10 BCASNewsletter€¦ · Students’ Study Circle CA. Gaurang Gandhi The next study circle meeting of the Students’ Study Circle is scheduled as follows: Day and Date Friday, 3rd

BCAS Newsletter I July 2012 1

Vice-President’s Communiqué

Harnessing Talent and Providing Quality Service

Vol. 15 n No. 4 n July 2012

n A Monthly Newsletter of the Bombay Chartered Accountants’ Society

For Members only. For Private Circulation only. Price: `10

BCASNewsletterDear Members,

At the 63rd AGM held on 6th July, 2012, the young and dynamic Deepak Shah took over the reins of the Society from Pradip Thanawala, who completed a highly successful term. I, as the newly elected Vice President get this wonderful opportunity to communicate with a vast body of more than 8,600 members apart from the countless students and non-members who scour this Newsletter to keep themselves abreast with the activities of the Society. I am conscious of the responsibility that comes with this opportunity and I will endeavour hard to utilise this space to appeal to your intellect.

The Annual Plan laid out by the new President for this year has 3 focus areas; 'expand and enrich the membership experience', 'enhance and strengthen relationships' and 'provide mentorship'. We, the team, are motivated and committed towards this and look forward to your wholehearted support.

The global economy is in a precarious state. India, no longer an island nation post liberalisation, is bound to be affected. To thrive in such times requires the knack of comprehension. Sun Tzu, in his book The Art of War, says “To sense and comprehend after action is not worthy of being called comprehension. To accomplish after striving is not worthy of being called accomplishment. To know after seeing is not worthy of being called knowing.”

Let’s take a look at India’s economic state and see what we could have comprehended, what we have achieved and what we now know. The GDP growth has touched a nine-year low of 6.5% and the latest Index of Industrial Production growth of 0.1% also paints a sorry picture. Adding to the agony is the seemingly untamable inflation at 7.55%. Ironically, in the fight between controlling inflation and propelling growth, we are losing out on both fronts. The policy inaction coupled with these inflation

President: Deepak Shah, 98201 48536;[email protected]

Vice-President: Naushad Panjwani, 98200 59048; [email protected]

Hon. Jt. Secretaries: Nitin Shingala , 98200 57694; [email protected] Raman Jokhakar, , 98208 77976; [email protected]

Hon. Treasurer: Chetan Shah, 98202 23402, [email protected]

PROGRAMMES AT A GLANCEStudents Crash Course ............................................................25-07-2012 ............................... Sydenham College, Chuchgate, Mumbai ...................................................................... 10

Tree Plantation at Mumbai ........................................................29-07-2012 ............................... Gautam Buddha Garden, Worli Sea Face, Worli, Mumbai .............................................. 3

Students’ Study Circle ..............................................................03-08-2012 ............................... BCAS Conference Room, 7 Jolly Bhavan No. 2, New Marine Lines, Mumbai ................. 3

Advanced FEMA Conference ....................................................04-08-2012 ............................... M. C. Ghia Hall, Kalaghoda, Mumbai. ............................................................................ 3

Visit to Dharampur ...................................................................05-08-2012 ............................... Dharampur, Dharampur District, South Gujarat ............................................................. 3

Monsoon Trekking ..................................................................25-08-2012 ............................... Dodhani Village to Matheran ......................................................................................... 5

Seminar on NBFC Regulations ................................................30-08-2012 ............................... Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai ............... 4

Workshop on ‘How to conduct a Tax Audit’ ..............................31-08-2012 ............................... Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai ............... 4

E-Learning Program on XBRL ..................................................ongoing program ....................... online program ............................................................................................................... 7

Lecture Meeting .......................................................................20-07-2012 ............................... Jai Hind College Auditorium, ‘A’ Road, Churchgate, Mumbai ......................................... 1

Lecture Meetings......................................................................08-08-2012 & 22-08-2012 ....... Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai ............... 1

7, Jolly Bhavan No. 2, New Marine Lines, Mumbai - 400020. Tel. Nos. : 61377600; Fax: 61377666 Email : [email protected]; Website : www.bcasonline.org

Lecture MeetingsVenue I Jai Hind College Auditorium, ‘A’ Road, Churchgate, Mumbai 400020Day, Date & Time I Friday, 20th July, 2012, 5.30 p.m. Speaker I Mr. K. Krishna Rao, IRS,CIT, CPCs Mr. R. K. Mishra, IRF, Additional CIT, CPC Mr. Ravishankar P, Chartered Accountant, Centre Operation Head, CPC Mr. Satish Goyal, IRS, Additional CIT, E Filing Mr. Ashish Abrol, Additional DIT (Systems)Subject I CPC & E Filing – Challenges, Issues and way forward (Jointly with Western India Regional Council of The Institute of Chartered Accountants’ of India, The Chamber of Tax Consultants and Indian Merchants' Chamber)

