for members only. for private circulation only. price : rs ... · society’s office (ms. shernaaz:...

1BCAS Newsletter, April 2010

NewsletterHarnessing Talent and Providing Quality Service April 2010Vol. 13 No. 1

BCAS

President : Ameet Patel, 98200 54854; Vice-President : Mayur Nayak, 93242 71980; Hon. Secretaries : Deepak Shah, 98201 48536; Nitin Shingala, 98200 57694; Hon. Treasurer : Nandita Parekh, 98200 79682 [email protected] [email protected] [email protected] [email protected] [email protected]

7, Jolly Bhavan No. 2, Marine Lines, Mumbai-400020. Tel. Nos. : 61377600; fax: 61377666 Email : [email protected]; Website : www.bcasonline.org

PROGRAMMES

AT

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GLANCE

A monthly newsletter of the Bombay Chartered Accountants’ Society

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

Half Day Workshop Between …............................. 15-05-2010……..... Gulmohar Hall, BCAS.................................................................. 3Contracts & Arbitration

8th Residential Leadership Camp on …….............. 19-06-2010…......... Rambhau Mhalgi Prabodhini, Kehsav Srushti, ……...............…. 3Redefining Success ! Essel World Road, Uttan, Bhayander West.

International Tax & Finance Conference, 2010….... 19-08-2010…......... Rockwood Palace Resort & Spa ........................................... 7 (Radisson Plaza), Udaipur.

Vice-President’s Communiqué

Dear Members,

There is an old Chinese adage : “Give a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for a lifetime.” Educating a person is far more important than giving alms. No country can ever think of progress and prosperity without educating its people. Education not only provides livelihood, but also opens up one’s mind to new thoughts, possibilities and opportunities. The contribution of our learned leaders during the freedom struggle is a classic example.

On 1st April 2010, India created history by giving right of free and compulsory education to Indian children under the Right to Education Act. This is a giant step in the right direction in a country where nearly eight million children do not go to school. It is now a legally enforceable right granted to every child between six and fourteen years to demand free and compulsory education.

Now that the Act is in place, it is up to us citizens in general and private educational institutions in particular to implement this law both in letter and in spirit for promoting the worthy cause of educating the poor and less privileged children.

BCAS is one such institution which generally works in this direction, providing affordable professionally-oriented education to members of CA fraternity for over sixty years now. (Continued on page 2)

Lecture Meetings

Venue : Walchand Hirachand Hall, IMC, Churchgate, Mumbai-400020.Day, Date & Time : Wednesday, 12th May 2010, 6.15 p.m.*Speaker : CA T. P. OstwalSubject : TDS from payments to Non- Residents — Recent Position

Venue : Walchand Hirachand Hall, IMC, Churchgate, Mumbai-400020.Day, Date & Time : Wednesday, 16th June 2010, 6.15 p.m.*Speaker : CA Rajan R. VoraSubject : Tax aspects of Business Reorganisation (including conversion of Non-corporate entity into LLP and vice versa)

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

‘Satyameva Jayate’ i.e., ‘Truth alone will prevail’. This was evident in the turnaround story in the case of Satyam Computers, narrated aptly by none other than one of the chief navigators of the troubled company in the post-scam era, Padmashri T. N. Manoharan, on 25th March 2010 at the K. C. College Auditorium. He was speaking at the felicitation function on his being selected for being conferred the national honour for his valuable contribution in revival of Satyam. At the same function, some of the rank holders of CA Final exams from Mumbai were also felicitated.

2 BCAS Newsletter, April 2010

Right to Information ClinicBCAS Foundation operates a Right to Information (RTI) Clinic on regular basis. RTI Clinic is operated by Mrs. Hema Sampat, a research scholar on the subject of RTI, Mr. A. K. Asher, Advocate & RTI activist and CA Mr. Narayan Varma, past president, BCAS.

The Clinic provides help and guidance to BCAS members as also to non-members, i.e., all citizens, for makingapplications 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 4thSaturday from BCAS’s office – 11 a.m. to 1 p.m.

