FEBRUARY 20151

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 Member,

Hope this communiqué finds you well and marching towards your goals for 2015! One month of 2015 has gone by and here we are in February. I realise that I have only four more communiqués to share with you on what I have learnt so far. Time seems to race at a speed like never before.

Time is that one dimension that will never cease to capture our fascination. Most of us only see the effect of time, in the sense of what time does—as CHANGE. Change has always been a big topic in our lives; known to us as the ‘only constant’, a well known oxymoron. Change is constant because we all are a subject matter of time. Time is so elusive, and yet it touches us all, all the ‘time’. Our entire life is an aggregation of time. All that happens, all that we do, we experience, we have is within the precincts of time. It’s the most fascinating of all dimensions, for it tirelessly seems to change everything. We like to bind changes with adjectives like good, bad, exciting, joyous, well deserved, and yet the change itself is ephemeral just like what gets changed. Time touches everything and therefore what it touches changes. Time decays and builds, it grows and it kills, it binds and it frees, it seems so long and sometimes so short. Change comes in a myriad of ways – it is glorious, cruel, favourable, disastrous. Therefore, time seems so treacherous. It remains the final frontier that Homo sapiens are yet to fathom with all their technology, science, philosophy, intelligence, and power. Can it be divided as singular or plural? Can it be fragmented as past and future? Its mystery, limits, vagaries, and might may only be accepted, never expected. In the last few decades time has begun to be known through the acronym VUCA. The time we live in is increasingly tinted by these four - Volatility, Uncertainty, Complexity and Ambiguity. The situation and conditions that we live in are increasingly becoming VUCA. Change always existed, but it has accelerated like never before!

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

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

(Continued on page 2)

President: Nitin P. Shingala 98200 57694 | president@bcasonline.org

Vice-President: Raman H. Jokhakar 98208 77976 | vp@bcasonline.org

Hon. Jt. Secretary: Narayan R. Pasari 98200 38095 | joint.secretary@bcasonline.org

Hon. Jt. Secretary: Sunil B. Gabhawalla 98213 23921 | joint.secretary1@bcasonline.org

Hon. Treasurer: Mukesh G. Trivedi 98201 82456 | treasurer@bcasonline.org

Vol. 17 n No. 11 n February 2015

PROGRAMMES AT A GLANCE DATE VENUE PAGE NO.

‘Ek Cheez Milegi Wonderful’...................................................................................................22.02.2015.......................................Cinemax, Kandivali-West....................................................................... 6Mentoring Seminar......................................................................................................................26.02.2015......................................L.N. Welingkar Institute, Matunga......................................... 8Seminar on Banking Laws......................................................................................................27.02.2015......................................Babubhai Chinai Hall, Churchgate.......................................... 7Udat Abeel Gulal..........................................................................................................................05.03.2015.....................................Bhavans, Chowpatty................................................................ 3Full day Workshop on “Practical Issues in Tax Deduction at Source”............10.04.2015......................................Navinbhai Thakkar Auditorium, Vile Parle (East)....... 613th Residential Leadership Camp/Spiritual Retreat................................................17.04.2015 to 19.04.2015.........Moksha (Discover Yourself), Pune.......................................... 52 Day Orientation Workshop designed for Fresh Articled Students........................24.04.2015 to 25.04.2015.......To Be Announced.............................................................................. 5Power Summit Brave New World.....................................................................................................24.04.2015 to 25.04.2015.......MCA Club – Boundary, Bandra (East)...................................... 3Lecture Meetings....................................................................................................................................... 18.02.2015, 24.02.2015, 25.02.2015, 02.03.2015, 04.03.2015, 11.03.2015....................................... 1

LECTURE MEETINGS

UNION BUDGET LECTURE MEETINGS

STUDENT LECTURE MEETING

Speaker: Dinesh Kanabar, Chartered AccountantSubject: Tax Structuring - Domestic & International - Recent DevelopmentsVenue: Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai - 400 020Day, Date & Time: Wednesday, 18th February, 2015, 6.15 p.m.*

Speaker: Smita Anand, Managing DirectorSubject: Performance evaluation of the Board of Directors including Independent DirectorsVenue: Babubhai Chinai Hall, 2nd Floor, Indian Merchants’ Chamber, Churchgate, Mumbai - 400 020Day, Date & Time: Wednesday, 25th February, 2015, 6.16 p.m.*

Speaker: Mayur Nayak, Chartered AccountantSubject: How to Succeed in CA Exam - Success Mantra and Practical TipsVenue: RVG Hostel, 57, Lallubhai Shamaldas Road, Bharucha Baug, Parsi Colony, Andheri West, Mumbai – 400 058Day, Date & Time: Tuesday, 24th February, 2015, 7.00 p.m.**

Speaker: S.E. Dastur, Senior AdvocateSubject: Direct Tax Provisions of the Finance Bill, 2015Venue: Yogi Sabhagruha, Shree Swami Narayan Mandir, Dadar (East), Mumbai – 400 014Day, Date & Time: Wednesday, 4th March, 2015, 6.15 p.m.

* Fellowship over a cup of tea at 5.45 p.m.** Live interaction with successful CA students

Speakers: Yashwant Sinha, Former Union Finance Minister & H.P. Ranina, Senior Advocate Subject: The Union Budget 2015-16Venue: Patkar Hall, New Marine Lines, Mumbai - 400 020Day, Date & Time: Monday, 2nd March, 2015 at 6.00 p.m.

