10 BCASNewsletter · Gandhi, Sanjay Kapadia, Sharad Jain, Shikha Gupta, Sunil Kothare, Sushant Nayak, TP Ostwal, Vaishali Mane, Vispi Patel, Waman Kale, Yashodhan Pradhan. ( subject

BCAS Newsletter I January 2012 1

Vice-President’s Communiqué

Harnessing Talent and Providing Quality Service

Vol. 14 n No. 10 n January 2012

n A Monthly Newsletter of the Bombay Chartered Accountants’ Society

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

BCASNewsletterDear Member,

At the outset, we at BCAS wish you and your family joy and prosperity in 2012. We are also optimistic that with the support and encouragement of its members and well- wishers, BCAS will usher in the New Year with old associations and new initiatives.

BCAS is committed to the highest standards of quality and continuous improvement. We strive for innovativeness by structuring new and varied programmes. The ‘lecture meetings’ organised every month on subjects of topical interest—open to all members—provide insights on some of the latest developments in the professional arena. BCAS Journal popularly known as BCAJ gives analytical and insightful features and articles covering Direct and Indirect Tax and other laws. It also keeps its readers duly updated of statutory changes and important and recent case laws. You have witnessed the same during your past association with BCAS. The time has come to renew this association.

The renewal notice for membership of the Society and the journal subscription, for the year 2012-2013 has already been posted to members. I am sure you will renew your membership well in time by 31st March, 2012 to participate in the forthcoming programmes and to receive BCAJ copies without interruption.

As mentioned in my last communiqué, there was an encouraging response to all the programmes held in the last few months. At BCAS it’s our endeavour to spread knowledge, and see that our members and professionals benefit from such programmes. At the request of several members BCAS has come out with a CD of the ‘Valuation Workshop’, and of the ‘Study Course on IFRS/IND-AS’. BCA Journal (April 2000 to March 2011) has also generated a good response. The forthcoming seminars and study courses—which are listed in this Newsletter— are also filling up fast. So kindly enrol in advance to avoid disappointment.

While we Chartered Accountants aid and assist wealth creators, we remain committed to social needs. We at the Society are doing our bit through various clinics – Right to Information Clinic, Charitable Trust

President: Pradip Thanawala , 98200 45632;[email protected]

Vice-President: Deepak Shah , 98201 48536; [email protected]

Hon. Jt. Secretaries: Nitin Shingala , 98200 57694; [email protected] Chetan Shah , 98202 23402; [email protected]

Hon. Treasurer: Raman Jokhakar, 98208 77976, [email protected]

Lecture MeetingVenue I Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai - 400020Day, Date & Time I Wednesday, 18th January 2012, 6.15 p.m.*Speaker I CA. Gautam NayakSubject I Taxation of Charitable Trusts – Recent Issues

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

Venue I Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai - 400020Day, Date & Time I Wednesday, 22nd February 2012, 6.15 p.m.*Speaker I Mr. Nitin Potdar, AdvocateSubject I Shareholders’/Joint Venture Agreements including validity of Pre-Emptive Rights/Exit Rights

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

Clinic, Accounts and Audit Clinics. BCAS foundation has also been supporting various causes of interest for citizens and students through projects such as the Professional Accountant Course, Teach English Project, etc. We urge members who are interested in these projects to come forward and volunteer support.

To get more out of your BCAS membership, do communicate your expectations, suggestions and feedback to our President or me on the email address given at the bottom of this page.

Greetings to all of you on the occasion of Republic Day.

Jai Hind ! Vande Mataram!

With warm regards, Yours truly,

CA. Deepak R. Shah

PROGRAMMES AT A GLANCEHalf-Day Seminar on Appeals, Revision & Rectifications ................. 21-01-2012 .......... Emerald Hall, Hotel City Point, Khodadad Circle, Dadar T.T., Mumbai ............................ 3Half-Day Nature Walk and Lion Safari ............................................... 22-01-2012 .......... Sanjay Gandhi National Park, Borivali (East). .................................................................... 3Youth for Governance ........................................................................ 25-01-2012 .......... Shri Shanmukhananda Chandrashekhara Saraswati Auditorium, Sion, Mumbai ............. 7Computer Training Program for Senior Chartered Accountants - Beyond the basics ...................................... 01-02-2012 .......... H. R. College of Commerce and B.C.A.S., ...................................................................... 5Students’ Study Circle ....................................................................... 03-02-2012 .......... BCAS Conference Room, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai ................ 5Second Intensive Study Course on Transfer Pricing .......................... 04-02-2012 .......... Indian Merchants’ Chamber, Churchgate, Mumbai ......................................................... 2Study Group on International Economics .......................................... 09-02-2012 .......... Gulmohar Hall, BCAS ...................................................................................................... 3Half-day Seminar on ‘Survey, Search & Seizure – Practical Aspects.. 11-02-2012 .......... Sunderbai Hall, 4th Floor, New Marine Lines, Mumbai ................................................... 6Internal Audit Studies Foundation Course ......................................... 16-02-2012 .......... Federation of Gujarat Industries, FGI Business Centre, Gotri Sevasi Road, Khanpur, Near Sevasi Vadodara ..................................................................................................... 12Two-day Orientation Workshop for Articled Students ........................ 24-02-2012 .......... BCAS Conference Room, 7 Jolly Bhavan no. 2, New Marine Lines, Mumbai .................. 6E-Learning Program on XBRL ........................................................... Ongoing program ... Online Program ............................................................................................................... 4Lecture Meeting ................................................................................. 18-01-2012 ........... Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai ..................................... 1Lecture Meeting ................................................................................. 22-02-2012 ........... Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai ..................................... 1

