1 MAY 2015

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,

Greetings of the season! Rather W-A-R-M greetings! With the spike in temperature and humidity, most of us get our dose of sultry weather at the start of each day. However, there are benefits of the summer too. Mangoes for one! You can’t miss spotting fragrant Jasmine flowers in the markets. Some veggies and juicy fruits appear and taste the best only at this time. May also reminds us of the vacation time, since our school days.

Another palpable sign observed in Mumbai is, come May 1st and there is a visible and tangible reduction in traffic. People leave work and take time off to be with their family, friends and themselves. Some time to refresh, rejuvenate, restore oneself is imperative. For it to happen, a PAUSE is CRITICAL. It is paradoxical, but for work to really work for us, we have to stop working for a while. Like in music, the space between the notes is as important as the notes themselves. In a speech, moments of silence are as eloquent as words. In a design, the empty space creates a flow of energy along with objects and colours that fill the space. Similarly, for us to take time off to build and rebuild ourselves is so VITAL. I hope most of you are able to take a break at this time before the busy season begins!

In the last several weeks, I have been contemplating about BCAS - its genesis and its relevance. One of the things I looked at was the logo. I looked at the logo and revisited its origins. To the best of my knowledge, if I may say so, and without prejudice, the logo was designed in 1969, when the Journal was first published. A small write up on the eagle was given. The eagle on the logo aptly represents the attributes that CAs have or aspire to hone. If one were to think about it, they are bang on:

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. 18 n No. 2 n May 2015

PROGRAMMES AT A GLANCE DATE VENUE PAGE NO.

8th Jal Erach Dastur Students’ Annual Day .......................................................................30.05.2015 ......................................... Navinbhai Thakkar Auditorium, Vile Parle East ........................6

Workshop on Business Etiquettes ...........................................................................................06.06.2015 ......................................... Gulmohar, BCAS ......................................................................................... 3

9th Residential Study Course on Service Tax and VAT.....................................19.06.2015 to 21.06.2015 ....... LEONIA Resort, Hyderabad..................................................................5

International Tax & Finance Conference, 2015 ................................................................14.08.2015 to 17.08.2015........Aamby Valley, Lonavala ................................................................................... 4

Lecture Meetings .................................................................................................................................10.06.2015, 17.06.2015, 24.06.2015 ...................................................................................................................................1

LECTURE MEETINGS

Speaker: Dilip Lakhani, Chartered AccountantSubject: Legal and Tax aspects of Trust - with special reference to REITs, INVSTs and AIFsVenue: Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai 400020Day, Date & Time: Wednesday, 17th June 2015, 6.15 p.m.*

Speaker: Ganesh Rajgopalan, Chartered Accountant & Rutvik R. Sanghvi, Chartered AccountantSubject: Filing of Income-tax Return Venue: Walchand Hirachand Hall, 4th Floor, IMC, Churchgate,

Mumbai 400020Day, Date & Time: Wednesday, 24th June 2015, 6.15 p.m.*

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

MEGA LECTURE MEETING

Speaker: Narendra Sarda, Chartered AccountantSubject: Journey from Current AS to IndAS (Current AS to new AS Converged with IFRS)Venue: Jai Hind College Auditorium, A – Road , Churchgate, Mumbai 400020Day, Date & Time: Wednesday, 10th June 2015, 5.30 p.m. to 8.30 p.m.

1. Attention and Vision: An Eagle flies very high, and therefore has a very broad vision. Yet, its attention to details on the ground is of equally high order. Its sharp and long distance focus is immaculate.

2. Effortlessness: At high altitudes, it soars in the wind currents, without much effort.

3. Energy and Fearlessness: The eagle flies at a level, which is as high as any bird can get, requiring energy

2 MAY 2015

(Continued from page 1)

and courage. Its audacity, tenacity and vitality are rare. An eagle hunts for its food, never to scavenge or live off the leftovers.

4. Nurture and Challenge: The eagles have a fascinating way to bring up their little ones. The mother eagle takes an eaglet on her back high up in the air and then she moves away from beneath and lets it fall, till the baby starts flapping its wings and flies. It has a way to pick it back up, if the eaglet cannot fly.

The society plays some of these roles. It has remained at a high level but never far from the ground reality, kept its eyes on details, the need of its varied membership. As a member, I have observed BCAS to be fearless on taking a stand on unjust laws. BCAS has innovated rather than scavenge, not lived a ‘cut copy paste’ life. In fact, some of it’s learning modalities and products, are emulated by others. Above all, it has been a grooming ground for so many. Professionals have made a mark in their own way by being on the back of the society and learnt to fly, and fly high.