Speaker: Vikram Nankani, Senior AdvocateSubject: Indirect Tax Provisions of the Finance Bill, 2015Venue: Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai - 400 020Day, Date & Time: Wednesday, 11th March, 2015, 6.15 p.m.*

BCAS 2

(Continued from page 1)

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: Ms. Bindu Mistry – 61377624

Advisory Panel : Ratanshaw J. Damanwala, Shariq M. Contractor, Gautam S. Nayak, Anil J. Sathe, Atul H. ShahClinic Co-ordinator: Ms. Bindu Mistry – 61377624

Advisory Panel : Sanjeev R. Pandit, Himanshu V. Kishnadwala, Jayesh M. Gandhi Clinic Co-ordinator : Ms. Bindu Mistry – 61377624

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 21st February, 2015 and 7th, 14th and 24th March, 2015. Please call to obtain a prior appointment.

The next Charitable Trust Clinic will be held on 6th March, 2015 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 journal@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 7th March, 2015 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 journal@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.

As I write, a political party which won no seats in the previous elections and seemed like a write-off has won 95% of the Delhi legislature. Today the ‘unexpected’ has odds in its favour. Volatility is that character which tests all forms of predictability. The cause and effect connection is challenged by Volatility. Today all that is known and can be built into a model, stands on a shaky ground more than ever.

The next feature of our times is uncertainty. What you have learnt today becomes suddenly irrelevant. What you owned last night loses meaning the next morning. What seems to be breakthrough today, is improved or proved wrong tomorrow. What the experts predicted and called ‘certain’ does not seem to happen even remotely. A few years back, the CEO of the largest oil company wrote that none of us will see oil prices below $100/barrel in our lifetime. The experts who ran an entire economic system on the premise that property values never go down, got the entire world grounded in 2008. What humans, and so called the smart and educated, seemed to have understood and predicted, proved futile and it surprised us. Over each passing day, the forces and elements that create our reality and situations are becoming too many. You are no longer watching one movie at a time. Now you are watching all the movies that are running in a multiplex together and are expected to make sense of a storyline running through in real time. Complexity is at the core of our times. In a seemingly more organised world there is more chaos than ever before. Complexity is a common theme in every situation

and human condition. In last decade, I have seen more couples break up, who otherwise were wedded through a ‘love marriage’ and were dating for a long time, and seem to have ‘known’ one another ‘enough’. Complexity plays out much more in human psyche than ever before. It seems like psychological corrosion in humans is finding a manifestation in our world.

From this state of complexity arises a sort of murkiness in the form of ambiguity. There is constant haziness, a smog of sorts, that clouds our perception due to which we are prone to misread and misjudge. Our ability to make sense out of what could be true and what could be real is marred. We are faced with ‘unknown unknowns’.

So here we are! There is only one reality – of being here and now, as we are, in the present moment. It is time to see what this means to us as CAs. What change do we want to participate in? What constant would we protect from defilement? As we move march towards March 2015, how are we building our own balance sheet? I leave you with these thoughts till next month. Yours truly,

Raman H. Jokhakar

FEBRUARY 20153

Your net worth to the world is usually determined by what remains after your bad habits are subtracted from your good ones.

- Benjamin Franklin

The world around us is changing fast and everyday, something takes us by surprise. Who would have imagined:• thatBarackObamawouldbeourguestattheRepublicDayevent?• thatAAPwillmakeacomebackinDelhi?• thatOilPriceswouldplungebelow$50?• thatE-commercewillhaveafielddayinIndia?• thatbeinginastartupwouldbemore“in”thangettingajobin ani-bank?• thata17yearoldgirlwouldbeawardedtheNobelPeacePrize?• ThatMrNPSardawillonceagainteachStandardCostingand…more

than600studentswilllistentohimalloveragain?

We, at the Infotech & 4i Committee, are committed to respond to thechanges around us, with imagination and initiatives. Our annual event,Power Summit (which is in its 5th year now), is a unique platform forprofessionals to discuss and debate, to learn and share, and together deal withchangesthatareimapctingtheprofession.Ourthemeforthemuchawaited Power Summit 2015 is “Brave NewWorld” and the objective isto empwoer the participants to take that leap of faith – a leap of faith to pursue one’s dreams, to follow one’s passions and to create something that one has only dreamt of or even something that, hitherto, was not even dreamt of.

To intiate the debate,wewill have persons fromdifferentwalks of lifewho have taken a leap of faith at some point in their lives – a personal transformation,acareerchange,achangeofdisciplines.Suchaleapoffaith requiresone to leave thesolidgroundone isstandingonandbemid-air for some time with a hope that one will land where one expected to.Forsome,thepossibiliteslooktoohazy,formostothers,lettinggoofthesolidground(read‘comfortzone’)isthedifficulty.

So,letusmeet,andcheckoutwhetherwehavewhatittakestogreetthebrave new world that is waiting for us out there!

ThePowersummitwillbehostedinMumbaionApril24-25,2015andyou can pre-book your seat by sending an email to em@bcasonline.org

The brief event details are as follows:

Day and Date Friday,24th&Saturday,25thApril2015

Time 9.30 a.m. to 5.00 p.m. (both days)

Venue MCAClub–Boundary,R-g2,G-Block,BKC,Bandra (East), Mumbai - 400051

Fees Members ` 7,000 + `865(ST)=` 7,865Non Members ` 9,000 + `1,112(ST)=` 10,112

(Fees include service tax, covers course material, lunch, refreshments and `50/-contributiontoBCASFoundation)

Enrolment form is printed on page 16.

INFOTECH & 4I COMMITTEE

Power Summit Brave New World -Are you ready to take a leap of faith?