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

BCAS Newsletter I January 20122

Second Intensive Study Course on Transfer PricingThe Second Intensive Study Course on ‘Transfer Pricing (TP)’ to be conducted in classroom style, will be spread over 36 sessions in all, covering various aspects of TP, including:

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

Faculty will comprise senior professionals having expertise in the field of Transfer Pricing. The faculty may include: Anish Chakravarty, Arun Saripalli, Darpan Mehta, Dhaivat Anjaria, Hasnain Shroff, Ian Clarke, Karishma Phatarphekar*, Kedar Karve, Keval Doshi*, Kishore Karia, Manisha Gupta, Maulik Doshi, Mehul Shah, MP Lohia, Munjal Almoula, Rakesh Alshi, Rohan Phatarphekar, Samir Gandhi, Sanjay Kapadia, Sharad Jain*, Shikha Gupta, Sunil Kothare, Sushant Nayak, TP Ostwal, Vaishali Mane, Vispi Patel, Waman Kale, Yashodhan Pradhan.

(* subject to confirmation)

Days & Dates : All Saturdays from 4th February, 2012 to 14th April, 2012 (few days maybe revised on announcement of the budget date)Time : 9.00 a.m. to 6.00 p.m.Venue : Indian Merchants’ Chamber, Churchgate, Mumbai.Fees : R15,000 for members of the BCAS, R20,000 for non-members (Limited seats), (fees inclusive of course material, refreshments, lunch and R50 towards contribution to BCAS Foundation).

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

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

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

Enrolment form is printed on page 16.

International Taxation CommitteeChairman : CA. Kishor Karia Co-Chairman : CA. Rajesh Kothari Convenors : CA. Surin Kapadia, CA. Dhishat Mehta CA. Gaurang Gandhi

Course Co-ordinators : CA. Surin Kapadia and CA. Dhaval Sanghavi

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, Adv. & RTI activist and CA. Narayan Varma, Past President, BCAS.

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 BCAS office – 11 a.m. to 1 p.m.

The next RTI Clinic days accordingly are 21st January 2012 & 28th January 2012 and 11th, 18th and 25th February 2012 Please call the Society’s office (Ms. Shernaaz: 61377600) to obtain a prior appointment.

Charitable Trust ClinicThe next Charitable Trust Clinic will be held on 3rd February 2012 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 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.

Panel of Advisors:CA. Ratanshaw DamanwalaCA. Shariq ContractorCA. Gautam NayakCA. Anil Sathe CA. Atul Shah

Accounts & Audit ClinicThe next Accounts & Audit Clinic will be held on 4th February 2012 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 PanditCA. Himanshu Kishnadwala CA. Jayesh Gandhi


Appeals to the Income-tax Appellate Tribunal and the Income-tax Department form an important part of a Chartered Accountant’s practice. These representations before the Appellate Authorities can be better handled with a perspective on the latest rulings, changes in procedures, recent experiences and representation skills. Rectifications and revisions of intimations & orders received from the Income-tax Department (including those from CPC) are fraught with uncertainties and repetitive corrections. These rectifications and revisions can be swiftly resolved with the knowledge of the ever-changing procedures, avoidable errors and the approach of the authorities.

To update the professionals on these complex provisions, a half-day seminar has been planned as under:

Faculty : Hiro Rai, Advocate – Appeals to Tribunal CA. Anil Sathe – Appeals to Commissioner (Appeals) CA. Ameet Patel – Revisions and Rectifications (including Rectification of CPC intimations)Day and Date : Saturday, 21st January 2012Time : 9.00 a.m. to 9.30 a.m. – Registration 9.30 a.m. to 1.30 p.m. - SeminarVenue : Emerald Hall, Hotel City Point, Khodadad Circle, Dadar T.T., Mumbai – 400014Fees : R900 for members of the BCAS, R1,300 for non-members (The above fees includes contribution of R30 to BCAS Foundation, cost of study material, tea and snacks)


Half-Day Seminar On “Appeals, Revision & Rectification”

Taxation CommitteeChairman : CA. Gautam Nayak Convenors : CA. Saurabh Shah CA. Anil Doshi CA. Kirit Kamdar

Workshop Co-ordinators: CA. Sonalee Godbole and CA. Rutvik Sanghvi

Study Group on International Economics With globalisation of Indian economy, events occurring on international front are directly impacting Indian economy and businesses. In order to keep track of major developments in the world economy and to study their implications, the Committee has started a “Study Group on International Economics”, wherein current developments and issues in international economics are discussed and debated.The fees for the study group is `1000.

Details of the next meeting is as follows:

Day and Date : Thursday, 9th February, 2012Time : 6.00 p.m. to 8.00 p.m.Venue : Gulmohar Hall, BCASTopic : Analysis of Indian Financial Year 2011 – 12 Macro LevelGroup Leaders : CA. Hiren D. Shah CA. Rajan D. Agarwal CA. Atul Ambavat CA. Deepak Karanth CA. Tushar Chhaya

Members are welcome to join this group. The group will function on self-sufficient basis.


International Taxation CommitteeChairman : CA. Kishor Karia Co-Chairman : CA. Rajesh Kothari Convenors : CA. Surin Kapadia CA. Dhishat Mehta CA. Gaurang Gandhi

Group Co-ordinators : CA. KK JhunJhunwala, CA. Chirag Vajani

Nature Walk and Lion Safari

Human Resources CommitteeChairman : CA. Mayur Nayak Convenors : CA. Bharatkumar Oza, CA. Aliasgar Kherodawala and CA. Ashish Fafadia

The Human Resources Committee of The Bombay Chartered Accountants' Society jointly with The Chamber of Tax Consultants has organised a half-day Nature Walk and Lion Safari at the Sanjay Gandhi National Park, Borivali (East) on Sunday, 22nd January, 2012, from 7.00 a.m. to 12.30 p.m. for the members, their families and friends. The Registration shall be restricted to 100 participants on first-come-first-served basis. The details and charges are as under:

Enrolment Charges (including all the entry fees, tea/coffee, breakfast and lunch): For persons above 12 years - R400 per personFor Children up to 12 years - R300 per person

Cheques to be drawn in favour of “Bombay Chartered Accountants’ Society.”