Venue I Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai – 400020Day, Date & Time I Wednesday, 8th August, 2012, 6.15 p.m.*Speaker I CA. Himanshu KishnadwalaSubject I Issues in implementation of Revised Schedule VI

Venue I Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai – 400020Day, Date & Time I Wednesday, 22nd August, 2012, 6.15 p.m.*Speaker I Mr. Vikram Nankani, AdvocateSubject I Service Tax & VAT on Sale of under Construction Flats

*Fellowship over a cup of tea at 5.45 p.m.(Continued on page 2)

BCAS Newsletter I July 20122

Right to Information ClinicBCAS Foundation operates a Right to Information (RTI) Clinic on a regular basis. RTI Clinic is operated by Mrs. Hema Sampat, a research scholar on the subject of RTI, Mr. A. K. Asher, Adv. & RTI activist and CA. Narayan 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 21st & 28th July 2012 and 11th & 25th August 2012 Please call the Society’s office (Ms. Shernaaz: 61377600) to obtain a prior appointment.

Charitable Trust ClinicThe next Charitable Trust Clinic will be held on 3rd August 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: 61377620) and 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.

Panel of Advisors:CA. Ratanshaw DamanwalaCA. Shariq ContractorCA. Gautam NayakCA. Anil Sathe CA. Atul Shah

Accounts & Audit ClinicThe next Accounts & Audit Clinic will be held on 4th August 2012 from 10.30 a.m. to 11.30 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 e-mail to [email protected] one week in advance and call the Society’s office (Mr. Rajaram: 61377613) 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 PanditCA. Himanshu Kishnadwala CA. Jayesh Gandhi

(Continued from page 1)

controlling measures is taking a toll on the country’s economic health. The 25% depreciation of the Indian Rupee against the USD has robbed us of an opportunity to take advantage of the 20% decline in the crude oil price, which would have reflected beneficially in our import bill. And hence the irony of the domestic fuel price having gone up when the international crude oil prices have fallen. The low interest rate regime too has been deferred by the RBI. India is fortunate to have a very high domestic consumption, which affords us the immunity against slowdown in the USA and meltdown of the Euro zone. All we need is a concerted policy approach to address the economic problems of India.

The onset of monsoon, albeit a weak one, has brought in the much needed relief from the heat of the scorching summers. The first of the returns for AY 2012-13 fall due in this month for which members and assessees must be gearing up.

The guest speaker Lt. General Syed Ata Hasnain, at the recently concluded AGM, left a very powerful thought behind; “There is a patriot in all of us”. But more about that in my next communiqué.

Here’s wishing everyone happiness and love.

With warm regards,

Yours truly,

CA. Naushad Panjwani

Bombay Chartered Accountants' Society InfoTech & 4i Committee

&Membership & Public Relations Committee

present

BCAS Web TV

Subscribe Now!!!Subscription Charges: R600 per annum applicable for April 2012 to March 2013. 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 www.bcasonline.org

Lecture Meeting on Recent Controversies in Cross Border Taxation by CA. Pinakin Desai held on 11th July 2012 is

available on BCAS Web TV.


Advanced FEMA ConferenceInternational Taxation Committee is pleased to announce “Advanced FEMA Conference”. This Conference is jointly organised by Bombay Chartered Accountants’ Society and The Chamber of Tax Consultants. The Conference is planned to offer insight into advanced level issues on cross border transactions and enlighten our members on various intricacies on the above subject.

Day & Date : Saturday, 4th August, 2012 Time : 9.30 am to 5.30 pm Venue : M. C. Ghia Hall, Kalaghoda, Mumbai.Fees : `1,000 (inclusive of 12.36% of service tax) for members of BCAS and CTC `1,300 (inclusive of 12.36% of service tax) for non members of BCAS and CTC (including breakfast, lunch, tea / coffee and seminar material) Topics and Speakers:

Sr.No. Topics Speakers 1 a)Inaugural and Keynote

address

b)Interactive session with RBI officials

Chief General Manager of RBI (FED)-Mr. R N Kar. *

2 Practical issues arising from FEMA including on LRS, Immovable properties etc.,

CA. Dilip J. Thakkar

3 Issues on Overseas Outbound Investments

CA (Dr.) P. P. Shah

4 Issues on borrowing and lending including ECB, trade credits etc.,

CA. Shabbir Motorwala

5 Foreign Direct Investment – recent changes and issues

CA. N. C. Hegde

*Subject to confirmation

Enrolment will be restricted to first 125 participants from both organisations put together.

