10 BCASNewsletter · 2017-10-17 · 1 Vice-President’s Communiqué Harnessing Talent and Providing Quality Service Vol. 15 n No. 1 n April 2012 n A Monthly Newsletter of the Bombay

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Vice-President’s Communiqué

Harnessing Talent and Providing Quality Service

Vol. 15 n No. 1 n April 2012

n A Monthly Newsletter of the Bombay Chartered Accountants’ Society

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

BCASNewsletterDear Member,

Hope you are enjoying the 5th edition of the Indian Premier League (IPL). It was Mr Lalit Modi who conceptualized and introduced this format of the game, which not only encourages young cricketers but has earned a lot of popularity for the game the world over.

Any guesses as to when and by which Finance Minister the other ‘IPL’ would be started? Here, I am referring to the concept of ‘Introducing Prospective Amendments to Law’ in the annual Union Budget every year and not retrospective ones. We know that it is the government’s prerogative to come up with retrospective amendments to the Law, which has been upheld by the apex court. But, is it not disturbing that this trend is being widely misused? I believe that this unhealthy practice — which is not ethical and equitable — is unacceptable. Retrospective amendments to the law in this year’s budget have reached alarming heights. And moving behind 50 years in time will not only hurt confidence but will also contribute to increase in litigation.

At BCAS the concept of I.P.L – Imparting Professional Learning is in full swing. Details of many programmes planned and scheduled for the benefit of members are given in this edition of the Newsletter. The most awaited Service Tax RRC is scheduled to be held in Goa between 22-24 June. I expect good response for this RRC given the drastic change in the Service Tax provision in this year’s budget with the introduction of Negative list and many other changes. So fill up your enrolment form well in advance to avoid disappointment.

You would be aware that new Standards on Auditing (SAs) for all audit reports to be issued for the audit of financial statements of 2011-12,

President: Pradip Thanawala , 98200 45632;[email protected]

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

Hon. Jt. Secretaries: Nitin Shingala , 98200 57694; [email protected] Chetan Shah , 98202 23402; [email protected]

Hon. Treasurer: Raman Jokhakar, 98208 77976, [email protected]

PROGRAMMES AT A GLANCEStudy Group on International Economics ........................................... 24-04-2012 ..................... Gulmohar Hall, BCAS ..................................................................................................... 7Professional Accountant Course ....................................................... 24-04-2012 ..................... BCAS/HR College ......................................................................................................... 13The i-Power Summit .......................................................................... 27 and 28-04-2012 ......... Rambhau Mhalgi Prabodhini’s Knowledge Excellence Center, off Mumbai ..................... 3Half-Day Seminar on Labour Laws ..................................................... 28-04-2012 ..................... Gulmohar Hall, BCAS, Jolly Bhavan no. 2, Ground Floor, New Marine Lines, Mumbai .. 4Full day Seminar on Finance Bill, 2012 – Service Tax provisions ...... 29-04-2012 ..................... JW Marriot, Juhu Tara Road, Juhu, Mumbai ................................................................. 4Students’ Study Circle ........................................................................ 04-05-2012 ..................... BCAS Conference Room, 7 Jolly Bhavan No. 2, New Marine Lines, Mumbai ................. 4Students’ Annual Day ......................................................................... 26-05-2012 ..................... Navinbhai Thakkar Auditorium, Vile Parle East, Mumbai ................................................ 6Internal Audit Studies Foundation Course ......................................... 18-06-2012 ..................... Parle International Hotel, B.N.Agarwal Market, Vile Parle (E), Mumbai .......................... 9Workshop on Non-Conventional Audits on Cyber Securities ............. 22-06-2012 ..................... To be announced ............................................................................................................ 76th Residential Study Course on Service Tax & VAT .......................... 22-06-2012 ..................... Rio Resort, Goa .............................................................................................................. 7International Tax & Finance Conference, 2012 ................................... 17-08-2012 ..................... Holiday Inn Resort, Goa .................................................................................................. 8Lecture Meeting ................................................................................. 26-04-2012 ..................... 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

BCAS Newsletter I April 2012

Lecture MeetingVenue I Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai – 400020Day, Date & Time I Thursday, 26th April, 2012, 6.15 p.m.Speaker I CA. Rajan VoraSubject I Recent Judicial Rulings with special emphasis on Corporate Taxation

SA 700, SA 705 and SA 706 are applicable. These SAs require the reports to be given in a format different from the earlier formats. These formats may also require additional audit procedures to be performed before an audit opinion is formed and a report is issued. We need to ensure that all reports are issued in the revised formats. The just-concluded two day seminar on the said topic generated a good response.

CBDT has also come out with the circular bearing No. 01/2012 dt 9.4.2012, with regard to the procedure for Issuance of TDS Certificates in Form No. 16A for deduction of tax at source made on or after 01-04-2012, whereby the deductor of any category shall only issue the TDS certificate in Form No. 16A generated through the central TIN system. Kindly take note of the above circular to avoid inconvenience of TDS credits not being granted.

Also the month of April is a busy season for auditors undertaking statutory audits of banks and bank branches. It is an important assignment in a professional’s calendar, with a tight, time-bound schedule. This year, there is an additional challenge on account of the delay in allotment of

(Continued on page 2)


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 and 28th April 2012 and 12th, 19th and 26th May 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 4th May 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 5th May 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

branches to auditors. It appears that public sector banks with a view to reducing costs wanted to limit audit to branches with advances in excess of R20 crores. After much discussion and debate a decision was taken to audit all branches with advances of more than R6 crores, and 1/3 of the branches with advances below that limit. While we all accept that auditors must do their duty, it is surprising that banks consider expenditure on audit to result in no value addition. I am of the view that if both bank managements as well as the regulators adopted a more pragmatic approach to audit reports issued, they would appreciate the value contained therein and such a discussion would become unnecessary.

