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August 2016
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In This Issue
Trending Topics 03
“On Tap” licensing Coming Soon for universal banks
Wait, GST is not a reality yet: It still has to cover seven
grueling steps
Mutual funds Are ratings the real indicators?
Instruments of investments in FDI
Due Date Chart 12
Notifications and Circulars 14
Seminars and Courses 18
Seminar
Batches for Professional Courses
About Us 23
Contact Us 26
2
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“On Tap” licensing Coming
Soon for universal banks
4
Background
With just over a month left for his term
coming to end at Mint Road, outgoing
Reserve Bank of India (RBI) governor
Raghuram Rajan has taken one of the key
reform steps in the country’s banking sector
by announcing final norms for ‘on tap
licensing’ or continuous licensing. In simple
words, this means bank licensing process will
no longer be a once-in-a-decade affair. It will
be an ongoing process. From this point
onwards, any eligible banking aspirant,
individual or entity, can walk to the central
bank with an application to start a full service
bank at any point. They don’t need to wait for
specific announcement from the RBI or
government on a brief window for bank
licensing like that happened in 1993, 2001
and later in 2013.
Detailed Analysis
In the first round, RBI gave ten permits, while
two each in the second and third round.
These include Kotak Mahindra and Yes Bank
(2004) and later IDFC and Bandhan. Since
1990s, some of the private banks which got
license, lost their race in the tough
competition. They got eventually merged with
other banks. A few examples are Bank of
Rajasthan, Times Bank and Bank of Madura.
With on-tap licensing comes in, the RBI,
under Rajan, has initiated the biggest
overhaul in India’s banking structure, after
readying the structure for differentiated
banking regime with the issuance of small
finance banks and payments bank licenses.
If one sees the monetary policy structure
reforms too along with this, Rajan’s
governorship has witnessed an era of big
reforms in India’s banking industry.
But, the big highlight of ‘on-tap licensing’ norm is
that corporate biggies are out of the race
already. The central bank’s final guidelines
clearly say that ‘large industrial houses are
excluded as eligible entities but are permitted to
invest in the banks up to 10 percent’. This line
immediately pours ice-cold water on the plans of
corporate tycoons, who wants to wear the cap of
a banker. The apex bank’s move is
understandable since it has never favoured big
corporations setting up banks since banks
primarily deal with public money. Hence, the RBI
doesn’t want to take chances of private
corporations misusing that money for related
party lending.
Having said that the RBI has permitted business
houses to invest up to 10 percent in the new
banks. The question here is can RBI ensure few
corporations that do not act in concert to take
indirect control of a bank. Also, the RBI permits
the existing non-banking financial companies
(NBFCs) that are ‘controlled by residents’ and
have a successful track record for at least 10
years applying for license. So are individuals /
professionals who are ‘residents’ and have 10
years of experience in banking and finance.
Also, private groups ‘owned and controlled by
residents’ and have a successful track record for
at least 10 years.
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Such entities, with total assets of Rs 5,000 crore
or more and non-financial business of the group
not accounting for more than 40 percent of total
income, can apply. The minimum entry capital
set is Rs 500 crore. In short, the RBI primarily
wants good NBFCs convert to full-service
banks. A private group can apply if it is primarily
into financial services business with good track
record of a decade. The stringent norms would
mean that only very few eligible candidates can
throw their hat in the ring. Not surprising given
the central bank always had an aversion to
corporations setting up banks.
In the last round, from the 25 candidates applied
for full service bank licenses, only two got the
final permit — IDFC and Bandhan. The others
too can try their luck once the new regulation
comes into place. For the yet-to-be banked in
the hinterland of the country, this is good news
since more banks would mean more
competition, more reach that would lower the
cost of services. The RBI has made it clear that
new banks under the ‘on-tap’ licensing mode
cannot ignore the rural areas of the country by
stipulating that at least 25 per cent of their
branches should be in unbanked rural centers
(population up to 9,999 as per the latest census)
and they shall comply with the priority sector
lending targets and sub-targets as applicable to
the existing domestic scheduled commercial
banks.
Under the priority sector lending rules, a bank
needs to lend at least 40 percent of their
loans to economically weaker sections.
Financial inclusion has been a big challenge
for Indian banking sector even after decades
of nationalization of banks. The new set of
universal banks and the small finance,
payments banks will change this scene. But,
all depends on how many licenses the central
bank chooses to give.