The next RTI Clinic days accordingly are 17th & 24th April and 8th, 15th, 22nd May 2010. Please call the Society’s office (Ms. Shernaaz: 61377600) to obtain a prior appointment.

Charitable Trust Clinic

The next Charitable Trust Clinic will be held on Friday, 7th May 2010, from 5 p.m. to 7 p.m. in the library room of BCA Society at New Marine Lines.

Chartered Accountants and Trustees interested in having their queries solved are requested to call the Society’s office (Mrs. Mistry: 61377620) and obtain a priorappointment, latest by noon on the day of the Clinic. Querists are also advised to bring along relevant papers like trust deeds, audited accounts, etc.

Panel of Advisors:CA Ratanshaw Damanwala,

CA Shariq Contractor,CA Gautam Nayak,

CA Anil Sathe and CA Atul Shah

Accounts & Audit Clinic

The next Accounts & Audit Clinic will be held on Saturday, 8th May 2010, from 10.30 a.m. to 11.30 a.m. in the library room of BCA Society at New Marine Lines.

Persons interested in having their queries pertaining to accounting and auditing issues solved, are requested to send the queries by e-mail to [email protected] one week in advance and call the Society’s office(Mr. Rajaram: 61377613) to obtain prior appointment, at least a day before the day of the Clinic. Please note that the Panel will not answer any queries pertaining to tax issues.

Panel of Advisors:

CA Sanjeev Pandit, CA Himanshu Kishnadwala andCA Jayesh Gandhi

BCAS had made a representation to RBI regarding various issues concerning FEMA and representation of cases by professionals. A very positive response has been received from the concerned RBI officials. On 27th March 2010, an advanced Seminar on FEMA and Allied Laws was organised by the BCAS jointly with CTC eliciting overwhelming response and the highlight of which was the key-note address by the Chief General Manager of RBI — Mr. Salim Gangadharan and active participation from various other officers of RBI. Mr. Rajendra, the Enforcement Director of FEMA and Prevention of Money Laundering Act (PMLA), enlightened the participants on PMLA intricacies.

The new TDS rule effective from 1st April 2010 requiring every tax deductee to obtain a PAN is going to put a lot of taxpayers into difficulties. S. 206AA providing a 20% rate of TDS in case the deductee fails to provide PAN will result in lot of hardship to residents making payments to non-residents. As non-residents may not be willing to go through the cumbersome process of obtaining PAN, the burden of tax would be passed on to the resident payer and thereby increasing the overall burden of tax as the payer will have to gross up the tax. The irony is that non-residents will not get credit for such taxes paid in their home countries, as these taxes would neither be paid by them, nor would it be in accordance with provisions of relevant tax treaty. This would result in a serious roadblock in development of cross-border trade and services.

I wish all my readers a Happy New Financial Year.

Yours truly,

Mayur Nayak

* Restricted to members of that particular Study Circle only.

Forthcoming Study Circle MeetingVenue: Gulmohar Hall, BCAS

Study Circle/Group Internal Audit StudiesDay, Date & Time Friday, 23-4-2010, 6.15 p.m.

Subject Internal Audit in Reference to Income Tax Provisions

Speaker CA Pinky Shah

Convenors CA Atul Shah & CA Manish Reshamwala

‘Reading’ is to the mind what ‘Exercise’ is to the body.— Anonymous


Chairman : CA Rajesh MuniConvenors : CA Mukesh Trivedi CA Alisagar Kherodawala CA Manish Sampat

8th Residential Leadership Camp on Redefining Success !

Moving from a button to a Velcro . . . .

The button is a one-point clasp to keep flaps together. Velcro is multiple points of contact and it not only keeps the flaps together, it also holds the flaps together.

Achievers define movement by attaining pre-determined successes. But most of these goals degenerate into single focal points at the cost of the larger canvass of life.

Success is not synonymous with satisfaction. Success contributes to a state of happiness and contentment and again it is not the lone contributor or the most important contributor. At best, success must be viewed as a medium that nurtures a state of happiness and contentment.

So what actually is success for all of us ?What is happiness for you ?What is contentment to you ?