Enrolment form is printed on page 12.

International Taxation CommitteeChairman : CA. Kishor Karia Co-Chairman : CA. Rajesh Kothari Convenors : CA. Krishna Kumar Jhunjhunwala CA. Dhishat Mehta CA. Gaurang Gandhi

The next study circle meeting of the Students’ Study Circle is scheduled as follows:

Day and Date Friday, 3rd August 2012

Time 6.30 pm to 8.00 pm

Venue Bombay Chartered Accountants’ Society, 7, Jolly Bhavan No. 2, Ground Floor, New Marine Lines, Mumbai 400020.

Subject Tax Audit

Speaker Ms. Maitri Nayak & Ms. Drashti Sanghavi

Enrolment fee for the Study Circle is R200+12.36 % Service Tax covering the period till 31st March 2013. So please enroll at the earliest.

Looking forward to seeing you in large numbers.

Students’ Study Circle

Human Resources CommitteeChairman : CA. Mayur Nayak Convenors : CA. Bharatkumar Oza CA. Hemant Gandhi CA. Mihir Sheth

QuoteA poet can survive everything but a misprint.

— Oscar Wilde

Friends,

I am sure being nature lovers and environment conscious, each one of us has a burning desire to plant a tree, but wouldn't know how to go about it. Here is an opportunity to do your bit to conserve nature by planting trees.

Some of us visited the Matuniya village at Dharampur–Vansda during June 2011 monsoon season for 'tree plantation' and other 'rural economic development activities.' It was indeed a satisfying experience.

We are back again!

This time we have decided to scale up our efforts in conservation of nature by being instrumental in plantation of about 45,000 trees in the tribal areas of Dharampur District, South Gujarat. This gigantic task will be carried out with the help of the Sarvodaya Parivaar Trust, (A Gandhian philosophy based NGO).

We have planned a one day visit to Dharampur on Sunday 5th August, 2012 on a self-contributory basis. Please note that the visit is open to your friends and family members. The total numbers of persons are restricted to 25 only on first-cum-first serve basis.

Tree Plantation at Mumbai

Those of you who are interested in planting trees in Mumbai can join us on Sunday 29th July at the Gautam Buddha Garden, Worli Sea Face, Worli at 8.00 am. This programme is jointly organised with Worli Walkers’ Association.

Those of you who are interested in joining any of the above events are requested to write to the event Manager Mr. Amit Singh at [email protected].

Tree Plantation and Visit to Dharampur


Programme Coordinators: CA. Vipin Batavia & CA. Meena Shah


Accounting & Auditing CommitteeChairman : CA. Himanshu KishnadwalaConvenors : CA. Mukesh Trivedi CA. Abhay Mehta CA. Suril Shah

Day & Date : Thursday, 30th August, 2012Time : 9.30 a.m. to 4.30 p.m.Venue : Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai 400020

Fees Fees up to 14th August 2012

Fees after 14th August 2012

Members R2,000 R2,500

Non-Members R2,500 R3,000(The above fees includes Service Tax of 12.36%, contribution of R50 to BCAS Foundation, seminar material and lunch)

Banking is the lifeline of any economy. There is a significant emphasis on inclusive growth towards which banking sector plays a very vital role. Towards achieving the inclusion of all the stakeholders in the progress of the nation, the Reserve Bank of India has also emphasised on the systematic growth of NBFCs. For achieving structured growth and meeting the objectives set by Reserve Bank of India, NBFCs are also highly regulated entities and there are many statutory/reporting compliances to be adhered to, especially if they are accepting deposits from the public. Non-banking financial companies (NBFCs) perform financial intermediation in a variety of ways, like accepting deposits, making loans and advances, leasing, hire purchase, etc.

It is a specialised area of operations and keeping oneself abreast with the domain knowledge of the functions, operations, regulations and statutory compliances of NBFCs is necessary for handling matters relating to NBFCs. BCAS with its vision of being facilitator in imparting knowledge in specialised areas to its members and public at large, has been organising seminar on NBFCs since last three years, with a view to honing the skills of the participants in the specialised area of NBFCs. The response to the seminar over last three years demonstrates inherent interest in professionals to keep abreast with the changes in this specialised field of finance. With a view to further enhance the knowledge and spread it to wider professional circle, this year also BCAS has organised a seminar on NBFC Regulations (Including Audit and Tax Aspects).

