programme for our members. It is a daunting task. The responsibility is enormous and the benefits are huge. The joy of making a life-changing contribution to someone s life is exhilarating. Maybe the time has come to give shape to this idea. What is your view? It is interesting to note that our current PM and President are ex-finance Ministers. Both of them have a strong finance background and are today in leadership positions. There are numerous examples of CFOs ultimately heading organisations. So is there a chance that CAs have an edge over other professionals when it comes to leading organisations? I will share my observations and views on this in the next issue. Here s wishing everyone happiness and love. With warm regards, Yours truly, Right to Information Clinic BCAS Foundation operates a Right to Information (RTI) Clinic on a regular basis. RTI Clinic is operated by Mrs. Hema D. Sampat, a research scholar on the subject of RTI, Mr. A. K. Asher, Adv. & RTI activist and CA. Narayan K. Varma, Past President, BCAS. The Clinic provides help and guidance to BCAS members as also to non-members, i.e., all citizens, for making applications under the RTI Act and also assists in resolving any related difficulties on the subject of RTI. The RTI Clinic operates on every 2nd, 3rd and 4th Saturday from BCAS office 11 a.m. to 1 p.m. The next RTI Clinic days accordingly are 22nd, 29th September 2012, 13th October, 20th October, 27th October 2012 Please call the Society s office (Ms. Shernaaz: ) to obtain a prior appointment. CA. Naushad Panjwani Charitable Trust Clinic With the expanded coverage and expected reforms in labour laws it becomes very important to have in-depth understanding of legal and procedural aspects of various labour laws existing in the country. With a view to help the members, The Indirect Taxes and Allied Laws Committee of the Bombay Chartered Accountants Society (BCAS) has arranged a Half-Day Seminar on 'Labour Laws' jointly with Chamber of Tax Consultants (CTC). Day and Date Saturday, 13th October 2012 Time Venue Fees Non- Speaker Topics Indirect Taxes And Allied Laws Committee Chairman : ca. Govind G. Goyal Convenors : CA. Sunil B. Gabhawalla CA. Suhas S. Paranjpe CA. Santosh M. Jain Half-Day Seminar on Labour Laws 9.30 a.m. to 1.30 p.m. Gulmohar Hall, BCAS, Jolly Bhavan no. 2, Ground Floor, New Marine Lines, Mumbai R400 + R (Service Tax) = R4 (Life & Ordinary) R525 + R65 (Service Tax) = R590 Fees includes tea/coffee, snacks & material Mr Ramesh Soni, Labour Law Consultant The Employees Provident Fund & Miscellaneous Provisions, 1952 Employees State Insurance Act, 1948 The Payment of Bonus Act, 1965 The Payment of Gratuity Act, 1972 The Contract Labour Act, 1970 Enrolment form is printed on page 12. The next Charitable Trust Clinic will be held on 5th October, 2012 from 5 p.m. to 7 p.m. in the Library room of BCA Society at New Marine Lines. Chartered Accountants and Trustees interested in having their queries solved are requested to call the Society s office (Ms. Khushboo: ) and obtain a prior appointment, latest by noon on the day of the Clinic. Querists are also advised to bring along relevant papers such as trust deeds, audited accounts, etc. Panel of Advisors: CA. Ratanshaw J. Damanwala CA. Shariq M. Contractor CA. Gautam S. Nayak CA. Anil J. Sathe CA. Atul H. Shah Accounts & Audit Clinic The next Accounts & Audit Clinic will be held on 6th October 2012 from a.m. to a.m. in the Library room of BCA Society at New Marine Lines. Persons interested in having their queries pertaining to accounting and auditing issues solved, are requested to send the queries by to asst.em@bcasonline.org one week in advance and call the Society s office (Mr. Rajaram: ) to obtain prior appointment, at least a day before the day of the Clinic. Please note that the Panel will not answer any queries pertaining to tax issues. Panel of Advisors: CA. Sanjeev R. Pandit CA. Himanshu V. Kishnadwala CA. Jayesh M. Gandhi 2 BCAS Newsletter I September 2012