With the RBI now opening the door for all
eligible aspirants on a continuous basis, one
gets an impression that so many new banks
will now come to the picture. But that is
unlikely given the stringent riders the RBI has
set and the central bank’s aversion for too
many banks. But, as mentioned earlier, the
key takeaway from the guideline is that no big
corporate house should dream of becoming a
bank now, unless they can outsmart the
regulator by acting in concert with interested
parties.
FirstPost.com
5
GST not a reality yet: Still has
to cover seven grueling steps
6
Background
The Rajya Sabha clearance to the GST Bill,
touted as the biggest tax reform since India's
Independence, lifted market mood on
Thursday, but only briefly. The bill is set to
improve the government's revenue and help
it achieve better transmission of prices. It is
expected that certain goods, such as capital
goods, would become cheaper by 12-14 per
cent, increasing demand for them, raising
investment and, thus, economic growth.
However, the landmark legislation still needs
to clear some more hurdles before the bill
becomes a law, enforceable by the April 1,
2017 deadline.
The Way Forward
We list out the next key steps for the same:
The bill will now be sent to the Lok Sabha,
which has already passed the bill but will
have to discuss and ratify the
amendments made in the Rajya Sabha.
The BJP has majority in the Lower House
and thus a quick clearance is a given. In
case the amendments are not cleared, the
bill will go to parliamentary committee,
though the chances are slim.
One the amendments are cleared, the bill
will go to state assemblies for clearance.
At least 50% of the states (15 states) must
approve the legislation. Only Tamil Nadu
looks tough at the moment, as the
AIADMK MPs skipped the voting in the
Upper House. The BJP is in power in 13
states, while JD-U - another strong backer
of the GST legislation - is in power in
Bihar. The Congress-ruled states too are
likely to clear it.
The legislation will then go to the President,
whose signature will turn it into a law ahead of
its rollout by the deadline of April 1, 2017.
The next step will be the formation of the GST
Council. This council will have representatives
from both the Centre and states. All this will
be made within 60 days of the enactment of
the bill. It will decide the revenue neutral rate
(RNR), the rate at which there will be no loss
in aggregate central and state tax revenue.
The RNR will then get converted into a three-
slab GST rate structure, depending on
exemptions. Essential commodities will be
charged at low rates offset by higher 'sin'
taxes on goods considered to be luxuries. A
so-called standard or GST rate will be the
middle slab and will apply to most goods and
services. The single GST rate will be split
between and central and state GST. The split
shares will be decided by the GST Council.
Three more laws will need to be passed: laws
on the Central GST, integrated GST and 29
separate state GST legislations (SGST).
While the first two laws will be cleared by
Parliament, the third law will be cleared by the
respective state assemblies.
The Economic Times
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Mutual funds Are ratings the
real indicators?Background
When it comes to investing, most of us believe
in lady luck, intuitions and fate. Successful
investing is not based on destiny; it involves a
right blend of logic, research, discipline and
planning. Investing for returns is directly
proportional to the risk tolerance of the
individual. Based on the risk appetite, there
are several investment vehicles available in the
market to the investors. One of the most
popular investment vehicles in India is mutual
funds. Mutual funds are diversified, and tend to
lower your risk. It lets you invest small amounts
of money, which are monitored by qualified
professionals who use the invested sum to
create a portfolio based on pre-defined goals.
Mutual fund investing guidelines
that can help
Among mutual fund ratings, the most popular
one is the Morningstar Risk Rating. The
mutual fund ratings are generally graded on a
scale of one star to five stars, one being the
poorest and five being the best. These ratings
have been in vogue for more than a decade
Among mutual fund ratings, the most popular
one is the Morningstar Risk Rating. The
mutual fund ratings are generally graded on
a scale of one star to five stars, one being
the poorest and five being the best. These
ratings have been in vogue for more than a
decade and are an indicator of the fund’s
performance and consistency. Also known as
star ratings, it is designed to help investors to
arrive at purchase decisions for their
portfolios. Mutual fund ratings can make or
break the success of a mutual fund. With the
rating business blossoming to a million dollar
industry, the impact to the end investor
cannot be ignored. While mutual fund ratings
can help in arriving at an informed decision
making, there are some points that need
extra consideration. Read on to understand
them better:
1. Higher ratings doesn’t always
guarantee higher returns
In the mutual fund investment scenario, a
fund with higher ratings can be illusive.
