january 20141

7, jolly Bhavan #2, new Marine Lines, Mumbai - 400020. Tel : + 91 22 613 77 600 ; F : + 91 22 613 77 666 ; Email: bca@bcasonline.org ; Website : www.bcasonline.org ; WebTV : www.bcasonline.tv

Vice-President’s CommuniquéDear Members,

Last year was a dampener on the economic front caused by increasing inflation, high interest rates deterring investment, high twin deficits—fiscal and current account and all these factors reducing the growth of the Indian economy to barely 4 % . Overcoming gloom and despair, the New Year has ushered in hopes and expectations. A recently born political force coming in triumph has rekindled our spirits and has demonstrated the resilience of the Indian democratic process. The Aam Admi Party borne out of India Against Corruption movement is rightly focusing on good governance through effective mechanism to combat corruption, reducing leakages/wasteful government expenditure and engaging the citizens in participative governance. Irrespective of their future success, it appears that their efforts will hopefully lead India towards realising the dream of Swaraj in the true sense as envisaged by Mahatma Gandhi.

The modern technology and the new age media enable the citizens to raise their voice and be heard. Larry Diamond, a leading contemporary scholar in the field of democracy studies, has highlighted the increasing role of the Internet, the mobile phones and other forms of what he calls as “Liberation and Accountability Technology” (LAT) in expanding political, social and economic freedom, by providing powerful and efficient tools for transparency and monitoring. Of course, it is imperative for all citizens perform their duty by participating and voicing opinions wisely to realize the potential of the LAT.

Vol. 16 n No. 10 n January 2014

Harnessing Talent and Providing Quality Service A Monthly Newsletter of the Bombay Chartered Accountants’ Society

BCASNewsletterFor Members only. For Private Circulation only. Price: R10

PROGRAMMES AT A GLANCE DATE VENUE PAGE NO.

I.P.C.C. & Final C.A Crash Course .........................................................24.01.2014 ............................................Sydenham College, Churchgate ........................................................................ 4

Youth for Governance (YFG) 2014 .....................................................27.01.2014 .............................................Shri Shanmukhananda Chandrashekhara Saraswati

Auditorium, Sion ......................................................................................................... 7

Twelfth Residential Leadership Camp/Spiritual Retreat ........30.01.2014 to 02.02.2014 .............Chinmay Vibhooti, Pune ......................................................................................... 3

Photography Workshop ..........................................................................01.02.2014 ...........................................Gulmohar Hall, BCAS ................................................................................................ 6

Five Days Workshop on Companies Act, 2013 ............................10.02.2014 to 14.02.2014 ..............Babubhai Chinai Hall, Indian Merchants’ Chamber, Churchgate ..... 11

Youth Residential Refresher Course .................................................21.02.2014 to 23.02.2014 ..............Byke Resort, Matheran ............................................................................................ 8

Fourth Intensive Study Course on Transfer Pricing .................01.03.2014 to 10.05.2014 ..............Walchand Hirachand Hall, Indian Merchants’ Chamber,

Churchgate .................................................................................................................... 4

Full day Seminar on Charitable Trusts .............................................22.03.2014 ............................................M.C. Ghia Hall, Kala Ghoda .................................................................................... 5

Lecture Meetings ........................................................................................29.01.2014, 05.02.2014, 18.02.2014....................................................................................................................................... 1

(Continued on page 2)

President: Naushad A. Panjwani 98200 59048 | president@bcasonline.org

Vice-President: Nitin P. Shingala 98200 57694 | vp@bcasonline.org

Hon. Jt. Secretary: Raman H. Jokhakar 98208 77976 | joint.secretary@bcasonline.org

Hon. Jt. Secretary: Mukesh G. Trivedi 9820182456 | joint.secretary1@bcasonline.org

Hon. Treasurer: Chetan M. Shah 98202 23402 | treasurer@bcasonline.org

LECTURE MEETINGS

(under the auspices of amita Memorial Trust and jointly with the Chamber of Tax Consultants)

*Fellowship over a cup of tea at 5.45 p.m.