Chairman : Ameet PatelCo - Chairman : Nandita ParekhConvenors : Kinjal Shah & Pinky ShahCo-ordinator: Mrinal Mehta

Live Screening of Budget

The BCAS has made arrangements for live screening of

the Finance Minister’s presentation of Budget 2015 at the

BCAS office on Saturday, 28th February 2015, from 11.00

a.m. onwards. BCAS members are invited to watch the live

screening and exchange notes and opinions thereon instantly

withfellowprofessionalsoveracupofhottea/coffee.

As the seats are limited, kindly confirm your attendance by

e-mail to em@bcasonline.org at the earliest.

Spring is theseasonofcolours,musicandfestivity.OnthedayofHoli,TheBCASFoundation,alongwithShriSnehalMuzoomdar,isorganizingUDATABEELGULAL,amusicalconcerttocelebratethespiritofspringand to support the worthy cause of helping nomadic tribes undertaken byNGOVicharataSamudayaSamarthanManch.

Theconcertwillfeature‘BairagitoBasant’:aJugalbandiofSantoorandSaraswati Veena, by CA Snehal Muzoomdar and Narayan Mani withVedicchantsinvokingAgnideva.ThiswillbefollowedbythejoyfulsongsofHori,RasiyaandHaveliSangeetsongsbywell-knownsingers.

Day & Date Thursday, 5th March 2015

Time 7.00 p.m. to 9.30 p.m.

Venue Bhavans, Chowpatty, Mumbai

Passes(maximum4permember)willbeavailableattheSociety’sofficeonfirstcomefirstservedbasisfrom20thFebruary2015.Pleaseregisteryour names by email to reception@bcasonline.org or call Ms. Rathi Nair at022-61377600.

Chairman : Mayur Nayak Convenors : Hemant Gandhi, Krishna Kumar Jhunjhunwala & Mihir ShethCo-ordinators: Meena Shah & Krishna Kumar Jhunjhunwala

HUMAN RESOURCES COMMITTEE

UDAT ABEEL GULAL

BCAS 4

FEBRUARY 20155

The annual Leadership Camp has evolved into Spiritual Retreatover the past few years. The themes of last three camps have been (i) 2012: Everyday Happiness; (ii) 2013: Living in Harmony and (iii)2014: Holistic Wellbeing. This year we have selected the theme of: “Body-Mind Balance”.

Participantswhohavebeenregularlyattendingthisannualeventhaveexperienced tremendous personal growth and have kindled desire for spiritualpursuit.EveryRetreatbringsfreshideasandrejuvenatesbody,mind and intellect of the participants.

About this year’s theme of ‘Body – Mind Balance’:

“Asoundmindinasoundbody;isashort,butfulldescriptionofahappystateinthisworld”.–JohnLocke.Healthymindleadstohealthybody.Ourbodyand mind are so interconnected that wellness or otherwise of one affects or influencestheother.Therefore,balancingorintegrationofboththesevitalinstruments of our existence is vital for a meaningful and purposeful life.

DuringtheRetreat,participantswillbeexposedtovarioustechniquesofbody-mind balancing through interactive sessions, meditation and other activities.

Faculty: Dr. Harish Joshi and Mrs. Kokilaben H. Joshi from IndianSpiritualHealingFoundation,Ahmedabad.

Dr. Harish Joshi is a Neuro-Physician and used to practicemedicine beforegivingupworldlypursuits forspiritualgrowth.He isanardent followerofSriSriMahavatarBabajiandhasbeenblessedwithdivineknowledgeofSpiritualHealing(ParashaktiChikitsa)andotherYogicPracticesfromBabaji.Hehadbeen“ArtofLiving”Teacherandhasconductednumberofcourses for the IndianArmy.At present he is impartingdivine knowledgeof Parashakti Chikitsa toseekers.Heisbeingassistedinhismission,byhiswifeSmt.KokilaJoshi.

ProgrammeDetails:

Days Friday,Saturday&Sunday(UptoLunchTime)

Dates 17th,18th&19thApril2015

Venue Moksha (DiscoverYourself),VillageKadadhe,PawnaDamRoad,NearH.P.PetrolPump,ViaKamshetMaval,Dist.Pune.Tel:09867212951

Fees

Early Bird

Up to 21st March 2015

Member and Family (MinimumTwoPersons)

`7,120 + 880(ST)= 8,000/- Perhead

SinglePerson&NonMembers

` 7,565 + 935(ST)= 8,500/- Perhead

After

21st March 2015

Members and Family (MinimumTwoPersons)

` 7,565 + 935(ST)= 8,500/- Perhead

Single Person & Non-Members

8,010 + 990(ST)= 9,000/- Perhead

FeeIncludesStudyMaterial,Food,Stay,& 50/-towardsBCASFoundation

Chairman : Mayur Nayak Convenors : Hemant Gandhi, Krishna Kumar Jhunjhunwala & Mihir ShethCo-ordinator : Krishna Kumar Jhunjhunwala

HUMAN RESOURCES COMMITTEE

13th Residential Leadership Camp/Spiritual Retreat

The only way that we can reduce our financial dependence on the inflow of funds from the rest of the world is to reduce our trade deficit.

- Martin Feldstein

Werecommendmembers to join thisRetreatwithspouse. In thepast,participants attending with spouse have immensely benefited by thisuniqueprogrammeas theybegin tosharesimilarvaluesandvisionoflife. The Retreat is also open to other close relatives and friends.

Enrolment form is printed on page 16.

To help members in discharging their responsibility of imparting effective training and to orient Articled Students into learning mode with basicknowledge invarietyof technicalsubjects includinge-filing, theCommitteeispleasedtoannounceatwo-dayOrientationWorkshopspeciallydesignedfor the fresh articled students. The workshop will give an introductory insight to the students on a variety of topics which will assist them in their articled period. The workshop will help them expand their knowledge base and sharpen their skills to discharge their duties more effectively.