Analysis of other factors in the mutual fund
such as – its performance trend, immediate
7
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future returns, investment strategy, its relative
risk strategy and its indicative performance in
bull and bear market conditions is vital. A
balanced decision taken after consideration of
the variables makes the portfolio more
comprehensive and sound.
2. Goal alignment and portfolio
Align the portfolio based on the time identified
goals. For short term goals or financial
requirements, equity investments might not
guarantee returns. Majority of the investors
assume that mutual funds are only about
investing in equities and therefore end up
investing higher amounts in equity funds.
Though such funds may be rated 5 stars, they
tend to be more volatile and erratic in fetching
returns and are not the best bid for short term
set of goals.
3. Fund strategy
The key to investing in mutual funds is to
discern the strategy of the fund. When we buy
or invest in a fund, we should understand what
it does, and articulate its entry and exit
strategy. This enables in evaluation of fund’s
performance and to build a portfolio of funds
that work together. Each mutual fund category
adopts a different strategy. The performance of
a fund is also dependent on the role of the
fund manager. The strategy adopted by the
fund manager needs careful understanding -
such as de-concentration of funds by dis
investing large cap funds and increased fund
flow into mid cap funds, stoppage in cash calls
etc. Use diligence in deciding between large/
small-cap equity/short-term/ long-term bond.
4. Availability of the fund manager
The exit of the fund manager does not always
signal red. Different mutual fund houses have
varied investing cultures, and with the right
institutional processes, the absence or
unavailability of a fund manager does not carry
a huge impact to the end investor. In case of a
change in the fund manager it would be more
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prudent to keep the fund on a watch list for a
couple of quarters and compare its
performance rather than exiting immediately.
There have also been instances were a fund
has been downgraded due to the exit of its
fund manager who solely managed the affairs
and the past performance and star ratings get
skewed.
5. Rating comparisons across time
horizons
Ratings are awarded to the fund schemes,
based on the performance of the portfolio for a
specified period of time. The number of years
the fund has been in existence and the stars
earned is a performance indicator of the fund.
Hence, comparison needs to be made on the
basis of both factors, as a 5 star rated fund
which is 10 years old is more consistent in
returns than a 5 star rated, 3 year old fund.
There is no one investment plan that is fool
proof. It requires informed decision making
through research and structured planning.
“Destiny is not a matter of chance; it is a
matter of choice. It is not a thing to be waited
for; it is a thing to be achieved.” - William
Jennings Bryan.
Mutual fund investing is not matter to be left in
the hands of destiny; it is the result of
conscious choice. With the right decisions it
can make money work for you.
Caclubindia.com
Instruments of Investments in
Foreign Direct Investment (FDI)
Equity Shares
The Indian Company can issue equity shares
in accordance with the provisions of the
Companies Act, as applicable, shall include
equity shares that have been partly paid,
subject to pricing guidelines/valuation norms
prescribed under FEMA Regulations
Preference Shares
The Indian Company can issue Fully,
compulsorily & mandatorily convertible
preference shares subject to pricing
guidelines/valuation norms prescribed under
FEMA Regulations. Preference shares shall
be required to be fully paid, and should be
mandatorily and fully convertible.
Debenture
Condition
The Indian Company can issue above
mentioned securities subject to pricing
guidelines/valuation norms prescribed under
FEMA Regulations.
Price Guidelines
The price/conversion formula of convertible
capital instruments should be determined
upfront at the time of issue of the
instruments.
The price at the time of conversion should
not in any case be lower than the fair value
worked out, at the time of issuance of such
instruments, in accordance with the extant
FEMA regulations.
Warrant: Fully, compulsorily and
mandatorily convertible Warrant.
Further, ‘warrant’ includes Share Warrant
issued by an Indian Company in accordance
to provisions of the Companies Act, 2013
subject to terms and conditions as stipulated
by the Reserve Bank of India in this behalf,
from time to time.
A. When Company will determine the price
or conversion formula of convertible
Instrument?
The Company will determine the price or
conversion formula of convertible Instrument
at the time of issue of the instruments.
B. Whether price can be lower than the fair
value worked out at the time of issuance of
such instrument?
The price at the time of conversion should not
in any case be lower than the fair value
worked out, at the time of issuance of such
instruments.
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C. Whether Optionality clauses are allowed
to holder of Equity/ Preference shares and
debentures?