Venue: Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai - 400020Day, Date & Time: Wednesday, 29th January 2014, 6.15 p.m.*Speaker: Hiro Rai, AdvocateSubject: Important Income-tax Rulings of 2013

Venue: Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai - 400020Day, Date & Time: Wednesday, 5th February 2014, 6.15 p.m.*Speaker: Nilesh Vikamsey, Chartered AccountantSubject: Commonly found mistakes in Financial Statements and SEBI Review of Qualified Audit Reports

Venue: Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai - 400020Day, Date & Time: Tuesday, 18th February 2014, 6.15 p.m.*Speaker: Nipun Mehta, Founder of CharityFocus.orgSubject: To be confirmed

The holidays around the New Year also gives us an opportunity to take a much-needed break, rejuvenate and spend some quality time with the family. It is also the time for our annual pilgrimage

BCAS 2

(Continued from page 1)

to attend the Residential Refresher Course (RRC) where we learn, share and bond with our professional brethren. As I write, this year’s 47th RRC has begun well amidst the pleasant weather in Mahabaleshwar. The changing technology landscape is impacting everyone and the chartered accountants are majorly affected as well. At this RRC, Past President Ameet Patel explained the changing dictionary of technology for accountants with his paper aptly titled “i for Technology” and guided the participants about coping with these changes and remaining relevant.

Within no time we will be participating in the 50th RRC. A significant milestone in the Society’s journey in the quest for knowledge, and it will be an occasion we all will eagerly look forward. An outstanding feature of the RRC is its unique method of learning that has remained unchanged over so many years. Many other organisations have emulated this method. We must acknowledge the wisdom and foresight of the pioneers of this excellent concept. Despite the widespread impact of the technology in our work and personal life, the joys of attending an RRC can never be replaced.

With increasing complexities in business and regulatory environment, many career options are now available to young chartered accountants that cause a dilemma and confusion. To help and guide these youngsters, the BCAS recently organised a panel discussion of leading successful personalities who shared their learning and insights. A committed and active youth brigade inspired by President Naushad is gearing up for a series

ALL THE THREE CLINICS wILL bE HELD IN THE LIbRARy Of THE SOCIETy

Right to infoRmation CliniC

ChaRitable tRust CliniC

aCCounts & audit CliniC

Advisory Panel : Narayan K. Varma, Adv A K Asher, Hema D. SampatClinic Co-ordinator: Aparna S. Bagul - 6137 7614

Advisory Panel : Ratanshaw J. Damanwala, Shariq M. Contractor, Gautam S. Nayak, Anil J. Sathe, Atul H. ShahClinic Co-ordinator: Aparna S. Bagul - 6137 7614

Advisory Panel : Sanjeev R. Pandit, Himanshu V. Kishnadwala, Jayesh M. Gandhi Clinic Co-ordinator : Aparna S. Bagul - 6137 7614

BCAS Foundation operates a Right to Information (RTI) Clinic on a regular basis. The Clinic provides help and guidance to BCAS members as also to non-members, i.e., all citizens, for making applications under the RTI Act and also assists in resolving any related difficulties on the subject of RTI. The RTI Clinic operates on every 2nd, 3rd and 4th Saturday from 11 a.m. to 1 p.m. The next RTI Clinic days accordingly are 18th January 2014 & 1st, 8th and 15th february 2014 . Please call to obtain a prior appointment.

The next Charitable Trust Clinic will be held on 7th february 2014 from 5 p.m. to 7 p.m.

Chartered Accountants and Trustees interested in having their queries solved are requested to send their queries by email to km@bcasonline.org and call to obtain a prior appointment, latest by noon on the day of the clinic. Querists are also advised to bring along relevant papers like trust deeds, audited accounts, etc.