The seminar will be addressed by experts dealing with the subject matter regularly and having in depth knowledge to share. The details of the seminar is as follows:

Session 1 Recent developments in NBFC regulations/inspection perspective

Senior official from RBI

Session 2 Public deposits,RBI regulations for NBFCs & CIC (Reserve Bank) Directions, 2011

CA. Anup Shah

Session 3 Audit procedures and reporting in NBFCs

CA. Viren Mehta

Session 4 Typical tax issues in NBFCs CA. Yogesh Thar

Enrolment form is printed on page no 12.

Seminar on NBFC Regulations (Including Audit and Tax Aspects)

Taxation CommitteeChairman : CA. Gautam NayakConvenors : CA. Saurabh Shah CA. Anil Doshi CA. Rajeev Shah

Workshop Co-ordinators : CA. Pinky Shah and CA. Bhadresh Doshi

The audit season is just round the corner and all our offices are gearing up for the same. Tax Audit being an important compliance for most of our clients, and with many new debates cropping up in taxation, we at BCAS have organized a very interesting workshop for articled students, audit staff and fresh chartered accountants. The eminent faculty will discuss all clauses of Form 3CD, clause by clause, besides giving an overall perspective of the approach to such tax audit. This will help the participants to understand each clause and cull out relevant details from the audited accounts.

The unique feature of this popular workshop is an additional Brains Trust Session, wherein the participants can send their queries before the workshop and a panel of experts would reply to them during the workshop. All the participants would immensely benefit from the expert knowledge of speakers and members should encourage their staff to enroll for this workshop.

Day & Date : Friday 31st August, 2012Time : 9.30 a.m. to 4.00 p.m. Venue : Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai 400020.Fees : R750+R93(Service Tax) = R843 per participant (for enrollment up to 31st July 2012). Thereafter, R900+R111(Service Tax) = R1011 per participant (Contribution of R30 to BCAS foundation, cost of study material, if any, tea, snacks and lunch)Faculty : CA. Himanshu Kishnadwala CA. Anil Sathe CA. Sonalee Godbole CA. Raman Jokhakar

Participants need to send their queries latest by 21st August 2012 for the Brains Trust Session either on the email id [email protected], or a hard copy to the BCAS office before this date.

Enrolment form is printed on page no 12.

Interactive Training Workshop on‘How to conduct a Tax Audit’

QuoteEvery artist was first an amateur.

— Ralph Waldo Emerson


Monsoon TrekkingTrek from Dodhani village to Matheran via Sunset Point


Program Co-ordinators: CA. Anand Kothari, CA. Deepak N. Shah & CA. Vijay Bhatt

Day & Date : Saturday, 25th August, 2012

Route for Trek :The trek is a gentle climb from Dodhani Village (located about 18 km from Panvel) to Sunset Point at Matheran. The route is through beautiful jungle and the monsoon/rain may make it very interesting. From Sunset Point one can have great view of the various Sahyadri Peaks such as Peb, Chanderi, Mahasmal and Panvel Reservoir. The climb is expected to take about 3 hrs.

Bus & Other Arrangements : Starting at 5.45 a.m. from Borivali National Park, 6.15 a.m. at Andheri East Gold-Spot factory, 6.30 a.m. Sion station, 7.00 a.m. Vashi Return from Neral and reach Mumbai by about 8.00 p.m. The participants are expected to be reasonably fit to walk for about 4/5 hrs. Participants with the heart problems and other health issues

are advised to consult their doctor. The trek is meant to enjoy the nature. However, it is not a picnic. Participants are welcome to bring their family and children. Number of participants are restricted to 45.

Participation fees per head as follows :R1,123 (Including Service Tax) Members / SpousesR843 (Including Service Tax) for Children Below 12 yearsCost includes arrangement for transport, breakfast at Navratna Hotel, afternoon lunch at Matheran and contribution of R50 for BCAS Foundation. Please inform your participation by email to Amit Singh at [email protected] in the following manner and send the fees to BCAS with copy of your email sent.

Sr. No. Full Name Relation with Member

Age SexM / F

Food PreferenceJain / Regular

Amount

Total R

Enrolment FormBCAS Membership. No. : ......................................................

Address:...............................................................................................................................................................................................................................

.................................................................................................................................. E-mail: ..............................................................................................