3 Indirect Tax Laws Committee Forthcoming Study Circle Meeting Indirect Tax Laws The Indirect Tax Laws Study Circle has organised a panel discussion on legal and practical issues relating to MVAT on builders/ developers in the light of recent Hon'ble Bombay High Court decision in MCHI's case, circular issued by the MVAT authorities & the Hon'ble Supreme Court directive on that. Venue: Walchand Hirachand Hall, Indian Merchant Chamber, Churchgate, Mumbai Day and Date Monday, 1st October, 2012 Time Fees Chairman 5.30 pm to 8.00 pm R300 + R37 (Service Tax) = R337 for Non- of Indirect Tax Study Circle of BCAS Mr. C. B. Thakar, Advocate Eminent MVAT Professionals including, CA. Parind A. Mehta, CA. Deepak H. Thakkar Panelists & CA. Janak K.Vaghani Human Resources Committee Convenors CA. Suhas S. Paranjpe, CA. Rajkamal R. Shah, and CA. Mandar U.Telang The discussion is intended to be interactive between the panelists and the participants and provide guidance to way forward on this complicated issue. of the Indirect Tax Study Circle are invited for this Study Circle, however they need to intimate their attendance in advance by sending to em@bcasonline.org on or before 27th September Nonmembers can attend the discussion by filling up the form and paying the fees by that date. The participants may send their queries to BCAS on km@bcasonline.org before 25th September The next study circle meeting of the Students study circle is scheduled as follows: Students Study Circle Day & Date Friday, 5th October 2012 Time Human Resources Committee President Convenors : CA. Deepak R. Shah : CA. Bharatkumar K.Oza CA. Hemant P. Gandhi CA. Mihir C. Sheth 6.30 pm to 8.00 pm Venue Bombay Charted Accountants Society, 7, Jolly Bhavan No.2, Ground Floor, New Marine Lines, Mumbai Subject Basics of Transfer Pricing Speaker Ms. Foram Shah Taxation Committee Chairman : CA. Gautam S. Nayak Convenors : CA. Saurabh P. Shah CA. Anil D. Doshi CA. Rajeev N. Shah Workshop coordinators: Nitin P. Shingala and Anil D. Doshi SEBI has on 21st May, 2012 notified the SEBI (Alternative Investment Funds) Regulations, 2012 [AIF Regulations]. AIF Regulations endeavour to extend the perimeter of regulation to unregulated funds with a view to systemic stability, increasing market efficiency, encouraging formation of new capital and consumer protection, and would apply to not only venture capital funds but also private equity funds, real estate funds, etc. The purpose of the workshop is to understand various aspects relating to AIF Regulations such as legal and structuring aspects, its documentation, efficient planning, direct tax aspects (domestic and international), etc. The recent legislative changes, including amendments by the Finance Act, 2012, which have a bearing on such funds will also be discussed. It would be our endeavour to allow some interaction at the workshop. Day & Date : Friday, 2nd November 2012 Time : 9.00 a.m. to 2.00 p.m. Venue : Hotel J W Marriot, Juhu, Mumbai Fees (each) for members : R2,000 + R247 (Service Tax) = R2247 for non-members : R2,0 + R309 (Service Tax) = R2809 limited seats (inclusive of course material, morning breakfast, tea, coffee & lunch and R towards contribution to BCAS Foundation) Topics Our Contributors The Trustees of BCAS Foundation acknowledge the following contributors who have contributed Rs.00 or more to the BCAS Foundation during the period of June 2012 to August 2012.We are thankful for the support. 1. CA. Arvind H. Dalal `1,00,000/- (Corpus Donation) 2. CA.Govind G. Goyal `10,000/- (Corpus Donation) 3. Lala Sant Ram Tirath Ram Public Charitable Trust `10,000/- (Corpus Donation) 4. CA. K.C. Narang `10,000/- (Corpus Donation) Half-Day Workshop on Alternative Investment Funds Regulations, 2012 Introduction and Legal Aspects Direct Tax Aspects (Domestic and International) Faculty Mr Siddharth Shah CA. Nitin Karve Enrolment restricted to 125 participants on first-come-first-served basis. Please enrol early to avoid last minute disappointment. Enrolment fees are non-refundable. Enrolment form is printed on page 12. BCAS Newsletter I September