Yes, Optionality clauses are allowed in equity
shares, fully, compulsorily and mandatorily
convertible debentures and fully, compulsorily
and mandatorily convertible preference shares
under FDI scheme, subject to the following
conditions:
Condition: There is a minimum lock-in period
of one year which shall be effective from the
date of allotment of such capital instruments.
After the lock-in period and subject to FDI
Policy provisions, if any, the non-resident
investor exercising option/right shall be eligible
to exit without any assured return, as per
pricing/valuation guidelines issued by RBI from
time to time.
D. Whether Indian Company can issue Non-
Convertible/ optionally convertible/ Partly
Convertible Preference Shares/ Debentures
to Foreign Investors under FDI?
No, Indian Company can’t issue Non-
Convertible/ optionally convertible or Partly
Convertible Preference Shares or Debentures
to Foreign Investors under FDI.
If Company will issue the same and received
the fund will be consider as Debt. Accordingly
all norms applicable for ECBs relating to eligible
borrowers, recognized lenders, amount and
maturity, end-use stipulations, etc. shall apply.
DRs and FCCBs
The inward remittance received by the Indian
company vides issuance of DRs and FCCBs
are treated as FDI and counted towards FDI.
Conditions:
i. FCCBs/DRs may be issued in accordance
with the Scheme for issue of Foreign
Currency Convertible Bonds and Ordinary
Shares (Through Depository Receipt
Mechanism) Scheme, 1993 and DR
Scheme 2014 respectively, as per the
guidelines issued by the Government of
India there under from time to time.
ii. DRs are foreign currency denominated
instruments issued by a foreign
Depository in a permissible jurisdiction
against a pool of permissible securities
issued or transferred to that foreign
depository and deposited with a
domestic custodian.
iii. A person can issue DRs, if it is eligible to
issue eligible instruments to person
resident outside India under Schedules
1, 2, 2A, 3, 5 and 8 of Notification No.
FEMA 20/2000-RB dated May 3, 2000,
as amended from time to time.
iv. The aggregate of eligible securities
which may be issued or transferred to
foreign depositories, along with eligible
securities already held by persons
resident outside India, shall not exceed
the limit on foreign holding of such
eligible securities under the relevant
regulations framed under FEMA, 1999.
v. The pricing of eligible securities to be
issued or transferred to a foreign
depository for the purpose of issuing
depository receipts should not be at a
price less than the price applicable to a
corresponding mode of issue or transfer
of such securities to domestic investors
under the relevant regulations framed
under FEMA, 1999.
vi. In terms of Notification No. FEMA.20/
2000-RB dated May 3, 2000 as amended
from time to time, a person will be eligible
to issue or transfer eligible securities to a
foreign depository, for the purpose of
converting the securities so purchased
into depository receipts in terms of
Depository Receipts Scheme, 2014 and
guidelines issued by the Government of
India there under from time to time.
vii. The issue of depository receipts as per
DR Scheme 2014 shall be reported to the
Reserve Bank by the domestic custodian
as per the reporting guidelines for DR
Scheme 2014.
ADR & GDR
Two-way Fungibility Scheme
i. A limited two-way Fungibility scheme has
been put in place by the Government of
India for ADRs/GDRs.
ii. Under this Scheme, a stock broker in
India, registered with SEBI, can purchase
shares of an Indian company from the
market for conversion into ADRs/GDRs
based on instructions received from
overseas investors.
11
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iii. Re-issuance of ADRs/GDRs would be
permitted to the extent of ADRs/GDRs
which have been redeemed into
underlying shares and sold in the Indian
market.
Sponsored ADR/GDR issue
i. An Indian company can also sponsor an
issue of ADR/GDR.
ii. Under this mechanism, the company
offers its resident shareholders a choice to
submit their shares back to the company
so that on the basis of such shares,
ADRs/GDRs can be issued abroad.
iii. The proceeds of the ADR/GDR issue are
remitted back to India and distributed
among the resident investors who had
offered their Rupee denominated shares
for conversion.
iv. These proceeds can be kept in Resident
Foreign Currency (Domestic) accounts in
India by the resident shareholders who
have tendered such shares for conversion
into ADRs/GDRs.