Redefining success is a two-day self-discovery adventure designed to evoke you to stop, pause, contemplate, ask and question whether you are happy with the state you find yourself in or whether you need to change the direction, speed and road you have been travelling on.

What will you do for two days ?

You will construct a designer snakes & ladder board based on then & now. You will then metamorphose this into a ludo board based on now and then. This board will be custom designed by you, for you.

Faculty : Mr. Subroto Ghosal, a senior trainer and management consultant will provide insights on the subject.

Day & Date : 19th & 20th June 2010 (Saturday & Sunday) Venue : Rambhau Mhalgi Prabodhini, Kehsav

Srushti, Essel World Road, Uttan, Bhayander West, District Thane-411106.

Fees : Rs.4,250 for Member. Rs.4,000 for spouse (includes cost for study material, food and stay and contribution of Rs.50 for BCAS Foundation).

Attraction : Spouses are also welcome to join even in

case, the members are unable to join.

To ensure intense participation, registration is restricted to 32 participants.Enrolment form is printed on page 10.

HumanResourcesCommittee4i Committee

Chairman : CA Anil SatheConvenors : CA Naushad Panjwani CA Pinky Shah

Litigation is an expensive and time consuming exercise. Alternate settlement modes like Arbitration, Conciliation & Mediation or ACM as it is commonly known are the best option for speedy settlements. Recognizing this, most contracts provide for an arbitration clause. Or do they? But how many of us take this seriously? How many of us even contemplate using this medium? And how many of us actually invoke this? Experience says that wherever invoked, this has been a very effective tool. Ex-Judges and Technocrats are most in demand to play the role of an Arbitrator. But this is not sufficient and there is a dearth of good Arbitrators.

The Arbitrator will largely rely on your contract, the documentation and correspondence to arrive at the award. The fallacies, lacunas and short comings in these are unfortunately discovered at the nth hour by which time it is too late. And hence even a strong case can be withered away on account of such lapses. It is the aim of this workshop to make members aware:• Of the importance of a proper contract, important clauses

that need to be weaved in, • How to smell a breach before it actually occurs. The

breach could be committed by the client/contractor or even by self.

• The importance of maintaining a good documentation system

• How to open and maintain a dialogue with the client/contractor

• How to push for Arbitration• How to get a documentation audit before pressing for

Arbitration• Knowing when to settle and when to push

We as Chartered accountants would need this, both in our contracts with our clients and also in our position as a consultant to our clients in connection with their various contracts.

This workshop will be conducted by Dr. Kirty Dave, who is an Engineer with a Law degree. He specializes in laws related to liabilities of consultants. The workshop is devised to bring about awareness in pre-arbitration preparedness and will be largely interactive. The workshop will have two moderators; CA Nikhil Bhatia Executive Director, PwC representing practice and Mr. Kanak Kothari VP Projects, Indian Hotels representing industry. To retain its intimate flavor enrolment will be restricted to a group of 25 only. The workshop will be held at Gulmohar Hall, BCAS on Saturday 15 May 2010 between 10:00 am and 1:00 pm. Registration fee Rs 250/-Enrolment form is printed on page 10.

Half Day WorkshopBetween Contracts & Arbitration


From RBI

The Reserve Bank of India has issued the following Circulars and the PIB 1 Press Note during the period under report

A.P. (DIR Series) Circular No. 32, dated February 9, 2010 Exim Bank’s Line of Credit of USD 100 million to Bank for Development and Foreign Economic Affairs (Vnesheconombank), Russia

The Exim Bank has made available, subject to certain terms and conditions, a line of credit of US $ 100 million to Bank for Development and Foreign Economic Affairs (Vnesheconombank), Russia for financing export of eligible equipment, technology or any goods and services from India.

The last date for opening Letters of Credit is January 17, 2013 and the last date of disbursements is July 17, 2014.

A.P. (DIR Series) Circular No. 33, dated February 09, 2010 External Commercial Borrowings (ECB) Policy — Liberalisation

Presently, any change in the terms and conditions of ECB after obtaining Loan Registration Number (LRN) requires prior permission from RBI.