Topics to be covered would be as follows:

IntroductiontoAccountingStandards IntroductiontoAuditing

IntroductiontoDirectTaxes IntroductiontoInternalAudit

IntroductiontoServiceTax E-FilingofReturns

IntroductiontoVAT Code of conduct for articled students and ICAI regulationsrelating to students

Detailsoftheworkshopareasfollows:

Day & Date Friday,24th&Saturday25thApril2015

Time 9.00 a.m. to 5.30 p.m.

Venue To be announced later

Fees ` 1,500 + `186(ST)=` 1,686

(FeeincludeRefreshments,Lunch&StudyMaterial,ifany)

Kindly bring the contents of above Notice to students’ attention andencourage them to enroll for the workshop. Duetoconstraintofspace,theenrolmentisrestrictedtofirst100students.

Enrolment form is printed on page 16.

Chairman: Mayur NayakConvenors: Hemant Gandhi, Mihir Sheth & Krishna Kumar JhunjhunwalaCo- ordinators: Smita Acharya, Kinjal Shah & Sunishi Gabhawala

HUMAN RESOURCES COMMITTEE

2 Day Orientation Workshop specially designed for Fresh Articled Students

BCAS 6

Taxation Committee is pleased to announce the much awaited full-day workshop on “Practical Issues in Tax Deduction at Source(TDS)”. The importance of TDS provisions cannot be undermined.TDS is a significant source of revenue for the Government. Non-compliance with TDS provisions may invite disallowance ofexpenditure in addition to applicability of penal provisions. The scope of disallowance provisions have been widened by the last Finance Act. There are constant changes both in the regulatory as well as the complianceaspectsofTDSprovisions.

This Workshop is intended to keep you updated with the recent developments in this field. This workshop will also have a BrainsTrust session where the eminent Brains Trustees will answer various questions posed to them. Participants may send theirqueries, in advance, to the Society to enable the speakers to deal with them.

DetailsoftheWorkshop:

Day & Date Friday, 10th April 2015

Time 8.30 a.m. to 6.00 p.m.

Venue Navinbhai Thakkar Auditorium, Shraddhanand Road,NearShivSagarRestaurant, VileParle (East),Mumbai400057

Fees Members Non Members

` 1,000 + `124(ST)=` 1,124/- 1,250 + 155 (ST) = 1,405/-

TheabovefeeincludesServiceTaxof12.36%,contributionofRs.50/-toBCASfoundation,costofstudymaterial,breakfast,tea,coffeeandlunch.

Topics Faculty

KeynoteaddressOverviewofTDS

AnilKumarSingh–CCIT(TDS),V.K.Pandey–CIT(TDS)

Section192andSection194H SonaleeGodbole,Chartered Accountant

Section194C,Section194-I,Section194-IAandSection194J

Gautam Nayak,Chartered Accountant

Section195 SushilLakhani,Chartered Accountant

BrainsTrustSession Pradip Kapasi, Yogesh Thar andAmeetPatel,Chartered Accountants

Enrolment form is printed on page 16.

Chairman : Kishor KariaCo-Chairman : Sanjeev PanditConvenors: Anil Doshi, Ganesh Rajgopalan & Jagdish PunjabiCo-ordinators: Jagdish Punjabi & Bhadresh Doshi

Human Resource Development Study Circle:Convenors: Gracy Mendes, Mihir Sheth & Mahindra Turakhia Suburban Study Circle: Convenors: Giriraj Soni & Kinjal Shah

TAXATION COMMITTEE HUMAN RESOURCES DEVELOPMENT STUDY CIRCLE AND SUBURBAN STUDY CIRCLE

Full day Workshop on “Practical Issues in Tax Deduction at Source”

DearMember,

We thank all the members for their overwhelming response for the screening of the Movie ‘Ek Cheez milegi Wonderful’. We are awarethat lot of members were disappointed as the show got housefull in a veryshortspanoftime.Atourrequesttheorganizershaveagreedforanother show of the movie. Movie is open for family members and friends.Pleasebookyourseatsattheearliesttoavoiddisappointment.

Day & Date Sunday,22ndFebruary2015

Time 12.25 p.m.

Topic ‘EkCheezMilegiWonderful’

Venue Cinemax,NexttoKandivaliRailwayCrossing,Kandivali-West,Mumbai

Fees `100/-PerEntryPass(refundableatthevenue).

Collection Centre for Buying Entry Pass

BCASOffice : 7, Jolly BhavanNo. 2, Veer Nariman Road, NewMarine Lines, Churchgate, Mumbai-400020. Tel: 022 - 61377619

Dadar: Shantilal Kochar, A/302, Swapanbhoomi, S.K.BoleRoad,Near portugese Church, Dadar (West), Mumbai-400028.Tel.Fax:022-24379537-8212/24229490

Andheri:MayurNayak,502-A,VertexVikasCHSL,AboveMitraNursingHome,M.V.Road,Andheri(East),Mumbai-400069.Tel:022-26831199/26831619

Borivali:KinjalShah,KMS&Associates,1004,10thFloor,GoldCrest Business Centre, L.T. Road, Near Manubhai Jewellers, Borivli(West), Mumbai-400092 Tel: +91-9892100844/ 022-28948484/28932324

(Pleasearrangetopayandcollectyourentrypassesinadvance)

TheBestInvestmentProposalofYourLifetimeInvest just3HoursoutofyourvastLifetimeandchange theperspectivetowards the way you see yourself and the World around.....!A Film that has the capacity to change your perspective towards each and every aspect of life! ABOUTTHEMOVIE‘EkCheezmilegiWonderful’isajourneyinitself.Rightfromitsconceptualizationtopresentationonscreen,everyframeiscrisp,wellpresentedandthoughtprovoking.Itstrikestheemotionalchordtoo,attherightplaces. As the story progresses, it becomes more gripping. The plot though, very simple, keeps the curiosity and interest till the very end. At the end, it culminates as arichandwonderfulexperience.Onewondershowitcanbepossibletointegratesuch principles which are essentially scientific and philosophical in nature. Togettheanswer,itisrecommendedtositthroughthemovie...Intheend;youwilldefinitelygetwhatisTrulyWONDERFUL.BadloNazariya...BadlegiDuniya...