With warm regards,Yours truly,

CA. Deepak R. Shah

(Continued from page 1)

Notice of Election for the BCAS year 2012-2013

1. Election for the posts of President, Vice-President, two Joint Secretaries, Treasurer and Eight Members of the Managing Committee of the Bombay Chartered Accountants’ Society will be held on 14th May, 2012.

2. Members desirous of contesting the election for the above posts should file their nominations with the office of the Society in the prescribed form latest by 11 a.m. on 3rd May, 2012. Nomination forms will be available at the Society’s office from 25th April, 2012 onwards.

3. Voting for the election will be held on Monday, 14th May 2012, at the Society’s office between 10 a.m. and 1 p.m.

Attention of the members is invited to Rules 12 to 18 of the Rules and Regulations of the Society, according to which, a member in arrears of subscription is not entitled to contest the election, nor can he/she vote or propose/second a candidate until his/her subscription is fully paid.

BCAS Newsletter I April 2012 3

A 2-day Summit on Practice Management, Capacity Building & Networking

The Infotech and 4i Committee is pleased to announce a sequel to its unique initiative of 2011 – a 2-day summit where leaders from various professional services firms will get together to share their experiences on practice management, growth strategies and on their networking initiatives.

Objective of the Summit:• Toexploretheconceptofnetworkingforconsolidation,growthand

capacity building.• Tolearnfromexperiencesofprofessionalleadersaboutdraftingof

partnership deeds, profit-sharing mechanism and the ecstasies and agonies of post-merger years.

• To understand the role of technology in prompting growth andconvergence across networks and branches.

• Tocreateaplatformforfirmstounderstandeachother’scapabilitieswith a view to enabling professional associations and networks.

• …..in essence, empowering and i-powering the leaders ofprofessional services firms to lead their firms in the coming decade, with confidence and conviction.

The Summit will cover:

Topics & Contents: Speaker

Keynote address“CA Profession – Consolidation through Expansion, Networking and Alliances”

CA T. N Manoharan

Merger Mechanics and Profit-Sharing Structures for the growing firm“The art of crafting a lasting deed”

CA Pradeep S Shah

National and International Networks – a cost centre or a huge opportunity?“Honey, I shrunk the world!”

CA Nilesh Vikamsey

The Post-merger Saga“Yours, mine and ours – adventures in merger-land and the new signboard on the street that says ‘LLP’.”

CA Shariq Contractor

The Expectations of Industry“If we are growing, you must grow…the time for consolidation and expansion is NOW”

CA Sunil Kothare

Cloud Computing“The paradigm has shifted – cloud is the place to be in today and not merely when you are happy”

Mr. Keith Prabhu

Technology, my partner in growth“i-meet, i-train, i-converge, and yet, i-don’t travel”

CA Huzeifa Unwala

Social Media/Mobile Technology“The newspaper is history, the e-mail is passé… so, what is in’ ?”

Mr. Hareesh Tibrewala

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

The i-Power Summit

This summit will also create a unique opportunity for firms seeking network partners by bringing together practice leaders from select cities and creating an appropriate platform for networking and understanding each others’ capabilities, strengths and requirements.

The seats are limited…and the Summit is not just empowering, but also i-powering….so, pre-register by sending an e-mail to [email protected] and follow up with your enrolment.

When April 27th & 28th, 2012

Where Rambhau Mhalgi Prabhodhini’s Knowledge Excellence Centre off Mumbai

Keshav Shrushti, Uttan Village, Essel world Road, Bhayander (West), Thane – 401106

For Whom For partners and leaders of professional services firms

Investment Double-sharing Triple-sharing

BCAS Members (Life & Ordinary Members only)

Enrolment closed R7,000

Members of invitee associations

Enrolment closed R8,000

For others…. Sorry, this one is only for members!!

Fees include R50 towards contribution to BCAS Foundation

The investment covers accommodation on twin/triple sharing basis and is exclusive of transport for which participants may make their own arrangements, For outstation delegates, BCAS will offer assistance in making arrangements.

The enrolment would be restricted on a first-come-first-served basis for 75 people only.

Enrolment Form

Name:…………………………………………………..................................

BCASMembershipNo.:(ifapplicable)…………………….........................

Organisation’sName:..……………………………………………………….

Position in Organisation: ..........................................................................

Office Address: ........................................................................................

..................................................................................................................

Age:……....Tel(O):…......……………..Tel(R):………..................……..

Mobile:………………….......….Email:……………………........................

Room Partner:

1.………….....…………2.………....……………3.…….............…………..

Food Choice: Veg: [ ] Jain Veg [ ]

The decision of the committee will be final in case of allotment of room & room partners.


The Finance Bill, 2012 has proposed far-reaching amendments to usher a paradigm shift in the manner services will be taxed. The service specific selective approach is now shifting towards negative list based comprehensive taxation of services. Various new concepts such as Negative List, Declared Services, Bundled Services, Place of Provision of Service, etc. have been proposed. It seems the service tax is taking its Viraat Avataar or a new era of service tax is beginning now.