The next Accounts & Audit Clinic will be held on 8th february 2014 from 10.30 a.m. to 11.30 a.m.

Persons interested in having their queries pertaining to accounting and auditing issues solved are requested to send the queries by e-mail to km@bcasonline.org one week in advance and call to obtain prior appointment, at least a day before the day of the clinic. Please note that the panel will not answer any queries pertaining to tax issues.

of programmes targeted at the youth, starting with first ever RRC for under-35 members. Let’s connect as many youngsters in the profession as possible to BCAS and these targeted activities and help them become finer professionals.

I am glad to inform you that the first project of repair, retrofitting and rehabilitation of a School at Gopeshwar supported by the BCAS Foundation has been completed recently and will benefit nearly 100 deserving children in this remote area. The project was planned, designed and executed by the National Centre for People's Action in Disaster Preparedness (NCPDP), Ahmedabad using unique environment friendly retro-fitting techniques. The use of this technique has resulted in savings of over Rs.25 lakhs in this project besides positive environmental impact. This newly retrofitted school has also become a showpiece for the benefits of retrofitting. The local district authorities have also well received and acclaimed this project. The BCAS Foundation plans to explore supporting similar projects in Uttarakhand and I am sure you will continue your support and your contributions generously.

With best wishes,

Nitin Shingala

january 20143

Days & Dates

Thursday, 30th january to Sunday, 2nd February, 2014 ( upto Lunch Time)

Venue Chinmaya Vibhooti, Village Kolwan, about 140 K.M. distance from Mumbai & 40 K.M. from Pune. Post Kolwan, Mulshi, Pune.

Fees

Member and Family (Minimum Two Persons)

R 7,565 + R 935 (ST) = R 8,500

Single Person R 8,010 + R 990 (ST) = R 9,000

Fee Include Transportation (on car pool basis), Study Material, Food, Stay, & R 50 for BCaS Foundation

Human RESOuRCES COmmittEEChairman : Mayur b. NayakConvenors : bharatkumar K. Oza, Hemant P. Gandhi & Mihir C. Sheth Co-ordinator: bharatkumar K. Oza

Twelfth Residential Leadership Camp/Spiritual RetreatThe annual Leadership Camp has evolved into Spiritual retreat over the past few years. The themes of last three camps have been (i) 2010: redefining Success; (ii) 2011: Everyday Happiness; and (iii) 2012: Living in Harmony. This year we have chosen the theme: “Holistic Wellbeing”.

Participants who have been regularly attending this annual event have experienced tremendous personal growth and got an opportunity to explore meaning of their lives. Such retreats help enrich participants both internally, with a zest to live a purposeful life, as well as externally, with new skill sets and wonderful new friends.

about this year’s theme of ‘Holistic Wellbeing’:

"Look at your life as a whole and live a whole life." – Swami Tejomayanandji (Global Head Chinmaya Mission). you’ll agree that ‘as the vision, so the world appears to us’. Life is a struggle when there is partial vision. a holistic vision empowers us to face challenges of life with clarity, courage, confidence and calmness. It inspires us to be active contributor to the welfare of the society.

Physical strength, emotional stability, intellectual clarity, spiritual depth, cultural pride, dynamic patriotism and universal outlook are the seven

Programme Details:

aspects of a holistic vision. The retreat (Holistic Wellbeing) is designed for individuals and couples in the spirit of "Inner Transformation for a happy world around."

During the retreat, Participants will have enriched learning with interactive sessions, meditation, games, movie-workshops, a visit to the multi-media exhibition ‘Chinmaya jeevan Darshan’ and the ‘Chinmaya Vani’ bookstore. There will be a cultural programme, space for solitude, group-discussions, Questions & answer and much more.

Venue: Chinmaya Vibhooti, Post Kolwan, Taluka Mulshi, Dist. Pune (about 40 Kilometres from Pune Express way Chandani chowk Turning) Chinmaya Vibhooti is ‘The Vision Centre of Chinmaya Mission’ located in a serene and pleasant ambience of nature surrounded by range of Sahyadri Hills. It has excellent facilities including three training centres, Dining hall and self contained residential facilities. Many corporates have organised the training and residential workshops.