Caclubindia.com
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DUE DATE CHART (August 2016)
Due Date Category Particulars Form/Challan/Site
06-Aug-16
Central Excise
Payment
Payment for the month July
2016 (Non SSI)www.aces.gov.in
Service TaxPayment for the month July
2016 (For Companies) www.aces.gov.in
07-Aug-16TDS/ TCS
Payment
TDS Payment for the month
July 2016Challan 281
10-Aug-16Central Excise
Return
Return for the month July 2016
for All Assessee (Non SSI)www.aces.gov.in
15-Aug-16 Provident Fund
Payment for the Month
July 2016www.epfindia.com
Declaration of new Employees
for the month July 2016Form No. 11
21-Aug-16Employee State
Insurance (ESI)
Payment for the month
July 2016www.esic.in
25-Aug-16 Provident FundReturn for the month
July 2016 www.epfindia.com
30-Aug-16 ESIC Return of contributions www.epfindia.com
NOTIFICATIONS
AND CIRCULARS
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Notification/ Circular Reference No.
Exemption from TDS to Securitization Trust on
Income received from activity of Securitization
Notification No. 46/2016,
dated 1706-2016
Exemption from TDS on specified payments made to
banks etc.
The Central Government deriving power under section
197A(1F) has notified that no deduction of tax shall be
made on the payments of the nature specified below, in
case such payment is made by a person to a bank listed
in the Second Schedule to the Reserve Bank of India Act,
1934, excluding a foreign bank, or to any payment
systems company authorized by the Reserve Bank of
India under Section 4(2) of the Payment and Settlement
Systems Act, 2007.
Notification No. 47/2016,
dated 17-062016
Relaxation from deduction of tax at higher rate under
section 206AA
Notification No 53/2016,
dated 24-06-2016
Information contained in valid declarations under the
Income Declaration Scheme, 2016 to be kept
Confidential
Notification No 56/2016,
dated 06-072016
Clarifications on the Income Declaration Scheme,
2016 via issue of FAQs
Circular No. 24/2016,
Dated 27-06-2016 and
Circular No 25/2016,
Dated 30-062016
Threshold Limit of tax audit under section 44AB and
section 44AD
Section 44AB of the Income-tax Act makes it obligatory
for every person carrying on business to get his accounts
of any previous year audited if his total sales, turnover or
gross receipts exceed Rs. 1 Crore. However, if an eligible
person opts for presumptive taxation scheme as per
section 44AD(1), he shall not be required to get his
accounts audited if the total turnover/ gross receipts of the
relevant previous year does not exceed two crore rupees.
Press Release,
dated 20-06-2016
Relaxation of time schedule for making payments
under the Income Declaration Scheme 2016
Press Release,
dated 14-07-2016
Direct Tax Law
15 Source: ICAI e-Journal
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16 Source: ICAI e-Journal
Indirect Tax LawNotification/ Circular Reference No.
Services Provided prior to 31st May 2016 exempt
from Krishi Kalyan Cess (KKC)
Notification No. 35/2016-
ST dated June 23, 2016
Transportation of goods by a vessel from outside
India upto the customs station in India prior to
31st May 2016 exempt from Service Tax
Notification No. 36/
2016-Service Tax,
Dated: June 23, 2016
Sale of goods at Duty Free Shops in Indian Currency
Central Government vide Circular No. 31/2016-
CUSTOMS, Dated: July 6, 2016 has provided that the
passengers are now permitted to purchase goods at duty
free shops in Indian rupees up to an amount not
exceeding Rs.25,000 as against earlier limit of Rs.5,000.
Circular No. 31/2016-
CUSTOMS,Dated: July
06, 2016
Procedure for accounting storage etc. for Duty Free
Shops
Central Government vide Circular No. 32/2016-
CUSTOMS, Dated: July 13, 2016 has prescribed a
system of accounting of receipt, storage, operations and
removal of goods with regard to Duty Free Shops.
Circular No. 32/2016-
CUSTOMS, Dated: July
13, 2016
Amendment in Import of Goods at Concessional Rate
for manufacture of excisable goods rules
Notification No. 100/
2016-Customs (NT),
Dated: July 14, 2016
Recovery of confirmed demands during the pendency
of stay application
Circular No.
1035/23/2016-CX
dated July 4, 2016
Honnavar port in Karnataka appointed for unloading
of imported goods and loading of export goods
Notification No. 97/2016-
CUSTOMS (NT), Dated:
July 8, 2016
Time limit for taking Registration under Central
Excise by Jewellers
Circular No.