Mobile: .................................Tel. (O): ............................................. Tel. (R): ............................................................. Fax: ………….......................…………

Cash / Draft / Cheque No: .......................................... Drawn on............................................................................................................................Bank,

Dated: ....................................for an amount of Rs...................................................................................................................................... is enclosed.

Date: .............................. …………………………..

(Signature)

The cheque should be in favour of “Bombay Chartered Accountants’ Society”


BCAS Publications for Sale

Sr. No. Name of Publication - Books / CDs / Papers Price R Postage R

1 Custom Baggage Rules 50 25

2 Fundamental Rights and Duties of Indian Citizens (At a Glance) 50 25

3 CD on Seminar on NBFCs (including audit aspects) 350 50

4 Namaskar ki Bhet 100 50

5 Hedging made simple Members

Non-Members225250

5050

6 BCA Journal CD – April 2000 to March 2011 Member & Journal subscriber

Non-Members500600

5050

7 CD on Two-Day Comprehensive Workshop on Valuation (Study Material)Members

Non-Members500600

5050

8 CD on 1st Residential Study Course on IFRS (Study Material) 750 50

9 CD on 2nd Residential Study Course on IFRS (Study Material) 750 50

10 CD on 3rd Residential Study Course on IFRS / Ind AS (Study Material) 2250 50

11 Video Recording & Study Material of the Seminar on Cenvat Credit and Refunds of Service Tax Members

Non-Members500600

5050

12 Mandatory Accounting Standards (Extracts from Published Accounts) Members

Non-Members425595

150150

13 Format of Financial Statements under Schedule VI Members

Non-Members250345

100100

14 Study Material DVD on Two-day Workshop on Recent Developments in Accounting & Auditing Standards and Reporting Requirements held on 13th & 14th April 2012

MembersNon-Members

13501650

5050

Recent Publications15 Digest of Full Bench Decisions of Central Information Commission

MembersNon-Members

120150

5050

16 Gita for Professionals 75 50

17 Advance Rulings Law and Procedures - A Compilation 125 50


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 XBRLOver 9 hours of online training including Q&A session on XBRL Course Module :

Course objectives :• TohelptraineesunderstandthemeaningandnatureofXBRL

and the technical terms commonly associated with XBRL.• TohelptraineesunderstandthebasicsofXBRLTaxonomies.• TohelptraineesunderstandhowtouseXBRLTools.• Tohelptraineesunderstandhowtocreateinstancedocuments.

Pre-requisites :• Familiaritywithaccountingsysteminstallationandreportwriting

recommended• Participants in this e-Learning Module need not have prior

experience of XBRL.

Fees :• Thetotalinvestmenttobemadebyyouforthisuniqueonline

training course shall be R11,236 (inclusive of service tax of 12.36%)

e-Learning Materials & Certification : • Theparticipantswillhaveaccesstothetrainingsessionsfor30

days during which, they will get unlimited access. They will also get access to special live Q&A sessions.

• Attheendofthetraining,acertificateofparticipationwouldbeissued to the participants who go through the entire module.

XBRL Course Module ContentModule — I

Overview of XBRL

• Meaning of XBRL• Key concepts of XBRL• Components of Business

Reporting Supply Chain• Technical Terms associated with

XBRL

• AdvantageofuseofXBRL• KeydriversofXBRL• XBRLadoptionaroundthe

world• XBRL&IFRSs• ApplicationsofXBRL

Module — IITaxonomy & Instance documents

• MeaningofXBRLTaxonomy• XBRLTaxonomyArchitecture• Linkbases,Tuples,Dimensions,Hypercubes,Axis,Members,etc.• XBRLTaxonomyExtension• XBRLInstanceDocument• InstanceDocumentBuildingBlocks(facts,contexts,units&

footnotes)• BestPractices

Module – IIIIndian GAAP Taxonomy & Business Rules

• OverviewofIndianGAAPTaxonomy

• AnalysisofIndianGAAPTaxonomy

• BusinessRules• AnalysisofBusinessRule

XBRL Implementation Approaches & Indian Regulatory Requirements

• XBRLImplementationApproaches

• IndianRegulatoryRequirements

Module — IVXBRL Tool

• DefiningUnit,Context,Currency, Decimal

• DetailedTagging• BlockTagging

XBRL Report Creation

• StepsinvolvedinXBRLReportCreation

• EditingXBRLInstances

• ValidatingXBRLReportatMCAValidation Tool

• ViewingXBRLReport

Module — VXBRL Report Creation

• TaggingofFinancialStatementsViz: Balance Sheet, P & L Account, Cash Flow Statement & Schedules

