BCASNewsletter. Vice-President s Communiqué. Experts Dear Members

Transcription

1 For Members only. For Private Circulation only. Price: R10 BCASNewsletter Harnessing Talent and Providing Quality Service A Monthly Newsletter of the Bombay Chartered Accountants Society Vol. 20 No. 11 FEBRUARY 2018 Vice-President s Communiqué Dear Members The Union Budget for was recently presented by the Finance Minister. As per the Government, the Budget was guided by a mission to strengthen agriculture, rural development, health, education, employment, MSME and infrastructure sector. Contrary to expectations, despite being the last full fledged Budget of the current Government, the Budget did not announce many populist measures but aimed to address some structural issues only. *(Fellowship over a cup of tea at 5.45 p.m.) Experts Panellists: Mr. M. Damodaran (Chairman, Excellence Enablers & Former Chairman of SEBI) CA. Mukund Chitale (Former President of ICAI) Padma Shri CA. T. N. Manoharan (Former President of ICAI) In chat with CA. Himanshu Kishnadwala Subject: Strengthening the Profession Venue: Walchand Hirachand Hall, 4 th Floor, Indian Merchants Chamber, Churchgate, Mumbai. Day, Date & Time: Wednesday, 28th February 2018 at 6.15 p.m* On the personal tax front, the standard deduction benefit was more or less nullified by the withdrawal of allowances on account of medical reimbursement and conveyance. A few changes here and there, and the Budget would have been a non event for personal tax payers, except for one very important amendment introducing tax on long term capital gains on listed securities. While opinions can be divided, the move perhaps bridges the gap between debt and equity investments to some extent. One wise decision is to grandfather the unrealised gains upto On the corporate tax front, a reduction in tax rate to 25% for companies with turnover upto R250 crores will augur well for the economy as chunk of the companies in India fall in this bracket. Any changes in GST have to be recommended by the GST Council and the Finance Minister wisely stayed away from proposing any changes in the GST Legislation. Watch, Like, Share, Connect with BCAS Global (Continued on page 2) Experts Chat - Strengthening the Profession Walchand Hirachand Hall, 4 th Floor, Indian Merchants Chamber, Churchgate, Mumbai A Motivational Talk For Young Chartered Accountants BCAS Hall, Jolly Bhavan No.2, New Marine Lines, Mumbai th Residential Study Course on Ind AS to The Hotel Gateway by Taj Group, Hinjewadi, Pune th Residential Leadership Retreat & Rambhau Mhalgi Prabodhini, Keshav Shrushti, Bhayander (W) Dist Thane nd Joint Residential Refresher Course & The Grand Bhagwati Magdalla Circle, Dumas Road, Surat, Gujarat Interactive Session with Students for Success in CA Exams RVG Hostel, Lallubhai Park Andheri (West), Mumbai Workshop on Transfer Pricing CBCR and Master File BCAS 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai Four Day Orientation Course on FEMA & ,. On the non-tax front, the Finance Minister announced the world s largest government funded health care programme titled National Health Protection Scheme ( NHPS ) to cover over 10 crore poor and vulnerable families (approximately 50 crore beneficiaries) by providing coverage upto 5 lakh rupees per family per year for secondary and tertiary care hospitalization. It may not be out of place to mention the Rashtriya Swasthya Bima Yojana (RSBY), which provides a family cover of R30,000 to a population of over 33 crore, is already in place but has not been effective due to a variety of reasons. The NHPS should learn from the shortcomings of the RSBY and build upon the same. Past experience suggests that insurance works best when public health infrastructure is well developed rather than having dependence on private players. RSBY seems to have been less effective in States where most of the hospitals empanelled are private ones. At the same time, the quality of service in the public hospitals deserves lot PROGRAMMES AT A GLANCE DATE VENUE PAGE NO & BCAS Hall, Jolly Bhavan No.2, New Marine Lines, Mumbai th Residential Study Course on GST to Marriott Hotel, Kochi, Lulu International Shopping Mall Pvt Ltd, 34/1111, N.H 47, Edappally Kochi th Youth Residential Refresher Course to Upper Deck Resort, Lonavla Please check your spam to see if any BCAS s you have missed. Tick not spam. In case you are not receiving s, please feel free to write to our IT Team at asst.ict1@bcasonline.org or contact Mr. Nandkumar Mandavkar at , Jolly Bhavan #2, New Marine Lines, Mumbai Tel : ; bca@bcasonline.org ; Website : President: Narayan R. Pasari president@bcasonline.org Vice-President: Sunil B. Gabhawalla vp@bcasonline.org Hon. Jt. Secretary: Manish P. Sampat js@bcasonline.org Hon. Jt. Secretary: Abhay R. Mehta js1@bcasonline.org Hon. Treasurer: Suhas Paranjpe treasurer@bcasonline.org FEBRUARY