These legislative amendments need to be understood thoroughly. The doubts and anxiety of the professionals as well as of all types of service providers (whether big or small) needs to be addressed. With a view to understand intricacies of new provisions and to seek guidance on implications thereof, the Indirect Taxes Committee of BCAS has arranged an exhaustive full-day seminar, on proposed service tax provisions, where experts in the field have kindly agreed to provide necessary guidance on new regime of service tax.

Details of the Seminar is as under:Day and Date Sunday, 29th April, 2012

Time 9.00 am to 6.00 pm

Venue JW Marriot, Juhu Tara Road, Juhu, Mumbai - 400049

Fees R2,250 for MembersR3,050 for Non-members(The Fees includes R50 for BCAS Foundation, course material, breakfast, lunch and tea/coffee)

Speakers Topics

Advocate Shailesh Sheth

Concept of Negative List-based Taxation of Services - definition of ‘service’, inclusions, exclusions, bundled services and impact thereof

Advocate Vipin Jain

Declared Services and Valuation Principles

CA. S.S.Gupta Services under the Negative List and Exemptions under New Regime

Advocate Rohan Shah

Place of Provision of Service Rules

Enrolment form is printed on page 16.

Full-day Seminar on Finance Bill, 2012 – Service Tax Provisions

Indirect Taxes And Allied Laws CommitteeChairman : CA. Govind Goyal Convenors : CA. Sunil Gabhawalla CA. Suhas Paranjpe CA. Toral Mehta

Dear Students,

We are pleased to inform you that “BCAS Students’ Study Circle” is back again! This time we bring the Students' Study Circle in a new avataar, i.e., “For the students, of the students and by the students”. Topics relevant to students will be discussed at this Study Circle.

Enrolment fee for the Study Circle is R200 covering a period from February 2012 to 31st March 2013.

The details of the next meeting is as follows:

Day and Date Friday, 4th May, 2012

Time 6.30 p.m. to 8.00 p.m.Venue BCAS Conference Room, 7 Jolly Bhavan No. 2,

New Marine Lines, Mumbai – 400020Subject Union Budget 2012 - Direct Tax ProposalsSpeaker Virag Shah

Looking forward to seeing you in large numbers.

Enrolment form is printed on page16

Students’ Study Circle

Human Resources CommitteeChairman : CA. Mayur Nayak Convenors : CA. Bharatkumar Oza CA. Aliasgar Kherodawala CA. Ashish Fafadia

With the globalisation of industries and talk of reforms in Labour Laws to synchronise ourselves with the fast-evolving global scenarios, it has become important to have an in-depth study of the technicalities of the same. Day and Date Saturday, 28th April, 2012

Time 9.30 a.m. to 1.30 p.m.

Venue Gulmohar Hall, BCAS, Jolly Bhavan no. 2,Ground Floor, New Marine Lines, Mumbai - 400020

Fees R325 for Members (Life & Ordinary Members)R425 for Non-membersFees includes tea/coffee, snacks & material

Speaker Mr. Ramesh Soni, Labour Law Consultant

Topics Employees State Insurance Act, 1948

The Payment of Bonus Act, 1965

The Employees Provident Fund & Miscellaneous Provisions, 1952The Payment of Gratuity Act, 1972

Maharashtra Labour Welfare Fund, 1953


Half-day Seminar on Labour Laws


Jointly with Chamber of Tax Consultants

Quotes

The key to successful leadership today is influence, not authority. — Kenneth Blanchard

It is impossible to imagine anything which better becomes a ruler than mercy.

— Seneca


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.• To help trainees understand how to create instance

documents.

Pre-requisites :• Familiaritywithaccountingsysteminstallationandreportwriting

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

experience of XBRL.

Fees :• Thetotalinvestmenttobemadebyyouforthisuniqueonline

training course shall be R10,000 (Rupees Ten Thousand Only).

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. Nikunj Shah CA. Kinjal Shah

E-Learning program on XBRL


Your forum has organised the Jal Erach Dastur Students’ Annual Day Programme to celebrate its 5th anniversary.

Day and Date Saturday, 26th May 2012

Time 3.00 pm to 8.00 pm.

Venue Navinbhai Thakkar Auditorium, Vile Parle East, Mumbai

Key Attractions of the event:

Key-note AddressAt the Society it’s always been our endeavor to harness talent and provide an environment not only conducive for pursuit of knowledge but also to provide the future chartered accountants a platform to achieve their potential. Based on repeated requests from all of you, Padma Shri (CA) T. N. Manoharan has agreed to address the students on contemporary topic.

Awaken the writer within:Do you have a flair for writing? Here is an interesting opportunity to express yourself by participating in the Writing Competition. Rules and other information about the competition are as follows:1. You can write on any topic of your choice.2. Essay should not exceed more than 1000 words.3. Kindly note, your essays with your complete details and your

registration number with ICAI should reach us not later than May 11th, 2012.

4. Essay should express only original ideas and viewpoints. (Any essay found to be copied from the Internet or an existing write up shall be disqualified)

5. The Editorial Committee of the BCAS will assess your contribution and if selected your participation will be published in BCAJ. The decision of the Editorial Committee is final and shall not be questioned under any circumstances what so ever.

6. E-mail your Essay to [email protected] and mark a copy to [email protected].

7. Three selected best contributions will be awarded a prize.8. A certificate of participation will be issued to all the participants.

Elocution Competition 2011 (for CA Students) Saturday, 26th May 2012“He came, He spoke, He won” – this is a story of a good communicator. The one who speaks convincingly and impressively wins half the battle. Now here is the opportunity of the year for you to present your communication skills.

