10 BCASNewsletter - Bombay Chartered Accountants' … Old Nagardas Road, Opp. Wilson Pens, Near Andheri East Subway, Andheri (East) Mumbai - 400069 ..... 5 Students’ Study 64th Founding

BCAS Newsletter I June 2012 1

Vice-President’s Communiqué

Harnessing Talent and Providing Quality Service

Vol. 15 n No. 3 n June 2012

n A Monthly Newsletter of the Bombay Chartered Accountants’ Society

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

BCASNewsletterDear Members,

I have enjoyed writing this communiqué and sharing my thoughts, and keeping you abreast of developments at BCAS over the past eleven months. This is my last communication with you through this column as my term as Vice-President comes to an end on 6th July 2012. With the blessings of the Almighty and seniors, I assume office as the President of this august body on that day. I believe that “despite whatever you have achieved, getting better never stops”. My aim will be to always raise the bar integral to all the activities of the Society, and offer maximum benefits through our various activities.

At BCAS, the Committees for 2012–2013 have been formed. We look forward to receiving your valued suggestions on the various activities that you want the Society to take up during the year. Your suggestions will help us draw up a broad roadmap of the activities to be pursued in the coming year, and aid in taking our Society to greater heights.

Rollback is now a routine affair. The present government, pressurised by the requests from the coalition and opposition parties has rolled back several reforms. For instance, the Finance Minister rolled back the anti-avoidance rules fearing overseas investor backlash. Similarly, excise duty on precious metal jewellery and TDS on immovable property were withdrawn after protests from the respective lobbies. And recently, after announcing a hike in fuel prices, the government rolled it back partially after a nationwide shutdown call from the opposition.

I fail to understand why the Government frames policies and then reverses those, once leaders point fingers at them. Similarly, why can’t opposition parties protest the move in a more constructive and civilised manner by discussing the issue in the Parliament? It’s estimated that partial bandh has costed around R1,000cr in Mumbai city alone. Did the nationwide bandh and partial rollback in the fuel price hike provide us

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 GLANCESuburban Study Circle Meeting ...............................................30-06-2012 ............................... Direct-I-Plex, Old Nagardas Road, Opp. Wilson Pens, Near Andheri East Subway,

Andheri (East) Mumbai - 400069 ................................................................................... 5

Students’ Study Circle ..............................................................05-07-2012 ............................... BCAS Conference Room, 7 Jolly Bhavan No. 2, New Marine Lines, Mumbai ................. 5

64th Founding Day Celebration................................................06-07-2012 ............................... Rangaswar Hall, 4th Floor, Y. B. Chavan Pratishthan,

Gen. Jagannath Bhosale Marg, next to Sachivalaya Gymkhana, Mumbai - 400021 ....... 2

Two Day Workshop on Cyber Security Digital Forensics ..........13-07-2012 ............................... Lotus, BCAS, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai .................................. 4

Students Crash Course ............................................................25-07-2012 ............................... Sydenham College, Chuchgate, Mumbai ........................................................................ 8

Advanced FEMA Conference ....................................................04-08-2012 ............................... M. C. Ghia Hall, Kalaghoda, Mumbai. ............................................................................ 5

E-Learning Program on XBRL ..................................................ongoing program ....................... online program ............................................................................................................... 9

Lecture Meeting .......................................................................20-06-2012, 27-06-2012 and

11-07-2012 ............................... 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 Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai – 400020Day, Date & Time I Wednesday, 20th June, 2012, 6.15 p.m.*Speaker I Advocate Shailesh ShethSubject I Tough times never last, but tough people do (Talk in Gujarati) (under the auspices of Dilip N. Dalal Oration fund)

Venue I Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai – 400020Day, Date & Time I Wednesday, 27th June, 2012, 6.15 p.m.*Speaker I CA. Jinal ShahSubject I Filing of Income-Tax Returns for A.Y. 2012-13

Venue I Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai – 400020Day, Date & Time I Wednesday, 11th July, 2012, 6.15 p.m.*Speaker I CA. Pinakin DesaiSubject I Recent Controversies in Cross Border Transaction*Fellowship over a cup of tea at 5.45 p.m.

(Continued on page 3)

BCAS Newsletter I June 20122

The 63rd Annual General Meeting of the Members of the Society will be held on Friday, 6th July 2012 at 4.15 p.m. at Rangaswar Hall, 4th Floor, Y. B. Chavan Pratishthan, General Jagannath Bhosale Marg, Next to Sachivalaya Gymkhana, Mumbai - 400021 to transact the following business:

1. To adopt minutes of the Annual General Meeting held on 6th July 2011.2. To receive and adopt the report of the Managing Committee.3. To receive and adopt the audited accounts for the year ended 31st March 2012.4. To announce the results of election of President, Vice President, two Secretaries, Treasurer and eight Members of

the Managing Committee.5. To appoint Auditors for the year 2012-2013.6. To present the annual plan for the ensuing year.