2 (Continued from page 1) of improvement. In this background, it would be the collective responsibility of all the stakeholders to avoid misuse and ensure that the benefits of the ambitious programme reach the right beneficiaries. The Society organised the much awaited lecture meeting on the direct tax proposals by Sr. Adv. Soli Dastur. Mr. Dastur s masterly post budget analysis has been one of the most eagerly awaited events in the country and specially on the BCAS forum. However, all good things have to come to an end. After delivering 30 incisive analyses, Mr. Dastur strongly requested the Society that this year s analysis should be his last. With a heavy heart, the Society has accepted to his request. I would like to thank Mr. Dastur for his unstinging commitment to the profession and our members and would like to record our deepest sense of gratitude to him. The theme in my previous communication was about relevance of various processes and need for adapting to change in the environment. We at the Society also reflected on the relevance of various processes and on introspection. Amidst a rapidly changing landscape, the printed word has become a less effective way to keep you informed about the Society and its events. Indeed, the birth of the newsletter was envisaged to facilitate speedy transmission of information about various programs and announcements to the members. This is fairly achieved by newer mediums of communication like s, Whatsapp and SMS. The Society therefore took a decision to discontinue the newsletter from financial year Instead, a regular feature in the Journal will specifically include all event announcements. This decision will not only result in saving of cost to the Society but also permit a wider reach for these events since the Journal reaches to non members as well. Along with the inclusion in the Journal, the website www. bcasonline.org and the online payment portal include the details of all forthcoming events. The Society will also be sending announcements for individual events as well as a consolidated forthcoming event list. It is therefore important that your address is correctly recorded in the Society s records and your software is configured to receive s from the Society. In case you are not receiving s from us, we request you to write to us immediately so that we can rectify the situation and add you into our mailing list. Your Society has lined up a series of educational programs and intensive courses, the details whereof are available elsewhere in the newsletter. I would request you to participate in large numbers and take benefit of the same. With warm regards Yours truly CA. Sunil Gabhawalla RIGHT TO INFORMATION CLINIC Advisory Panel : Hema D. Sampat Clinic Co-ordinator: Mrs. Madhuri Haware Foundation operates a Right to Information (RTI) Clinic on a regular basis. 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 Saturdays from 11 am to 1 pm. The next RTI Clinic days accordingly are 17 th, 24 th February 2018 and 3 rd, 10 th, 17 th, 24 th March Please call to obtain a prior appointment. CHARITABLE TRUST CLINIC Advisory Panel : Dr. Gautam N. Shah and CA. Tushar K. Doctor Clinic Co-ordinator: Mrs. Madhuri Haware The next Charitable Trust Clinic will be held on 9 th March 2018 from 5 pm to 7 pm. Chartered Accountants and Trustees interested in having their queries solved are requested to send their queries by to journal@bcasonline.org and call to obtain a prior appointment, latest by noon on the day of the clinic. Querists are also advised to bring along relevant papers like trust deeds, audited accounts, etc. ACCOUNTS & AUDIT CLINIC Advisory Panel : CA. Sanjeev R. Pandit, CA. Himanshu V. Kishnadwala, CA. Jayesh M. Gandhi Clinic Co-ordinator : Mrs. Madhuri Haware The next Accounts & Audit Clinic will be held on Saturday, 3 rd March 2018 from 4 pm to 5 pm. Persons interested in having their queries pertaining to implementation of Accounting Standards, Ind AS implementation, Auditing Standards Reporting requirements, Companies Act compliance, issues relating to Accounting aspects and Auditing aspects, etc. are requested to send their queries by to journal@bcasonline.org one week in advance and call 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. ALL THE THREE CLINICS WILL BE HELD IN THE LIBRARY OF THE SOCIETY 2 FEBRUARY 2018

3 HOW TO BECOME AN EXTRAORDINARY PROFESSIONAL?? A MOTIVATIONAL TALK FOR YOUNG CHARTERED ACCOUNTANTS & FELICITATION OF CAS CLEARED IN NOV 2017 We congratulate the young students who have become Chartered Accountants in the past few years. It is only after clearing Final CA exams and few years of working, that we truly realize that the journey has just began, that clearing the exams was only the first step towards success. You are standing at that turn of your life, where your decisions will shape your career and your future successes. In order to help and guide young Chartered Accountants in becoming extraordinary professionals, BCAS is pleased to organize a motivational talk by CA. Mudit Yadav. The learned speaker through his anecdotes will talk about stepping out of your comfort zone to be successful and challenging yourself to attain success. The speaker will try to throw light on the following issues: How to choose the ideal career path for yourself? Difference between an average and a star professional. Habits of the most extraordinary professionals. How to develop the mindset of a true professional? How to develop a sharper executive presence? How can you be a pioneer of the future of CA profession? Felicitation of CAs cleared in Nov BCAS also recognizes the success of fresh Chartered Accountants and felicitates the fresh chartered accountants clearing in each attempt by providing them e-knowledge kits to all eligible students and also free BCAS membership to rank holders. The November 2017 CA final exam has added more than 9,400 fresh CAs to our fraternity. BCAS is currently running a felicitation programme, for these students of Nov exam. We are pleased to set up a special help desk for registration of students under the felicitation scheme, before the above session. Students can carry their mark sheet for Nov and become members of BCAS at the helpdesk and get eligible for the felicitation scheme. Day & Date Time for session Felicitation helpdesk Topic Speaker Venue Monday, 19 th February 6:30 p.m. to 8:15 p.m. (Fellowship over a cup of tea at 6:00 p.m.) 4:00 p.m. to 6:30 p.m. "How to become an Extraordinary Professional?" -A Motivational Talk For Young Chartered Accountants & Felicitation of CAs Cleared in Nov'2017 CA. Mudit Yadav ( Motivational Speaker, TEDx speaker, Success Coach) BCAS, 7 Jolly Bhavan No. 2, Ground Floor, New Marine Lines, Mumbai MEMBERSHIP & PUBLIC RELATIONS COMMITTEE Chairman: CA. Chetan Shah Conveners: CA. Bhavesh Gandhi, CA. Jinal Shah, CA. Mrinal Mehta Session Coordinator: CA. Samit Saraf FEBRUARY