4 4 Accounting & Auditing Committee Chairman Convenors 4th Residential Study Course on IFRS / Ind AS The International Financial Reporting Standards (IFRS) are fast emerging as the globally accepted accounting framework with more than 100 countries having adopted or permitting use of IFRS and several other countries adopting IFRS from 2012 onwards. In line with this emerging global trend, though the Ministry of Corporate Affairs (MCA) had announced convergence of Indian GAAPs with IFRS and a phased implementation thereof from April 2011 onwards, the same has been postponed mainly due to several implementation issues. Towards this end, MCA has already notified 35 Ind AS. The Institute of Chartered Accountants of India (ICAI) has also been proactive in issuing Exposure Drafts for several new Ind AS. As per the latest news reports, Ind AS are likely to be made applicable from 1st April 2013 onwards. This may also require companies to compile comparative financials for the year ended 31st March, 2013 as per the applicable Ind AS. With the convergence fast approaching due to the impending deadline, as well as there being issues to be addressed to while preparing accounts as per revised Schedule VI, how many of us are really equipped to embrace the change with confidence? Pending the final announcement of applicability, professionals also need to be fully prepared for the implementation. Realising the importance of the journey of convergence with IFRS/Ind AS and to assist the accounting fraternity to prepare the accounts compliant with the regulatory requirements, we at BCAS have devised the fourth Residential Study Course to equip the professionals with relevant skills and to be the catalyst of the change process. The 4th Residential Study Course (RSC) is in continuation of the successful completion of 3RSC on IFRS in December 2009, 2010 & The 4th Residential Study Course is scheduled on 13th, 14th and 15th December The exclusive course on IFRS/Ind AS will cover case studies on application, implementation & indepth study on issues relating to Business Combinations, Financial Instruments, first time implementation of IFRS, PPE, IFRIC, etc. There will also be a presentation paper on Global developments in IFRS. It is an important event not to be missed by the accounting professionals from practice and industry. Details of the programme are as under: Dates : December 13, 14, & 15, 2012 (Thursday, Friday & Saturday) Venue : Hotel Dukes Retreat, Khandala (Hotel Dukes Retreat, Khandala has the finest view and is at the height of about 20 feet above sea level overlooking Sahyadri Range. It has excellent facilities is also easily accessible from Mumbai. It has well equipped conference rooms and well maintained rooms with mountain view, and facilities viz. swimming pool, recreation, fitness centre, wifi, variety of cuisines etc.) BCAS Newsletter I September 2012 : CA. Himanshu V. Kishnadwala : CA. Mukesh G. Trivedi CA. Abhay R. Mehta CA. Suril V. Shah Sr. no. Papers for Group Discussion 1 Case Studies on Business Combinations / Consolidations 2 Case Studies Financial Instruments 3 Case studies on first time implementation of IFRS, PPE, IFRIC, etc. Sr. no. Paper for Presentation Paper Writers CA. P. R. Ramesh CA V. Venkat CA. Sudhir Soni / CA. Manan Lakhani 1 Global developments in IFRS Eminent Faculty Fees (Per Participant) : (Amount in Rupees) including Service (Life & Ordinary ) Early Bird Upto 30th November 2012 From 1st December 2012 onwards Non Early Bird Upto 30th November 2012 From 1st December 2012 onwards Double 11,236 14,045 14,045 17,978 Occupancy Single Occupancy* 17,978 21,348 19,663 22,472 *Enrollment Limited for Single Occupancy The fees include course material, stay, meals from Thursday 13th December 2012 till 15th December 2012 afternoon and contribution of R to BCAS Foundation. Delegate substitution: In the event of inability of the registered delegate to attend the Study Course for any reason, he/she should promptly inform the Committee by [em@bcasonline.org] indicating the subject as IFRS RSC 2012 INABILITY TO ATTEND with a copy marked to himanshu@cnkindia.com, mgtrivedi@gmail.com,abhaymehta@camcs.in and surils@hotmail.com. At its discretion, BCAS may permit substitution. The substitute too needs to be a member of BCAS if he/she is replacing a member of BCAS. The Committee reserves the right not to admit any substituted person to the Study Course in the event a delegate substitutes him/her in his/her place without the prior written consent of the Committee. Refund: Once enrolled, requests for refunds will not be entertained. Enrolment Form 4th Residential Study Course on IFRS / Ind AS Name: Age:... BCAS hip No.:... Address:. Tel (O):.., Tel (R):. Mobile:. .. Room Partner: Group Leader... Food Choice: NonVeg: [ ] Veg: [ ] Jain [ ] The decision of the committee will be final in case of allotment of room & room partners. Enrolment forms will be accepted at BCAS office from 17th September 2012 from a.m. to 5.30 p.m. on first-come-firstserved basis.