Please note that this year, as in the previous years, the Annual Report is being circulated only in electronic form. Few copies will be printed and will be available at the Society’s office from 11th June 2012 onwards. If any member desires a printed copy, she / he may send a request to the Society and we will send the printed copy by post / courier or the printed copy may be collected by the member from the Society’s office. This environment friendly step is taken to reduce consumption of paper and thereby save trees.

Place: MumbaiDate: 23rd May 2012

Notice of Annual General Meeting

By order of the Managing CommitteeNitin P. Shingala, Chetan M. Shah

Hon. Joint Secretaries

The Bombay Chartered Accountants’ SocietyInvites you to a Lecture Meeting to celebrate its

64th Founding Day on Friday, 6th July 2012

The meeting will be addressed by

Lt. General Syed Ata Hasnain

On

Inspirational Leadership – Models from the Armed Forces adaptable in Corporate World

at 6.15 p.m.

Venue:Rangaswar Hall, 4th Floor, Y. B. Chavan Pratishthan,

Gen. Jagannath Bhosale Marg, next to Sachivalaya Gymkhana, Mumbai - 400021

Invitation


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 23rd June 2012 and 14th, 21st & 28th July 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 13th July 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 7th July 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)

with a long-term solution to inflation? All political parties have to adopt a constructive attitude to find a solution to these problems. A clue be taken from Aamir Khan’s new programme ‘Satyamev Jayate’ which is doing a great job and is working towards creating a greater good by taking up hard-hitting issues. I concur with Mr Khan and believe that change will only come if we, as common people, decide on it.

In times of increasing professional complexities and compliances, well-informed and updated staff and students are an asset to any organisation. Keeping this in mind, the Society has organised a lecture meeting on ‘Filing of Income Tax Returns for A.Y. 2012–2013’ on 27th June 2012, well ahead of due date for filing tax returns.

On behalf of the Managing Committee, I extend a personal invitation to all the members for the AGM of the Society to be held on 6th, July 2012, followed by the founding day lecture—by Lt. General Syed Ata Hasnain—the details of which are given in this edition of the Newsletter.

With warm regards,

Yours truly,

CA Deepak R Shah

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.

Lecture Meeting on Recent Judicial Rulings with special emphasis on Corporate Taxation by CA. Rajan Vora held on

26th April, 2012 is available on BCAS Web TV.

For further details log on to www.bcasonline.org


Accounting & Auditing CommitteeChairman : CA. Himanshu KishnadwalaConvenors : CA. Mukesh Trivedi, CA. Abhay Mehta, CA. Suril ShahCourse Co-ordinators : CA. Nikhil Patel and CA. Chirag Doshi

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

"Why Cyber Security and Digital Forensics?The interconnected, digital infrastructure for information and communication is known as cyberspace. It covers almost every facet of our life. It provides critical support for our day-to-day professional functions, communications and personal life. This technology has transformed the economy and has connected people in the ways we had never imagined.

Information systems & Internet has thoroughly encompassed our daily lives. We can’t imagine the world without this connectivity.

Our data, banking, communications, reservations, shopping, payments, appointments, records, entertainment, knowledge resources, etc, all are substantially through cyber space.

Chartered Accountants collect their clients’ data during the audits on their office servers. They have to ensure confidentiality, integrity, availability of data & protection of hardware and software.

The legislation, called the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules 2011, was put in place recently to implement the law.

The new data protection rules require that organisations inform individuals whenever their personal information is collected by email, fax or letter. Furthermore, they demand that organisations take steps to secure personal data and offer a dispute resolution process for issues that arise around the collection and use of personal information.

Hence, we need a safe Internet with a strong network infrastructure. We as professionals need to take appropriate action to protect cyberspace and ensure audit of data from cyber space.

Protecting cyberspace requires conceptual clarity of technology, leadership and understanding of cyber laws.

Ensuring that cyberspace is sufficiently resilient and trustworthy to support corporate objectives, economic growth, confidentiality, integrity and availability of infrastructure protections of hardware data, software data are the highest priorities of the cyber security and digital forensics.

Appreciating the need of the hour and importance of the subject the Accounting and Auditing Committee has organised a two day training workshop on the subject of cyber security & digital forensics.