4 8 TH RESIDENTIAL STUDY COURSE ON IND AS 22 ND TO 24 TH FEBRUARY, 2018 AT THE HOTEL GATEWAY BY TAJ GROUP, HINJEWADI, PUNE Dear Members, The adoption of Ind AS has catapulted Indian corporate sector to the centre stage of high quality and transparent financial reporting. The journey of convergence to IFRS has been nine years long and BCAS has been since the past seven years at the forefront in equipping its members in particular and other stakeholders at large with the knowledge of IFRS and Ind AS. The experience of implementing Ind AS by companies in Phase I has been quite challenging. Companies in Phase II are in the process of implementing Ind AS from F.Y (which inter alia requires restatement of financials for F.Y as Ind AS comparatives) and will have to draw on this experience whereby they should hopefully face less challenges. The 8th BCAS Ind AS Residential Study Course has been planned to address the implementation challenges and share the experiences of the Phase I companies as well as impart this knowledge of implementing Ind AS to the professionals to ensure a smooth transition for the corporate sector. The 8th Residential Study Course is scheduled on 22 nd, 23 rd and 24 th February, 2018 (Thursday to Saturday). Fees (Including and R50/- contribution to the BCAS Foundation To facilitate the finance/accounts persons in companies and professionals in and around Pune to attend the RSC, BCAS has also reserved enrolment for 15 people on non-residential basis as under: For Members of BCAS: Having their registered address with BCAS at Pune. For Non-Members: Having their office of employment/professional address situated at Pune. Category Double Occupancy (In R) Single Occupancy (In R) Members 17,700/- 25,370/- Non-Members 20,650/- 28,320/- Member 8,555/- Non-Residential (Pune) Non-Member 11,505/- Non-Residential (Pune ) (Including and R50/- contribution to the BCAS Foundation). Discussion and Presentation Papers details: S r. No Subject Paper writers Particulars 1 Case Studies in Business Combinations and Consolidated Financial Statements Ind AS Case Studies on PPE, Financial Instruments and other Ind AS *Please note: enrolment is restricted to 80 participants only. CA. Jayesh Gandhi CA. Arvind Daga Paper for Group Discussion Paper for Group Discussion 3 Revenue Recognition- Ind AS 115 CA. Archana Bhutani Paper for Group Discussion 4 Leases Ind AS 116 CA. Srinath Rajanna Presentation Paper 5 Revised Audit report requirements CA. Vijay Maniar Presentation Paper 6 Derivative and Hedge Accounting CA. Raghu Iyer Presentation Paper 7 Global Developments in IFRS Eminent Faculty Presentation Paper ACCOUNTING & AUDITING COMMITTEE Chairman: CA. Himanshu V. Kishnadwala Conveners: CA. Nikhil D. Patel, CA. Chirag H. Doshi, CA. Amit Purohit Course Coordinators: CA. Rajesh Mody & CA. Ronak Rambhia 4 FEBRUARY 2018