5 Seminar Committee Chairman : CA. Rajesh S. Shah Convenors : CA. Toral N.Mehta CA. Salil B. Lodha 46th Residential Refresher Course 10th to 13th January 2013 at Golden Palms Hotel & Spa, Bengaluru The Seminar Committee is pleased to announce that it has received overwhelming response for 46th Residential Refresher Course (RRC) to be held at Golden Palms Hotel & Spa, Off Tumkur Road, Bangalore from 10th January, 2013 (Thursday) to 13th January 2013(Sunday). In view of the above, enrolment for the 46th RRC is closed. The details of RRC is as under:- S.N Papers for Group Discussion Paper Writers 1 Case Studies in Taxation CA. Sunil Lala Domestic Transfer Pricing and some issues of International CA. Rajan Vora Transfer Pricing Case Studies in Accounting CA. Sudhir Soni and Auditing Paper for Presentation Negative List and Reverse Charge Mechanism under Service Tax. C A firm of the future - Practice Management Brain Trust Questions on Income Tax and Service Tax CA. Madhukar Hiregange Mr. August Aquila & CA. Vaibhav Manek Trustees CA. Rajesh Kapadia CA. H. Padamchand Khincha Advocate Shri Raghuraman Evening Programs :- A presentation on Effective Harnessing of Information Technology by CAs by CA Gurunath Kanathur. A special networking session is also planned where members would get an opportunity to explore various possibilities and opportunities. An entertainment program is also planned. For information you may contact at BCAS office Mr. Amit Singh / Mr. Rajaram or CA. Rajesh Shah ( ), CA. Salil Lodha ( ) or CA. Toral Mehta ( ). For detailed announcement you may refer Page Nos.132 & 133 of September 2012 issue of BCA Journal. Quote Even if I knew that tomorrow the world would go to pieces, I would still plant my apple tree. Martin Luther Bombay Chartered Accountants' Society InfoTech & 4i Committee & hip & Public Relations Committee BCAS Web TV We are very happy to inform you that bowing to overwhelming requests the BCAS Web TV is now open to Journal Subscribers, Students and Non- as well. Lecture Meeting on Negative List based Taxation of Services Important Issues by CA. Puloma Dalal held on 3rd September 2012 is available on BCAS Web TV. Particulars Ordinary, Life and Associates of Corporate hip Payment can be made by cheque/dd payable at par in Mumbai in favour of Bombay Chartered Accountants Society. You can also pay by cash/ credit card at the payment counter of BCAS Office. If you have an Imprest Account, then you can instruct us to adjust the subscription through the imprest Account. For further details log on to Publication & Research Committee Chairman Co-Chairman Convenors Subscribe Now!!! : CA.Pranay H. Marfatia : CA. Pradip K. Thanawala : CA. Manish P. Sampat, CA. Manish R. Reshamwala Appeal Charges + Service Tax R % Total Charges R674 Students R % R674 Journal subscribers R % R1011 Non-members R % R1348 The Publication & Research Committee of BCAS has decided to sponsor a research paper on the topic related to Do Accounting Standards override true and fair view? in this endeavour, it invites proposals from members or any academician recommended by members, interested to undertake this research project. Further the committee also appeals to members to come forward and submit research proposals related to any other topic of professional interest. If the proposal is accepted by the committee, BCAS would not only sponsor the research project but will also pay an honorarium to the person undertaking the research. are also requested to suggest names of persons who would be interested to undertake research sponsored by the Society. may contact : CA. Cassem Rajabali, General Manager on gm@bcasonline.org or the convenors CA. Manish Sampat at manish@cnkindia.com and CA. Manish Reshamwala at manish@reshamwalas.com BCAS Newsletter I September

6 6 BCAS Newsletter I September 2012