The members will have to make their own arrangements for reaching the venue. The car entry and parking charges are R100 per car to be paid by members directly to the authorities at the National Park.Members are requested to send names and mobile numbers along with the enrolment charges at the earliest. The exact point of meeting shall be communicated to the members in due course.


Forthcoming Study Circle Meetings

Study Circle/Group Direct Tax Laws

Day, Date & Time Friday, 20th January 2012, 6.15 p.m.

Subject Provisions and Practical aspects relating to Stay Petition for Demand and Recovery Proceedings

Group Leader Advocate Mandar Vaidya

Convenors CA. Mayur Kisnadwala and CA. Harshal Bhuta

Study Circle/Group IFRS

Day, Date & Time Thursday, 19th January 2012, 6.15 p.m.

Subject IND AS 16 - Property, Plant and Equipments

Speaker CA. Mamta Sethi

Convenors CA. Manish Sampat and CA. Anand Paurana

Venue: Lotus Hall, BCAS

BCAS Members (not enrolled for the specific study circle) can attend the study circle meeting on payment of R100 per meeting with prior information to Mr. Amit Singh on [email protected]


XBRL stands for eXtensible Business Reporting Language. It is one of the families of "XML" languages which is becoming a standard means of communicating information between businesses and on the Internet. Implementations of XBRL are growing rapidly around the world.

In order to foster the understanding of XBRL, the Infotech & 4i Committee of BCAS, XBRL Planet (owned by Mr. Conor O’ Kelly, Vice-Chairman, XBRL International) & NextGen Knowledge Solutions Private Ltd. have teamed up to provide online XBRL training. Our main goal is to transfer knowledge and unique experience of Financial Reporting through XBRL.

First of its kind e-Learning program on XBRLOver 9 Hours of online training including Q & A session on XBRL Course Module :

Course objectives :• To help trainees understand the meaning and nature of XBRL and

the technical terms commonly associated with XBRL.• To help trainees understand the basics of XBRL Taxonomies.• To help trainees understand how to use XBRL Tools.• To help trainees understand how to create instance documents.

Pre-requisites :• Familiarity with accounting system installation and report writing

recommended• Participants in this e-Learning Module need not have prior experience

of XBRL.

Fees :• The total investment to be made by you for this unique online Training

Course shall be R10,000 (Rupees Ten Thousand Only).

e-Learning Materials & Certification : • The participants will have access to the training sessions for 30

days during which, they will get unlimited access. They will also get access to special live Q&A sessions.

• At the end of the training, a certificate of participation would be issued to the participants who go through the entire module.

XBRL Course Module ContentModule — I

Overview of XBRL

• Meaning of XBRL• Key concepts of XBRL• Components of Business

Reporting Supply Chain• Technical Terms associated with

XBRL

• Advantage of use of XBRL • Key drivers of XBRL• XBRL adoption around the

world• XBRL & IFRSs• Applications of XBRL

Module — IITaxonomy & Instance documents

• Meaning of XBRL Taxonomy• XBRL Taxonomy Architecture• Linkbases, Tuples, Dimensions, Hypercubes, Axis, Members, etc.• XBRL Taxonomy Extension• XBRL Instance Document• Instance Document Building Blocks (facts, contexts, units &

footnotes)• Best Practices

Module – IIIIndian GAAP Taxonomy & Business Rules

• Overview of Indian GAAP Taxonomy

• Analysis of Indian GAAP Taxonomy

• Business Rules• Analysis of Business Rule

XBRL Implementation Approaches & Indian Regulatory Requirements

• XBRL Implementation Approaches

• Indian Regulatory Requirements

Module — IVXBRL Tool

• Defining Unit, Context, Currency, Decimal

• Detailed Tagging• Block Tagging

XBRL Report Creation

• Steps involved in XBRL Report Creation

• Editing XBRL Instances

• Validating XBRL Report at MCA Validation Tool

• Viewing XBRL Report

Module — VXBRL Report Creation

• Tagging of Financial Statements Viz: Balance Sheet, P & L Account, Cash Flow Statement & Schedules

• Tagging of Notes to Accounts, Auditor's Report, Director's Report

Module — VIXBRL Assurance

• Global Trends • Current Approaches to XBRL

Assurance• XBRL Assurance Framework

• Indian Regulatory Requirements

• Assurance on XBRL Instance Documents for MCA filings

E-Learning Modules on XBRL

Infotech & 4i CommitteeChairman : CA. Ameet Patel Convenors : CA. Nandita Parekh CA. Nikunj Shah CA Kinjal Shah

E-Learning program on XBRL


Jointly with HR College of Commerce

Information Technology has pervaded almost every aspect of our day-to -day practice. Today, all major compliance obligations, like filing annual income-tax returns, periodic returns under sales-tax / MVAT and service-tax, filing e-tds statements, generating tax deduction certificates, etc., are to be fulfilled electronically. Needless to say, Chartered Accountants need to adapt to this fast changing reality if they want to survive in the long term.

In this programme, participants will be instructed to use software packages like MS Word-2007, MS Excel-2007, Tally.ERP9 and using return preparation utilities provided by the tax department. Senior CAs (i.e., above 55 years of age) who have basic / working knowledge of computers, keen on learning how to use the available tools in their audit and tax practice may enrol.