5 SIXTEENTH RESIDENTIAL LEADERSHIP RETREAT 2018 Man is constantly in search of happiness. Every year HDTI Committee organizes Residential Leadership Camp on varied subjects. This has assisted many of the regular participants to find the meaning in life and become better human beings. The HDTI Committee now announces the Sixteenth Leadership Residential Retreat 2018 based on the theme Saptapadi of happiness in Family (Seven Steps to family happiness). It will also touch upon ways to build Family brand in profession, vocation or business. The Retreat will be held in February spread across 2 days and 1 night. The learned faculty Shri Mahendra Garodiya, (who guided us in the Fifteenth non Residential Leadership Workshop 2017 on the theme of Chanakya Business Sutra) has again consented to anchor the programme this year. (Saptapadi) Seven steps based on our time tested values and culture are: Common Vision, Success Habits, Accountability, Unconditional Love & Respect, Appreciation, Family as a brand and Celebration together. Takeaways: Through this Workshop, the participants will experience and rediscover this profound knowledge and learn how to apply it in current turbulent times. It how to be happy prosperingmaterially in ethical and humanitarian mannerand with inner happiness. It will resound that prosperity and happiness are not mutually exclusive. It aims to guide the participants to share happiness with family, society, in profession and work environment. Members are encouraged to register for this workshop with their spouse. The learned faculty will help the participants to develop personal family programmes including a detailed schedule of implementing the lessons learnt during the workshop. Program Details: Days *Contribution per Member is inclusive of One night, Two days stay, Breakfast for two days, Lunch for two days, Dinner for one evening, Study Material and contribution of R50 towards BCAS foundation and Transport on Car pool facility. Please note number of participants are restricted to only 40 on First Come First Served basis. About the Faculty: Friday & Saturday Dates 23 rd and 24 th February 2018 Venue: Faculty: Participation Fees (per person)* Rambhau Mhalgi Prabodhini, Keshav Shrushti, Bhayander Esselworld Road, Bhayander -West, Dist Thane Mr. Mahendra Garodiya R5,085 plus R915= R6,000 for Members and Spouse Jointly (each) R5,508 plus R992= R6,500 Members registering individually R5,932 plus R1,068= R7,000 for Non-Members Mr. Mahendra Garodiya has authored "Chanakya Business Sutra" and "What s Stopping your Growth" and is a Management Accountant (CMA/ICWAI). He has been a Business Coach to more than 100 SMEs across India helping them grow based on Ancient Indian Management Knowledge. His coaching relies primarily on the Indian Philosophy of Management as propounded by Chanakya. Mr. Garodiya has intensely focused on Chanakyaniti and Gandhian principles of Management. He qualified as a business coach through the ICF Certification programme and has conducted programmes for IIT, Ahmedabad Management Association, Swami Vivekanand College of Management & Research, Sanchi University, Kolhapur University and many other reputed institutions. Mr. Garodiya has trained more than 1,000 business entrepreneurs and is currently growth partner for 15 companies in varied fields. HUMAN DEVELOPMENT & TECHNOLOGY INITIATIVES COMMITTEE Chairman: CA. Rajesh Muni Co-Chairman: CA. Mihir C. Sheth Conveners: CA. Mukesh G. Trivedi, CA. Krishna Kumar Jhunjhunwala, CA. Nikunj Shah & CA. Anand Kothari FEBRUARY

6 Enrolment Form Sixteenth Residential Leadership Retreat 2018 BCAS Membership No (If Applicable)..... Mr. / Ms of (firm name)..... Address Pin Code Tel (O) Tel (R).... Mobile No:..... Choice of food (wherever applicable) Jain :-...Veg :-... We enclose herewith Cash/Draft/ Cheque no : Drawn on : Dated : Amount Rs. Please find below NEFT details Bank Name : Axis Bank Ltd. Branch : New Marine Lines, Mumbai Saving Account No : IFS Code : UTIB Swift Code : AXISINBB173 Note: An communication on transfer of funds through NEFT to be communicated at memberinfo@bcasonline.org for processing the payment. Registration will be confirmed only post intimation. Date : Signature of Participant Note: Please fill in the above form and send the same to the Society s office along with requisite payment. Payment Mode can be: Cheque / Demand Draft / Cash or Electronic Card (at BCAS office only). Please mention your name and membership number (if applicable) on the reverse side of the 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. Participants are requested to co-operate in this regard. The Cheque/ DD will be in the name of Bombay Chartered Accountants Society. Your participation will be confirmed only after the realization of payment at BCAS, for which a receipt will be provided for your reference. Cancellation policy: Kindly note that no refund will be given in case of cancellation for any reason and no substitute will be allowed. Bombay Chartered Accountants' Society bca@bcasonline.org Website E-Journal 6 FEBRUARY 2018

7 2 ND JOINT RRC BY BCAS WITH CAA (AHMEDABAD) Dear Member, Greetings from BCAS! The 1 st Joint RRC with the Chartered Accountants Association (CAA) Ahmedabad held in October 2016 at Hotel Kohinoor Continental was a grand success. Once again, Bombay Chartered Accountants' Society is privileged to bring to you a CAA (Ahmedabad) initiative, the " 2nd Joint RRC " which is to be held at Hotel Grand Bhagwati, Surat on Friday 23 rd & Saturday 24 th February Course details: Day : 1 - Friday, 23 rd February, 2018 Subjects Paper Writers Talk on Important Aspects of Finance Bill, CA. Jignesh J. Shah, Ahmedabad Non Resident Taxation in case of Individuals including FATCA CA. Rutvik Sanghvi, Mumbai GST (Intricacies of Input Tax Credit ) CA. Avinash Poddar, Surat Day : 2 - Saturday, 24 th February, 2018 Taxation of Receipts under section 56( 2 )(x) Discussion on Impact of Income Tax, Accounting and GST on Real Estate Redevelopment Projects Talk on Practice Management CA. Vishesh Sangoi, Mumbai Panel Discussion: a) Impact of GST CA Naresh Sheth, Mumbai b) Impact of Income Tax CA Kirit Sanghvi, Mumbai c) Accounting -- CA Heenal Patel, Mumbai CA. Ameet Patel, Mumbai Participation Fees: On Residential Basis R6,490 /- (Including per person -includes hotel stay for one night, all meals and conference cost etc.) On Non-Residential Basis R2,596 /- (Including per person -includes only lunch on both the days, and conference cost etc.) Venue THE GRAND BHAGWATI (Magdalla Circle, Dumas Road, Surat, Gujarat, India ) Please Note: Enrolment restricted to 50 participants only. STUDY CIRCLE Day, Date and Time Details Venue Group leaders Chairman Monday, 26 th Goods and Services Tax Clause BCAS Hall, 7, Jolly Bhavan CA. Saumil Kapadia CA. Janak February, 2018 by Clause Analysis of E-way Bill No. 2, New Marine Lines, and CA. Samir Kasvala Vaghani from 6.00 pm to Provisions and related FAQs Mumbai pm FEBRUARY