This Circular has delegated powers to Authorised Banks, with immediate effect, to approve request for changes in the following cases, subject to specified conditions :

(a) Changes / modifications in the drawdown / repayment schedule :

Changes / modifications in the drawdown / repayment schedule of the ECB already availed, both under the approval and the automatic routes, may be permitted, subject to the condition that the average maturity period, as declared while obtaining the LRN, is maintained. The changes in the drawdown / repayment schedule should be promptly reported to the DSIM, Reserve Bank in Form 83. However, any elongation / rollover in the repayment on expiry of the original maturity of the ECB would require prior approval of the Reserve Bank.

(b) Changes in the currency of borrowing :

Change in the currency of borrowing, if so desired, by the borrower company, in respect of ECB availed of both under the automatic and the approval routes, may be permitted, subject to all other terms and conditions of the ECB remaining unchanged. Designated AD banks should, however, ensure that the proposed currency of borrowing is freely convertible.

(c) Change of the AD bank :

Change of the existing designated AD bank by the borrower company for effecting its transactions pertaining to the ECB may be permitted, subject to No-Objection Certificate (NOC) from the existing designated AD bank and after due diligence.

(d) Changes in the name of the borrower company :

Changes in the name of the borrower company may be permitted, subject to production of supporting documents evidencing the change in the name from the Registrar of Companies.

Press Release by the Press Information Bureau, Government of India, dated February 11, 2010

Review of cases requiring prior approval of the Foreign Investment Promotion Board

The Cabinet Committee on Economic Affairs (CCEA) has taken the following decisions with regard to cases of foreign investment requiring prior Government approval.

Presently, proposals with total project cost up to Rs.600 crore require approval from the Finance Ministry and proposals with total project cost up to Rs.1,200 crore require approval from the CCEA. Henceforth only proposals involving total foreign equity inflow of more than Rs.1,200 crore will require CCEA approval and the Finance Ministry, based on the recommendations of the FIPB, will consider proposals with total foreign equity inflow up to Rs.1,200 crore.

In the following cases where prior approval of FIPB / CCEA for making the initial foreign investment was taken, fresh approval will not be required to be obtained the FIPB / CCEA :

(1) Cases of entities whose activities had earlier required prior approval of FIPB / CCFI / CCEA and who had, accordingly, earlier obtained prior approval of FIPB / CCFI / CCEA for their initial foreign investment, but subsequently such activities/sectors have been placed under automatic route.

(2) Cases of entities whose activities had sectoral caps earlier and who had, accordingly, earlier obtained prior approval of FIPB / CCFI / CCEA for their initial foreign investment, but subsequently such caps were removed or increased and the activity placed under the automatic route.

(3) Cases where prior approval of FIPB / CCFI / CCEA had been obtained with reference to activities / sectors requiring prior approval and also from the angle of provisions of Press Note 18/1998 or Press Note 1 of 2005.

A.P. (DIR Series) Circular No. 35, dated February 17, 2010 Memorandum of Procedure for channelling transactions through Asian Clearing Union (ACU)

Contributed by : CA Gaurang Gandhi


Annexed to this Circular is the updated Memorandum ACM containing Procedure for channelling transactions through the ACU. This update incorporates the changes effected in the settlement system of ACU mechanism at the 37th Board Meeting of the ACU held in June 2008.

A.P. (DIR Series) Circular No. 36, dated February 24, 2010 Overseas Investment Application — On-line Reporting of Overseas Direct Investment in Form ODI

This Circular states that on-line reporting system in respect of Overseas Direct Investment — Form ODI has been operationalised in a phased manner from March 2, 2010. The on-line application form is available on the secured Internet website of RBI at — https://secweb.rbi.org.in.

Physical copy of the said on-line application bearing the Unique Identification Number (UIN) will also have to be filed with the Bank.