Be little humorous, let imagination run wild at the Elocution Competition. This Competition is under the auspices of Smt. Chandanben Maganlal Bhatt Elocution Fund. Each contestant will be given 5 minutes to express his/her views on any one of the under mentioned topics :a. India'snextPresident(Myvotegoesto….)b. Human Rights!! (My take on role of human rights organisations)c. My idea of giving it back to Profession & Society at larged. An appointment with President, ICAI (Your wish list)e. Back with a bang (An inspiring story of an individual / organisation/

nation that was shattered and rose back to glory)f. R.T.I (Right to Information or Right to Ignorance)g. The future of entertainment (digital invasion)

Jal Erach Dastur Students’ Annual Day

Human Resources CommitteeChairman : CA. Mayur Nayak Convenors : CA. Bharatkumar Oza CA. Aliasgar Kherodawala CA. Ashish Fafadia

Those desirous of participating should enrol on or before May 16, 2012. The best three speakers selected by the panel of judges will be awarded cash prizes. An elimination round will take place on May 19th, 2012, Saturday at the Society Office Churchgate starting from 2:30 pm.

Be a Quiz Wizard

A quiz is organised at the Annual Day to enable you to test and gain more general knowledge, basic information on commerce, economics, health, sports and entertainment.

Articles from the same firm or self-formed groups can participate and compete as a group. Three prizes will be awarded to the winning team and a certificate for participation will be issued to each participant.

A rotating trophy is up for grabs to be awarded to the winning team’s CA firm.

Do not miss the opportunity to meet and enjoy with your student friends. Enrolment is limited for 600 students.

And above all, a sumptuous buffet to end a wonderful evening.Registration Fees: R100 per student.

Name:…………………………………………………………………………...FirmName:……………………………………………………………………..ContactNos.Mobile:………………………………………….......................ResidenceTelNo:……………………….....................................................OfficeTelNo:……………...........................................................................Email:……………………………………………………………………………CorrespondenceAddress:………...……………………………………….......................................................................................................................................................................................................................................NameofPrincipal……………………….…………………………………….

Sir/Madam,

Intimation for participation on 26th May, 2011.

I am interested in participating in the following events during the Annual Meet organized for the students on Saturday, 26th June 2011.

1. Elocution:My choice of the subject is: .....................................................................

2. Quiz competition: Yes / NoDo you have a partner: Yes / NoIfyesthenyourQuizPartner'sName…………………………...................QuizPartner'sFirmName…………………………….................................

3. Writing competition: Yes / NoMy choice of subjectis………………………………………………………………………………………………………......................................................................................

4. I would like to assist the students’ forum in the following manner…………………………………………………………………………………………………………..................................................................................…………………………………………………………………………………………………………..................................................................................

5. Payment details: …………………………………………………………………………………………………………..................................................................................


The Indirect Taxes & Allied laws Committee of BCAS is pleased to invite your kind attention that the 6th Residential Study Course on Service Tax and VAT is proposed to be held at Rio Resort, Goa, from 22nd June to 24th June 2012.

As you are aware that the Finance Bill 2012 has proposed a paradigm shift in the manner services are going to be taxed, it would be important for all of us to understand the intricacies of new provisions and likely impact thereof. We are planning to have, in all, five papers covering various important aspects. While the subjects and paper writers are being finalized (will be informed through e-mail), this intimation may help you to plan your schedule to participate in this mega event. Days and Dates Friday to Sunday 22nd June to 24th June 2012

Venue Rio Resort, Goa

Fees R8,500 (inclusive of R50 to BCAS Foundation)

Subjects & Paper Writers:

To be announced

Notes:1. The Residential Study Course is open only for Ordinary and Life

members of BCAS.2. Enrolment will commence from 23rd April 2012 and will be restricted

to 150 members only, on first-come-first-served basis. 3. The Course will begin on 22nd June 2012 and will conclude on

24th June 2012 after lunch. Delegates can check-in at the hotel from 12.30 p.m. onwards on 22nd June 2012.

4. 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. The participant shall make their own arrangements for travel to and fro Goa.

6. Goa is well connected with all major cities, in India, through the network of various airlines as well as by railways.

7. BCAS will make necessary arrangements for local transport (arrival and departure transfer on 22nd and 24th June) for all participants reaching Goa by Railways (Madgaon Railway Station) as well as by Air (Dabolim Airport).

8. 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 member to be substituted is an eligible member of BCAS.

9. Members from Goa can join as non-resident participant (only those members whose address is so registered with BCAS). The fees (inclusive of course material, dinner on 22nd June and lunch on 23rd & 24th June) shall be R3,750 per member

10. For further enquiry, if any, you may kindly contact Mr. Amit Singh at BCAS. (Direct line: 61377619, e-mail: [email protected])

6th Residential Study Course on Service Tax & VAT


Enrolment FormBombay Chartered Accountants’ Society

6th Residential Study Course on Service Tax and VAT22nd June to 24th June 2012

Name:…………………………………………………………………………..BCASMembershipNo.:…………………………………............................Address:…………………………………………………………………….....…………………………………………………………………………………...Tel/Email:…………………......……./………....…………………………….ChoiceofRoomPartner:……………………………………………………..IwouldliketoactasGroupLeaderforPaper:(1)……………................. (2)…………………....................................................................................Enrolment Fees R8,500paidbyCheque/DraftNo.………….................. Drawnon……………..…………………………………………………………………………………..................................................................................