“JYOT”isanorganisationDEVELOPEDBYTHEYOUTH,FORTHEYOUTH,whichwasconceivedwiththebasicaimtopromoteIndianheritageandculture.Themission is to spread this INVALUABLE KNOWLEDGE-HERITAGE benefitingthefuturegenerations,helpingthemtobecomeresponsiblecitizenswhocanthemselves find the rightpath in their liveswith thismagnificentknowledgebase.WelookforwardtosupportJYOTwithourattendanceasBCASMembersand Family and Friends. You are welcome to spread the word to encourage your friends and their families to buy entry passes and come to watch this movie.

Enrolment form is printed on page 16.

FEBRUARY 20157

BCAS 8

FEBRUARY 20159

BCAS 10

FEBRUARY 201511

RECENTLY RELEASED PUBLICATIONS OF BCAS

Taxation of Fees for Technical Services – A Referencer

Inthisbook,thetwoauthorshavemainlyfocused on cross-border payments of Fees for Technical Services. It is anattempt by both the authors to compile various judicial pronouncements onthe subject of FTS and classify themaccording to various typical cross-border services. They have selected important decision(s) pertaining to each typical service and provided a brief overview of such decision(s). This publication would be found useful both by the Taxpayers andtheTaxPractitioners/Advisors.

Members : R 450/-Non–Members : R 500/-Postage:R 200/-

FAQs on Accounting Standards

(The 7 authors of the book have tried to simplify the understanding of four basicAccountingStandards-AS2,AS7,AS9andAS15,whichhaveanimportantapplicability in any business entity.

To make the users of financialstatements as well as preparers of financial statements aware aboutthe importance of each accounting standard, the authors have disseminatedtheAccountingStandardinto easy and simple Question and Answer format so as to have ease in understanding and demystifying the accounting standards.

Members : R 60/-Non-Members : R 75/-Postage:R 40/-

Gita for Professionals – 2nd Edition (In English & Gujarati)

The author feels that Conflict is very much a part of life, asexperienceis.Indeed,itispartandparcelofourexistencebothat home and elsewhere.

Inthisbooktheauthorhaselucidatedtheconceptsof‘dutyandethics’ by means of parables and anecdotes which at times seem autobiographical.Inthesecondrevisedandenlargededition,theauthor has added a newChapter containing “Thirteen lessonsfrom the Gita for professionals to make this world a better place tolivein”,whereinhenotonlytalksaboutvariousaspectsofone’spersonality suchasHumilityandNon-violencebutalso throwslight on some of the essentially good acts in life such as Giving, Sacrifice, Forgiveness, Goal- setting, Discipline, Cleanliness,ServicetoGuruetc.

Price: English-R 75/- Gujarati-R 100/-

Postage: R 50/-

The CD contains the Paper and Presentation and Case Studies of the Residential Refresher Course held from 27th to 29th June 2014.

R 1,500for1CDfor Members and

R 1,800for1CDfor Non-MembersPostage : R 50

Right to Information - A route to good Governance.

Inthiseditionofthebook,theauthorhasfocused on equipping the readers withbasicinformationonRighttoInformationand how it can be used for the benefitof the public at large. The book includes summarizedorderspassedbytheCentralInformation Commission, High Courtand the Supreme Court of India on RTI.In order to understand theworking andimplementationoftheRTImachinery,theauthor has covered FAQs as a separate chapter in the book.

Members : R 100/-Non–Members : R 150/-Postage:R 50/-

BCAS 12

Subscribe Now!!!Lecture Meeting on Global Services Transformation – Are

Indian CA Firms Insulated? by CA. Milind S. Kothari, held on 21st January, 2015, is available on BCAS Web TV.

BCAS WEB TV

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 Taxfrom 1st April 2014 to

31st March 2015

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

FEBRUARY 201513

Inthecurrentenvironmentwhereplasticmoneyrulesandwherephysicalgiveandtakeofmoneyisslowlygettingobsolete,haveyou...

• Wonderedwhyyouneedtosendcash/chequetotheBCASeverytimewhenanewpublicationisbroughtoutbytheSociety?

• Evermissedoutobtainingacopyofthepublicationsinceyouwereoutoftownandthepublicationwentoutofstockbythetimeyouresumedoffice?

• Missedtheearly-birddiscountthattheBCASallowsonitsmostvaluedpublication,TheReferencer,simplybecauseyoumissedbookingitinadvance?

• ExpectedthatyouwouldgetthesnapshotsoftheproposalsintheFinanceBillattheearliestonyourdesksoonaftertheBudgetPublicationoftheSocietyisreleased?

Well,wehavegoodnewsforyou.Alltheseissueswillberesolved....ifyouhaveoptedfortheImprestSystem.

Allmembers,journalsubscribersandstudentscanavailtheImprestScheme.WehavekeptthisSchemeopenfornon-membersalso.

PublicationsarereleasedonaregularbasisbyyourSocietyonvarioussubjects.