The month of May at the BCAS is a month of pause. Events stop for a bit. In a few months, we will have our Annual Day and a new year at BCAS will begin. As we look back, we see so much that

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 : Dr. Gautam N. Shah and Tushar K. DoctorClinic 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 23rd and 30th May, 2015 and 6th, 13th and 20th June, 2015. Please call to obtain a prior appointment.

The next Charitable Trust Clinic will be held on 5th June, 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 – 6th June, 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.

has happened in the past 10 months. The list is long. As we look forward, we look at you – the reader, the member, the reason for the existence of the Society – for IDEAS, SUGGESTIONS, FEEDBACK! What is it that the Society can do to change, rejuvenate, re-invent itself? What would you like to see more? What are those activities, themes and support you would like to see or see more? Over the past three months, the committees have received suggestions after we commenced an online survey for seeking feedback after events. We will undertake a few surveys on various themes in the months to come, so we can feel the pulse even louder.

May the month of May bring you the much needed pause and infuse you with fresh energy, vitality and deeper connect with yourself and the world around you. And for those who do think they are too busy, here is a parting quote – ‘The time to relax is when you don’t have time for it’.

Yours Sincerely,

Raman H. Jokhakar

3 MAY 2015

Globalization of economy has brought new opportunities to extend the boundaries of business beyond India. While these opportunities can be very enriching, they also present challenges to successfully assimilate with different cultures and navigate business to the desired goal.

These challenges can sometime become a major roadblock for achieving success when one unconsciously ignores country protocols and established business etiquette practices of outside world.

The proposed workshop intends to deal with many such protocols and business etiquette practices which can help the participants to carry effortlessly while dealing with their counter part from other countries. It will not only familiarize the participants with different topics of business and social etiquette but will also give chance to actively participate by sharing their own experiences.

Etiquette topics that the workshop proposes to tackle broadly are as follows:• Emailetiquette• Mobilephone• Dining• Conductingateleconference• BusinessMeetingprotocol/Conductingnegotiations• Gifts-Giveappropriategifts–• Tips-• Businesspracticesofdifferentcountries• Generalprotocols-PersonalHygiene-

Who should attend : Any one interested in the topic can attend. Specially Designed for those who are : 1) Aspiring to deal with International Clients. 2) Dealing with Senior Management in India. 3) Aspiring to rise Higher in the Corporate World.4) In the Management Cadres. 5) Young Entrants in the profession. 6) The workshop will also be useful to family members, clients of

members and house wives also, as it will train participants on good etiquette for any social gathering, dinner or simply talking on phone etc.

Number of participants limited to 75 on First Come First Served Basis.

Rush to enrol now! Tomorrow could be too late!

Faculty Mihir Sheth is a Chartered Accountant, Company Secretary and CISA (Certified Information Systems Auditor) with more than 25 years of experience in profession and industry as an entrepreneur. HeisapromoterdirectorofVision3KTechnologies(India)Pvt.Ltd.,acompanyengagedinBPOandSystems.

He has been a visiting faculty at prestigious managementand engineering institutions like Narsee Monji Institute of Management Studies and NITIE.

In the course of his business, Mihir Sheth has travelled across many countries in the world and has interacted with very senior business leaders.

He has had the opportunity to deal with very senior levelmanagement personnel across the world in the course of KPO business that he runs. Through this workshop hewillshare his experiences and insights gained on the subject.

HeistheconveneroftheHumanResourcesCommitteeoftheBCAS.

In accordance with Clause No.18 of the Memorandum of Association of the Bombay Chartered Accountants’ Society, the names of members who have filed their nomination for Managing Committee are to be exhibited. Since the numbers of nominations are equal to that of the number of posts no election is necessary.