Swami Swatmananda, The acharya of Chinmaya Mission Mumbai has consented to guide us as the facilitator.

We suggest members to join this retreat with spouse. In the past, participants attending with spouse have immensely benefited by this unique programme as they begin to share similar values and vision of life. The retreat is also open to other close relatives and friends.

BCA Referencer 2013-14

Name: Mr./Mrs./Ms : ...............................................................................................................................................................................................................................................................................

BCAS Membership No.: ………………………......................Firm’s Name : .......................................................................................................................................................................................

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

...............................................................................................................................................................Tel. Nos :. ......... . ........................................Office : ....................................................................

Mobile : ………………………………… ................................................................................................... E-mail : ……………...................................................................................………………………. ..........

Cash/Draft/Cheque No :…………..… ................................Drawn on :………………………… ...................................................Bank Dated : ...............................................................................

Amount (Rs.) : .............................................................................................................................................................................................................................................................................................

Particulars Price (Rs.) Postage (Rs.) Quantity Amount (Rs.)

Referencer Premium Set (in exclusive folder) with CD, Table diary and Pocket diary 950 200

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

Referencer Refill Set with CD, Table Diary and Pocket Diary 650 150

Referencer Refill Set with CD, and Pocket Diary only 500 150

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

Order Form

intERnatiOnal taxatiOn COmmittEEChairman : Kishor b. KariaCo-Chairman : Deepak R.ShahConvenors : Dhishat b. Mehta, Gaurang V. Gandhi & Suril V. ShahCo-ordinators : Suril V. Shah, Ganesh Rajagopalan, Dhaval J. Sanghavi and Rajesh P. Shah

fourth Intensive Study Course on Transfer Pricing1st March, 2014 to 10th May, 2014

Dear Member,

The Fourth Intensive Study Course on ‘Transfer Pricing (TP)’ to be conducted in classroom style, will be spread over 35-37 sessions on 10 Saturdays, covering various aspects of TP including:

• Associated Enterprises • International transactions • Concept of ALP • Domestic transfer pricing • Comparability study • Transfer pricing methods – CUP, RPM, CPM, transactional and profit methods • Selection of comparables • Safe harbor rules • Thin capitalization rules • APAs • OECD transfer pricing guidelines • Intangible property • Intra group services • Cost contribution arrangements • Financial service sector - transactions • Transfer Pricing documentation • Drafting audit report and Transfer Pricing study including live case studies of select industries • Transfer pricing controversies • Transfer pricing litigations • Transfer pricing dispute resolution through MAP • International decisions on transfer pricing

Faculty will comprise of senior professionals having expertise in the field of Transfer Pricing.

Days & Dates all Saturdays from 1st March 2014 to 10th May 2014 (excluding 5th april 2014)

Time 9.00 a.m. to 6.00 p.m.

Venue 4th Floor, Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai

Fees for Members R 15,000 + R 1,854 (ST) = R 16,854

Fees for Non- Members

R 20,000 + R 2,472 (ST) = R 22,472

Fees inclusive of course material, refreshments, lunch and R 50 towards contribution to BCAS FoundationLimited seats for non-members

as the Course is spread over a period of almost three months, in case of any contingency, the Society may be required to change the venue and/or the date at short notice.

Enrolment is restricted to 80 participants on first-come-first-serve basis. To give benefit of this course to a larger spectrum of members, enrolment would be restricted to a maximum of 7 members from the same group of organisations on a first come first served basis and the additional members from that group of organisations would be placed on waiting list. Subject to availability of the seats they may be enrolled one week before the commencement of the Course.

Course fees are non-refundable. The enrolment is non-transferable. as per the Society’s policy, a participant is not permitted to substitute another person.