• TaggingofNotestoAccounts,Auditor's Report, Director's Report

Module — VIXBRL Assurance

• GlobalTrends• CurrentApproachestoXBRL

Assurance• XBRLAssuranceFramework

• IndianRegulatoryRequirements

• AssuranceonXBRLInstanceDocuments for MCA filings

E-Learning Modules on XBRL

Infotech & 4i CommitteeChairman : CA. Ameet Patel Convenors : CA. Nandita Parekh CA. Kinjal Shah CA. Pinky Shah

E-Learning program on XBRL


BCAS Study CirCleS for 2012-13BCAS announces annual formation of Study Circles for the year 2012-13. 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:

• tremendousopportunitiesforenhancingandsharingknowledge• honingyoursoftskills• keepingintouchwithcontemporarydevelopmentsinlawandinpractice• fellowshipamongstyourprofessionalcolleagues• catalystforyouractiveinvolvementinvariousotheractivitiesofBCAS.

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 [email protected]. 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 – 400069.

(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 1-4-2012 to 31-3-2013.……………………………………………………………………………………………………………………………………………………………

Enrolment FormPlease 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% effective 1st July 2012

BCAS Membership No.: ………………………………………Name: …………………………………………………………………………………………………………………………………....................……Address: ……………………………………………………………………………………………………………………………....………………….………………………………………………………………………………………………………………………………………………...……………Tel (O): ……………………..………………… Tel (R): …………………..……………………… Fax: ………...........………………………………Mobile: …………………...………………………… E-mail: ……………………………………………………………………………………………Cash/Draft/Cheque No. :…………………………..drawn on …………………………………………………………………………………...bank,Dated ……….....……………….for an amount of R...….................................................………………………………………..is enclosed.

Signature Date: …………………………


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:

`2,500 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, `250 extra to be paid for account handling charges.)

The base level would be `500, which needs to be replenished again to `2,500 by the person opting for the scheme.

Any publication, conference papers or CDs costing `500 or less than `500 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).

Imprest System for Publications

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 email to all the subscribers and would send these publications only on receipt of intimation from the subscriber. An email needs to be sent to [email protected] 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 `2,500 and send it to us at the BCAS office and relax . . . .

Please visit BCAS Website www.bcasonline.org for Imprest System form.

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A creative man is motivated by the desire to achieve, not by the desire to beat others.

— Ayn Rand

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Act as if what you do makes a difference. It does.

— William JamesIf you can dream it, you can do it.

— Walt Disney

BCAS Newsletter I July 201210 BCAS Newsletter I July 20128

CUT HERE CUT HERE CUT HERECUT HERE

ENROLMENT FORMName :...................................................................................................................................................................................................Registration Number : ..........................................................................................................................................................................

Course in which admission is desired : I.P.C.C ( ) FINAL ( ) (Please tick appropriately)

Residential Address : .........................................................................................................................................................................

...................................................................................................... Tel. No. (M) : ........................... E-mail : ....................................

Details of Articleship : Date of Joining ................................... Estimated date of Completion ................................................Name of the Principal : .....................................................................................................................................................................Name and address of Firm where articleship is being done : ........................................................................................................ ...........................................................................................................Tel. No. (O) : ............................ Fax No. (O) ..........................Cash/Draft/Cheque No. ........................................................................................................ drawn on ......................................Bank,dated ......................................................... for an amount of Rs.1686/- is enclosed.

Date : ............................................... Signature................................................................

Notes :

1. Please send the above form along with cash/cheque/draft drawn in favour of ‘‘BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY’’, to the Society’s office, at the address mentioned above.

2. We propose to have multifarious activities like Elocution Competition, Public Speaking, Self Development Education Courses, Orientation Courses, etc. for interested Students.

3. Members are requested to keep the proforma of this sheet and send the same duly filled in by new articled trainee after his/her enrolment in their office.

Bombay Chartered Accountants’ Society 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400 020.