Unique features of this programme:PC for every Participant: One computer per participant Hands-on training: 35 hours of training (23 hours of hands-on training on use of software packages and 12 hours training by Chartered Accountants on practice-related issues)Takeaway: A CD with essential tools and templates will be distributed.

The detailed course content is as under: 1. Course Coverage: At HR College Computer Lab• Microsoft Word (7.5 hrs)• Microsoft Excel (10 hrs)• Tally (5.5 hrs)Total hands-on training at HR College: (23 hrs)

At BCAS • Microsoft Word (3 hrs)• Microsoft Excel (3 hrs)• E-filing – (key features & practical guide) (3 hrs)• Getting more out of your smart phones (3 hrs)Total hours by BCAS faculty: (12 hrs)

2. Venue:H. R. College of Commerce, Churchgate, Mumbai and BCAS, Churchgate, Mumbai

3. Time:on weekdays 5.45 pm to 8.15 pm & on Saturday 2 pm to 5 pm

4. Dates* 01, 03, 06, 08, 10, 11, 13, 15, 21, 23, 24, 25 and 27 February, 2012

Infotech & 4i CommitteeChairman : CA. Ameet Patel Convenors : CA. Nandita Parekh, CA. Kinjal Shah & CA. Nikunj Shah

Computer Training Programme for Senior Chartered Accountants - Beyond the Basics

Course Coordinators : CA. Sanjay Chokshi, CA. Samir Kapadia &CA. Kamlesh Doshi

5. Programme Fees:

Programme Fee R4,950Contribution towards BCAS Foundation R50Total Fees: R5,000

Note: Admission restricted to first 20 participants only, so register instantly to avoid disappointment.

*Dates are tentative and subject to confirmation.


Your annual membership/subscription will expire on 31st March 2012

You are requested to renew your subscription now. The hard copy and soft copy of the renewal notice have already been sent to you. Please send your renewal fees to: Bombay Chartered Accountants’ Society Office.

Now you can renew your membership online through the Payment Gateway.

Kindly log on to www.bcasonline.org for more details on renewal of membership.

Kind Attention Members/Subscribers

Dear Students,We are pleased to inform you that “BCAS Students’ Study Circle” is back again!

This time we bring the Students' Study Circle in a new avataar, i.e., “For the students, of the students and by the students”. Topics relevant to students will be discussed at this Study Circle.

BCAS is re-launching the Students’ Study Circle with the First Study Circle Meeting as mentioned below:

Day and Date : Friday, 3rd February, 2012Time : 6.30 p.m. to 7.45 p.m.Venue : BCAS Conference Room, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai - 400020Subject : Service Tax - an Overview // Point of Taxation // Penalty // How to file Service-Tax ReturnsGroup Leaders : Mr. Jaydeep Sonpal & Mr. Ritesh Desai

Being the launch of event for the upcoming series of Study Circle Meetings the First Meeting is open for all (free of charge). For registration of the above meeting please call on 022 61377600 or send an e-mail to [email protected].

Enrolment fee for the Study Circle is R200 covering a period from February 2012 to 31st March 2013.

Looking forward to seeing you in large numbers.


Students’ Study Circle



Two-day Orientation Workshop specially designed for Articled Students


Half-day Seminar on Survey, Search & Seizure – Practical Aspects

Taxation CommitteeChairman : CA. Gautam Nayak Convenors : CA. Saurabh Shah CA. Anil Doshi CA. Kirit Kamdar

Workshop Co-ordinators: CA. Manori Shah and CA. Pinky Shah

Search u/s 132 and survey u/s 133A are important tools of the Income-tax Department for detecting and preventing tax evasion. The Department may take recourse to these provisions to verify whether the Income-tax Returns filed / to be filed are consistent with the books of accounts, documents, cash and other assets in the possession of the assessee. There are various consequences of such actions in the course of assessment/reassessment. These important provisions of the Income Tax Act are also ridden with controversies. To familiarise and update the professionals on the intricacies of these complex provisions, a half-day seminar has been planned.

Faculty : Shri B. P. Gaur – Keynote Address (DGIT-Investigation, Mumbai) CA Chetan Karia – Search Procedure CA K. C. Singhal – Post-Search Assessment (Retired ITAT Member) Advocate K. Shivaram – SurveyDay and Date : Saturday, 11th February 2012Time : 9.00 a.m. to 9.30 a.m. – Registration 9.30 a.m. to 1.30 p.m. - SeminarVenue : Sunderbai Hall, 4th Floor, New Marine Lines, Mumbai 400020Fees

Early Bird (up to 31st January 2012)

After 31st January 2012

Members (Life & Ordinary)

R1,000 R1,100

Non - Members R1,250 R1,350

(The above fees includes contribution of R50 to BCAS Foundation, cost of study material, if any, tea and snacks)


‘Our Articled Students are our responsibility and we must put our time and efforts in discharging our responsibility towards them. It is our duty to make them good Chartered Accountants.'