YouarerequestedtosubscribetoanewImprestAccountorreplenishyourexistingImprestAccountwiththeSociety,incaseitdoesnothavesufficientbalanceforthesepublications.

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BCAS 14

FROM RBIContributed by : Gaurang V. Gandhi

The Reserve Bank of India has issued the following 11 circulars

A. P. (DIR Series) Circular No. 58 dated January 14, 2015Risk Management and Inter Bank Dealings: Hedging under Past Performance Route - Liberalisation of Documentation Requirements in the OTC market

This circular has revised the documentation process for hedging of probable exposures by exporters and importers based on past performanceas under:

1. Present position – importers and exporters are required to furnishto their banks a quarterly declaration, in the specified format, dulycertifiedbytheirStatutoryAuditorstatingtheamountsbookedwithother banks under this facility.

Change – importers and exporters have to furnish a quarterlydeclaration stating the amounts booked with other banks under this facilityasper the format inAnnex I to thiscircular.Thedeclarationhas to be signed by the Chief Financial Officer (CFO) and theCompanySecretary(CS).IntheabsenceofaCS,theChiefExecutiveOfficer(CEO)ortheChiefOperatingOfficer(COO)hastoco-signtheundertakingalongwiththeCFO.

2. Presentposition–bankscanpermitimportersandexporterstoenterintoderivativecontractsinexcessof50%oftheeligiblelimitiftheyaresatisfiedthattherequirementsoftheircustomersisgenuineandthe customer submits the following: -

a. CertificatefromtheirStatutoryAuditorthatallguidelineshavebeenadheredtowhileutilizingthisfacility.

b. Certificate of import / export turnover during the past three yearsdulycertifiedbytheirStatutoryAuditorinthespecifiedformat.

Change – banks can permit importers and exporters to enter into derivativecontracts inexcessof50%oftheeligible limit if theyaresatisfied that the requirements of their customers is genuine andthe customer submits the following certificates as per the formatinAnnex II to thiscircular,duelysignedby the theCFOandCS (intheabsenceofaCS, theChiefExecutiveOfficer (CEO)or theChiefOperatingOfficer(COO)hastoco-signtheundertakingalongwiththeCFO):-

a. Declaration thatallguidelineshavebeenadhered towhileutilizingthis facility.

b. Certificate of import / export turnover of the customer during thepast three years.

3. The statutory auditor, as part of the annual audit exercise, has to certify the following: -

a. The amounts booked with all banks under this facility.b. Allguidelineshavebeenadhered towhileutilizing this facilityover

thepastfinancialyear.

A. P. (DIR Series) Circular No. 59 dated January 22, 2015Notification No. FEMA.325/RB-2014 dated November 12, 2014Overseas Direct Investments by proprietorship concern / unregistered partnership firm in India – Review

This circular provides that RBI while granting permission under theApproval Route to proprietorship concern / unregistered partnership firminIndiaforinvestingoutsideIndiawilltakeintoaccount/considerthe following: -1. Theproprietorshipconcern /unregisteredpartnership firm in India

isclassifiedas‘StatusHolder’aspertheForeignTradePolicyissuedbytheMinistryofCommerceandIndustry,Govt.ofIndiafromtime to time.

2. Theproprietorshipconcern /unregisteredpartnership firm in Indiahas a proven track record, i.e. the export outstanding does not exceed10%oftheaverageexportrealisationoftheprecedingthreeyears and it has a consistently high export performance.

3. The Bank with whom the proprietorship concern / unregistered partnership firm in Indiadealswith issatisifiedthat it isKYC(KnowYour Customer) compliant, engaged in the proposed business and has turnover as indicated;

4. Theproprietorshipconcern /unregisteredpartnership firm in Indiahas not come under the adverse notice of any Government agency liketheDirectorateofEnforcement,CentralBureauofInvestigation,IncomeTaxDepartment,etc.anddoesnotappearintheexporters’caution list of the Reserve Bank or in the list of defaulters to the bankingsysteminIndia.

5. The proposed investment outside India does not exceed 10% ofthe average of last three years’ export realisation or 200% of thenet owned funds of the proprietorship concern / unregistered partnershipfirminIndia,whicheverislower.

A. P. (DIR Series) Circular No. 60 dated January 22, 2015Notification No. FEMA.329/2014-RB dated December 8, 2014Foreign Direct Investment (FDI) in India – Review of FDI policy – Sector Specific conditions – Construction Development

Thiscircularstatesthat100%FDIunderAutomaticroutewillbepermittedin construction development sector with effect from December 3,2014 provided the investment complies with the terms and conditions mentionedinthePressNote10(2014Series)datedDecember3,2014.

As a result, in the existing Annex B of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India)Regulations, 2000, (NotificationNo. FEMA20/2000-RBdated3rdMay2000) entry 11, 11.1 and 11.2, the following shall be substituted as under: -

SI. No. Sector/Activity % of Equity/ FDI Cap Entry Route

11 ConstructionDevelopment:Townships,Housing,Built-upinfrastructure

11.1 Construction-development projects (whichwould include development of townships, construction of residential / commercial premises, roads or bridges, hotels, resorts, hospitals, educational institutions, recreational facilities, city and regional level infrastructure, townships)

100% Automatic

FEBRUARY 201515

11.2 Investmentwillbesubjecttothefollowingconditions:(A)Minimumareatobedevelopedundereachprojectwouldbeasunder:i.Incaseofdevelopmentofservicedplots,nominimumlandarearequirement.ii.Incaseofconstruction-developmentprojects,aminimumfloorareaof20,000sq.meter.