Enrolment form is printed on page no. 12

Human Resources CommitteeChairman : Mayur B. Nayak Convenors : Bharatkumar Oza, Hemant P. Gandhi, Mihir C. Sheth Course Co-ordinators : Chandrakant Ruparelia, Neel Majithia"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 May & November 2014 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. Fees : Rs. 1500 + Rs. 186 (ST) = Rs. 1686 per student for I.P.C.C or Final (Total, and not per

Subject, Including cost of Study Materials) 3. Timings & Venue : 6.15 p.m. to 8.30 p.m. on weekdays (Monday to Friday) at Sydenham College, ‘B’ Road,

Churchgate. 4. Commencement : From 24th January 2014. 5. Faculty : Eminent personalities possessing rich experience in their respective fields.

For further informaion kindly contact Mr. Amit Singh or Mr. Rajaram on Phone 61377619 and 61377613 respectively during office hours atBOMBAY CHARTERED ACCOUNTANTS’ SOCIETY.

For Enrolment form please log on to www.bcasonline.org

january 20145

indiRECt taxES & alliEd lawS COmmittEEChairman : Govind G. Goyal Convenors : Mandar U. Telang, Suhas S. Paranjpe & Sunil b. Gabhawalla Co-ordinators : Suhas S. Paranjpe & Ashok L. Sharma

JOintly witH tHE CHambER Of tax COnSultantS

full Day Seminar on Charitable Trustsa full day Seminar is organized jointly with allied Laws Committee of The Chamber of Tax Consultants (CTC) on Formation, registration, Taxation and compliance of various statutory provisions by the Charitable Trusts to discuss and deliberate on the various issued faced in day to day practice.

The details are as under:

Day & Date Saturday, 22nd March 2014

Time 9.30 a.m. to 5.30 p.m.

Venue M. C. Ghia Hall, Kalaghoda, Mumbai – 400 023

Fees for Members R 1,200 + R 148 (ST) = R 1,348

Fees for Non Members non member R 1,800 + R 222 (ST) = R 2,022

(Fees includes tea, coffee, lunch & material)

The details are as follows:

Sessions Topics Speakers

Inauguration & 1st Technical Session

Key note address/recent Issues in case of Charitable Trust

Charity Commissioner* and DIT (Exemption) Chairman arvind H. Dalal, Chartered accountant

2nd Technical Session

Important Provisions of Bombay Public Trust act, Drafting of Trust Deed etc.

Eminent Faculty

3rd Technical Session

Formation of Trust, Provisions relating to accounts & audit etc.

Vipin Batavia,Chartered accountant

4th Technical Session

registration with I.T. Dept. Exemption u/S 80- G & under section 10 (23) (c).

Paras Savla,Chartered accountant

5th Technical Session

Taxation of Charitable Trust

Gautam nayak,Chartered accountant

6th Technical Session

Foreign Contribution regulation act and provisions of DTC

anil Sathe,Chartered accountant

*Confirmation awaitedEnrolment form is printed on page 12

jointly with Public Concern

for Governance

Trust (PCGT)

LATE b. G. DESHMUKH MEMORIAL fUND

&

SHRI SHANMUKHANANDA fINE ARTS

AND SANGEETHA SAbHA (SSfASS)

Present

YOUTH FOR GOVERNANCE (YFG) 2014

theme

YOUTH AS CORRUPTION BUSTERS

Guest of Honour

Mrs. Justice (Retd.) Sujata V. Manohar

welcome address

Dr. APJ Abdul Kalam,

Former President of India

Day & Date Monday, 27th january 2014

Time 4.00 p.m. to 6.30 p.m.