8 INTERACTIVE SESSION WITH STUDENTS FOR SUCCESS IN CA EXAMS Dear Member, Result of CA-Final and CA-IPCC have been announced. We trust, many students in your Circle, Firm/ Network would have cleared the exams. HEARTY CONGRATULATIONS to them for their success!! You will appreciate that, many students may have missed to pass in the November2017 exams, feeling sad, dejected and low. It is our collective responsibility to motivate, guide and help these students. Many new students will also appear for the 1st time in forthcoming exam in May 2018 To motivate them to appear for exams with determination and appropriate preparation, Human Development & Technology Initiative (HDTI) Committee of BCAS has Jointly with RVG, Educational Foundation organised an interactive session titled "SUCCESS IN CA EXAMS". This session, aims at guiding them effective ways to cope up with pressure, prepare better, and successfully pass in CA Exams. We earnestly appeal to esteemed members to kindly encourage all CA students to register and attend this programme. It is free for all students of CA course. We are confident that students will immensely benefit by attending the Programme, Details are as follows: Topic Success in CA Exams Day, Date & Time Sunday, 25 th February 2018 between 2.30 p.m. to 6.30 p.m. (Registrations from 2.00 p.m.to 2.30 p.m.) Topics & Speaker CA Exam ICAI perspective, Do s and Don ts - CA. Mangesh Kinnare (Member Centre Council Members of ICAI, and Member Examination Committee) How to prepare for Subjects and appear for Exams - CA. Kartik Iyer Venue RVG Hostel Lallubhai Park Andheri (West), Mumbai - 58 We have also invited students who scored ranks in exams and will share their Success experience. Kindly circulate this announcement to all the students in your firm. For Registration kindly contact: Mr. Bilal Ansari/ Mr. Aniket Manjarekar on events@bcasonline.org & on Telephone No HUMAN DEVELOPMENT AND TECHNOLOGY INITIATIVES COMMITTEE Chairman: CA. Rajesh Muni Co- Chairman : CA. Mihir Sheth Convenors: CA. Mukesh Trivedi, CA. K. K. Jhunjhunwala, CA. Nikunj Shah, CA. Anand Kothari Dear Member, WORKSHOP ON TRANSFER PRICING CBCR AND MASTER FILE BCAS has planned this Workshop to understand the gamut of issues related to Master File and Country-by-Country Reporting which for FY is due by The idea is to provide conceptual understanding of law accompanied by practical learning with a case-study based format. Faculty comprise of senior professionals having expertise in the field of Transfer Pricing. Day & Date Tuesday, 27 th February, 2018 Venue BCAS 7, Jolly Bhavan No.2, New Marine Lines, Mumbai Time 5:00 P.M. to 8:00 P.M. Fees BCAS Members: R600/- (Including GST 18% ) Non Members: R850/- (Including GST 18% ) Particulars Time Speakers Conceptual understanding and Interpretation of legal provisions 5.00 to 5.45 PM relating to Master File and Country-by-country Reporting (CBCR) Case Studies / Live example on preparation of Master File and CBCR 5.45 to 8.00 PM Q & A Session CA. Hasnain Shroff CA. Anjul Mota *The enrolment is restricted to 70 participants only. INTERNATIONAL TAXATION COMMITTEE Chairman: CA. Mayur Nayak Convenors: CA. Deepak N. Kanabar, CA. Siddharth Banwat, CA. Rutvik Sanghvi Programme Co-ordinator: CA. Shreyas Shah 8 FEBRUARY 2018