A.P. (DIR Series) Circular No. 40, dated March 2, 2010 External Commercial Borrowings (ECB) Policy — Structured Obligations

This Circular permits Indian Companies who have raised debt through issue of capital market instruments such as bonds and debentures, as well as Infrastructure Development Companies (IFC) to obtain credit enhancement facility from eligible non-resident entities. This is subject to the following terms and conditions :

(i) Credit enhancement will be permitted to be provided by multilateral / regional financial institutions and Government-owned development financial institutions;

(ii) The underlying debt instrument should have a minimum average maturity of seven years;

(iii) Prepayment and call / put options would not be permissible for such capital market instruments up to an average maturity period of 7 years;

(iv) Guarantee fee and other costs in connection with credit enhancement will be restricted to a maximum 2% of the principal amount involved;

(v) On invocation of the credit enhancement, if the guarantor meets the liability and if the same is permissible to be repaid in foreign currency to the eligible non-resident entity, the all-in-cost ceilings, as applicable to the relevant maturity period of the Trade Credit / ECBs, would apply to the novated loan. Presently, the all-in-cost ceilings, depending on the average maturity period, are applicable as follows :

Average maturityperiod of the loanon invocation

All-in-cost ceilings over 6 month Libor for the respective currency of borrowing or applicable benchmark

Up to three years 200 basis points

Three years andup to five years 300 basis points

More thanfive years 500 basis points

(vi) In case of default and if the loan is serviced in Indian Rupees, the applicable rate of interest would be the coupon of the bonds or 250 bps over the prevailing secondary market yield of 5 years Government of India security, as on the date of novation, whichever is higher;

(vii) IFCs proposing to avail of the credit enhancement facility should comply with the eligibility criteria and prudential norms laid down in the Circular DNBS.PD.CC No. 168 / 03.02.089 / 2009-10, dated February 12, 2010 and in case the novated loan is designated in foreign currency, the IFC should hedge the entire foreign currency exposure; and

(viii) The reporting arrangements as applicable to the ECBs would be applicable to the novated loans.

Press Note No. 1 (2010 Series)

Review of cases under Government Route i.e., which require prior approval of the Government of India for making foreign Investment

Presently, proposals with total project cost up to Rs.600 crore require approval from the Finance Ministry and proposals with total project cost up to Rs.1,200 crore require approval from the CCEA.

This Press Note states that henceforth :

1. Finance Minister, based on the recommendations of the Foreign Investment Promotion Board (FIPB), will consider proposals with total foreign equity inflow up to Rs.1,200 crore.

2. CCEA will consider :

(a) Proposals involving total foreign equity inflow of more than Rs.1,200 crore.

(b) Proposals recommended by FIPB / Finance Minister.

3. In the following cases where prior approval of FIPB / CCEA for making the initial foreign investment was taken, fresh approval will not be required to be obtained the FIPB / CCEA :

(a) Cases of entities whose activities had earlier required prior approval of FIPB / CCFI / CCEA and who had, accordingly, earlier obtained prior approval of FIPB / CCFI / CCEA for their initial foreign investment, but subsequently such activities/sectors have been placed under automatic route.

(b) Cases of entities whose activities had sectoral caps earlier and who had, accordingly, earlier


obtained prior approval of FIPB / CCFI / CCEA for their initial foreign investment, but subsequently such caps were removed or increased and the activity placed under the automatic route.

(c) Cases where prior approval of FIPB / CCFI / CCEA had been obtained with reference to activities / sectors requiring prior approval and also from the angle of provisions of Press Note 18/1998 or Press Note 1 of 2005.

A.P. (DIR Series) Circular No. 44, dated March 25, 2010 Buybak / Prepayment of Foreign Currency Convertible Bonds (FCCBs)

Indian companies were permitted to buyback their Foreign Currency Convertible Bonds (FCCB) both under the automatic route as well as the approval route up to December 31, 2009.

This Circular has extended the date for buyback of FCCB under the Approval Route up to June 30, 2010.

A.P. (DIR Series) Circular No. 45, dated April 1, 2010 Overseas Investments — Liberalisation

This Circular permits, subject to certain terms and conditions, Indian companies to participate in a consortium with other international operators to construct and maintain submarine cable systems on co-ownership basis under the Automatic Route. The Indian company should hold necessary licence from the Department of Telecommunication, Ministry of Telecommunication & Information Technology, Government of India to establish, install, operate and maintain international long distance services and the said investment must be approved by its Board of Directors.