7 Infotech & 4i Committee Chairman : CA. Ameet N. Patel Convenors : CA. Nandita P. Parekh CA. Kinjal N. Shah E-Learning Modules CA. Pinky on H. Shah XBRL E-Learning program on XBRL XBRL stands for extensible Business Reporting Language. It is one of the families of "XML" languages which is becoming a standard means of communicating information between businesses and on the Internet. Implementations of XBRL are growing rapidly around the world. In order to foster the understanding of XBRL, the Infotech & 4i Committee of BCAS, XBRL Planet (owned by Mr. Conor O Kelly, Vice-Chairman, XBRL International) & NextGen Knowledge Solutions Private Ltd. have teamed up to provide online XBRL training. Our main goal is to transfer knowledge and unique experience of Financial Reporting through XBRL. First of its kind e-learning program on XBRL Over 9 hours of online training including Q&A session on XBRL Course Module : Course objectives : To help trainees understand the meaning and nature of XBRL and the technical terms commonly associated with XBRL. To help trainees understand the basics of XBRL Taxonomies. To help trainees understand how to use XBRL Tools. To help trainees understand how to create instance documents. Pre-requisites : Familiarity with accounting system installation and report writing recommended Participants in this e-learning Module need not have prior experience of XBRL. Fees : The total investment to be made by you for this unique online training course shall be R11,236 (inclusive of service tax of 12.36%) e-learning Materials & Certification : The participants will have access to the training sessions for 30 days during which, they will get unlimited access. They will also get access to special live Q&A sessions. At the end of the training, a certificate of participation would be issued to the participants who go through the entire module. XBRL Course Module Content Module I Overview of XBRL Meaning of XBRL Key concepts of XBRL Components of Business Reporting Supply Chain Technical Terms associated with XBRL Module II Advantage of use of XBRL Key drivers of XBRL XBRL adoption around the world XBRL & IFRSs Applications of XBRL Taxonomy & Instance documents Meaning of XBRL Taxonomy XBRL Taxonomy Architecture Linkbases, Tuples, Dimensions, Hypercubes, Axis,, etc. XBRL Taxonomy Extension XBRL Instance Document Instance Document Building Blocks (facts, contexts, units & footnotes) Best Practices Module III Indian GAAP Taxonomy & Business Rules Overview of Indian GAAP Taxonomy Analysis of Indian GAAP Taxonomy Business Rules Analysis of Business Rule XBRL Implementation Approaches & Indian Regulatory Requirements XBRL Implementation Approaches Module IV XBRL Tool Defining Unit, Context, Currency, Decimal XBRL Report Creation Steps involved in XBRL Report Creation Editing XBRL Instances Module V XBRL Report Creation Tagging of Financial Statements Viz: Balance Sheet, P & L Account, Cash Flow Statement & Schedules Module VI XBRL Assurance Global Trends Current Approaches to XBRL Assurance XBRL Assurance Framework Indian Regulatory Requirements Detailed Tagging Block Tagging Validating XBRL Report at MCA Validation Tool Viewing XBRL Report Tagging of Notes to Accounts, Auditor's Report, Director's Report Indian Regulatory Requirements Assurance on XBRL Instance Documents for MCA filings BCAS Newsletter I September

8 BCAS Study Circles for BCAS announces annual formation of Study Circles for the year The BCAS study circles are well known for the very high quality of deliberations that take place in the presence of and under the guidance of seniors and also for the meticulous planning and organisational capabilities of their convenors. Your active participation in BCAS Study Circles provides you with following benefits and add substantial value to your capabilities and personality: tremendous opportunities for enhancing and sharing knowledge honing your soft skills keeping in touch with contemporary developments in law and in practice fellowship amongst your professional colleagues catalyst for your active involvement in various other activities of BCAS. You are invited to partake in the feast of knowledge in the year ahead and join the study circle(s) of your choice and participate in the meetings regularly to derive maximum benefit. For further information/queries about the study circles, please feel free to contact us at Annual fee details are provided below. The fees are inclusive of Rs.30 as contribution to BCAS Foundation. Kindly note: (a) Generally, all study circle meetings are held at the conference rooms in the BCAS office. In exceptional cases, we hold the meetings at other venues. The Suburban Study Circles will be conducted at Directi Internet Solutions Pvt. Ltd., Direct I- Plex, Old Nagardas Road, Opp. Wilson Pens, Near Andheri East Subway, Andheri (East), Mumbai (b) Any member of the BCAS is welcome to join various study circles. There is no restriction on the number of circles that you can join. (c) It would be our endeavour to hold at least 6 meetings per study circle in the year. However, this would be subject to the availability