1033/21/2016-CX
dated July 1, 2016
Procedure for supply of bunker fuels to Indian
vessels carrying containerized cargo
Notification No. 31/2016-
Central Excise (N.T.),
Dated: July 4, 2016
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Others (MCA/ SEBI/ RBI)Notification/ Circular Reference No.
Companies (cost records and audit) Amendment
Rules, 2016
The amendments deal with aspects like definition of cost
audit report, certifications before appointment of cost
auditor, provisions for removal of cost auditor, filing of
returns with ROC etc. The amendments also deal with
applicability of cost records and audit to certain industries.
For complete text of the notification, please refer the link:
http://www.mca.gov.in/Ministry/pdf/Rules_15072016.pdf
MCA notification no.
G.S.R(E) dated
14th July 2016
Revised Formats for Financial Results and
Implementation of Ind-AS by Listed Entities
The circular specifies formats for declaration of
Unaudited/Audited quarterly financial results by the listed
companies. It also lays down detailed guidelines with
respect to Implementation of Ind-AS during the first year
i.e. financial year 2016-2017 and various other
clarifications on issues with regard to Ind-AS
implementation. For complete text of the circular, please
refer the link:
http://www.sebi.gov.in/cms/sebi_data/attachdocs/1467712
561526.pdf
SEBI circular no.
CIR/CFD/FAC/62/2016
dated 5th July 2016
Implementation of Indian Accounting Standards
(Ind AS)
RBI has directed that Banks shall refer to the Report of
the Working Group on “Implementation of Ind AS by
Banks in India”. The Proforma Ind AS Financial
Statements shall include the Balance Sheet including
Statement of Changes in Equity, Profit and Loss Account
and Notes. The circular also lays down the various
disclosure requirements for significant accounting policies
and the approach on exemptions under Ind AS 101 First
Time Adoption of Indian Accounting Standards. For
complete text of the circular, please refer the link:
https://rbi.org.in/Scripts/NotificationUser.aspx?Id=10456&
Mode=0
Source: ICAI e-Journal
SEMINARS AND
COURSES
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Seminars and Discussions
Taxation Matters
19 Source: ICAI CPEC Website
S.No. PoU Topic Place Date Contact DetailsCPE
Hours
1.
Urban Estate
CPE Study Circle
of Faridabad
Service Tax And
Foreign Trade Policy
Hotel Delite, Neelam Bata
Road, Faridabad
07th Aug 16
10:00 - 13:00
CA Manoj Gupta
(M) 9810182124, 3
2.
Laxmi Nagar
CPE Study Circle
of NIRC
GST (Goods And
Service Tax)
Lagan Banquet Hall. Nirman
Vihar, Near Metro Station,
Delhi 110092.
07th Aug 16
12:15 - 14:15
CA Mukesh
Kumar Singh4
3.
VIP Road CAs
Study Circle of
EIRC
GST Model Law –
The Way Ahead
220, Bangur Avenue, Block-a,
Ground Floor, Kolkata-700055
07th Aug 16
10:00 - 13:00
Ca. Rahul Rungta
93310398623
4.Nashik Branch of
WIRC
Workshop on Tax &
Corporate Audit
Nashik Branch of WIRC of
ICAI, ICAI Bhawan, Ashoka
Marg, Nashik
07th Aug 16
10:00 - 17:30
0253 2236107/
22360126
5.
Joshi Road CPE
Study Circle of
NIRC
Commodity Code,
Vat, Service Tax, Gst
Hotel Swati Dx, Opp Jassa Ram
Hospital, Gurdwara Road, Karol
Bagh, New Delhi – 110005
08th Aug 16
17:00 - 22:00
Ca Shravan Suri,
98730231135
6.Palghat Branch
of SIRCNRI Taxation
Icai Bhawan, Indrani Nagar,
Chunnambuthara
08th Aug 16
17:30 - 20:30Ca Arun A 3
7.
ACAE CAs
Study Circle of
EIRC
Practical Issues In E-
filling of TDS Returns
And IT Returns
6, Lyons Range, 3rd Floor, Unit-
2, Kolkata-700001
08th Aug 16
17:00 - 20:00- 3
8.
East End CA
Study Circle of
NIRC
Seminar on The
Concept of “TAX
AUDIT & GST”
Scope Minar,auditorium,back
Side of V3S Mall,laxmi
Nagar,delhi-110092
09th Aug 16
17:30 - 21:30- 4
9.Bangalore
Branch of SIRC
HUF -Latest Tax
Issues
Bangalore Branch of SIRC of
ICAI
10th Aug 16
18:00 - 20:00
Ms.Geethanjali D
080-305635132
10.Trichur Branch
of SIRC
Seminar on Goods
and Service Tax
Icai Bhawan, Alum Vettu
Vazhi Chiyyaram
13th Aug 16
09:30 - 12:300487-2253400 6
11.