Venue Shri Shanmukhananda

Chandrashekhara Saraswati

auditorium, Sion

bCaS fOundatiOn

january 20147

RECEntly RElEaSEd PUbLICATIONS Of bCAS

january 20149

aCCOuntinG & auditinG COmmittEEChairman : Harish N. MotiwallaCo-Chairman : Kanu S. Chokshi Convenors : Abhay R. Mehta, Jayesh M. Gandhi, Manish P. Sampat Co-ordinator : Manish P. Sampat

five Days workshop on Companies Act, 2013after all the hurdles which the Companies Bill faced, Indian Corporate sector witnessed history when the Bill finally got the Presidential assent. The passage of the Companies Bill was the most eagerly awaited event for entire Corporate India. now when the bill has actually become law, 98 sections have been notified and the Ministry of Corporate affairs have issued the draft rules, the Companies act, 2013 along with its draft rules have become keenly deliberated and hotly discussed topic amongst various professional and industry circles.

The way companies will conduct business will go through a paradigm shift because of the requirements of the new Companies act. Itwill lead to greater transparency in the working of companies, assign accountability on the management, more flexibility for business restructuring, various e-governance initiatives, clearer corporate social responsibility (CSr) norms and special importance to Information Technology (IT). On the other hand it has assigned bigger responsibility on the auditors including introduction of class suit actions, which was unheard in India as off now. There are several new concepts that have been introduced and there are several amendments made to the existing provisions, which are welcomed, but there are numerous obnoxious provisions that will create a lot of operational difficulties. To understand and analyze the impact of such provisions the BCaS has decided to have an exhaustive workshop spread over five days.

This workshop is an added initiative of the Society to analyze, compare, interpret and understand the practical problems in implementation of the provisions of the new law.

The details of the Five Day Workshop are as under:

Days & Dates Monday, 10th February 2014 to Friday, 14th February 2014

Time 4.30 p.m. to 8.00 p.m.

Venue Babubhai Chinai Hall, 2nd Floor, Indian Merchants’ Chamber, Churchgate, Mumbai –400020

Fees for Members

R 4,000 + 495 (ST) = R 4,495

Fees for Non- Members

R 6,000 + 741 (ST) = R 6,741

Fees include tea during break, course materials and contribution of R 50 to BCaS Foundation

Topic Speaker

Provisions relating to issues of Incorporation of Companies, One Person Companies & Foreign Companies

raman jokhakar, Chartered accountant

Provisions relating to Issue of Shares through Public Offer & Private Placement and Share Capital and Debentures

abhay Mehta, Chartered accountant

Provisions relating to accounts/audit, Dividends, auditors & acceptance of Deposits

Paresh Clerk, Chartered accountant

Provisions relating to Management & administration of Companies, Directors ( incl. remuneration), Loans to Directors

Ashutosh Pednekar,Chartered Accountant

Provisions relating to Cross Border M&A, Minority Buyouts, Exit Options to Dissenting Shareholders, Rehabilitation of Financially Distressed Companies

Jayesh Gandhi, Chartered Accountant

Kindly enroll yourself at the earliest to avoid disappointment as enrollment is restricted only to the first 60 participants.

Enrolment form is printed on page no.. 12

bCaS fOundatiOnuttarakhand relief Fund: School rehabilitation Project – appeal for Support

The BCaS Foundation and the national Centre for Peoples’-action

in Disaster Preparedness (nCPDP) http://www.ncpdpindia.org/have

been collaborated for repair, retrofitting and rehabilitation of Schools

in Chamoli District in uttarakhand.

We are glad to inform to you that Shri rajendrabhai Desai and his

team from nCPDP is doing excellent work. The repair, retrofitting

and rehabilitation of Subhashnagar Primary School in Gopeshwar

has been completed using the unique environment friendly retro-

fitting techniques. The use of this technique has resulted in savings

of over rs. 25 lakh in this project besides positive environmental

impact. This newly retrofitted school has also become a show-

piece for benefits of the unique technique of retrofitting. The local

community and the district authorities have also well received

and acclaimed this project. The BCaS Foundation plans to explore

supporting similar projects in uttarakhand and I am sure you will

continue your support and contributions generously.