At the Special Committee Meeting held on 30th April 2015, in addition to the members elected unopposed 6 other members have been co-opted to the Managing Committee. The list of elected members and co-opted members is as under:

President Raman H. Jokhakar

Vice President Chetan M. Shah

Hon. Jt. Secretary Narayan R. Pasari

Hon. Jt. Secretary Sunil B. Gabhawalla

Treasurer Manish P. Sampat

Elected Member Abhay R. Mehta

“ Bharatkumar K. Oza

“ Mukesh G. Trivedi

“ Krishnakumar Jhunjhunwala

“ Samir L. Kapadia

“ Saurabh P. Shah

“ Sonalee A. Godbole

“ Suhas S. Paranjpe

Co-opted Member Anil D. Doshi

“ Bhavesh P. Gandhi

“ Jagdish T. Punjabi

“ Jayant M. Thakur

“ Mihir C. Sheth

“ Rutvik C. Sanghvi

Ex-Officio Member Nitin P. Shingala

Member (Publisher) Narayan K Varma

Chairman: Mayur NayakConvenors: Hemant Gandhi, K K Jhunjhunwala & Mihir Sheth Co-ordinators: Gracy Mendes & Toral Mehta

HUMAN RESOURCES COMMITTEE

Workshop on Business Etiquettes

Managing Committee Elected Members For 2015-2016

Day & Date Saturday, 6th June 2015

Time 2.30 p.m. to 6.30 p.m.

Venue Gulmohar, Bombay Chartered Accountant Society, Jolly BhawanNo.2,Opp.NirmalaNiketan,VithaldasThackerseyMarg, New Marine Lines, Mumbai-400020

Fees

Members ` 600/-perhead

Non - Members

`750/-perhead

Fee includes ` 30/- contribution towardsBCASFoundation, ServiceTax,RefreshmentsandCourseMaterial,ifany.

Enrolment form is printed on page 13.

4 MAY 2015

The International Taxation Committee is pleased to announce the 19thResidential InternationalTax&FinanceConferenceatAambyValley Lonavala.

The deliberations at the Conference on the subjects of International Taxation and Finance would be at an advance level.

About the Venue: Aamby Valley is Independent India’s first planned hill city nestled in the Sahyadris, designed to offer premium lifestyle with its world class infrastructure.

The city a first of its kind Megalopolis spread over more than 10000 undulating acres of verdant expanse. It is self contained inspirational city remarkable for its unsurpassed grandeur and plush signature features

The Conference details are as under:

Days & Dates Friday, 14th August 2015 to Monday, 17th August 2015

Venue Aamby Valley, Lonavala

Fees ` 20,000 per person

Sr. No. Paper Paper writers

For Group Discussion

1 Place of EffectiveManagement(POEM)

ShriPinakinDesai

2 Structuring of EPCContracts – Tax andOtherIssues

ShriH.PadamchandKhincha

3 Expatriates- Tax and RegulatoryAspects

Shri Nikhil Bhatia

4 Overseas Funds- Tax andRegulatoryAspects

Shri Bhavin Shah

For Presentation

5 BaseErosionandProfitShifting(BEPS)-RecentDevelopments

ShriT.P.Ostwal

6 Issues under the Undisclosed Foreign Assets & Income(Imposition of Tax) Act

ShriGautamDoshi

Fees:`20,000/- per person (incl. Service Tax but excluding travelarrangement). The fee includes course material, stay on twin-sharing basis and meals, sight-seeing within Aamby Valley and `50/-contribution to the BCAS Foundation.

Chairman : Gautam NayakCo-Chairman : Deepak ShahConvenors: Chetan Shah, Dhishat Mehta & Gaurang GandhiCo-ordinator: Rajesh Shah

INTERNATIONAL TAXATION COMMITTEE

International Tax & Finance Conference, 2015

Travel Distance from/to Airport/Railway Station:AambyValleyisabout23kmfromLonavala,87kmfromPuneand120km from Mumbai.

Eligibility:

The Conference is open only for those who are Ordinary/Life/Corporate Members of BCAS at the time of enrolment and not for Journal Subscribers and Website Members of BCAS.

Delegate substitution/Refund:

No request for substitution of the delegate will be permitted. Similarly no requests for refunds will be entertained. In the event of inability of the registered delegate to attend the Conference for any reason, he/she should promptly inform the CommitteeNOT LATER THAN 14th July 2015 by email [em@bcasonline.org]indicating the subject as “ITF CONFERENCE 2015 – INABILITYTO ATTEND” with a copy marked to gm@bcasonline.org, em@bcasonline.org, cadeepakshah@gmail.com, and rrajconsultants@ yahoo.com

Notes:

1. Enrolment will commence from 19th May 2015 and will be restricted to 170 members of BCAS only on first-come-first-served basis. Some seats are reserved for outstation delegates.

2. The Conference will begin in the afternoon on Friday, 14th August 2015 with Lunch and will conclude at around 2.00 p.m. after Lunch onMonday, 17th August 2015. The Hotel’s check-in time is 12.00noon onwards on Friday, 14th August, 2015.