Phone 61377600 / Fax : 61377666 E-mail : [email protected] Web : www.bcasonline.orgHuman Resources Committee

Chairman : CA. Mayur B. Nayak Convenors : CA. Bharatkumar Oza, CA. Hemant Gandhi, CA. Mihir Sheth"We had joined the Revision Course, which has proved very much helpful to us. We cleared both groups in First Attempt "

Miss Janhavi Thatte & Miss Komal Jain

I.P.C.C. & FInal C.a. StudentS’ eduCatIon CraSh CourSeS (Jointly with Western India Regional Council of The Institute of Chartered Accountants of India )

For November 2012 & May 2013 Examinations 1. Courses for :

C.A. I.P.C.C. C.A. Final — Accounting / Advanced Accounting — Financial Reporting — Business & Company Laws — Strategic Financial Management — Cost Accounting & F.M. — Advanced Auditing — Taxation — Corporates & Allied Laws — Auditing & Assurance — Advanced Management Accountancy — Information Technology & Strategic Management — Information Systems Control and Audit — Direct Taxes — Indirect Taxes

2. Course Co-ordinators : CA. Chandrakant Ruparelia, CA. Neel Majithia 3. Fees : Rs. 1686/- (including Service Tax 12.36% effective from 1st July 2012) per student for I.P.C.C

or Final (Total, and not per Subject, Including cost of Study Materials) 4. Timings & Venue : 6.15 p.m. to 8.30 p.m. on weekdays (Monday to Friday) at Sydenham College, ‘B’ Road,

Churchgate. 5. Duration : From July 25 to September 30, 2012. 6. Enrolment from : May 7, 2012 7. Faculty : Eminent personalities possessing rich experience in their respective fields.

For further informaion kindly contact Ms. Shernaaz or Mr.Rajaram on Phone 61377600 and 61377613 respectively during office hours atBOMBAY CHARTERED ACCOUNTANTS’ SOCIETY.


The Reserve Bank of India has issued the following 9 Circulars and various Master Circulars

A. P. (DIR Series) Circular No. 132 dated June 8, 2012Money Transfer Service Scheme

Presently, a single individual beneficiary can receive for personal use up to 12 remittances not exceeding US $ 2,500 each in a calendar year.

This Circular has increased the number of remittances that an individual can receive from 12 to 30. Thus, an individual can now receive for personal use up to 30 remittances each not exceeding US $ 2,500 in a calendar year.

A. P. (DIR Series) Circular No. 133 dated June 20, 2012Annual return on Foreign Liabilities and Assets Reporting by Indian Companies – Revised format

This Circular contains the new format of the annual return on Foreign Liabilities and Assets that is required to be submitted by all the Indian companies which have received FDI and / or made FDI abroad (i.e. overseas investment) in the previous year(s) including the current year. This annual return has to be submitted every year on or before July 15, 2012, directly by Indian companies to the Director, External Liabilities and Assets Statistics Division, Department of Statistics and Information Management (DSIM), Reserve Bank of India, C-8, 3rd floor, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051. The new form can be duly filled-in, validated and sent by e-mail to RBI.

A. P. (DIR Series) Circular No. 134 dated June 25, 2012External Commercial Borrowings (ECB) – Repayment of Rupee loans

This Circular permits Indian companies in the manufacturing and infrastructure sector who have consistent foreign exchange earnings during the last three years to avail, under Approval Route, ECB for repayment of Rupee loan(s) availed of from the domestic banking system and / or for fresh Rupee capital expenditure, provided the companies are not in the default list / caution list of the Reserve Bank of India.

The overall ceiling for such ECB will be US $ 10 (ten) billion and the maximum permissible ECB that can be availed of by an individual company, based on its foreign exchange earnings and its ability to service, is limited to 50% of the average annual export earnings realized during the past three financial years. Draw down of the entire facility must be undertaken within a month after taking the Loan Registration Number (LRN) from RBI.

A. P. (DIR Series) Circular No. 135 dated June 25, 2012Foreign investment in India by SEBI registered FIIs in Government securities and SEBI registered FIIs and QFIs in infrastructure debt

This Circular has increased the present limits for investment by FII and other foreign investors (Sovereign Wealth Funds (SWFs), Multilateral agencies, endowment funds, insurance funds, pension funds and foreign Central Banks) in Government Securities from US $ 15 billion to US $ 20 billion.

Conditions for investment in Infrastructure Debt Funds (IDF), within the

From RBIContributed by : CA. Gaurang Gandhi

overall limit of US $ 25 billion, have been changed as under: - •The lock-inperiod for investmentshasbeenuniformly reduced to

one year; and•Theresidualmaturityoftheinstrumentatthetimeoffirstpurchaseby

an FII / eligible IDF investor must be at least fifteen months.

QFI can now invest in MF schemes that hold at least 25% of their assets (either in debt or equity or both) in the infrastructure sector under the current US $ 3 billion sub-limit for investment in mutual funds related to infrastructure.