Masjid Bunder
CPE Study Circle
of WIRC
Taxation Impact on
LLP
Roman Vision Banquet
Hall,99/101, 3rd Floor, Above
Vijay Transport, Mumbai - 09
18th Aug 16
17:30 - 20:30
Pratik Doshi
98705609503
12.
MII Powai Lake
CPE Study Circle
of ICAI
MVAT Updates &
Sales Tax Amnesty
Scheme 2016
MTNL-CETTM, Technology
Street, Hiranandani Gardens,
Powai, Mumbai– 400076
20th Aug 16
15:00 - 18:00
CA Santosh
Agarwal
9930367339
3
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20 Source: ICAI CPEC Website
Other Matters
Seminars and Discussions
Company Law MattersS.No. PoU Topic Place Date Contact Details
CPE
Hours
1.
Mayur Vihar
CPE Study Circle
of NIRC
Seminar on CARO-16
and Companies
Amendment Bill-2016
Riverside Sports Club, Mayur
Vihar-i Extn,delhi-91
07th Aug 16
11:00 - 15:00
CA Sunil Kr
Agrawal-
9811253763
4
2.Western India
Regional Council
Seminar on CARO &
Societies Audit
Bhatia Wadi, Vasantrao Chogale
Road, L.T. Road, Borivali West,
Mumbai – 400092
07th Aug 16
14:30 - 17:308454878798 3
3.
Ichalkaranji CPE
Study Circle of
WIRC of ICAI
Reporting on CARONear Niramay Multispeciality
Hospital
09th Aug 16
16:30 - 19:30
Pawan Soni-
98509775283
4.Thane Branch of
WIRC of ICAI
CARO & Recent Co.
Act Amendments
TMA Hall, Wagale Estate,
Thane (W)
11th Aug 16
17:30 - 20:4502225382456 3
5.
Vikas Marg C.A.
Study Circle of
NIRC
Discussion on Latest
Developments In
Companies Act,2013
Crystal Banquet, Laxmi Nagar12th Aug 16
17:00 - 21:00
CA Pradeep
Kumar Jain4
S.No. PoU Topic Place Date Contact DetailsCPE
Hours
1.Faridabad Branch of
NIRC
SEMINAR on
IND-AS
Icai Bhawan, Plot No. 43,
Sector-20a, Faridabad
07th Aug 16
10:30 - 13:30
Ca. Mahender
Gupta 98990276543
2.Matunga CPE Study
Circle of WIRC
Recent Updates
In FEMA
SNDT Women’s College,
Wadala, 338, R.A. Kidwai Road,.
Matunga, Mumbai – 400 019
07th Aug 16
09:30 - 12:30
Tanvi Vora
98338010153
3.Borivali-kandivali
CPE Study Circle
Discussion on
IFRS
6h Floor Tahkur Polytechnice,
90ft Road, East Mumbai 400101
07th Aug 16
09:00 - 13:1528976621 4
4.Lubricants CPE
Study Circle of ICAI
Ind AS – Way
Ahead
Technopolis Knowledge Park,
Andheri(e)
09th Aug 16
15:00 - 18:00
Bharat Agrawal
(9619136649)3
5.Whitefield Bangalore
CPE Study Circle
Ind AS
Introduction
RMZ NXT, Whitefield,
Campus-1a, 3rd Floor
17th Aug 16
14:00 - 16:00- 2
6.Agra Branch
of CIRC
Workshop on
AS, Sas, ICDS
& Income Tax“
Hotel Jay Pee Palace,
Fatehabad Road, Agra
26th Aug 16 -
28th Aug 16
Ca. Naval Kishore,
941512505312
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Batches for Upcoming
Courses
International Financial Reporting (IFRS)
Methodology: The participants are required to
devote time in self-study and case studies.
Participants may be grouped for preparing the
case study, Self-study, case study and
Evaluation Test for successful completion of the
course.
Duration of the Course: Class-room Study of
60 Hours - 12 days Course Saturday & Sunday
(9:30 AM to 5:30 PM)
Evaluation Test: IFRS Certification Course
exam is conducted on second Sunday of March,
June, September and December.