Eminent faculty having vast experience in the field shall conduct the training.

Who will benefit?All practicing Chartered Accountants, senior executives in the industry and all those who are using and are connected with cyberspace.

Details of the programme is as follows:Days & Dates : Friday, 13th July, 2012 & Saturday, 14th July, 2012Time : 9.30 a.m. to 5.30 p.m. on 13th July, 2012 and 10 a.m. to 4 p.m. on 14th July, 2012

Venue : Lotus, 7, Jolly Bhavan, 2, Ground Floor, New Marine Lines, Mumbai - 400020Course Fees : R5,500 for Members & R6,500 for Others Registering Upto 30th June 2012 R6,000 for Members & R 7,000 for Others Registering after 30th June 2012 (Fees include training material, snacks and lunch on both the days and contribution of R50 to BCAS Foundation)

Topics: Understanding principles of Internet & Web cyber security IT Act 2011 – Safe Harbor Digital Contracts - IPR (Intellectual Property Rights) in Cyber Space Data handling and Identity management. Understanding Different types of Attacks & Prevention Back up, Recovery, Hardening of network and telecommunication devices. Recovery of deleted data & history. Forensics : Gathering evidences from computer to be presented in the court of law Securing IT environments to make it more efficient and effective

Enrolment form is printed on page12

Two-Day Workshop on Cyber Security and Digital Forensics


Advanced FEMA Conference

International 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 for members of BCAS and CTC `1,300 for non members of CTC and BCAS (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. Surin Kapadia CA. Dhishat Mehta CA. Gaurang Gandhi

Forthcoming Study Circle MeetingSuburban Study Circle

Jointly with

Accounting, Auditing and Company Law Study Circle & Information Technology Study Circle

Day & Date Saturday, 30th June, 2012

Time 5.00 p.m. to 7.00 p.m. (High tea: 4.30-5.00)

Topic Issues in Formation, Conversion and Taxation of LLP

Group Leader CA. Manish Shah

Convenors CA. Giriraj Soni, CA. Kinjal Shah, CA. Kunjan Gandhi, CA. Suril Shah, CA. Sanjay Chokshi, CA. Kamlesh Doshi

Venue : Direct-I-Plex, Old Nagardas Road, Opp. Wilson Pens, Near Andheri East Subway, Andheri (East) Mumbai - 400069

Restricted to members of that particular Study Circle only. BCAS Members (not enrolled for the specific study circle) can attend the study circle meeting on payment of R100 per meeting with prior information to Mr. Amit Singh on [email protected]

Quote

Management is, above all, a practice where art, science, and craft meet

— Henry Mintzberg

The details of the next meeting is as follows:

Day and Date Thursday, 5th July, 2012

Time 6.30 p.m.

Venue BCAS Conference Room, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai – 400020

Subject Internal Audit, Controls and Fraud Investigation

Speaker Aakash Talke & Chintan Shah

Enrolment fee for the Study Circle is R200 covering a period from February 2012 to 31st March 2013. Looking forward to seeing you in large numbers.

Enrolment form is printed on page12

Students’ Study Circle

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

The Trustees of BCAS Foundation acknowledge the following contributors who have contributed `5000 or more to the BCAS Foundation during the period of March 2012 to May 2012. We are thankful for the support. 1. Lala Sant Ram Tirath Ram `10,000 (Corpus Donation) Public Charitable Trust 2. Gupta Daan `5,001 (Corpus Donation)

Our Contributors


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.

Quote

You can have brilliant ideas, but if you can't get them across, your ideas won't get you anywhere.

— Lee Iacocca

Quote

Two roads diverged in a wood, and I . . . I took the one less traveled by, and that has made all the difference.

— Robert Frost


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* 200

* Only for students of ICAI

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

BCAS Study CirCleS for 2012-13

BCAS Newsletter I June 20128BCAS Newsletter I January 2012 11

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.1500/- 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 Convenor : CA. Bharatkumar Oza, CA. Aliasgar Kherodawala, CA. Ashish Fafadia"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. 1500/- 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.


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 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 Content

Module — IOverview 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


The Reserve Bank of India has issued the following 17 Circulars

A. P. (DIR Series) Circular No. 115 dated May 4, 2012Exim Bank's Line of Credit of USD 70 million to the Government of the Republic of Congo

Exim Bank has made available, subject to certain terms and conditions, to the Government of the Republic of Congo a Line of Credit of US $70 million for financing eligible goods and services including consultancy services from India for Rural Electrification Project in the Republic of Congo. 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 December 13, 2017 in case of supply contracts.