To help our members in discharging their responsibility of imparting effective training and to orient Articled Students into learning mode with basic knowledge in variety of technical subjects including soft skills development, the Committee is pleased to announce a two-day Orientation Workshop specially aimed and targeted for the students. This workshop is specifically designed to give an introductory insight to the students on a variety of topics which will assist them in their articled period and sharpen their skills to perform their duties in a more meaningful and responsible manner. Details of the workshop are as follows:

Day and Date : Friday, February 24, 2012 and Saturday, February 25, 2012Time : 9.00 a.m. to 5.30 p.m.Venue : BCAS Conference Room, 7 Jolly Bhavan no. 2, New Marine Lines, Mumbai-400020Fees: R1,000 for students (including lunch and course material if any)

Topics to be covered are as follows:

Topics

1 Introduction to Accounting Standards

2 Introduction to Direct Taxes

3 Introduction to Service Tax

4 Introduction to MVAT

5 Introduction to Auditing

6 Introduction to Internal Audit

7 Importance of Communication and Inter-personal Skills

8 Code of conduct for articled students and ICAI regulations relating to students

Dear Students, at the outset, compliments to each one of you for entering the exciting and challenging profession of Chartered Accountancy. Nervousness, excitement and feeling of being lost in a crowd are some of the emotions that you as an articled clerk will go through. However, get ready to convert your knowledge into skill as you move from theory to practice. In other words . . . from books to computers ! . . . from pocket money to stipend !

So do not lag behind. Enrol now to avoid disappointment.

Enrolment is restricted to first 50 students.


BCAS Suburban Study CircleJointly with

Indirect Tax Laws Study Circle

Day, Date & Time Saturday, 28th January, 2012, 5.00 p.m. to 7.00 p.m.

Topic Issues in Cenvat credit

Group Leader CA. Naresh Sheth

Session Chairman CA. S. S. Gupta

Venue Direct-I-Plex, Old Nagardas Road, Opp. Wilson Pens, Near Andheri East Subway, Andheri (East) Mumbai – 400069

Convenors CA. Giriraj Soni, CA. Kinjal Shah, CA. Rajkamal Shah and CA. Suhas Paranjpe


Shri Shanmukhananda Fine Arts and Sangeet Sabha (SSFASS)

Public Concern for Governance Trust (PCGT) – Late Mr. B. G. Deshmukh Memorial Fund

&Dharma Bharti Mission (DBM)

presents

YOUTH for GOVERNANCEWhere BHARAT meets INDIA

A convention to facilitate your understanding of how you can contribute to nation-building

Co-organisersBCAS Foundation

&Forum of Free Enterprise, Giants’ International, Karmayog, Leo Lions District 323A3, M. R. Pai Foundation, Mahiti Adhikar

Manch, MET Institute of Management, NSS Unit of Mumbai, PRAJA Foundation, Rotaract District 3140, Tarun Mitra Mandal, Young Leaders’ Forum of IMC, Colleges of Mumbai and others.

Take away – a box of ideas, delegate kit and Certificate of Participation

Keynote: Mr. N. R. Narayan Murthy, Chairman Emeritus, InfosysPanelist: Mr. Arup Patnaik, Commissioner of Police, Mumbai Mr. Julio Ribeiro, Former DGP, Punjab Dr. Ajit Ranade, Founder Trustee – Association for Democratic Reforms Mr. Rahul Bose, Actor & Social Activist

When: 25th January 2012 (Wednesday)Time: 5.00 p.m. onwardsWhere: Shri Shanmukhananda Chandrashekhara Saraswati Auditorium, Sion, Mumbai

BCAS Publications / CD for Sale Sr. No. Name Price R Postage R

1 Customs Baggage Rules 50 25

2 Fundamental Rights and Duties of Indian Citizens (At a Glance) 50 25

3 Reporting Under CARO 2003 — A CompilationRevised and updated

MembersNon-Members

225275

100100

4 Comparative Analysis of the Indian Tax Treaties 245 150

5 CD on Seminar on NBFCs (including audit aspects) 350 50

6 Namaskar ki Bhet 100 50

7 A Hands-on Approach to XBRL AND Revised Schedule VI Members

Non-Members425695

150 150

8 Hedging made simpleMembers

Non-Members225250

5050

9 Annual Convention – RTI : Expanding Horizon 40 20

10 BCA Journal CD – April 2000 to March 2011 Member & Journal subscriber

Non-Members500600

50 50

11 CD on Two-Day Comprehensive Workshop on Valuation (Study Material) Members

Non-Members500600

50 50


BCAS announces annual formation of Study Circles for the year 2012-13. 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. Your active participation in BCAS Study Circles provides you with following benefits and add substantial value to your capabilities and personality. :

• 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• catalyst for your active involvement in various other activities of BCAS.

You are invited to partake in the feast of knowledge in the year ahead and join the Study Circle(s) of your choice and attend and participate in the meetings regularly to derive maximum benefit.

For further information/queries about the Study Circles, please feel free to contact us at [email protected]. Annual fee details are provided below. The fees are inclusive of R30 as contribution to BCAS Foundation. Kindly note:

(a) Generally, all Study Circle meetings are held at the Conference Rooms in the BCAS office. In exceptional cases, we hold the meetings at other venues. The Suburban Study Circles will be conducted at Directi Internet Solutions Pvt. Ltd., Direct – I- Plex, Old Nagardas Road, Opp. Wilson Pens, Near Andheri East Subway, Andheri (East), Mumbai – 400069.