3. All communication from BCAS would be only by e-mail and SMS.Hence, please fill in the e-mail address andmobilenumbercarefully and in legible writing.

4. Cheques/Demand Draft should be drawn in favour of“Bombay Chartered Accountants’ Society” payable at par at Mumbai.

5. For enrolment and any other Conference related issues, please contactMr.AmitSinghinBCASOffice

Enrolment form is printed on page 12.

As much as we need a prosperous economy, we also need

a prosperity of kindness and decency. - Caroline Kennedy.

A Man’s management of his own purse speaks volumes

about character -Thomas Jefferson

5 MAY 2015

TheIndirectTaxes&AlliedlawsCommitteeofBCASispleasedtoannouncethe9thResidential StudyCourseonServiceTaxandVAT tobeheld atHyderabad,from19thJuneto21stJune2015.Thedetailsareasfollows:-

Days & Dates Friday, 19th June to Sunday, 21st June 2015

Venue LEONIAResort,Hyderabad

Fees `9,078/-+` 1,122 (ST) = `10,200/-permember

Subjects & Paper Writers:

Papers for Discussion

Service Tax & VAT on IT, IT Enabled Services and E-commerce Transactions

K. VaitheeswaranAdvocate, Chennai

Case Studies on CENVAT Credit Rules L. BadrinarayananAdvocate, Mumbai

Case Studies on Taxation of Services(with reference to Valuation, Exemptions, Point of Taxation and Place of Supply Rules, etc. except above two topics)

S. ThirumalaiAdvocate, Hyderabad

Papers for Presentation

GST – Recent Developments and Expectations Jayraj ShethChartered Accountant, Mumbai

Controversies in Service Tax J. K. MittalAdvocate, Delhi

Venue: The Venue, “LEONIA Holistic Destination”, is said to be one of the largest convention centres of India, having various facilities such as more than 450 rooms, twelve banquet halls of various sizes, theatres, indoor and outdoor games, go-karting and mini water park with flow rider - web surfing, etc.

Address: LEONIA, Bommaraspet, Shameerpet, Ranga Reddy District, Hyderabad 500078, India. Tel: 91-40- 66400000. (About one hour drive from Airport & Railway Station)

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

members of BCAS.2. Enrolment will commence from 10th April 2015 and will be restricted

to 150 members only, on first-come-first-served basis.3. The Course will begin on Friday 19th June 2015 and will conclude

on Sunday 21st June 2015 after lunch. Delegates can check-in at the hotel from 12 noon onwards on 19th June 2015.

4. All participants will be accommodated in earmarked rooms on twin sharing basis. The participants are requested, therefore, to indicate in the enrolment form your preference of room partner, if any.

5. The Enrolment Fees is inclusive of lodging, boarding, course material and ` 50/- being contribution towards BCAS Foundation. The participant shall make their own arrangements for travel to and fro Hyderabad.

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

7. BCAS will make necessary arrangements for local transport (arrival and departure transfer on 19th and 21st June) for all participants

Chairman : Govind GoyalConvenors : Mandar Telang , Ravi Shah & Suhas Paranjpe

INDIRECT TAXES AND ALLIED LAWS COMMITTEE

9th Residential Study Course on Service Tax and VAT

reaching Hyderabad/Secunderabad by Railways as well as by Air (Rajiv Gandhi International Airport, Hyderabad).

8. Refunds & Substitution: Once enrolled, requests for refunds will not be entertained. However, the Committee, at its discretion, may permit substitution in specific circumstances, provided such request for substitution is received well before the commencement of RSC and the member to be substituted is an eligible member of BCAS.

9. Members from Hyderabad and Secunderabad can join as non-resident participant (only those members whose address is so registered with BCAS). The fees (inclusive of course material, dinner on 19th June and lunch on 20th & 21st June) shall be ` 5,000/- (plus service tax ` 618/-) per member.

10. For further enquiry, if any, you may kindly contact Mr. Amit Singh at BCAS. (Direct line: 61377619, e-mail: em@bcasonline.org)

Enrolment form is printed on page 13.

In the current environment where plastic money rules and where physical give and take of money is slowly getting obsolete, have you...

• Wondered why you need to send cash/cheque tothe BCAS every time when a new publication is brought out by the Society?

• Evermissedoutobtainingacopyofthepublicationsince you were out of town and the publication went out of stock by the time you resumed office?

• Missedtheearly-birddiscountthattheBCASallowson its most valued publication, The Referencer,simply because you missed booking it in advance?