Circular No. D/o IPP F. No. 5(14)/2009-FC, dated March 31, 2010

Consolidated FDI Policy

The Department of Industrial Policy and Promotion has issued a new Circular. This Circular consolidates into one document all the prior policies / regulations on FDI which are contained in FEMA, 1999, RBI Regulations under FEMA, 1999 and Press Notes / Press Releases / Clarifications issued by DIPP and reflects the current ‘policy framework’ on FDI. The Circular clarifies that it only consolidates / compiles and comprehensively lists most matters on FDI and it is not intended to make changes in the extant regulations. This consolidation deals comprehensively with all aspects of FDI Policy which are covered under the various Press Notes / Press Releases / Clarifications issued by DIPP.

On coming into force of this Circular, all earlier Press Notes / Press Releases / Clarifications on FDI issued by DIPP which were in force and effective as on March 31, 2010 stand rescinded as on March 31, 2010. This consolidated Circular will be superseded by a Circular to be issued on September 30, 2010.

BCAS Study Circles for 2010-11BCAS is happy to announce annual formation of Study Circles for the year 2010-11. The BCAS study circles are well known for the very high quality of deliberations that take place in the presence of and under the guidance of seniors and also for the meticulous planning and organisational capabilities of their convenors. BCAS Study Circles are not only the backbone for you to begin your active involvement in the activities of the BCAS but provide you with following benefits: • tremendous opportunities for enhancing and sharing knowledge • honing your soft skills • keeping in touch with contemporary developments in law and in practice • fellowship amongst your professional colleagues.All these would add substantial value to your capabilities and personality. We invite you to partake in the feast of knowledge in the year ahead and join the study circle(s) of your choice. As you are aware, we face a constraint of space and this forces us to restrict the enrolment to a certain number. We therefore sincerely request you to make it a point to attend the meetings regularly. For further information/queries about the study circles, please feel free to contact us at [email protected] Annual fee for joining the study circles is Rs.400 per study circle which is inclusive of Rs.30 as contribution to BCAS Foundation.

Kindly note:(a) Generally, all study circle meetings are held at the Conference Rooms in the BCAS office. In rare cases, we hold the meetings at other venues(b) Any member of the BCAS is welcome to join the study circles. There is no restriction on the number of circles that you can join(c) It would be our endeavour to hold at least 6 meetings per study circle in the year. However, this would be subject to the availability of group leaders and chairmen(d) The term of each study circle is from 1-4-2010 to 31-3-2011.

Refer BCAS website www.bcasonline.org for enrolment form.

Want a BCAS Study Circle in the Suburbs?

Responding to the request made by our members, we are contemplating the possibility of starting a study circle in the western suburbs (between Bandra and Andheri). This study circle will meet 8 to 10 times a year, and will cover diverse topics on subjects such as Direct Tax, Indirect Tax, and IFRS etc. The study circle will be started if there is adequate interest expressed by members. Those interested in joining this study circle should send an e-mail to [email protected].

The subject line of the e-mail should state “Yes, I want to join the BCAS Suburban Study Circle”. Please also mention your full name and BCAS membership number.


International TaxationCommittee

Chairman : CA Pinakin DesaiCo-Chairman : CA Rajesh Kothari Convenors : CA Sonalee Godbole CA Dhishat Mehta CA Sushil Lakhani

International Tax & Finance Conference, 2010

The International Taxation Committee is pleased to announce its 14th Residential International Tax & Finance Conference at Rockwood Palace Resort & Spa (Radisson Plaza) in August 2010. Deliberations at the Conference on subjects of International Taxation and Finance would be at an advanced level. Details of the Conference are as under:Dates : August 19, 20, 21, & 22, 2010 Venue : Rockwood Palace Resort & Spa (Radisson Plaza), Udaipur.