9 FOUR DAY ORIENTATION COURSE ON FOREIGN EXCHANGE MANAGEMENT ACT (FEMA) The Foreign Exchange Management Act (the Act) was introduced in To relax foreign exchange restrictions which resulted in significant flow of investment into India over the years - making India one of the most lucrative FDI destinations in the world. Indian overseas investment policies have also been progressively liberalized and simplified to meet the changing needs of a growing economy. Various borrowing options are now available for Indian entities which hitherto were a distant dream. FDI in LLP is a reality now. Recently, Reserve Bank re-wrote various notifications regulating capital account transactions which were in operation till now. Also, options for Non Resident Indians have opened up by a large extent. Professionals can equip themselves to answer their clients on these regulations. Crypto currencies are all the rage and one need to know the implications under FEMA and Prevention of Money Laundering Act. This 4 day orientation course is planned for professionals to learn and relearn the whole gamut of FEMA at the hands of experts on the subject. Day & Date 16 th & 17 th March 2018 (Friday, Saturday) 23 rd & 24 th March 2018 (Friday, Saturday) Time 9:00 a.m. to 6:00 p.m. Venue Gulmohar, BCAS, Jolly Bhavan No.2, New Marine Lines, Mumbai Member Non Member Fees R 6,000 Rs7,000 GST R 1,080 R 1,260 Total R 7,080 R 8,260 TOPICS TO BE ADDRESSED BY EMINENT FACULTIES WILL BE AS UNDER (1) Understanding FEMA Structure of FEMA, Important Definitions- Residential status etc CA. Mayur Nayak (2) Current & Capital Account and change of residential status Permitted and prohibited current and capital account transactions and formalities upon change CA. Manoj Shah of Residential Status. (3) Facilities for Resident Individuals and Non-Resident Indians NRIs: NRO, NRE and Other Deposits in India, Repatriation of assets outside India (1 million USD CA. Rutvik Sanghvi Scheme) Residents: Liberalised Remittance Scheme (USD Scheme)(LRS). (4) FDI in Real Estate Sector and buying and selling of Immovable Property in and outside India What are the provisions for investment into Real Estate Sector in India? Who can buy immovable CA. Rajesh P Shah property in India, which property cannot be acquired, permissible transfer of the property etc. (5) Export & Import of Goods & Services Meaning of export/ import, international exhibition/trade fair, Export of goods on lease, hire, etc. CA. Gaurang Gandhi Declaration Forms and the procedures thereof, Export of Software, Export of Services, Write-off of unrealized export bills, self-write off of unrealised export bills, agency commission on the export, refund of export proceeds, advance receipt for the export etc. (6) Setting up of a Liaison Office, Branch Office & Project Office in India. Who can set up, routes, permissible activities, bank accounts & repatriation of profits, CA. Natwar Thakrar documents to file, disposing of assets, closure etc. (7) Overview of FDI Who can invest in India, sectoral analysis (prohibited & permitted sectors), eligible instruments for CA. Anil Doshi investment and pricing, reporting and remittance, Downstream Investment, transfer of shares and round tripping. (8) Sector Specific FDI Regulations Retail Single Brand & Multiple Brand, Ecommerce, Pharma etc CA. Naziya Siddiqui (9) FDI in financial sectors Investment by a Foreign Venture Capital Investor (FVCI), an Alternative Investment Fund (AIF), a CA. Bhavin Shah Foreign Portfolio Investor (FPI), Investment in Real Estate Investment Trusts (REITS). (10) Investment on non-repatriation basis & FDI in Limited Liability Partnership (Schedule 4 & 9 of Notification 20) CA. Niki Shah Who can invest in LLP, pricing, reporting and remittance, Downstream Investment, transfer of interest, who can invest in a company under non-repatriation basis and what are permissible business activities (11) External Commercial Borrowing (ECB) and Rupee Denominated Borrowing CA. Shabbir Motorwala (12) Setting up a Branch outside India & Overseas Investment Provisions and compliances required CA. Paresh P Shah (13) Compounding under FEMA What is compounding, what contraventions can be compounded, who can apply for compounding, CA. Naresh Ajwani procedure for applying for compounding, What is the criteria for calculation of compounding amount etc. (14) Prevention of Money Laundering Act (PMLA) and FEMA issues of dealing in Crypto Currency CA. Dhishat Mehta (15) Brain Storming and Panel Discussion Eminent Faculties The said faculties will share their practical experience and deal with the subject with examples/illustrations. INTERNATIONAL TAXATION COMMITTEE Chairman: CA. Mayur Nayak Conveners: CA. Deepak N. Kanabar, CA. Rutvik Sanghvi, CA. Siddharth Banwat Course Co-ordinator: CA. Kirit P. Dedhia and CA. Rajesh P. Shah FEBRUARY