Date:…………………………..

Signature ................................

Days & Dates: Friday & Saturday 22nd & 23rd June 2012.

Members are requested to kindly block the diary for the interesting workshop. Detailed announcement will follow.

Workshop on Non-conventional Audits on Cyber Securities

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

Conference Co-ordinators : CA. Nikhil Patel CA. Chirag Doshi

Study Group on International EconomicsDay and Date Tuesday, 24th April, 2012Time 6.00 p.m. to 8.00 p.m.

Venue Gulmohar Hall, BCAS

Topic Economic Survey and Budget 2012

Group Leaders CA. Shalin Divatia, CA. Deepak Karanth, CA Tushar Chhaya, CA. Atul Ambavat


International Taxation CommitteeChairman : CA. Kishor Karia Co-Chairman : CA. Rajesh Kothari Convenors : CA. Surin Kapadia CA. Dhishat Mehta CA. Gaurang Gandhi

Group Co-ordinator : CA. KK Jhunjhunwala CA. Chirag Vajani


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

Conference Co-ordinators : CA. Ganesh Rajgopalan CA. Nitin Shingala

The International Taxation Committee is pleased to announce its 16th Residential International Tax & Finance Conference at Holiday Inn Resort, Goa. Deliberations at the Conference on the subjects of International Taxation and Finance would be at an advanced level. Details of the Conference are as under:Dates: August 17, 18, 19, & 20, 2012 Venue: Holiday Inn Resort, Goa

Programme Outline

Papers for Group Discussion Paper Writers

Case Studies on International Tax (with special reference to amendments in the Finance Act, 2012]

CA. Pinakin Desai

General Anti-Avoidance Rules with Case Studies CA. Pranav Sayta

Interpretation of Tax Treaties – Important Principle CA. Gautam Doshi

Service-tax on Cross Border Transactions CA. A. R. Krishnan

Papers for Presentation Paper Writers

Transfer Pricing Regulations– Amendments made in the Finance Act, 2012 with special reference to “Specified Domestic Transactions”

CA. Sanjay Tolia

Investment Protection Treaty* Eminent Faculty

* Subject to changeFees:R13,000 per person (without travel facility) including course material, stay on twin-sharing basis, sight-seeing and R50 contribution to the BCAS Foundation.

Travel arrangement:BCAS will make complimentary group travel arrangement for travel from Dabolim Airport/ Madgaon Railway Station on 17th August, 2012 between 12 pm and 2 pm provided minimum group of 25 delegates have informed before 15th July 2012.

Eligibility:The Conference is open only for Ordinary and Life Members of BCAS and not for Journal Subscribers and Website Members of BCAS.

Delegate substitution: Request for substitution of the delegate will not be permitted. In the event of inability of the registered delegate to attend the Conference for any reason, he/she should promptly inform the Committee NOT LATER THAN 31st July 2012 by email [[email protected]] indicating the subject as “ITF CONFERENCE 2012 – INABILITY TO ATTEND” with a copy marked to [email protected], [email protected] and [email protected].

Refund:Once enrolled, requests for refunds will not be entertained.

Notes:1. Enrolment will commence from Monday, 30th April 2012 and will be restricted to 150 members of BCAS only on first-come-first-served basis.

Few seats are reserved for outstation delegates.2. The Conference will begin in the afternoon on 17th August 2012 with high tea and will conclude at around 2.00 p.m. on 20th August 2012 after

lunch. Delegates can check-in at the venue 1 p.m. onwards on 17th August 2012.3. All communication from BCAS would be only by e-mail and SMS. Hence, please fill in the e-mail address and mobile number carefully and in

legible writing.4. Cheque/Demand Draft should be drawn in favour of “Bombay Chartered Accountants' Society” payable at par at Mumbai.5. For enrolment and any other Conference-related issues, please contact only Mr. Cassem Rajabali or Mr. Rajaram Parwade at the BCAS Office.

Enrolment Form is available on the BCAS website www.bcasonline.org

International Tax & Finance Conference, 2012



BCAS 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 the 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, join the study circle(s) of your choice and attend 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 R30 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., Directiplex, 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 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 400

II Indirect Tax Laws 400

III Company Law, Auditing & Accounting 400

IV FEMA 400

V Information Technology 400

VI Human Resource Development 400

VII IFRS 1,000

VIII BCAS Suburban Study Circle 600

IX International Economics Study Group 1,000

X Students Study Circle*(February 2012 to March 2013)

200

* Only for students of ICAI

Enrolment Form is available on the BCAS website www.bcasonline.org

BCAS Study CirCleS for 2012-13


Bombay Chartered Accountants' Society

InfoTech & 4i Committee&

Membership & Public Relations Committee present

BCAS Web TV

Budget Meeting on Indirect Tax Provisions of Finance Bill, 2012 by Vikram Nankani, Advocate held by BCAS on 26th March 2012 is available on BCAS Web TV.