of group leaders and chairmen and your active participation; (d) The term of each study circle is from to Enrolment Form Please select the study circle that you would like to join from the list given below and send in your cheque to us with the enrolment form: Study Circle No. Subject Fee R Tick your choice here I Direct Tax Laws 449* II Indirect Tax Laws 449* III Company Law, Auditing & Accounting 449* IV FEMA 449* V Information Technology 449* VI Human Resource Development 449* VII ITF 1,123* VIII BCAS Suburban Study Circle 674* XI International Economics 1,123* X Students Study Circle 224* * Inclusive of Service Tax of 12.36% BCAS hip No.: Name:... Address: Tel (O):.. Tel (R):.. Fax:... Mobile:... Cash/Draft/Cheque No. :..drawn on...bank, Dated....for an amount of R is enclosed. Date: Signature 8 BCAS Newsletter I September 2012

9 BCAS Publications for Sale Sr. No. Name of Publication - Books / CDs / Papers Price R Postage R 1 Custom Baggage Rules 25 2 Fundamental Rights and Duties of Indian Citizens (At a Glance) 25 3 Namaskar ki Bhet BCA Journal CD April 2000 to March 2011 Member & Journal subscriber Non- 5 CD on 1st Residential Study Course on IFRS (Study Material) CD on 2nd Residential Study Course on IFRS (Study Material) 7 7 CD on 3rd Residential Study Course on IFRS / Ind AS (Study Material) 22 8 Video Recording & Study Material of the Seminar on Cenvat Credit and Refunds of Service Tax Non- 9 Mandatory Accounting Standards (Extracts from Published Accounts) Non- 10 Format of Financial Statements under Schedule VI Non- 11 Study Material DVD on Two-day Workshop on Recent Developments in Accounting & Auditing Standards and Reporting Requirements held on 13th & 14th April 2012 Non- Recent Publications Digest of Full Bench Decisions of Central Information Commission Non- 13 Gita for Professionals Advance Rulings Law and Procedures - A Compilation Exploring FEMA Quote The best and most beautiful things in the world cannot be seen or even touched - they must be felt with the heart. Helen Keller Quote Clouds come floating into my life, no longer to carry rain or usher storm, but to add color to my sunset sky. Rabindranath Tagore BCAS Newsletter I September

10 Imprest System for Publications In the current environment where plastic money rules and where physical give and take of money is slowly getting obsolete, have you Wondered why you need to send cash/cheque to the BCAS every time there is a new publication brought out by the Society? Ever missed out on a publication because you were out of town and the publication went out of stock by the time you resumed office? Lost out on the early-bird discount that the BCAS allows on its most valued publication the Referencer, simply because you forgot to book it in advance? Hoped and hoped that you would get the snapshots of the Finance Bill proposals on your desk within a couple of days after the Budget Publication of the Society is released? Well, we have good news for you all these issues will be resolved....if you opt for Imprest System. All members, journal subscribers and students can take advantage of Imprest scheme. We have kept this scheme open for non members also. The modalities of the scheme are as under: `2,0 to be kept with us as Imprest cash in your account till you desire. There is no validity period for the same. (In case of non-member, `2 extra to be paid for account handling charges.) The base level would be `0, which needs to be replenished again to `2,0 by the person opting for the scheme. Any publication, conference papers or CDs costing `0 or less than `0 would be sent to you by default as soon as they are published. This would also include one set of English edition of the Budget Publication (a set of 5 books). For outstation members, the requisite amount of postage would also be adjusted from the said Imprest account. For subscribers to the scheme in Mumbai, we need to be intimated in advance about the mode of delivery of the said publication. It can be sent either by courier (whereby the courier charges would also be adjusted from the imprest account) or it could be collected by your representative from the BCAS office. In case you opt for the latter option, then the delivery of the publication must be effected within 15 days of the receipt of the mail notifying the release of the publication, failing which, we would courier the publication to you, and debit the charges to your account. For premium publications like BCAS Referencer, Calendars