The BCaS Foundation has so far collected rs. 8.33 lakh out of which

rs. 6 lakh have been utilized towards the above school project.

We are now exploring further similar school projects jointly with

nCPDP and once again request the members to contribute

generously for this noble cause and send cheques in favour of

“BCaS Foundation” at the Society’s office.

The donations are eligible for tax benefits under Sec 80G of the

Income Tax 1961 vide registration number: DIT (E) / MC / 80G/ 2345.

The BCaS Foundation is registered with the Charity Commissioner

under the Bombay Public Trust act, 1950 vide registration no.

E-20379 (Mumbai).

your timely support would be of great help.

Thanking you,

Trustees

BCaS Foundation

BCAS 10

Payment can be made by cheque/DD payable at par in Mumbai in favour of ‘Bombay Chartered Accountants’ Society’. You can also pay by cash/credit card at the payment counter of BCAS Office. If you have an Imprest Account, then you can instruct us to adjust the subscription through the imprest Account. For further details log on to www.bcasonline.org

Particulars Subscription Charges + Service Tax

till 31st March 2014

Total Charges

Ordinary, Life and Associates of Corporate Membership R 600 + 12.36% R 674

Students R 600 + 12.36% R 674

Journal subscribers R 900 + 12.36% R 1,011

Non-members R 1,200 + 12.36% R 1,348

Special Lecture Meeting on1. Recent International and Transfer Pricing cases and issues 2. BEPS, morality and the changing effect on a CA’s life by Porus F. Kaka, Senior Advocate, held on 8th January 2014, is now available on BCAS Web TV.

bCAS wEb TVRecent Addition Subscribe

Now!!!

january 201411

From rBIContributed by : Gaurang V. Gandhi

The Reserve Bank of India has issued the following 7 circulars

A. P. (DIR Series) Circular No. 79 dated December 3, 2013Exim Bank's Line of Credit of USD 30.94 millionto the Government of Lao People's Democratic Republic

Exim Bank has made available, subject to certain terms and conditions, to the Government of Lao People’s Democratic republic a Line of Credit of uS $ 30.94 million for financing purchase of eligible goods, services, machinery and equipment including consultancy services import of goods and services for construction of Storage dams and Development of Irrigation systems in four major provinces in Lao People's Democratic republic.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 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 September 8, 2019 in case of supply contracts.

A. P. (DIR Series) Circular No. 80 dated December 16, 2013Deferred Payment Protocols dated April 30, 1981 and December 23, 1985between Government of India and erstwhile USSR

With effect from December 12, 2013 the rupee value of the Special Currency Basket has been fixed at rs.83.564155 as against the earlier value of rs. 86.513657.

A. P. (DIR Series) Circular No. 81 dated December 24, 2013Notification No. FEMA.287/2013-RB dated September 17, 2013, vide G.S.R. No. 645(E) datedSeptember 20, 2013, read with Corrigendum dated October 24, 2013 vide G.S.R.No.741(E) dated November 19, 2013Borrowing and Lending in Rupees - Investments by persons resident outside India in the tax free, secured, redeemable, non-convertible bonds

Presently, a person resident in India who has borrowed in rupees from a person resident outside India cannot use the said funds for any investment, whether by way of capital or otherwise, in any company or partnership firm or proprietorship concern or any entity, whether incorporated or not, or for relending.

This circular now permits resident entities / companies in India who are authorized to issue tax-free, secured, redeemable, non-convertible bonds in rupees to persons resident outside India to use such borrowed funds for lending & investment as under: - (a) For on lending / re-lending to the infrastructure sector; and(b) For keeping in fixed deposits with banks in India pending utilization by

them for permissible end-uses.

A. P. (DIR Series) Circular No. 82 dated December 31, 2013Import of Gold by Nominated Banks/Agencies/Entities

This circular clarifies that: -1. refineries are allowed to import dore up to 15% of their gross average

viable quantity based on their license entitlement in the first two

months for making this available to the exporters on First in First out (FIFO) basis. Thereafter, the quantum of gold dore to be imported has to be determined lot-wise on the basis of export performance.