Some of the other videos on the BCAS Web TV are:• Budget Meeting on Direct Tax Provisions of the Finance Bill, 2012 by Senior Advocate S. E. Dastur (Free

Video)• Lecture Meeting on Shareholders’/Joint Venture Agreements including validity of Pre-Emptive Rights/Exit

Rights by Advocate Nitin Potdar. • Lecture Meeting on Taxation of Charitable Trusts – Recent Issues by CA. Gautam Nayak• Lecture meeting on Recent Developments in AS/IFRS/Ind AS – Global and India

by CA P. R. Ramesh• Lecture meeting on Ethical Hacking by Shantanu Gawde, India’s Youngest Ethical Hacker• Lecture Meeting on Practical Issues – Transfer Pricing Documentation and Certification by Rakesh Alshi,

Director, Transfer Pricing, Deloitte Haskins & Sells• Lecture Meeting on E-filing of Returns for Assessment Year 2011-12 – Practical Issues by CA. Ameet Patel• Half–day Workshop on “How to Conduct Tax Audit” by CA. Himanshu Kishnadwala and CA. Anil Sathe• Lecture Meeting on Taxation of Shares and Securities – Current Developments by CA. Pradip Kapasi• Lecture Meeting on Taxation of Cross Border Transactions – Recent Trend in India by CA. Pinakin Desai• Lecture Meeting on Overview of XBRL by CA. Atul Bheda• Lecture Meeting on Filing of Income-tax Returns for A. Y. 2011- 12 by CA. Mukesh Trivedi and CA. Vipul

Gandhi• Lecture Meeting on Recent Amendments in Schedule VI of the Companies Act, 1956 by C.A. P. R. Ramesh• Lecture Meeting on Direct Tax Provisions of the Finance Bill, 2011 by Senior Advocate Mr. S. E. Dastur• Lecture Meeting on Electronic Tax Payments and Quarterly TDS Returns – Recent updates and issues by

Delnaz Mistry• Lecture Meeting on Issues in Bank Audit by Akeel Master• Lecture Meeting on Recent Developments in TDS by Mahendra Sanghvi• Lecture Meeting on FDI Policy plus Industry-Specific Issues (Real Estate, NBFC and Training Sectors) by

Anup Shah* Free Video• Lecture Meeting on Nurturing Relationships by Brahma Kumari Shivani• Talk on How to Prepare for and Write CA Exams by Mr. T.N. Manoharan

Subscribe Now!!!

For further details log on to www.bcasonline.org

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.


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.

Quotes

If I have seen farther than others, it is because I was standing on the shoulder of giants.

— Isaac Newton

A leader is a dealer in hope. — Napoleon Bonaparte

Quotes

The best executive is the one who has sense enough to pick good men to do what he wants done, and self-restraint to keep from meddling with them while they do it.

— Theodore Roosevelt



The Reserve Bank of India has issued the following 14 Circulars

A. P. (DIR Series) Circular No. 90, dated March 6, 2012Clarification—Liberalised Remittance Scheme for Resident Individuals

With regards to the Liberalised Remittance Scheme (LRS), this Circular clarifies that: -i. This facility is available to all resident individuals including minors.

Where the remitter is a minor, the LRS declaration form should be countersigned by the minor’s natural guardian.

ii. Remittances under LRS can be consolidated in respect of family members. However, individual family members must comply with the terms and conditions of the scheme.

iii. Remittances under LRS can, subject to provisions of other applicable laws, be used for purchasing objects of art.

The modified LRS application-cum-declaration form is also annexed to this Circular.

A. P. (DIR Series) Circular No. 91, dated March 13, 2012Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR

With effect from February 9, 2012 the Rupee value of the Special Currency Basket has been fixed at R68.838139 as against the earlier value of R71.456679.

A. P. (DIR Series) Circular No. 92, dated March 13, 2012Opening of Diamond Dollar Accounts (DDAs) – Change in periodicity of the reporting

Presently, banks are required to submit a monthly report to RBI, giving details of the name and address of the firm / company in whose name the Diamond Dollar Account is opened, along with the date of opening / closing the Diamond Dollar Account, by the 10th of the following month to which it relates.

This Circular has reduced the periodicity of reporting from monthly basis to quarterly basis with effect from the quarter ending March 31, 2012. As a result, banks are required to submit details of the name and address of the firm / company in whose name the Diamond Dollar Account is opened, along with the date of opening / closing the Diamond Dollar Account by the 10th of the month following the quarter to which it relates.

A. P. (DIR Series) Circular No. 93, dated March 19, 2012Investment in Indian Venture Capital Undertakings and / or domestic Venture Capital Funds by SEBI-registered Foreign Venture Capital Investors

Presently subject to certain terms and conditions, a SEBI-registered Foreign Venture Capital Investor (FVCI) can invest in equity, equity-linked instruments, debt, debt instruments, debentures of an Indian Venture Capital Undertaking (IVCU) or of a Venture Capital Funds (VCF) through Initial Public Offer or Private Placement or in units of schemes / funds set up by a VCF.

This Circular permits, subject to certain terms and conditions, all FVCI to invest in eligible securities (equity, equity-linked instruments, debt, debt instruments, debentures of an IVCU or VCF, units of schemes / funds set up by a VCF) by way of private arrangement / purchase from

From RBIContributed by : CA. Gaurang Gandhi

a third party also. This Circular further clarifies that, subject to certain terms and conditions, SEBI-registered FVCI are also permitted to invest in securities on a recognised stock exchange.

A. P. (DIR Series) Circular No. 94, dated March 19, 2012Clarification – Prior intimation to the Reserve Bank of India for raising the aggregate Foreign Institutional Investors / Non-Resident Indian limits for investments under the Portfolio Investment Scheme

Presently, Foreign Institutional Investors (FII) and Non-Resident Indians (NRI) are allowed to purchase / sell shares and convertible debentures of an Indian company (through registered brokers) on recognised stock exchanges in India within the aggregate investment limit of 24% and 10%, respectively, of the paid-up equity capital or value of each series of convertible debentures of the Indian company.