Subjects:

Sr.No. Papers for Group Discussion Paper Writers

1 Concept of beneficial ownership CA Nitin Karve

2 Cross border taxation of Partnership

CA T. P. Ostwal

3 IPRs – Structuring and taxation CA Pranav Sayta

Sr.No. Case Studies for Panel Discussion

Panelists

4 Case Studies on International Taxation – Panel discussion

CA Mukesh Butani*CA Vispi Patel

Sr.No. Papers for Presentation Paper Writers

5 Tax credit under tax treaties Eminent faculty

6 OECD transfer pricing guidelines Ms. Shikha Gupta*

* Confirmation awaited.

Fees:Rs. 11,500/- per person [without Travel facility] including course material, stay on twin-sharing basis, all meals, half-day site seeing (including visit to Crystal Gallery) and Rs. 50/- contribution to the BCAS Foundation.

Travel arrangement:BCAS would make travel arrangement from Mumbai to Udaipur directly by AC 3-Tier and return via Ahmedabad by AC bus and AC 3-Tier depending upon availability. Those delegates who would like to opt for Travel facility should make the appropriate choice in this respect in the enrolment form by making separate payment of Rs. 3,000/-.

Members applying for enrolment after 4th May, 2010 will have to make their own travel arrangement.

Eligibility:The conference is open only for Ordinary and Life Members of BCAS and not for Journal subscribers and Website members of BCAS.

Delegate substitution:In the event of inability of the registered delegate to attend the Conference for any reason, he/she should promptly inform the Committee by email [[email protected]] indicating the “subject” as “ITF CONFERENCE 2010 – INABILITY TO ATTEND” with a copy marked to [email protected], [email protected], [email protected] and [email protected]. At its discretion, BCAS may permit substitution. The substitute too needs to be a member of BCAS. The Committee reserves the right not to admit any substituted person to the Conference in the event a delegate substitutes him/her in his/her place without the prior written consent of the Committee.

Refund:Once enrolled, requests for refunds will not be entertained.

Notes:1. The Conference will begin in the afternoon on 19th August

2010 and will conclude at around 2.00 p.m. on 22nd August 2010 after lunch. Delegates can check-in at the Hotel 12 noon onwards on 19th August 2010.

2. Enrolment will commence from Monday, 26th April, 2010 and will be restricted to 125 members of BCAS only on first-come-first-served basis. Few seats are reserved for outstation delegates.

3. For enrolment and any other Conference related issues, please contact only Mr. Cassem Rajabali or Mr. Rajaram at the BCAS Office.

Enrolment form is printed on page 8.

Notice of Election for the BCAS year 2010-2011

1. Election for the post of President, Vice-President, two Joint Secretaries, Treasurer and eight Members of the Managing Committee of the Bombay Chartered Accountants’ Society will be held on 14th May, 2010.

2. Members desirous of contesting the election for the above posts should file their nominations with the office of the Society in the prescribed form latest by 11 a.m. on 7th May, 2010. Nomination forms will be available at the Society’s office from 26th April, 2010 onwards.

3. Voting for the election will be held on Friday, 14th May 2010, at the Society’s office between 10 a.m. and 1 p.m.

Attention of members is invited to Rules 12 to 18 of the Rules and Regulations of Society, according to which, a member in arrears of subscription is not entitled to contest the election, nor can he/she vote or propose/second a candidate until his/her subscription is fully paid.


ENROLMENT FORM

International Tax & Finance Conference, 2010

BCAS Membership No. : OM/LM ..........................................................

Name : ...............................................................................................Age : ............

Company / Firm Name : ............................................................................................................................................................

Mailing address : ......................................................................................................................................................................

Tel. : (O) ....................... (R) ...................... Fax : ............... Mobile : .................... e-mail : .....................................................

(Kindly fill in the email address carefully and in legible writing to enable prompt communication)

Choice of room partner ............................................................................................................................................................I would like to lead the group discussion for the paper (please tick in front of the relevant paper)

(1) Concept of beneficial ownership

(2) Cross-border taxation of firm and partners

(3) IPR’s — Structuring and taxation

Travel arrangement :I would like to opt for the travel facility. (Please tick appropriate box.) Yes No

Details of payments :

Option Particulars Conference fees Travel charges

(AC 3-Tier)

Total

(Rs.)