A. P. (DIR Series) Circular No. 116 dated May 4, 2012Exim Bank's Line of Credit of USD 382.37 million to the Government of the Democratic Socialist Republic of Sri Lanka

Exim Bank has made available, subject to certain terms and conditions to the Government of the Democratic Socialist Republic of Sri Lanka a Line of Credit of US $382.37 million for financing eligible goods and services including consultancy services from India for (i) US $ 149.34 million for track-laying on the Pallai-Kankesanthurai Railway Line, (ii) US $ 86.52 million for setting up of signaling and telecommunications system for the Northern Railway Line and (iii) Up to US $ 146.51 million for any other contracts in Sri Lanka that may be mutually approved by the Government of the Democratic Socialist Republic of Sri Lanka and the Government of India. 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 January16, 2018 in case of supply contracts.

A. P. (DIR Series) Circular No. 117 dated May 7, 2012Transfer of Funds from Non-Resident Ordinary (NRO) account to Non-Resident External (NRE) Account

Presently, transfer of funds from NRO to NRE account is not permitted.

This Circular permits transfer of funds from NRO account to NRE account within the overall ceiling of US $1,000,000 per financial year subject to payment of appropriate tax as if funds were remitted abroad.

A. P. (DIR Series) Circular No. 118 dated May 7, 2012Release of Foreign Exchange for Miscellaneous Remittances

Presently,up to US $ 5,000 or its equivalent can be remitted abroad for all permissible transactions on the basis of a simple letter from the applicant containing the basic information, viz., names and the addresses of the

From RBIContributed by : CA. Gaurang Gandhi

applicant and the beneficiary, amount to be remitted and the purpose of remittance.

This Circular has increased this limit from US $ 5,000 or its equivalent to US $ 25,000 or its equivalent.No documents, including Form A-2, except a simple letter containing basic information as stated above is required, provided the conditions mentioned below are fulfilled: -

a. Foreign exchange is being purchased for a permitted current account transaction.

b. Amount does not exceed US $ 25,000 or its equivalent.c. Payment is made by a cheque drawn on the applicant's bank

account or by a Demand Draft

A. P. (DIR Series) Circular No. 119 dated May 7, 2012External Commercial Borrowings (ECB) Policy – Utilization of ECB proceeds for Rupee expenditure

Presently, ECB proceeds can be utilized for permissible foreign currency expenditure as well as Rupee expenditure.

This Circular requires borrowers to provide bifurcation of the utilization of the ECB proceeds towards foreign currency and Rupee expenditure in Form – 83 at the time of availing Loan Registration Number (LRN). Borrowers must repatriate to India,immediately after drawn down, for credit to their Rupee accounts proceeds meant for Rupee expenditure in India. Any contravention will be viewed seriously and will invite penal action under FEMA.

A. P. (DIR Series) Circular No. 120 dated May 8, 2012Foreign Direct Investment (FDI) in India – Issue of equity shares under the FDI scheme allowed under the Government route

Presently, under the Approval Route, equity shares/ preference shares can be issued against import of second-hand machinery.

This Circular provides that now onwards equity shares / preference shares cannot be issued against import of second-hand machinery.

A. P. (DIR Series) Circular No. 121 dated May 8, 2012Foreign investment in Commodity Exchanges and NBFC Sector – Amendment to the Foreign Direct Investment (FDI) Scheme

Presently, foreign investment in commodity exchanges is permitted subject to a composite ceiling of 49% with FDI limit of 26% and FII limit of 23% under Portfolio Investment Scheme (PIS),

This Circular clarifies that: -a. With respect to foreign investment in commodity exchanges, the FDI

component of 26% will be under the Approval Route whereas FII investment of 23% under PIS will be under the Automatic Route.

b. 100% FDI under the Automatic Route is permitted only in case of ‘financial leases’ (financial leasing activity) and the Automatic Route is not available in case of ’operating leases’ (operating leasing activity).

A. P. (DIR Series) Circular No. 122 dated May 9, 2012Risk Management and Inter Bank Dealings

Presently, banks are permitted to deploy foreign currency funds for granting loans to their resident customers for meeting their foreign exchange requirements or for their rupee working capital / capital expenditure needs subject to the prudential / interest-rate norms, credit discipline and credit monitoring guidelines in force.

This Circular has modified the said policy and Banks can now, subject to the prudential / interest-rate norms, credit discipline and credit


monitoring guidelines in force, use funds in FCNR(B) accounts with them for making loans to resident customers for meeting: -

i. their foreign exchange requirements orii. for the rupee working capital / capital expenditure needs of

exporters / corporates who have a natural hedge or a risk management policy for managing the exchange risk.