10 12 TH RESIDENTIAL STUDY COURSE ON GST The Indirect Taxation Committee of BCAS is pleased to announce the 12th Residential Study Course on Indirect Taxes. The details are as follows:- The details are as follows:- Day, Date & Time Thursday to Sunday 21 st June to 24 th June 2018 Venue Marriott Hotel, Kochi Fees R15,750/- + R2835 (GST) = R18,585/- per member R11,000/- + R1980/- (GST)= R12,980/- per member (non-residential) Key Note Address Guest Speaker Subjects & Paper Writers CA. Upender Gupta, IRS Commissioner, GST Pullela Nageswara Rao, Chief Commissioner CGST, Cochin Zone Papers for Discussion "Case Studies on Levy & Supply (including mixed and composite supplies)" "Place of Supply, Cross-Border transactions (including between states), Input Tax Credit, Export & Refunds" "Classification issues under GST, Works Contract and Job Work " Papers for Presentation GST Audit and state of preparedness Procedures under GST, Payment, Returns etc - Issues Rohit Jain (Advocate) CA. Divyesh Lapsiwala G.Shivadass (Advocate) CA. Naresh Sheth CA. Rajiv Luthia GST related practice Journey so far & Way ahead Talk show Eminent Professionals Address of the Venue: Marriott Hotel, Kochi, Lulu International Shopping Mall Pvt Ltd, 34/1111, N.H 47, Edappally Kochi Tel: Notes: 1. The Residential Study Course is open only for Ordinary and Life members of BCAS. 2. Enrolment will commence from Monday, 12 th February, 2018, and will be restricted to 150 members only, on first-comefirst-served basis. 3. The Course will begin on Thursday 21 st June 2018 with Lunch, and will conclude on Sunday 24 th June 2018 after lunch. Delegates can check-in at the hotel from 2 pm onwards on 21 st June All participants will be accommodated in earmarked rooms on twin sharing basis. The participants are requested, therefore, to indicate in the enrolment form your preference of room partner, if any. 5. The Enrolment Fees is inclusive of lodging, boarding, course material and R50/- being contribution towards BCAS Foundation. 6. Kochi is well connected with all major cities in India, through the network of various airlines as well as by railways. And the venue is in the midst of city about 25 kms from Kochi Airport, and about Ernakulum Junction (South) 12 kms or Ernakulum North 9 kms from Kochi Railway Station. 7. Refunds & Substitution: Once enrolled, requests for refunds will not be entertained. However, the Committee, at its discretion, may permit substitution in specific circumstances, provided such request for substitution is received well before the commencement of RSC and the person to be substituted is an eligible member of BCAS. 8. Members from Kochi can join as non-resident participant (only those members whose address is so registered with BCAS). The fees (inclusive of course material, 3 dinners and 3 lunches) shall be R11,000/- plus GST R1980/- (Total R12,980/-) per member( Non Residential). 10 FEBRUARY 2018

11 9. For further enquiry, if any, you may kindly contact Mr. Javed / Mr Bilal at BCAS. ( / , em1@bcasonline.org) INDIRECT TAXATION COMMITTEE Chairman: CA. Deepak R. Shah Conveners: CA. Samir Kapadia, CA. Mandar Telang, CA. Saurabh Shah ENROLMENT FORM Bombay Chartered Accountants' Society 12 th Residential Study Course on GST 21 st June to 24 th June 2018 Name:... M. No.:.... Address: Tel/ /.... Choice of Room Partner: I would like to act as Group Leader for Paper: (1) (2)..... Enrolment Fees R18,585/- ( ) Enrolment Fees R12,980/- ( ) (On Non-residential basis as per Note No 8) Paid by Cheque/Draft No.... Drawn on... GSTIN... Note: Request you to submit your GST Certificate with Enrolment Form Date:... Signature: FEBRUARY

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16 Bombay Chartered Accountants Society 7, Jolly Bhavan No.2, New Marine Lines, Mumbai Tel: Website: E-Journal: MEMBERSHIP / SUBSCRIPTION FORM (For Individuals) [IN BLOCK LETTERS PLEASE] Mr. / Mrs./ Miss. Affix photo here CITY: STATE: PINCODE: COUNTRY: MOBILE: Tel (O) : ID: Tel (R) : DATE OF BIRTH: (DD/MM/YYYY) BLOOD GROUP: ICAI REGN. NO. : ICAI REGN. DATE: (DD/MM/YYYY) GENDER : MALE / FEMALE FROM INDUSTRY / PRACTICE GSTIN* Details BCAS Membership Ordinary 1 With Journal FEE DETAILS: [ANNUAL SUBSCRIPTION] ICAI Member prior ICAI Member after Entrance Fee 1, Membership Fees 1, , Life Membership (without Journal) 1 11, , Life Membership (with Journal) 1, 2 13, , Select Option Journal Subscription 2 1, , Details 1 Year 2 Years 3 Years Student Membership [ Membership, e-journal, Study , Circle, Discount on selected events] 1 1 The above fees are inclusive of Goods and Service Tax. The rates are subject to change basis notification from time to time. 2 6 months and 9 months, proportionate fees for Membership and journal Subscription available. Newsletter by Post/Courier We shall send our notifications by SMS: Yes/No Payment Details Cash/Cheque/Draft of Rs......drawn on bank,....branch, Cheque/Draft No....Dated Date: Sign: Note: 1. Outstation payments to be made by Demand Drafts only. Payable at Mumbai. Now you can pay online on 2. Cheques/Draft should be drawn in favour of Bombay Chartered Accountants Society. 3. Please attach a photocopy of Membership Certificate of The Institute of Chartered Accountants of India. 4. Office timing: a.m. to 1.30 p.m. and 2.00 p.m. to 5.30 p.m. In case of new members and renewals of existing membership, the recipient of the supply can be the member only. Therefore, only the GST registration number of the member ( and not the firm) will be recognized. In case the member is not registered under the GST Law, the same shall be treated as B2C Transaction. It may also be stressed that all pending renewals which are renewed after the transition date will be liable for GST. 16 FEBRUARY 2018