Examination Dates - Year 2016
Quarter 1 - March 13, 2016 (N.A.)
Quarter 2 - June 12, 2016 (N.A.)
Quarter 3 - September 11, 2016
Quarter 4 - December 11, 2016
Certificate on completion of the Course:
A certificate will be awarded to the participants
after attending and satisfactorily completing the
course and passing the certification exam.
Minimum No. of Seats: 30
CPE Hours: 60 Hours (60 Structured)
ICAI Webstie
The International Financial Reporting Standards
(IFRS) issued by International Accounting
Standards Board (IASB) are gaining recognition
as Global Reporting Standards. The Council of
the Institute of Chartered Accountants of India,
while appreciating the emerging diversities and
complexities in the world of accounting and the
need for knowledge of IFRS in relation to the
convergence of the Indian Accounting
Standards with IFRS, has decided to launch a
Certificate Course on International Financial
Reporting Standards for its members. The
objective of this Course is to enhance the
knowledge as well as to provide benefit to the
members in the global service market.
The Course aims at providing:
• Introduction of the concepts of IFRS
• Dissemination of knowledge on IFRS;
• Comparison of IFRS with existing Indian
Accounting Standards;
• Issues in relation to IFRS;
• Conversion of Financial Statements prepared
on the basis of Indian GAAP to IFRS based
financial statements.
Apart from the comprehensive theoretical
aspects, this course, the first of its kind in India,
will sharpen the expertise and excellence of our
members through multiple case studies across
the industry and service sector.
Fees: Rs 30,000
Eligibility for the Course: Members of ICAI
The fees can be paid either by a Demand draft,
Pay Order or through online mode. The demand
draft/ pay order shall be drawn in favour of the
"Secretary, The Institute of Chartered
Accountants of India, payable at New Delhi."
Certificate Course on Forex
and Treasury Management
Course Duration
Classes will be for Eight days. (Weekends only)
Saturday and Sunday (10.00 a.m. to 5.00 p.m.)
Attendance
Compulsory 75% attendance is required.
Professional Credit
The participants to this course will be given 30
CPE Hrs after successful completion of the
course.
Course Fees
Rs. 17,500/-* per member for the complete
course. The fees also includes examination fee
for the first attempt. The candidate who does
not appear or fails to clear the examination is
required to pay an examination fee of Rs.
2,000/- in the subsequent attempt. The fees can
be paid vide DD/Cheque in favour of “The
Secretary, The Institute of Chartered
Accountants of India” Payable at New Delhi.
Course fee can also be paid online through ICAI
Payment portal.
ICAI Webstie
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About the Course
The Committee on Financial Market and
Investors’ Protection (CFMIP) is one of the
Non-Standing Committees of the ICAI which
conducts Certificate Course on Forex and
Treasury Management (FXTM) for professional
development of members in this field. This
course covers foreign exchange market,
money market, bond market operations and
related financial products. It therefore analyses
the international finance environment within
which banks, other intermediaries and
companies operate and how it affects their
operations in treasury. Sound treasury
management utilizes the right financial
products and tools for minimizing risk. The
course examines alternative strategies and
techniques that can be employed to manage
the risks associated with international business
transactions and other treasury operations. It
also provides an overview of the structure and
key functions of the treasury.
Eligibility
Only the Members of ICAI and the Students of
the Institute who have passed the CA Final
Examination are eligible to pursue this course.
ABOUT US
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S.P. Chopra & Co. is a professional services firm established in
1949; Ranking amongst the top 20 firms in India
11 full time partners and staff strength of over 100
Offices in New Delhi, Mumbai, Canada and Dubai
Our firm offers Accounting, Assurance and Consultancy as its core business
lines for domestic and global businesses of medium to large size.
We have been empanelled with Reserve Bank of India, Royal Audit
Authority of Bhutan, United Nations and World Bank. We are also a
member of the Prime Global (an independent association of more than
350 accounting firms all over the World).
24
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Business Process Outsourcing
Accounting and Book-keeping
Tax Return preparation
Payroll processing
Financial Reporting
Advisory
Business Risk and Control
Standard Operating Procedures
(SOPs)
Financial Due Diligence
Transaction Support
Assurance Services
Statutory and Tax Audit
IFRS Convergence and
Reporting
Internal Financial Control (IFC)
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26
Mob: 9899110300