• Expected that you would get the snapshots ofthe proposals in the Finance Bill at the earliest on yourdesksoonaftertheBudgetPublicationoftheSociety is released?

Well, we have good news for you. All these issues will be resolved. . . .if you have opted for the Imprest System.

All members, journal subscribers and students can avail the Imprest Scheme. We have kept this Scheme open for non-members also.

Publications are released on a regular basis by yourSociety on various subjects.

You are requested to subscribe to a new ImprestAccount or replenish your existing Imprest Account with the Society, in case it does not have sufficient balance for these publications.

PaymenttotheImprestAccountcanbemadebycheque/DDpayableatparinMumbaiinfavourof‘BombayCharteredAccountants’Society’ORyoucanalso make an online payment. For online payment and for further details and to download the form, please log on to www.bcasonline.org

Imprest System for Publications

6 MAY 2015

Chairman : Mayur NayakConvenors : Hemant Gandhi, K. K. Jhunjhunwala & Mihir Sheth Co-ordinator: Kinjal Bhuta , Anand Kothari & KK Jhunjhunwala

HUMAN RESOURCES COMMITTEE

8th Jal Erach Dastur Students’ Annual DayDearStudents,

OnSaturday,30thMay2015,yourForumhasorganizedtheJalErachDasturStudents’AnnualDayProgramtocelebrateits8thAnniversaryattheNavinbhaiThakkarAuditorium,VileParleEast,Mumbaifrom3.00p.m.to8.30p.m.

Come and Participate in Four Different Events:

Key Attractions of the Event:

I Key Note Address:

KeyNoteAddresswillbedeliveredbyaneminentpersonality.

II Awaken the Writer within:

Do youhave a flair forwriting?Here is an interesting opportunity toexpress yourself by participating in the Essay Writing Competition. Rulesandotherinformationaboutthecompetitionareasfollows:

1. Select anyone of the following topics:

i) Myconceptof“MakeinIndia”

ii) If I were Education Minister of India…

iii) My ideas to save Earth from global warming

iv) Religionvs.Spirituality

v) My idea of work-life balance

vi) E-Commerce–thegamechanger?

vii)DoMNCsreallyimpactthecultureshift?

viii)Ten bright ideas that will change India

2. Essay writing competition will be held as follows on following two days:Youmaycometoanyofthevenuewithpriorintimation.

Friday: 22nd May 2015: From 7.00 p.m. to 8.00 p.m. Venue: BCAS, Churchgate

Saturday:23rdMay2015:From2.30p.m.to3.30p.m.Venue:Directiplex,Andheri East.

3. An Editorial Committee of the BCAS will assess your essay and if selected, your essay may be published in the BCA Journal. The decision of the Editorial Committee shall be final in this regard.

4. Three best Essays will be awarded prizes.

III Chandanben Maganlal Elocution Competition:

This Competition is under the auspices of Smt. Chandanben Maganlal BhattElocutionFund.Youcanexpressyourviewsonanyoneofthefollowing subjects.

i) My happiness Index

ii) Is social media intruding personal life?

iii) Nuclearfamilyv/s.Jointfamilysystems

iv) Can India be free of Corruption?

v) Articleship–ablessingorachallenge?

vi) Mumbai of my dream

vii)MyChoicevs.MySocialResponsibility

The duration of the talk will be for 5 minutes in the final round, whereas, it will be for 3 minutes in the elimination round.

Elimination round will be held on Saturday: 23rd May 2015: From 3.30 p.m. onwards at BCAS.

IV Unleash your Potential and Showcase your Talent:

A unique opportunity to showcase your talent in Music in a Musical nightbythestudents,forthestudentsandofthestudents!Youcanparticipate in singing, mimicry, dance or playing instrument.

Elimination round for the Talent Show will be at BCAS on 23rd May 2015 from 5 p.m. onwards

Please make use of this Once a Year opportunity to meet your fellow students and make new friends and participate in Fun events and enjoy. Plenty of exciting items on the agenda. Enrolment is limited for 500 students.

Enrol Now! Tomorrow may be too late!

A certificate of participation will be issued to all the participants.

And above all, there will be sumptuous buffet dinner to end a wonderful evening.

Registrationformisprintedonpage12.

7 MAY 2015

The Companies Act 2013 and the revised clause 49 of the Listing Agreement have overhauled the legal and the regulatory provisions relatingtheIndependentDirectorsandsignificantlywidenedtheirroleand responsibilities to enhance the standards of corporate governance and ensure the management and affairs of the companies are conducted in the interest of the stakeholders.