I No travel 11,500 NIL 11,500

II With travel 11,500 3,000 14,500

Draft / Cheque No................................. dated ................... drawn on .........................................

Bank for Rs. ..... ......... (Rupees ).........................................................

I understand and acknowledge that :

• In the event of my inability to attend the Conference for any reason, I would promptly inform the Committee and would not substitute any other person to attend the Conference in my place without the prior written consent of the Committee and that the Committee reserves the right not to admit any person to the Conference in the event I substitute him/her in my place without a prior written consent of the Committee.

• I will not change the room allotted to me without the consent of the organisers.

• I am aware that claim for refund is not entertained and that the Committee’s decision in this respect shall be final.

SignatureNotes :

1. Please use block letters and fill complete details for administrative convenience. A form with incomplete details will not be accepted.

2. Outstation members should pay only by Demand Draft.

3. Enrolment is open only to Ordinary and Life members of BCAS and not to Journal and Website members of BCAS.


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(Signature)

Name : ......................................................................................................................................................................Address : ..................................................................................................................................................................E-mail :............................................... Mobile : ............................. Tel. : ............................ Fax : ...........................BCAS Memb. No. : ............................ Tel. (O) : ........................... Tel. (R) : ...................... Fax : ............................Choice of food (wherever applicable) .......... Jain Non-Jain Cash/Draft/ Cheque no. .................. Drawn on .............................................................................................. Bank,Dated ......................... for an amount of Rs. ........................................................ is enclosed.

Please fill in the above form appropriately and send the same to the Society’s office along with the requisite payment.Please mention your name and membership number on the reverse side of the local cheque/at par cheque/Demand Draft.Kindly note that the cash counter timing 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 p.m. to 2 p.m. Members are requested to co-operate in this regard. 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.

Date : ................

WORKSHOP : Half Day Workshop Between 15-05-2010 Rs.250................................ ....Contracts & Arbitration

8th Residential Leadership Camp on 19-06-2010 Rs.4,250 for member...............Redefining Success ! Rs.4,000 for spouse........ ........

Combined Enrolment FormCUT HERE CUT HERE CUT HERE

Bombay Chartered Accountants’ Society 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400 020.

Phone 61377600 / Fax : 61377666 E-mail : [email protected] Web : www.bcasonline.orgHuman Resources Committee

Chairman : Rajesh R. Muni Convenor : Mukesh Trivedi, Aliasgar Kherodawala, Manish P. Sampat"We had joined the Revision Course, which has proved very much helpful to us. We cleared both groups in First Attempt "

Miss Janhavi Thatte & Miss Komal Jain

I.P.C.C. & FINAL C.A. STUDENTS’ EDUCATION CRASH COURSES (Jointly with Western India Regional Council of The Institute of Chartered Accountants of India )

For November 2010 & May 2011 Examinations 1. Courses for :

C.A. I.P.C.C. C.A. Final — Accounting / Advanced Accounting — Financial Reporting — Business & Company Laws — Strategic Financial Management — Cost Accounting & F.M. — Advanced Auditing — Taxation — Corporates & Allied Laws — Auditing & Assurance — Advanced Management Accountancy — Information Technology & Strategic Management — Information Systems Control and Audit — Direct Taxes — Indirect Taxes

2. Course Co-ordinators : CA. Chandrakant Ruparelia, CA. B. C. Jain 3. Fees : Rs. 1500/- per student for I.P.C.C or Final (Total, and not per Subject, Including cost of Study

Materials) 4. Timings & Venue : 6.15 p.m. to 8.30 p.m. on weekdays (Monday to Friday) at Sydenham College, ‘B’ Road,

Churchgate. 5. Duration : From July 15 to September 30, 2010. 6. Enrolment from : April 5, 2010 7. Faculty :

For further information kindly contact Ms. Shernaaz or Mr. Rajaram on Phone 61377600 and 61377613 respectively during office hours at BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY. For enrolment form please visit BCAS Website www.bcasonline.org.

for members only. for private circulation only. price : rs ... · society’s office (ms. shernaaz:...

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