and other topic specific publications, we would send an to all the subscribers and would send these publications only on receipt of intimation from the subscriber. An needs to be sent to km@bcasonline.org specifying the relevant details, such as quantity and the type of publication, etc. (e.g., in the case of the Referencer whether Premium, Refill or Super Saver) An intimation showing the account balance would also be sent to the subscriber every time along with the publication. For exit options, if a subscriber intends to exit within six months of joining the scheme, then an exit load of `100 would be deducted and the balance would be returned to him/her. In other cases, the entire balance would be returned without any exit load, upon receipt of the exit intimation. So, what are you waiting for? Pick up your cheque books, sign a cheque for `2,0 and send it to us at the BCAS office and relax.... Please visit BCAS Website for Imprest System form. 10 BCAS Newsletter I September 2012

11 From RBI Contributed by : CA. Gaurang V. Gandhi The Reserve Bank of India has issued the following 8 circulars: A. P. (DIR Series) Circular No. 14 dated July 24, 2012 Exim Bank's Line of Credit of USD million to the Government of the Republic of Chad Exim Bank has made available, subject to certain terms and conditions, to the Government of the Republic of Chad a Line of Credit of US $ million for financing purchase of eligible goods and services including consultancy services from India for the following projects in Chad (i) Compost Production Unit (US $ 7.20 million), (ii) Rural Electrification (solar energy) (US $ 15 million), (iii) Production Unit of Live Stock Feed (US $ 2.22 million) and (iv) Extension of Spinning Mill (addition of weaving and processing capacities) (US $ million). Eligible goods and services including consultancy services of the value of at least 75% of the contract price must be supplied by the sellers from India, while the remaining 25% of the goods and services (other than consultancy services) may be procured by the sellers from outside India. The last date for opening of Letters of Credit and Disbursement for project exports will be 48 months from the scheduled completion date of the contract and January 18, 2018 in case of supply contracts. A. P. (DIR Series) Circular No. 15 dated August 21, 2012 Overseas Direct Investments Rationalisation of Form ODI The circular has amended Part E & Part F of Form ODI by adding new items to the same. The amended new Form ODI is annexed to this circular. A. P. (DIR Series) Circular No. 16 dated August 22, 2012 Foreign Direct Investment by citizen / entity incorporated in Pakistan Press Note No.3 (2012 Series) Press Note No.3 (2012 Series) dated: August 1, 2012 Presently, a citizen of Pakistan or an entity incorporated in Pakistan, is not allowed to purchase shares or convertible debentures of an Indian company under Foreign Direct Investment (FDI) Scheme. This circular permits, under the Approval Route, a person who is a citizen of Pakistan or an entity incorporated in Pakistan to purchase shares and convertible debentures of an Indian company under FDI Scheme. However, the Indian company in which FDI is received must not be engaged / must not engage in sectors / activities pertaining to defense, space and atomic energy and sectors / activities prohibited for foreign investment. A. P. (DIR Series) Circular No. 17 dated August 23, 2012 Anti-Money Laundering (AML) / Combating the Financing of Terrorism (CFT) Standards Money changing activities Financial Action Task Force (FATF) has updated its list of high-risk and non-cooperative jurisdictions vide Statement dated June 22, The said Statement is attached to this circular. Authorized persons and their agents / franchisees are required to go through the said Statement. A. P. (DIR Series) Circular No. 18 dated August 23, 2012 Anti-Money Laundering (AML) / Combating the Financing of Terrorism (CFT) Standards - Cross Border Inward Remittance under Money Transfer Service Scheme (MTSS) Financial Action Task Force (FATF) has updated its list of high-risk and non-cooperative jurisdictions vide Statement dated June 22, The said Statement is attached to this circular. Authorized persons their Indian agents are required to go through the said Statement. A. P. (DIR Series) Circular No. 19 dated August 28, 2012 Issue of Indian Depository Receipts (IDRs) Limited two way fungibilty Presently, automatic fungibility of IDR is not