With the sweeping changes in the law and the regulations, it is important fortheDirectorsandtheProfessionalstokeepabreastofthesechanges.Further, clause 49 mandates a company to provide suitable training to Independent Directors emphasizing various programmes mattersincluding their roles, rights, responsibilities etc.

With this backdrop, the BCAS has organised this workshop in association with the National Stock Exchange of India (NSE) where the expert faculties will present a threadbare analysis of the allotted topics as given below:

Days & Dates Friday, 3rd July 2015

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

Venue MCA Club, Boundary Hall, G-Block, Bandra KurlaComplex, Bandra East, Mumbai 400051

Fees Members `4000/-+`494/-ST=`4494/-

Non Members `6000/-+`742/-ST=`6742/-

Feesincludecoursematerial,lunch&refreshments.

Topics Speakers

RegulatoryExpectations Mr. V. S. Sundaresan, Chief General Manager, SEBI

Duties,responsibilities&rightsofIndependentDirectors

Mr. Mahesh Athavale, Company Secretary

Board Room Dynamics andBoard Evaluation

Mr. Mukund. M. Chitale, Chartered Accountant

RoleofIDsinanauditcommittee *Mr.Y.M.Kale,CharteredAccountant

PanelDiscussion Mr. Nawshir Mirza, Chartered Accountant *Mr.DeepakSatwalekar&Mr.N.Venkatram, Chartered Accountant

Note:PaymentMode can be: Cheque /DemandDraft / Cash or ElectronicCard (at BCAS office only).

Pleasementionyournameandmembershipnumber(ifapplicable)on

Chairman : CA. Kanu ChokshiConvenors: CA. Jayant Thakur, CA. Manish Sampat & CA. Sameer KapadiaProgrammeCo-ordinators: CA. Kinjal Shah, CA. Preeti Oza & CA. Shreyas Trivedi

CORPORATE & SECURITIES LAWS COMMITTEE

Workshop for Independent Directors

(in association with the National Stock Exchange of India)

the reverse side of the cheque/ Demand Draft. Kindly note that the cash counter timings are from 10.30 a.m. to 5.30 p.m. on Monday to Friday and 10.30 a.m. to 1 p.m. on Saturday. The lunch time is 1.30 p.m. to 2 p.m. Participants are requested to co-operate in this regard.

The Cheque/ DD will be in the name of “Bombay Chartered Accountants’ Society”. Your participation will be confirmed only after the realization of payment at BCAS, for which a receipt will be provided for your reference.

Cancellation Policy: Kindly note that no refund will be given in case of cancellation for any reason and no substitute will be allowed, once the enrolment form is submitted

7, Jolly Bhavan No. 2, Ground Floor, New Marine Lines, Mumbai 400020 Tel. 61377600

Enrolment form is printed on page 13.

Our supplies of natural resources are not finite in any

economic sense. Nor does past experience give reason to

expect natural resources to become more scarce. Rather,

if history is any guide, natural resources will progressively

become less costly, hence less scarce, and will constitute

a smaller proportion of our expenses in future years. .

- Julian Simon

The truth is that economic competition is the very

opposite of competition in the animal kingdom. It is

not a competition in the grabbing off of scarce nature-

given supplies, as it is in the animal kingdom. Rather,

it is a competition in the positive creation of new and

additional wealth. - George Reisman

8 MAY 2015

9 MAY 2015

10 MAY 2015

Subscribe Now!!!Direct Tax Provisions of the Finance Bill, 2015 by Senior

Advocate S. E. Dastur, held on 4th March, 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. The rates are subject to change based on notification from time to time.

Particulars Total Charges*

Ordinary, Life and Associate of Corporate Membership R 675

Journal R 675

Non-members R 675

Students WEB TV service complimentary with annual subscription.

*Inclusive of Service Tax.

11 MAY 2015

FROM RBIContributed by : Gaurang V. Gandhi

The Reserve Bank of India has issued the following 3 circulars and DIPP 2 Press Notes

A. P. (DIR Series) Circular No. 95 dated April 17, 2015Foreign Direct Investment (FDI) – Reporting under FDI Scheme on the e-Biz platform

This circular provides details of the financial aspects necessary for using the Virtual Private Network (VPN) accounts obtained from NationalInformatics Centre (NIC) by banks for accessing the e-Biz portal of the Government of India. This e-Biz portal is to be used for reporting of AdvancedRemittanceFormandFCGPRFormundertheFDIscheme.