A. P. (DIR Series) Circular No. 136 dated June 26, 2012External Commercial Borrowings (ECB) – Rationalisation of Form-83

Attached to this Circular is the new Form 83. This new Form 83 has to be submitted to RBI from July 1, 2012 for obtaining Loan Registration Number (LRN).

A. P. (DIR Series) Circular No. 137 dated June 28, 2012Foreign Investment in India – Sector Specific conditions

Annexed to this Circular is the revised Annex A and Annex B of Schedule 1 to Notification No. FEMA 20/2000-RB dated 3rd May 2000. The revision has been made to bring uniformity in the sectoral classification position for FDI as notified under the Consolidated FDI Policy Circular Circular 1 of 2012 dated April 10, 2012 and FEMA Regulations.

A. P. (DIR Series) Circular No. 138 dated June 28, 2012Exim Bank's Line of Credit of USD 50 million to the Government of the Republic of Zambia

Exim Bank has made available, subject to certain terms and conditions, to the Government of the Republic of Zambia a Line of Credit of US $ 50 million for financing eligible goods and services including consultancy services from India for pre-fabricated health posts in the Republic of Zambia. 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 March 28, 2018 in case of supply contracts.

A. P. (DIR Series) Circular No. 1 dated July 5, 2012Buyback / Prepayment of Foreign Currency Convertible Bonds (FCCBs)

This Circular states that RBI will permit buyback of FCCB under the approval route up to March 31, 2013, subject to: -

a) The buyback value of the FCCB must be at a minimum discount of 5% on the accreted value.

b) In case the buyback is to be financed by foreign currency borrowing all FEMA rules / regulations relating to foreign currency borrowing shall be complied with.

A. P. (DIR Series) Circular No. 2 dated July 6, 2012Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR

With effect from Junel 26, 2012 the Rupee value of the Special Currency Basket has been fixed at R78.193501 as against the earlier value of R73.305676.

RBI HAS ISSUED NEW MASTER CircularS ON JULY 2, 2012


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Edited, printed & published by Narayan Varma on behalf of Bombay Chartered Accountants’ Society, Mumbai-400020. Printed at Spenta Multimedia, Mumbai-400013.

Registered with the Registrar of Newspapers for India under R.N. 68365/98Regd. No. MH/MR/South-88/2012-14Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1Published on 8th of every month • Posted on 15th & 16th of every month

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 10.30 a.m. to 5.30 p.m. on Monday to Friday and 10.30 a.m. to 1 p.m. on Saturday. The lunch time is 1.30 p.m. to 2 p.m. 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.

Combined Enrolment Form

Name : ..................................................................................................................................................................................................................Address : ..............................................................................................................................................................................................................E-mail :..................................................... 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)

WORK SHOP : Interactive Training Workshop on‘How to conduct a Tax Audit’ ..........................31-08-2012............. .r843 per participant ................ (for enrollment up to 31st July 2012)

r1,011 per participant ............. (for enrollment after 31st July 2012)E-Learning program on XBRL .....................Ongoing program ..........r11,236..................................

BCAS Referencer 2012 -13:• 50thConsecutiveYearofPublication• Themostacclaimedpublicationofitskind• Jointheevergrowingbandoffollowers• Untanglethecomplexitiesofthelegalworld• Alltheinformationyouneedattheclickofthemouse

Order Form:

BCAS Referencer 2012 – 13

Name: Mr./Mrs./Ms :...................................................................................................................................................................................BCAS Membership No.: ..…………..……………....................................Firm’s Name :..............................................................................Office Address :........................................................................................................................................................................................Tel. Nos :......................................... ..Office :.....................................................Mobile : ……………………………........................................E-mail : …………………………………….................................................................................................................................................Cash/Draft/Cheque No :…………..…...Drawn on :……………………Bank Dated :................................................................................Amount (R) :..........................................................................................................……………………………...............................

Signature

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 950 200

Referencer Premium Set (in exclusive folder) with CD and Pocket diary only 750 150

Super Saver Edition with CD (Bound Edition with Diary) 500 150

………....................

Golden Jubilee collector's

edition

SEMINAR : Advanced FEMA Conference ....................04-08-2012 .................r1,000 for members .............. r1,300 for non-members.... ....Seminar on NBFC Regulations (Including Audit and Tax Aspects) .............30-08-2012 .................r2,000 for members .............. (Fees up to 14th August 2012) r2,500 for non-members.... .... (Fees up to 14th August 2012) r2,500 for members .............. (Fees after 14th August 2012) r3,000 for non-members.... .... (Fees after 14th August 2012)