(B)InvesteecompanywillberequiredtobringminimumFDIofUS$5millionwithinsixmonthsofcommencementoftheproject.Thecommencementoftheprojectwillbethedateofapprovalofthebuildingplan/layoutplanbytherelevantstatutoryauthority.SubsequenttranchesofFDIcanbebroughttilltheperiodoftenyearsfromthecommencementoftheprojectorbeforethecompletionofproject,whicheverexpiresearlier.

(C)(i)Theinvestorwillbepermittedtoexitoncompletionoftheprojectorafterdevelopmentoftrunkinfrastructurei.e.roads,watersupply,streetlighting, drainage and sewerage.

(ii)TheGovernmentmay,inviewoffactsandcircumstancesofacase,permitrepatriationofFDIortransferofstakebyonenon-residentinvestortoanothernon-residentinvestor,beforethecompletionofproject.TheseproposalswillbeconsideredbyFIPBoncasetocasebasisinter-aliawithspecificreferencetoNote(i).

(D)Theprojectshallconformtothenormsandstandards,includinglanduserequirementsandprovisionofcommunityamenitiesandcommonfacilities,aslaiddownintheapplicablebuildingcontrolregulations,bye-laws,rules,andotherregulationsoftheStateGovernment/Municipal/LocalBody concerned.

(E)TheIndianinvesteecompanywillbepermittedtosellonlydevelopedplots.Forthepurposesofthispolicy“developedplots”willmeanplotswhere trunk infrastructure i.e. roads, water supply, street lighting, drainage and sewerage, have been made available.

(F)TheIndianinvesteecompanyshallberesponsibleforobtainingallnecessaryapprovals,includingthoseofthebuilding/layoutplans,developinginternal and peripheral areas and other infrastructure facilities, payment of development, external development and other charges and complying withallotherrequirementsasprescribedunderapplicablerules/bye-laws/regulationsoftheStateGovernment/Municipal/LocalBodyconcerned.

(G)TheStateGovernment/Municipal/LocalBodyconcerned,whichapprovesthebuilding/developmentplans,willmonitorcomplianceoftheabove conditions by the developer.

Note:(i)ItisclarifiedthatFDIisnotpermittedinanentitywhichisengagedorproposestoengageinrealestatebusiness,constructionoffarmhousesandtradingintransferabledevelopmentrights(TDRs).

“Realestatebusiness”willhavethesamemeaningasprovidedinFEMANotificationNo.1/2000-RBdatedMay03,2000readwithRBIMasterCirculari.e.dealinginlandandimmovablepropertywithaviewtoearningprofitorearningincometherefromanddoesnotincludedevelopmentof townships, construction of residential/ commercial premises, roads or bridges, educational institutions, recreational facilities, city and regional level infrastructure, townships.

(ii)Theconditionsat(A)to(C)above,willnotapplytoHotels&Touristresorts;Hospitals;SpecialEconomicZones(SEZs);EducationalInstitutions,OldAgeHomesandInvestmentbyNRls.

(iii)Theconditionsat(A)and(B)above,willalsonotapplytoinvestee/jointventurecompanieswhichcommitatleast30percentofthetotalprojectcost for low cost affordable housing.

(iv)An Indiancompany,which is the recipientofFDI, shallprocureacertificate fromanarchitectempanelledbyanyAuthority, authorized tosanctionbuildingplantotheeffectthattheminimumfloorarearequirementhasbeenfulfilled.

(vi)Completionoftheprojectwillbedeterminedasperthelocalbye-laws/rulesandotherregulationsofStateGovernments.

(vii)Projectusingatleast40%oftheFAR/FSIfordwellingunitoffloorareaofnotmorethan140squaremeterwillbeconsideredasAffordableHousingProjectforthepurposeofFDIpolicyinConstructionDevelopmentSector.OutofthetotalFAR/FSIreservedforAffordableHousing,atleastone-fourthshouldbeforhousesoffloorareaofnotmorethan60squaremeter.

(viii)Itisclarifiedthat100%FDIunderautomaticrouteispermittedincompletedprojectsforoperationandmanagementoftownships,malls/shopping complexes and business centres.

A. P. (DIR Series) Circular No. 61 dated January 22, 2015Notification No. FEMA.330/2014-RB dated December 15, 2014Depository Receipts Scheme

Thiscircularbringsoutthesalientfeaturesofthenew‘DepositoryReceiptsScheme,2014’(DRScheme,2014)forinvestmentsunderADR/GDRwhichhascomeintoeffectfromDecember15,2014.Withthecomingintoeffect

of thisnewDRScheme2014 thepresentguidelines forForeignCurrencyConvertible Bonds and Ordinary Shares (Through Depositary ReceiptMechanism)Scheme,1993,excepttotheextentrelatingtoforeigncurrencyconvertible bonds, stand repealed.

The following amendments have been made in the Foreign Exchange Management (Transferor IssueofSecuritybyaPersonResidentOutside

BCAS 16

India) Regulations 2000, (Notification No. FEMA 20/2000-RB, dated 3rdMay, 2000): -1. Twonewdefinitions((iicc)&(iidd))havebeenintroducedinRegulation2.2. Regulation 13 has been substituted.3. Schedule1hasbeenamended.4. AnewSchedule10hasbeenintroduced.

ThesalientfeaturesofthenewDRScheme2014areasunder:-1. SecuritiesinwhichapersonresidentoutsideIndiaisallowedtoinvest

underSchedule1,2,2A,3,5and8ofNotificationNo.FEMA.20/2000-RBdated3rdMay2000willbetheeligiblesecuritiesforissueofDepositoryReceiptsintermsofDRScheme2014.

2. A person will be eligible to issue or transfer eligible securities to a foreign depository for the purpose of issuance of depository receipts as providedinDRScheme2014.