DIPP Press Note No. 4 (2015 Series) dates April 24, 2015Policy on Foreign Investment in the Pension Sector – addition of paragraph 6.2.17.9 of ‘Consolidated FDI Policy Circular of 2014’

ThisPressNotestatesthattheGovernmenthasdecided,withimmediateeffect,ForeignDirectInvestmentinthePensionSectorasunder:-

S. No. Sector/ Activity

% OF FDI Cap / Equity

Entry route

6.2.17.9.1 PensionSector

(FDI+FP1(FII,QFI)+NRI+FVCI+DR)

Automatic up to 26%

Government route beyond 26% and tip to 49%

6.2.17.9.1 Otherconditions

(1)FDIinthePensionFundsisallowedasperthePensionFundRegulatoryandDevelopmentAuthority.(PFRDA)AD.2013.

(2) Foreign Investment M Pension Funds will be subjectto the condition that entities bringing in foreign equity investmentasperSection24ofthePFRDAActshallobtainnecessary registration from thePensionFundRegulatoryand Development Authority and comply with otherrequirements as per thePFRDAAct, 2013 andRules andRegulationsframedunderitforsoparticipatinginPensionFund Management activities in India.

(3) Wherever such foreign equity investment involves control or ownership by the foreign investor or, transfer of control or ownership of an existing pension fund from resident Indian citizensand/orIndiancompaniesownedandcontrolledbyresident Indian citizens to such foreign investing entities as a consequence of the investment. including through transfer of shares and or fresh issue of shares to Non-Residententities through acquisition, amalgamation, merger etc., it would require FIPB approval in consultation with theDepartmentofFinancialServices,PFRDAandotherentitiesconcerned and the onus of compliance to these conditions will be on investee Indian pension fund company. The meaning of ownership and control would be as per the ForeignDirectInvestmentpolicy.

DIPP Press Note No. 5 (2015 Series) dated April 27, 2015Streamlining the Procedure for issue of Industrial Licenses

Presently,theinitialvalidityofIndustrialLicenseforDefenceSectoris3years, extendable to 7 years.

This circular has increased the initial validity of Industrial License in the DefenceSectorto7years,furtherextendableupto3years.Thischangewill be applicable to all existing as well as future Licenses.

A. P. (DIR Series) Circular No. 96 dated April 30, 2015Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR

WitheffectfromApril16,2015theRupeevalueoftheSpecialCurrencyBasket has been fixed at ` 85.4813 as against the earlier value of ` 80.580297.

A. P. (DIR Series) Circular No. 97 dated April 30, 2015Merchanting Trade to Nepal and Bhutan

Thiscircularstatesthat,sinceNepal&Bhutanarelandlockedcountries,goods consigned to the importers of Nepal and Bhutan from third countries under merchanting trade from India would qualify as traffic-in-transit, if the goods are otherwise compliant with the provisions of the India-Nepal Treaty of Transit and Indo-Bhutan Treaty of Transit respectively.

RENEWAL OF BCAS MEMBERSHIP / JOURNAL SUBSCRIPTION 2015 - 16

MEMBERSHIP / JOURNAL SUBSCRIPTION

WAS DUE FOR RENEWAL ON 31ST MARCH

2015

PLEASE RENEW YOUR MEMBERSHIP /

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REMIT YOUR MEMBERSHIP/

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DRAFT FAVOURING ‘BOMBAY

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12 MAY 2015

8th Jal Erach Dastur Students’ Annual Day

RegistrationFormRegistrationFees:`.100/-perstudent

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

ContactNos.Mobile:……………………..........……………………………..............................................................………ResidenceTelNo:………………………………………...............................................…...................………………..............................

OfficeTelNo:………………………......................……………………………...........................................................................Email:……………………………………….......................................................…........………………………….……………….................................

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Correspondence Address:……………………………………….....................…………………………….......................................................……………………………..........................................................………………………….……......................................….……..

NameofPrincipal………….......……………………………..................................…………………………….......................................................……………………………..................................................................................….………........................................……….

Sir/Madam,

IaminterestedinparticipatinginthefollowingeventsduringtheJalEruchDasturStudents’AnnualDayorganizedforthestudentsonSaturday,30thMay2015.