permitted. This circular, subject to compliance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, permits a limited two way fungibility for IDR. It imposes an overall ceiling of US $ 5 billion on raising of capital by foreign companies by issuance of IDR. It also states that re-issuance of IDR would be allowed only to the extent of IDR that have been redeemed / converted into underlying shares and sold. A. P. (DIR Series) Circular No. 20 dated August 29, 2012 Non-resident guarantee for non-fund based facilities entered between two resident entities Presently, a non-resident can issue a guarantee to a resident lender as security for funds lend to a resident borrower. RBI has granted general permission to resident borrower to make payment to the non-resident guarantor who has met the liability under the guarantee. This circular grants general permission to a non-resident to issue a guarantee to a resident provider of non-fund based facilities, such as Letters of Credit / Guarantees / Letter of Undertaking / Letter of Comfort, etc., to a resident borrower. General permission has also been granted to a resident borrower to make payment to the nonresident guarantor who has met the liability under the guarantee. Further, annexed to this circular is format introduced by RBI for reporting, on a quarterly basis, the issue and invocation of such guarantees. This format has to reach the Chief General Manager, Foreign Exchange Department, ECB Division, Reserve Bank of India, Central Office Building, 11th floor, Fort, Mumbai not later than 10th day of the following month. A. P. (DIR Series) Circular No. 21 dated August 31, 2012 Foreign investment by Qualified Foreign Investors (QFIs) Hedging facilities This circular permits Qualified Foreign Investors (QFI) to hedge their currency risk for the following: - i) Entire investment in equity and / or debt in India as on a particular date through foreign currency INR options. ii) Initial Public Offers (IPO) related transient capital flows under the Application Supported by Blocked Amount (ASBA) mechanism through foreign Currency INR swaps. BCAS Newsletter I September

12 Registered with the Registrar of Newspapers for India under R.N /98 Regd. No. MH/MR/South-88/ Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1 Published on 15th of every month Posted on 15th & 16th of every month BCAS Referencer BCAS Referencer : th Consecutive Year of Publication The most acclaimed publication of its kind Join the ever growing band of followers Untangle the complexities of the legal world All the information you need at the click of the mouse Golden Jubilee collector's edition Information required: Particulars Price (in R) Postage (in R) Quantity Total Amount (in R) Referencer Premium Set (in exclusive folder) with CD, Table diary and Pocket diary Referencer Premium Set (in exclusive folder) with CD and Pocket diary only 7 1 Super Saver Edition with CD (Bound Edition with Diary) 0 1 Name: Mr./Mrs./Ms :... BCAS hip No.: Firm s Name :... Office Address :... Tel. Nos :.....Office :...Mobile : Cash/Draft/Cheque No :.....Drawn on : Bank Dated :... Amount (R) : Signature CUT HERE CUT HERE CUT HERE SEMINAR : Combined Enrolment Form Half-Day Seminar on Labour Laws (Including Audit and Tax Aspects) r4 for members... r590 for non-members.... WORK SHOP : Half Day Workshop on Alternative Investment Funds Regulations, r2,247 for members... r2,809 for non-members... E-Learning program on XBRL...Ongoing program...r11, Name :... Address : Mobile :... Tel. :... Fax :... BCAS Memb. No. :... Tel. (O) :... Tel. (R) :... Fax :... Choice of food (wherever applicable)... Jain Non-Jain Cash/Draft/ Cheque no.... Drawn on... Bank, Dated... for an amount of r... is enclosed. Date :... (Signature) Please fill in the above form and send the same to the Society s office along with requisite payment. Please mention your name and membership number on the reverse side of the local cheque/at par cheque/demand Draft. Kindly note that the cash counter timings are from a.m. to 5.30 p.m. on Monday to Friday and a.m. to 1 p.m. on Saturday. The lunch time is 1.30 p.m. to 2 p.m. are requested to co-operate in this regard. Cancellation policy: Kindly note that no refund will be given in case of cancellation for any reason and no substitute will be allowed. 12 BCAS Newsletter I September 2012 Edited, printed & published by Narayan Varma on behalf of Bombay Chartered Accountants Society, Mumbai Printed at Spenta Multimedia, Mumbai