(b) Any member of the BCAS is welcome to join various 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 and your active participation;(d) The term of each Study Circle is from 1-4-2012 to 31-3-2013.………………………………………………………………………………………………………………………………………………………………………

Enrolment Form

Please select the study circle that you would like to join from the list given below and send in your cheque to us with the enrolment form:

Study Circle No. Subject Fee R Tick your choice here

I Direct Tax Laws 400

II Indirect Tax Laws 400

III Company Law, Auditing & Accounting 400

IV FEMA 400

V Information Technology 400

VI Human Resource Development 400

VII Internal Audit Studies 400

VIII IFRS 1000

IX BCAS Suburban Study Circle 600

X International Economics Study Group 1000

XI Students Study Circle (February 2012 to March 2013)

200

BCAS Membership No.: ……………………………………...........................................................................................................................…………Name: …………………………………………………...............................................................................................................…………………………Address: ………………………………………………………..........................................................................................................…………………….……………………………………………………..........................................................................................................……….............…………………Tel (O): …………………….....................……… Tel (R): ………..................……………………… Fax: ………..................................…………………Mobile: ………………………..............…………………… E-mail: ……………………............................................................…………………………Cash/Draft/Cheque No. :……………...…………….. drawn on ……….....................................................……………………………..........…...bank,Dated ………………...……….for an amount of ` …………………………………………..is enclosed. Date: …………………………

Signature

BCAS Study CirCleS for 2012-13



BCA Journal CD – April 2000 to March 2011

The updated edition of BCAS Journal CD, a digital repository of the BCA Journals from April 2000 to March 2011 (last 11 years) with intelli-search and other value-added features was released on 7th December 2011

Title BCA Journal CD – April 2000 to March 2011

Format Digital CD

Discipline Accounting, Taxation, International Taxation, Information Technology, RTI Act, etc.

Who can benefitChartered Accountants in Practice, Financial Controllers, Compliance Professionals, Students, Legal Professionals, Management Professionals Business Consultants, Businessmen, Accountants Libraries, Universities, Colleges and other institutions.

Authors Various Authors

How to Order

Publication Counter: BCAS, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400020E-mail: [email protected]: if you are a BCAS member through your imprest accountFor Information: +91-22-61377600 Pay at the publication counter by cash or through cheque/pay order payable at Mumbai in the name of "Bombay Chartered Accountants' Society".

Price

BCAS Members (Life and Ordinary) & Journal Subscribers R500 and Non-Members R600 per CD.Please add an additional R50 if you require the same by post. For Air Mail charges - check with BCAS Office.

Features

1. Faster and very accurate word search2. Multiple sorting options3. Full index display with keyboard & mouse support4. Reading aloud of index, article and other products with pause, resume and stop functions5. Saving of index, article and other products6. Printing of index, article and other products7. New clean, classy and easy to use interface with fast loading time8. Uses latest framework for faster loading of application, installation and uninstalling

of software9. Online searching options help you to get result as soon as you start typing.

Bombay Chartered Accountants' Society


Bombay Chartered Accountants' Society

InfoTech & 4i Committee&

Membership & Public Relations Committee present

BCAS Web TV

Free Video Lecture Meeting on Nurturing Relationships by Brahma Kumari Shivani held by BCAS on

21st December 2011 is available on BCAS Web TV

Other videos on the BCAS Web TV are:• Lecture meeting on Recent Developments in AS/IFRS/Ind AS – Global and India

by CA P. R. Ramesh• Lecture meeting on Ethical Hacking by Shantanu Gawde, India’s Youngest Ethical Hacker• Lecture Meeting on Practical Issues – Transfer Pricing Documentation and Certification by

Rakesh Alshi, Director, Transfer Pricing, Deloitte Haskins & Sells• Lecture Meeting on E-filing of Returns for Assessment Year 2011-12 – Practical Issues by

CA. Ameet Patel• Half–day Workshop on “How to Conduct Tax Audit” by

CA. Himanshu Kishnadwala and CA. Anil Sathe• Lecture Meeting on Taxation of Shares and Securities – Current Developments by CA.

Pradip Kapasi• Lecture Meeting on Taxation of Cross Border Transactions – Recent Trend in India by CA.

Pinakin Desai• Lecture Meeting on Overview of XBRL by CA. Atul Bheda• Lecture Meeting on Filing of Income-tax Returns for A. Y. 2011- 12 by CA. Mukesh

Trivedi and CA. Vipul Gandhi• Lecture Meeting on Recent Amendments in Schedule VI of the Companies Act, 1956 by

C.A. P. R. Ramesh• Lecture Meeting on Direct Tax Provisions of the Finance Bill, 2011 by Senior Advocate

Mr. S. E. Dastur• Lecture Meeting on Electronic Tax Payments and Quarterly TDS Returns – Recent updates

and issues by Delnaz Mistry• Lecture Meeting on Issues in Bank Audit by Akeel Master• Lecture Meeting on Recent Developments in TDS by Mahendra Sanghvi• Lecture Meeting on FDI Policy plus Industry-Specific Issues (Real Estate, NBFC and

Training Sectors) by Anup Shah• * Free Video Talk on How to Prepare for and Write CA Exams by Mr. T.N. Manoharan

Subscribe Now!!!

For further details log on to www.bcasonline.org

Subscription Charges: R600 per annum applicable for April 2011 to March 2012. 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.



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 to the BCAS every time there is a new publication brought out by the Society?

Ever missed out on a publication because you were out of town and the publication went out of stock by the time you resumed office?

Lost out on the early-bird discount that the BCAS allows on its most valued publication — the Referencer, simply because you forgot to book it in advance?

Hoped and hoped that you would get the snapshots of the Finance Bill proposals on your desk within a couple of days after the Budget Publication of the Society is released?

Well, we have good news for you — all these issues will be resolved, if you opt for Imprest System.

All members, journal subscribers and students can take advantage of Imprest scheme. We have kept this scheme open for non-members also. The modalities of the scheme are as under:

`2500 to be kept with us as Imprest cash in your account till you desire. There is no validity period for the same. (In case of non-member, `250 extra to be paid for account handling charges.)

The base level would be `250, which needs to be replenished again to `2500 by the person opting for the scheme.

Any publication, conference papers or CDs costing ` 250 or less than `250 would be sent to you by default as soon as they are published. This would also include one set of English edition of the Budget Publication (a set of 5 books).

Imprest System for Publications

For outstation members, the requisite amount of postage would also be adjusted from the said Imprest account.