This circular requires all Indian companies raising the aggregate FII & NRI investment limit to the sectoral cap / statutory limit, to immediately intimate the said increase in limits to RBI along with a Certificate from the Company Secretary stating that all the relevant provisions of FEMA and the Foreign Direct Investment Policy have been complied with.

A. P. (DIR Series) Circular No. 95, dated March 21, 2012Foreign Exchange Management (Deposit) Regulations, 2000 – Credit to Non-Resident (External) Rupee Accounts

Presently, an individual resident in India is permitted borrow up to US $ 250,000 or its equivalent from her / his close relatives outside India. The repayment of said loan has to be by way of credit to the NRO account of the lender.

This Circular now permits repayment of such loans to be credited to the NRE / Foreign Currency Non-Resident (Bank) [FCNR(B)] account of the lender provided the loan was extended by way of inward remittance in foreign exchange through normal banking channels or by debit to the NRE / FCNR(B) account of the lender and the lender is eligible to open NRE / FCNR(B) account.

A. P. (DIR Series) Circular No. 96, dated March 28, 2012Overseas Direct Investments by Indian Party – Rationalisation

This Circular has proposed the following 6 changes: -

1. Creation of charge on immovable / movable property and other financial assets

A charge can be created, under the Approval Route within the overall limit fixed (presently 400%) for financial commitment, on the immovable / movable property and other financial assets of the Indian Party and their group companies by way of pledge / mortgage / hypothecation. However, a “No Objection” letter needs to be obtained from lenders to the entities on whose assets the charge is being crested.

2. Reckoning bank guarantee issued on behalf of JV / WOS for computation of Financial Commitment

For calculating the financial commitment of the Indian Party to its overseas JV / WOS, henceforth, bank guarantee issued by a resident bank on behalf of the overseas JV / WOS of the Indian party will also be considered if same is backed by a counter guarantee / collateral from the Indian Party.

3. Issuance of personal guarantee by the direct / indirect individual promoters of the Indian Party

General permission is now granted to indirect resident individual promoters of the Indian Party to also give a Personal Guarantee on behalf of the overseas JV / WOS of the Indian Party.


4. Financial Commitment without Equity Contribution to JV / WOS

An Indian Party can undertake, under the Approval Route, financial commitment by way of guarantee / loan, without equity contribution, in the overseas JV / WOS if the laws of the host country permit incorporation of a company without equity participation by the Indian Party.

5. Submission of Annual Performance Report

In cases where laws of the host country do not prescribe mandatory audit of the books of account of the overseas JV / WOS, the Indian Party can submitted the Annual Performance Report on the basis of un-audited annual accounts of the overseas JV / WOS, if: -a. The Statutory Auditors of the Indian Party certifies that ‘The un-

audited annual accounts of the JV / WOS reflect the true and fair picture of the affairs of the overseas JV / WOS.

b. The un-audited annual accounts of the overseas JV / WOS have been adopted and ratified by the Board of the Indian Party.

6. Compulsorily Convertible Preference Shares (CCPS)

Henceforth, Compulsorily Convertible Preference Shares (CCPS) will be treated on par with equity shares (and not as loans) and the Indian Party will be allowed to undertake financial commitment based on the exposure to overseas JV / WOS by way of CCPS.

A. P. (DIR Series) Circular No. 97, dated March 28, 2012Overseas Investments by Resident Individuals – Liberalisation / Rationalisation

This Circular has proposed the following 3 changes: -

Acquiring qualification shares of an overseas company for holding the post of a Director

A Resident individual can now remit funds, within the overall ceiling prescribed from time to time under the Liberalised Remittance Scheme, for acquiring qualification shares for holding the post of a Director in the overseas company up to the extent required by the laws of the host country where the company is located.

Acquiring shares of a foreign company towards professional services rendered or in lieu of Director’s remuneration

General Permission is granted to resident individuals to acquire shares of a foreign entity in part / full consideration of professional services rendered to the foreign company or in lieu of Director’s remuneration. However, the value of such shares must be within the overall ceiling prescribed from time to time under the Liberalised Remittance Scheme.

Acquiring shares in a foreign company through ESOP Scheme

Permission has been granted to resident employees or Directors of an Indian company to accept shares offered under an ESOP Scheme in a foreign company, irrespective of the percentage of the direct or indirect equity stake of the foreign company in the Indian company, provided: -(i) The shares under the ESOP Scheme are offered by the issuing

company globally on a uniform basis,(ii) Annual Return is submitted by the Indian company to the Reserve

Bank through the AD Category – I bank giving details of remittances / beneficiaries, etc.

A. P. (DIR Series) Circular No. 98, dated March 30, 2012Discontinuation of Supplying Printed GR forms by Reserve Bank

This Circular states that with effect from July 1, 2012, GR forms will only be available online from RBI website www.rbi.org.in at the following link:-“Notification-> FEMA -> Forms -> For Printing of GR Form”.

A. P. (DIR Series) Circular No. 99, dated March 30, 2012External Commercial Borrowings (ECB) Policy – Review of all-in-cost ceiling

This Circular states that the present all-in-cost ceiling for ECB, as mentioned below, will continue up to September 30, 2012: -

Sr. No.

Average Maturity Period All-in-cost over 6 month LIBOR for the respective currency of borrowing or applicable benchmark

1. Three years and up to five years 350 bps

2. More than five years 500 bps

A. P. (DIR Series) Circular No. 100, dated March 30, 2012Trade Credits for Imports into India – Review of all-in-cost ceiling

This Circular states that the present all-in-cost ceiling for Trade Credits, as mentioned below, will continue up to September 30, 2012: -

Sr. No.