2. Before the next import, not more than 80% can be sold domestically.3. The dore so imported must be refined and must be released on FIFO

basis following the 20:80 principle.4. Subsequent imports will be allowed only up to 5 times the quantum

for which proof of export has been submitted andthis will be on accrual basis.

A. P. (DIR Series) Circular No. 83 dated January 3, 2014Overseas Direct Investments – Rollover of Guarantees

This circular provides that renewal / rollover of an existing / original guarantee, which is part of the total financial commitment of the Indian Party will not be not to treated / reckoned as a fresh financial commitment, if: -

(a) The existing / original guarantee was issued in terms of the then extant / prevailing FEMa guidelines.

(b) There is no change in the end use of the guarantee, i.e. the facilities availed by the JV / WOS / Step Down Subsidiary.

(c) There is no change in any of the terms & conditions, including the amount of the guarantee except the validity period.

The rolled over guarantee has to be reported as fresh financial commitment in Part II of Form ODI. If the Indian party is under investigation by any investigation / enforcement agency or regulatory body, the concerned agency / body must be kept informed about the rollover.

If the above conditions are not met, the Indian party has to obtain, through the designated aD bank, prior approval of rBI for rollover / renewal of the existing guarantee.

A. P. (DIR Series) Circular No. 84 dated January 6, 2014Issue of Non-convertible/ redeemable bonus preference shares or debentures – Clarifications

This circular grant general permission, as against the present system of case-to-case approval, to Indian companies for issue of non-convertible/ redeemable preference shares or debentures by way of distribution as bonus from the general reserves, to non-resident shareholders, including the depositories that act as trustees for the aDr/GDr holders,under a Scheme of arrangement approved by a Court in India under the provisions of the Companies act, as applicable, subject to no-objection from the Income Tax authorities.

A. P. (DIR Series) Circular No. 85 dated January 6, 2014External Commercial Borrowings (ECB) Policy – Liberalisation of definition of Infrastructure Sector

This circular provides that ‘Maintenance, Repairs and Overhaul’ (MRO) will also be treated as a part of airport infrastructure for the purposes of ECB. as a result, MRO will be considered as part of the sub-sector of Airport in the Transport Sector of Infrastructure.

BCAS 12

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BCAS Study Circles 2013–14Study

Circle No. Subject Fee Tick your choice here

I Direct Tax Laws 449*

II Indirect Tax Laws 449*

III Company Law, Auditing & Accounting 449*

IV FEMA 449*

V Information Technology 449*

Study Circle No. Subject Fee Tick your

choice hereVI Human Resource Development 449*

VII ITF 1,123*

VIII BCAS Suburban Study Circle 674*

IX International Economics 1,123*

X Students Study Circle 224*

* Inclusive of Service Tax of 12.36%

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Full day Seminar on Charitable Trusts .............................22-03-2014 ........................................................r 1,348 for members .......... ...........................r 2,022 for non-members .........

Seminar

Fourth Intensive Study Course on Transfer Pricing ...........01-03-2014 to 10-05-2014 ...............................r 16,854 for members ........ ...........................r 22,472 for non-members .......

Study Course

Youth Residential Refresher Course .................................21-02-2014 to 23-02-2014 ...............................r 5,506 for members .......... ...........................r 6,741 for non-members .........

Refresher Course

Twelfth Residential Leadership Camp/Spiritual Retreat....30-01-2014........................r 8,500 for members & family (2 persons)............... .........r 9,000 for members (1 person) ........................

Camp

Photography Workshop ........................................................................ 01-02-2014 ............................. r 850 per person ................

Workshop

Five Days Workshop on Companies Act, 2013 ...................................... 10-02-2014 to 14-02-2014 ..... r 4,495 for members .......... ...........................r 6,741 for non-members .........