For subscribers to the scheme in Mumbai, we need to be intimated in advance about the mode of delivery of the said publication. It can be sent either by courier (whereby the courier charges would also be adjusted from the imprest account) or it could be collected by your representative from the BCAS office. In case you opt for the latter option, then the delivery of the publication must be effected within 15 days of the receipt of the mail notifying the release of the publication, failing which, we would courier the publication to you, and debit the charges to your account.

For premium publications like BCAS Referencer, Calendars and other topic-specific publications, we would send an email to all the subscribers and would send these publications only on receipt of intimation from the subscriber. An email needs to be sent to [email protected] specifying the relevant details, such as quantity and the type of publication, etc. (e.g., in the case of the Referencer — whether Premium, Refill or Super Saver).

An intimation showing the account balance would also be sent to the subscriber every time along with the publication.

For exit options, if a subscriber intends to exit within six months of joining the scheme, then an exit load of `100 would be deducted and the balance would be returned to him/her. In other cases, the entire balance would be returned without any exit load, upon receipt of the exit intimation.

So, what are you waiting for? Pick up your cheque books, sign a cheque for `2500 and send it to us at the BCAS office and relax . . . .

Please visit BCAS Website www.bcasonline.org for Imprest System form.


The Reserve Bank of India has issued the following 11 Circulars

A. P. (DIR Series) Circular No. 54, dated December 8, 2011Deferred Payment Protocols, dated April 30, 1981 and December 23, 1985 between the Government of India and the erstwhile USSR

The Rupee value of the special currency basket, with effect from November 28, 2011 is R73.923372 as against the earlier value of R71.668914.

A. P. (DIR Series) Circular No. 55, dated December 9, 2011Foreign Direct Investment (FDI) in India – Issue of equity shares under the FDI scheme allowed under the Government route

Presently, companies are permitted to issue equity shares / preference shares under the Approval Route by conversion of import of capital goods, / machineries / equipment (including second-hand machineries) and pre-operative / pre-incorporation expenses (including payments of rent, etc.), subject to terms and conditions.

This Circular has modified two of the conditions as under: -

A.P. (DIR Series) Circular No. 74 dated June 30, 2011

Earlier condition Revised condition

Para 3 (I) (d) All such conversions of import payables for capital goods into FDI should be completed within 180 days from the date of shipment of goods.

Applications complete in all respects, for conversions of import payables for capital goods into FDI being made within 180 days from the date of shipment of goods.

Para 3 (II) (d) The capitalisation should be completed within the stipulated period of 180 days permitted for retention of advance against equity under the extant FDI policy.

The applications complete in all respects, for capitalisation being made within the period of 180 days from the date of incorporation of the company.

A. P. (DIR Series) Circular No. 56, dated December 9, 2011Foreign Investment in Pharmaceuticals Sector – Amendment to the Foreign Direct Investment Scheme

This Circular, based on Press Note 3 (2011 Series) dated November 8, 2011, has amended FDI policy for pharmaceuticals sector as under: -(i) FDI, up to 100 per cent, under the Automatic Route, would continue

to be permitted for greenfield investments in the pharmaceuticals sector.

(ii) FDI, up to 100 per cent, would be permitted for brownfield investment (i.e., investments in existing companies), in the pharmaceutical sector, under the Approval Route.

A. P. (DIR Series) Circular No. 57, dated December 13, 2011Foreign Exchange Management Act, 1999 (FEMA)Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) – Compounding of Contraventions under FEMA, 1999

From RBIContributed by : CA. Gaurang Gandhi

Presently, all applications for compounding are received and processed by the Compounding Authority at RBI Central Office at Mumbai.

This Circular has decentralised compounding contraventions in respect of the following at its Regional Office: -(i) Delay in reporting of inward remittance,(ii) Delay in filing of form FC-GPR after allotment of shares and (iii) Delay in issue of shares beyond 180 days.

And application must be made to the Regional Offices at (i) Bhopal, Bhubaneshwar, Chandigarh, Guwahati, Jaipur, Jammu,

Kanpur, Kochi, Patna and Panaji for amount of contravention below Rupees One Crore (R10,000,000).

(ii) Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi for amount of contravention without any limit.

All applications other than those dealt with by the Regional Offices will continue to be dealt with by the Compounding Authority at RBI Central Office at Mumbai.

Also, annexed to this circular are formats required to be submitted along with the Compounding Application in respect of the following contraventions: -1. Details to be furnished along with application for compounding of

contravention relating to Foreign Direct Investment in India.2. Details to be furnished along with application for compounding of

contravention relating to External Commercial Borrowing.3. Details to be furnished along with application for compounding of

contravention relating to Overseas Investment.4. Details to be furnished along with application for compounding of

contravention relating to Branch/Liaison Office in India.

A. P. (DIR Series) Circular No. 58, dated December 15, 2011Risk Management and Inter Bank Dealings

This Circular has, with immediate effect, made the following changes: -1. Under contracted exposures – Forward contracts booked by residents

irrespective of the type and tenor of the underlying exposure, once cancelled, cannot be rebooked.

2. Under probable exposure-based performance – a. For importers availing of the above past performance facility, the

facility stands reduced to 25 percent of the limit as computed above, i.e., 25 percent of the average of the previous three financial years’ (April to March) actual import / export turnover or the previous year’s actual import/export turnover, whichever is higher. In case of importers who have already utilized in excess of the revised / reduced limit, no further bookings may be allowed under this facility.

b. All forward contracts booked under this facility by both exporters and importers hence forth will be on fully deliverable basis. In case of cancellations, exchange gain, if any, must not be passed on to the customer.

3. All cash / tom / spot transactions can be undertaken for actual remittances / delivery only and cannot be cancelled / cash settled.