This Circular provides that the intra-day open position / daylight limit of Authorized Dealers will be five times the Net Overnight Open Position Limit available to them or the existing Intra-day open position limit as approved by RBI, whichever is higher, for positions involving Rupee as one of the currencies.

A. P. (DIR Series) Circular No. 124 dated May 10, 2012Exchange Earner's Foreign Currency (EEFC) Account

Presently, all foreign exchange earners are permitted to retain 100% of their foreign exchange earnings in their EEFC account.

This Circular has modified the position as under, for holding of foreign exchange in EEFC account, Resident Foreign Currency (RFC) Account or Diamond Dollar Account (DDA): -

a) 50% of the balances in these accounts must be converted within 15 days from the date of this Circular into rupee balances and credited to the rupee accounts as per the directions of the account holder.

b) In respect of all future foreign exchange earnings, an exchange earner is eligible to retain 50% (as against the previous limit of 100%) in non-interest bearing foreign currency accounts. The balance 50% shall be surrendered for conversion to rupee balances.

c) EEFC account holders henceforth will be permitted to access the foreign exchange market for purchasing foreign exchange only after utilizing fully the available balances in the EEFC accounts.

A. P. (DIR Series) Circular No. 125 dated May 10, 2012Exim Bank's Line of Credit of USD 13 million to the Government of the Republic of Mozambique

Exim Bank has made available, subject to certain terms and conditions, to the Government of the Republic of Mozambique a Line of Credit of US $13 million for financing eligible goods and services including consultancy services from India for Solar Photo Voltaic Module Manufacturing plant in Mozambique. 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 August 31, 2017 in case of supply contracts.

A. P. (DIR Series) Circular No. 126 dated May 14, 2012Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR

With effect from April 26, 2012, the Rupee value of the Special Currency Basket has been fixed at R73.305676 as against the earlier value of R70.7965327.

A. P. (DIR Series) Circular No. 127 dated May 15, 2012Foreign investment in NBFC Sector under the Foreign Direct Investment (FDI) Scheme – Clarification

This Circular clarifies that the activity ‘leasing and finance’, which is one among the eighteen NBFC activities wherein FDI up to 100% is permitted under the Automatic Route covers only ‘financial leases’ and not ‘operating leases’, in so far as the NBFC sector is concerned.

A. P. (DIR Series) Circular No. 128 dated May 16, 2012Exchange Earner's Foreign Currency (EEFC) Account

This Circular clarifies that conversion of the EEFC balances into rupee balances will only be applicable to available balances in the EEFC account which may be arrived at by netting off earmarked amounts on account of outstanding forward / option contracts booked before May 10, 2012.


This Circular provides that: -i. The current Net Overnight Open Position Limit (NOOPL) of

banks as applicable to the positions involving Rupee as one of the currencies will not include the positions undertaken in the Currency Futures / Options segment in the exchanges.

ii. The positions in the exchanges (both Futures and Options) cannot be netted / offset by undertaking positions in the OTC market and vice-versa. The positions initiated in the exchanges must be liquidated / closed in the exchanges only.

iii. The position limit for the Banks in the exchanges for trading Currency Futures and Options will be US $ 100 million or 15 % of the outstanding open interest, whichever is lower.

Further, Banks, whose positions are not in line with the above requirements, are required to bring down their positions to the above limits by June 30, 2012.

A. P. (DIR Series) Circular No. 130 dated May 25, 2012Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR

With effect from May 9, 2012, the Rupee value of the Special Currency Basket has been fixed at R75.594562 as against the earlier value of R73.305676.

A. P. (DIR Series) Circular No. 131 dated May 31, 2012Overseas Direct Investments by Indian Party – Online Reporting of Overseas Direct Investment in Form ODI

Presently, although banks can generate the UIN online for overseas investments under the Automatic Route, reporting of subsequent remittances for overseas investments under the Automatic Route as well as the Approval Route could be done online in Part II of Form ODI only after receipt of the letter from RBI confirming the UIN.

This Circular states that, in the case of overseas investments under the Automatic Route UIN will be communicated through an auto generated e-mail sent to the email-id made available by the Authorized Dealer /Indian Party. This auto generated e-mail giving the details of UIN allotted to the JV / WOS will be treated as confirmation of allotment of UIN, and no separate letter will be issued with effect from June 1, 2012 by RBI either to the Indian party or to the Authorized Dealer. Subsequent remittances are to be reported online in Part II of form ODI, only after receipt of the e-mail communication/confirmation conveying the UIN.


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