3. The aggregate of eligible securities which can be issued or transferred to foreign depositories, along with eligible securities already held by persons resident outside India, cannot exceed the limit on foreignholding of such eligible securities under FEMA.

4. Eeligible securities cannot be issued to a foreign depository for the purpose of issuing depository receipts at a price less than the price applicable to a corresponding mode of issue of such securities to domestic investors.

5. If the issuance of the depository receipts adds to the capital of acompany, the issue of shares and utilisation of the proceeds will have to comply with the relevant conditions laid down in the Regulations framed andDirectionsissuedunderFEMA.

6. The domestic custodian will report the issue / transfer of sponsored / unsponsoreddepositoryreceiptsasperDRScheme2014in‘FormDRR’as Annexxed to this circular within 30 days of close of the issue / program.

A. P. (DIR Series) Circular No. 62 dated January 22, 2015Notification No. FEMA. 328/2014-RB dated December 3, 2014Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000 – Remittance of salary

Thiscircularclarifiesasunder:-1. Facility available to an employee of a company under Regulation 7(8)

ofNotificationNo.FEMA10willalsobeavailabletoanemployeewhoisdeputedtoagroupcompanyinIndia.

2. The term ‘company’ referred to in the said regulation will include ‘Limited LiabilityPartnership’asdefinedintheLLPAct,2008.

A. P. (DIR Series) Circular No. 63 dated January 22, 2015Notification No. FEMA331/2014-RB dated December 16, 2014]Export and Import of Indian Currency

ThiscircularnowpermitsindividualsfromIndiavisitingNepalorBhutantocarrycurrency notes of Rs.500 and / or Rs.1,000 denominations, up to Rs.25,000.

A. P. (DIR Series) Circular No. 64 dated January 23, 2015External Commercial Borrowings (ECB) Policy – Simplification of Procedure

This circular has made the following changes in ECB procedures both under Autoomatic Route as well as Approval Route with immediate effect: -

1. Banks can now allow: -a. Changes/modifications(irrespectiveofthenumberofoccasions)inthe

draw-down and repayment schedules of the ECB whether associated with change in the average maturity period or not and / or with changes (increase / decrease) in the all-in-cost.

b. Reduction in the amount of ECB (irrespective of the number of occasions) along with any changes in draw-down and repayment schedules, average maturity period and all-in-cost.

c. Increaseinall-in-costofECB,irrespectiveofthenumberofoccasions.

However,bankshavetoensurethat:-a. The revised average maturity period and / or all-in-cost is / are in

conformity with the applicable ceilings / guidelines.b. The changes are effected during the tenure of the ECB.c. If the lender is anoverseasbranch / subsidiary of an Indianbank, the

changeswillbesubjecttotheapplicableprudentialnorms.

2. Banks can also permit : -a. Changes in the name of the lender of ECB after satisfying themselves with

thebonafidesofthetransactionsandensuringthattheECBcontinuestobe in compliance with applicable guidelines.

b. Cases requiring transfer of theECB fromone company to another onaccount of re-organisation at the borrower’s level in the form of merger /demerger/amalgamation/acquisitiondulyaspertheapplicablelaws/rulesaftersatisfyingthemselvesthatthecompanyacquiringtheECBisaneligible borrower and ECB continues to be in compliance with applicable guidelines.

ThesechangeshavetoreportedtoRBIwithin7daysofthechangetakingplace in Form 83 and also highlighted in the covering letter. Also, these changeshavetobereflectedintheECB2returns.

A. P. (DIR Series) Circular No. 65 dated January 27, 2015Exim Bank’s Line of Credit of USD 22.50 million to the Government of the Republic of Gambia

EximBankhasmadeavailable,subjecttocertaintermsandconditions,totheGovernmentoftheRepublicofGambiaaLineofCreditofUS$22.50million for financing purchase of eligible goods, machinery, equipmentand services for replacementofAsbestosWaterPipeswithUPVCpipesin the greater Banjul Area in the Gambia. Eligible goods and servicesincludingconsultancyservicesofthevalueofatleast75%ofthecontractprice must be supplied by the sellers from India, while the remaining25% of the goods and services may be procured by the sellers from outsideIndia.

ThelastdateforopeningofLettersofCreditandDisbursementforprojectexports will be 48 months from the scheduled completion date of the contractandOctober28,2020incaseofsupplycontracts.

A. P. (DIR Series) Circular No. 66 dated January 27, 2015Exim Bank’s Line of Credit of USD 100 million to the Government of the Federal Republic of Nigeria

EximBankhasmadeavailable, subject to certain termsandconditions,to the Government of the Federal Republic of Nigeria a Line of Credit ofUS$ 100million for financingpurchaseof eligiblegoods,machinery,equipment and services for completion of three power sector projects in Nigeria: - i. Supply and Commissioning of Transmission lines, 33 KV, 33/0/415 KV

distribution transformers and associated accessories for 96 communities inthreesenatorialzonesofEnuguState[USD40.00million].

ii. 132/33KVsubstation,solarminigridelectrificationandsolarstreetlightinginthestateofKaduna[USD29.85million]

iii. Construction of 2 x 26 MW gas-based power plant in the cross river state [USD30.00million].

Eligible goods and services including consultancy services of the value of atleast75%ofthecontractpricemustbesuppliedbythesellersfromIndia,whiletheremaining25%ofthegoodsandservicesmaybeprocuredbythesellersfromoutsideIndia.

ThelastdateforopeningofLettersofCreditandDisbursementforprojectexports will be 48 months from the scheduled completion date of the contract and May 21, 2020 in case of supply contracts.

FEBRUARY 201517

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