Average Maturity Period All-in-cost over 6 month LIBOR for the respective currency of borrowing or applicable benchmark

1. Up to one year 350 bps

2. More than one year and up to three years

350 bps

All-in-cost ceiling will include arranger fee, upfront fee, management fee, handling/ processing charges, out-of-pocket and legal expenses, if any.

A. P. (DIR Series) Circular No. 101, dated April 2, 2012Overseas Direct Investments – Liberalisation / Rationalisation

Presently, an Indian Party requires prior permission of RBI to open, hold and maintain Foreign Currency Account in a foreign country for the purpose of overseas direct investments in that country.

This Circular permits an Indian Party to open, hold and maintain Foreign Currency Account (FCA) abroad for the purpose of overseas direct investments without obtaining prior permission from RBI, provided: -1. The Indian Party is eligible to undertake overseas direct

investments2. The host country Regulations require that investments into the

country are to be routed through a designated account in that country.

3. FCA is opened, held and maintained as per the regulations of the host country.

4. Remittances sent to the FCA by the Indian Party are utilised only for making overseas direct investment into the overseas JV / WOS.

5. Any amount received in the account by way of dividend and / or other entitlements from the overseas JV / WOS are repatriated to India within 30 days from the date of credit.

6. The Indian Party submits details of debits and credits in the FCA on yearly basis to the designated bank along with a certificate from the Statutory Auditors of the Indian party certifying that the FCA was maintained as per the host country laws and applicable FEMA regulations / provisions.

7. FCA so opened must be closed immediately or within 30 days from the date of disinvestment from overseas JV / WOS or cessation thereof.

A. P. (DIR Series) Circular No. 102, dated April 2, 2012Use of International Debit Cards / Store Value Cards / Charge Cards / Smart Cards by Resident Indians while on a visit outside India

Presently, refund of the unutilised foreign exchange balance in International Debit Cards / Store Value Cards / Charge Cards / Smart Cards is available only after 10 days from the date of last transaction.


CUT HERE CUT HERE CUT HERE

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

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)

STUDY COURSE : Students’ Study Circle...............................04-05-2012 .................r200.......................................Study Group on International Economics ....24-04-2012 .................r1,000....................................

E-Learning program on XBRL .....................Ongoing program ..........r10,000..................................

SEMINAR : Half Day Seminar on Labour Laws 28-04-2012 .................r325 for members ...........................................................................................................................r425 for non members ...........Full day Seminar on Finance Bill, 28-04-2012 .................r2,250 for members ............... 2012 – Service Tax provisions .................... .....................................r3,050 for non members ........

This Circular provides that unutilised balance in the cards must be refunded immediately upon request by the resident Indians to whom the cards are issued, after retaining: -a) The amounts that are authorised and remain unclaimed / not settled

by the acquirers as on the date of redemption till the completion of the respective settlement cycle.

b) A small balance not exceeding US $100, for meeting any pipeline transactions till the completion of the respective settlement cycle.

c) Transaction fees / service tax payable in India in Rupees.

A. P. (DIR Series) Circular No. 103, dated April 3, 2012Data on import of Gold – Statements – Modification

Presently, banks are required to submit to RBI a monthly statement regarding the number of transactions and value in US $ million and Rupees in crore of gold imported by (i) Export Oriented Units (EOUs), (ii) Units in SEZ / EPZ, and (iii) Nominated Agencies / Banks.

This Circular now requires banks to submit the following statements to the Chief General Manager, Reserve Bank of India, Foreign Exchange Department, Central Office, Trade Division, Amar Building, Fort, Mumbai – 400 001: -1. Statement on half-yearly basis (end March / end September)

showing the quantity and value of gold imported by the nominated banks / agencies / EOU / SEZ in Gem & Jewellery sector, mode of payment-wise, as per Annex 'A' to this Circular.

2. Statement on monthly basis showing the quantity and value of gold imports by the nominated agencies (other than the nominated banks) / EOU / SEZ in Gem & Jewellery sector during the month under report as well as the cumulative position as at the end of the said month beginning from the 1st month of the Financial Year, as per Annex 'B' tot his Circular.

Both the statements shall be submitted, by email or physically, even if there is 'Nil' position so as to reach RBI by the 10th of the following month / half year to which it relates.

A. P. (DIR Series) Circular No. 104, dated April 4, 2012Authorised Dealer Category II – Permission for additional activity and opening of Nostro account

1. Issue of Foreign Exchange Pre-paid cards

Presently, only Authorised Dealers Category – I banks are permitted to issue foreign Exchange pre-paid cards to residents travelling on private / business visit abroad.

This Circular now permits Authorised Dealers Category – II also to issue foreign Exchange pre-paid cards to residents travelling on private/business visits abroad, provided: -

1. AD Category – II adheres to KYC / AML / CFT requirements.2. Settlement in respect of foreign exchange pre-paid cards is effected

through AD Category-I banks.

2. Opening of Nostro Accounts

This Circular permits AD Category-II to open Nostro accounts subject to following terms and conditions: -i) Only one Nostro account for each currency must be opened.ii) Balances in the account must be utilised only for the

settlement of remittances sent for permissible purposes and not for the settlement in respect of foreign Exchange prepaid cards.

iii) Idle balance cannot be maintained in the said account.iv) Reporting requirements as prescribed are complied with.