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19 FROM RBI Contributed by : Gaurang V. Gandhi The Reserve Bank of India has issued the following 2 Circulars A. P. (DIR Series) Circular No. 16 dated January 25, 2018 Exim Bank's Government of India supported Line of Credit of USD 100 million to the Government of the Republic of Kenya Exim Bank has made available, subject to certain terms and conditions, to the Government of the Republic of Kenya, a Line of Credit of US $ 100 million for financing agricultural mechanization project in Kenya. Eligible goods and 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 can be procured by the sellers from outside India. The terminal utilization period for the credit is 60 months after the scheduled completion date of the project. A. P. (DIR Series) Circular No. 17 dated January 25, 2018 Exim Bank's Government of India supported Line of Credit of USD million to the Government of Côte d Ivoire Exim Bank has made available, subject to certain terms and conditions, to the Government of Côte d Ivoire, a Line of Credit of US $ million for financing the Upgradation of four Military Hospitals in Abidjan Korhogo, Bouake and Daloa regions in Côte d Ivoire. Eligible goods and 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 can be procured by the sellers from outside India. The terminal utilization period for the credit is 60 months after the scheduled completion date of the project. BOMBAY CHARTERED ACCOUNTANTS SOCIETY - STAFF CONTACT DETAILS Sr. No Name Role ID Direct Line 1 Ms. Mamta Varma Membership, Imprest, Publications and mrd@bcasonline.org Member Relations Executive Online Payments 2 Mr. Manoj Lokhande, Front Desk Executive Enrollments and Collections frontoffice@bcasonline.org Mr. Prakash Palsamkar, Front Desk Executive Enrollments and Collections frontoffice@bcasonline.org Ms. Khushali Brahmbhatt Communication Manager communications@ bcasonline.org Mr. Javed Siddique, Events Manager Co-ordinator for Lecture meetings, Seminars, em1@bcasonline.org Workshops & Residential Courses 6 Mr. Bilal Ansari, Asst. Event Manager Co-ordinator for Lecture meetings, Seminars, asst.em2@bcasonline.org Workshops & Residential Courses 7 Mr. Aniket Manjrekar, Event Executive Co-ordinator for meetings and study circles event.exec@bcasonline.org at BCAS office 8 Mr. Manoj Singh Graphics Designer for Announcements, graphics@bcasonline.org Standees, Banners etc 9 Mr. V. K. Sharma, Knowledge Manager Journal & Newsletter Production km@bcasonline.org Ms. Madhuri Haware, Journal & Newsletter Production asst.km@bcasonline.org Asst. Knowledge Manager 11 Ms. Rathi Nair, Secretary to President Executive Assistant sp@bcasonline.org Mr. Upendra Hisaria, Office Manager General Office Administration & Escalations om1@bcasonline.org and all other matters not mentioned above FEBRUARY

20 Registered with the Registrar of Newspapers for India under R.N /98 BCAS Study Circles Sr. No. Study Circle Fee (R) I Direct Tax Laws 472 II Indirect Tax Laws 472 III Company Law, Auditing & Accounting 472 IV FEMA 472 V Information Technology 472 * Above Fee is inclusive of 18% GST Tick your choice here Regd. No. MCS/093/ Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1 Published on 15th of every month Posted on 15th & 16th of every month Sr. No. Study Circle Fee (R) VI Human Resource Development 472 VII ITF 1,180 VIII BCAS Suburban Study Circle 708 IX International Economics Study Group 1,180 Tick your choice here Study Course 8 th Residential Study Course Ind AS to Double Occupancy Single Occupancy (In R) (In R) Members 17700/ /- Non-Members 20650/ /- Non-Residential (Pune)... Member...R8, Non Member...R11, th Youth Residential Refresher Course to R14, nd Joint Residential Refresher Course & Residential...R6, Non Residential...R2, th Residential Study Course on GST to Per Member...R18, Non Residential...R12, Combined Enrolment Form Course A Motivational Talk For Young Chartered Accountants N.A... Interactive Session with Students for Success in CA Exams N.A... Four Day Orientation Course on FEMA & & Member...7, Non Member R8, Workshop Workshop on Transfer Pricing-CBCR And Master File Members...R Non-Members...R Residential Leadership Retreat 16 th Residential Leadership Retreat , Members and Spouse (each) R6, Members registering individually...r6, Non-Members..R7, Enrolment Form BCAS Membership No.:...GSTIN: -... 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) 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. The Cheque/DD will be in the name of Bombay Chartered Accountants Society. Your participation will be confirmed only after the realization of payment at BCAS, for which a receipt will be provided for your reference. Kindly note that the cash counter timings are from am to 5.30 pm on Monday to Friday and am to 1 pm on Saturday. The lunch time is 1.30 pm to 2 pm. Members 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. Edited, printed & published by Raman Jokhakar on behalf of Bombay Chartered Accountants Society, Mumbai Printed at Spenta Multimedia Pvt. Ltd., Mumbai FEBRUARY 2018