1.EssayWritingCompetition:Yes/No

My Choice of the subject is _______________________________________________________________________ Venue:_________________________________________________________________________ 2. Elocution:

My choice of the subject is: _________________________________________________________________________________________________________________________________________________________

3.TalentShow:Yes/No

I would like to participate in: _________________________________________________________________________________________________________________________________________________________

4. I would like to assist the Students’ Forum in the following manner……………………………………………………………………………........................................………...…………...................................................................................................................……................................................................................................................................

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INTERNATIONAL TAX & FINANCE CONFERENCE, 2015

InternationalTax&FinanceConference,2015………............................................14-8-2015to17-8-2015………….................................……` 20,000 per person …………….............................................

Note:1. Pleaseuseblocklettersandfillcompletedetails.Aformwithincompletedetailswillnotbeaccepted.2. PhotographismustforissueofPhotoIDcardfortheConference.3. PleaseenclosephotocopyofProofofIDPAN/DrivingLicense/VoterID/PassportandcarrytheoriginalofthesameIDwithyoutofacilitatespeedier

check-inattheHotel.4. OutstationmembersshouldpaybyDemandDraft/Cheques‘atpar’onlypayableatMumbai.5. EnrolmentisopenonlytoOrdinary,LifemembersandCorporateMembersofBCASandnottoJournalandWebsitemembersofBCAS.

BCAS Membership No.

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Choice of Food Jain /Non-Jain ChoiceofRoompartner

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No. Subject Tick your choice here

1 PlaceofEffectiveManagement(POEM)

2 BaseErosionandProfitShifting(BEPS)RecentDevelopment

3 Expatriates-TaxandRegulatoryAspects)

4 StructuringofEPCContracts–TaxandOtherIssues PaymentDetails:______________________________________Demanddraft/ChequeNo.________________________________Dated__________________ _ DrawnonBank:______________________________________ `._____________________Rupeesinwords _________________________________________

I understand and acknowledge that:*In the event of my inability to attend the Conference for any reason, I will promptly inform the Committee and will not substitute any other person to attend theConferenceinmyplace.IunderstandthattheCommitteereservestherightnottoadmitanypersontotheConferenceintheeventIsubstitutehim/herinmy place. *I will not change the room allotted to me without the consent of the organisers. *Claim for refund will not be entertained and that the Committee’s decision in this respect shall be final. Signature _________________________________

13 MAY 2015

Registered with the Registrar of Newspapers for India under R.N. 68365/98 Regd. No. MCS/093/2015-17Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1Published on 15th of every month • Posted on 15th & 16th of every month

Edited, printed & published by Narayan Varma on behalf of Bombay Chartered Accountants’ Society, Mumbai-400020. Printed at Spenta Multimedia Pvt. Ltd., Mumbai-400013.

• Please fill in the above form and send the same to the Society’s office along with requisite payment. • Please mention your name and membership number on the reverse side of the local cheque/at par

cheque/Demand Draft. • The Cheque/DD will be in the name of “Bombay Chartered Accountants’ Society”. Your participation will be confirmed only after the realization of payment at BCAS, for which a

receipt will be provided for your reference. • Kindly note that the cash counter timings are from 10.30 a.m. to 5.30 p.m. on Monday to Friday and 10.30 a.m. to 1 p.m. on Saturday. The lunch time is 1.30

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Name : ................................................................................................................................................................................

Address :.............................................................................................................................................................................

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Age : ................................................Gender : ......................................................(M/F).....................................................

BCAS Memb. No. : .................................. Tel. (O) : .................................... Tel. (R) :.......................... Fax : .............................

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Choice of food (wherever applicable) ....................................... Jain ......................................Non-Jain ...................

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Com

bine

d En

rolm

ent F

orm Eighth Jal Erach Dastur Students’ Annual Day.........................................30.05.2015 ............................................................................................................................................................

Workshop on Business Etiquettes....................................................06.06.2015...................................................................R 600 per Member............. .....R 750 per Non Member...............

9th Residential Study Course on Service Tax and VAT...........19.06.2015 to 21.06.2015..........................................R 10,200 per Member.....................................................................

Workshop

Students’ Annual Day

Residential Study Course

BCAS Study Circles 2015–16

Study 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*

VI Human Resource Development 449*

VII ITF 1,123*

VIII BCAS Suburban Study Circle 674*

IX International Economics 1,123*

X Students Study Circle 224*

Study Circle No. Subject Fee Tick your

choice here

* Inclusive of Service Tax of 12.36%

International Tax & Finance Conference, 2015............................14-08-2015 to 17-08-2015...........................................R 20,000 per person........................................................................

Conference