4. Hedging by FII – Forward contracts booked by the FII, once cancelled, cannot be rebooked. The forward contracts may, however, be rolled over on or before maturity.

5. Treasury functions of Authorised Dealersa. Net Overnight Open Position Limit (NOOPL) to be reduced across

the board. b. Intra-day open position / daylight limit must not exceed the existing

NOOPL approved by RBI.

A. P. (DIR Series) Circular No. 59, dated December 19, 2011External Commercial Borrowings (ECB) for Micro Finance Institutions (MFIs) and Non-Government Organisations (NGOs) – engaged in micro finance activities under Automatic Route


A. P. (DIR Series) Circular No. 61, dated December 27, 2011Exim Bank’s Line of Credit of USD 40 million to the Government of the Republic of Maldives

Exim Bank has made available, subject to certain terms and conditions, to the Government of the Republic of Maldives a Line of Credit of US $ 40 million for financing eligible goods and services including consultancy services from India for financing construction of 500 housing units in Maldives. Eligible goods and services including consultancy services of the value of at least 75% of the contract price must be supplied by the sellers from India, while the remaining 25% of the goods and services (other than consultancy services) may be procured by the sellers from outside India.

The last date for opening of Letters of Credit and Disbursement for project exports will be 48 months from the scheduled completion date of the contract and August 11, 2017 in case of supply contracts.

This Circular permits: -1. Has increased the limit up to which Non-Government Organisations

(NGO) can borrow funds from overseas lender by way of External Commercial Borrowings (ECB), under the Automatic Route, from US $ 5 million or its equivalent to US $ 10 million or equivalent during a financial year for permitted end-uses.

2. The following Micro Finance Institutions (MFI) to borrow funds from overseas lender by way of External Commercial Borrowings (ECB), under the Automatic Route, up to US $ 10 million or equivalent during a financial year for permitted end-uses from recognised lenders.

Eligible Borrowers: -1. MFI registered under the Societies Registration Act, 1860. 2. MFI registered under Indian Trust Act, 1882.3. MFI registered either under the conventional state-level cooperative

acts, the national level multi-state cooperative legislation or under the new state-level mutually-aided cooperative acts (MACS Act) and not being a co-operative bank.

4. Non-Banking Financial Companies (NBFC) categorised as ‘Non-Banking Financial Company-Micro Finance Institutions’ (NBFC-MFI).

5. Companies registered under Section 25 of the Companies Act, 1956 and involved in micro finance activity.

Customer Identification Procedure Features to be verified and documents that may be obtained from customers

Extant Guidelines Revised Guidelines Features Documents Features DocumentsTransactions With Individuals - Legal name and any other names used

(i) Passport (ii) PAN card (iii) Voter's Identity Card (iv) Driving licence (v) Identity card (subject to the AP's satisfaction) (vi) Letter from a recognized public authority or public servant verifying the identity and residence of the customer to the satisfaction of the AP.

Transactions With Individuals - Legal name and any other names used

i) Passport (ii) PAN card (iii) Voter's Identity Card (iv) Driving licence (v) Identity card (subject to the AP's satisfaction) (vi) Letter from a recognized public authority or public servant verifying the identity and residence of the customer to the satisfaction of the AP.

- Correct permanent address

(i) Telephone bill (ii) Bank account statement (iii) Letter from any recognized public authority (iv) Electricity bill (v) Ration card (vi) Letter from employer (subject to satisfaction of the AP).

(any one of the documents, which provides customer information to the satisfaction of the AP will suffice).

- Correct permanent address

(i) Telephone bill (ii) Bank account statement (iii) Letter from any recognized public authority (iv) Electricity bill (v) Ration card (vi) Letter from employer (subject to satisfaction of the AP).

(Any one of the documents, which provides customer information to the satisfaction of the AP will suffice).

Note: - In case of foreign tourists, copies of passport containing identification particulars and address, may be accepted as documentary proof for both identification as well as address. Further, a copy of the visa of non-residents, duly stamped by Indian Immigration authorities may also be obtained and kept on record.

Recognised lenders: -1. In case of NBFC-MFI – Multilateral institutions, such as IFC, ADB

etc./ regional financial institutions/international banks / foreign equity holders and overseas organisations.

2. In case of Companies registered under Section 25 of the Companies Act, 1956 and involved in micro finance activity – International banks, multilateral financial institutions, export credit agencies, foreign equity holders, overseas organisations and individuals.

3. In case of Other MFI – International banks, multilateral financial institutions, export credit agencies, overseas organisations and individuals.

Permitted End-use – Lending to self-help groups or for micro-credit or for bonafide micro finance activity including capacity building.

A. P. (DIR Series) Circular No. 60, dated December 22, 2011Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards / Combating the Financing of Terrorism (CFT) Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 – Money changing activities

This Circular has amended instructions related to documents that can be considered as proof of identity and proof of address from foreign tourists.

A. P. (DIR Series) Circular No. 62, dated December 27, 2011Exim Bank’s Line of Credit of USD 168 million to the Government of the Democratic Republic of Congo

Exim Bank has made available, subject to certain terms and conditions, to the Government of the Democratic Republic of Congo a Line of Credit of US $ 168 million for financing eligible goods and services including consultancy services from India for financing Ketende Hydro-Electric Project in Congo. Eligible goods and services including consultancy services of the value of at least 75% of the contract price must be supplied by the sellers from India, while the remaining 25% of the goods and services (other than consultancy services) may be procured by the sellers from outside India.

The last date for opening of Letters of Credit and Disbursement for project exports will be 48 months from the scheduled completion date of the contract and July 10, 2017 in case of supply contracts.


CUT HERE CUT HERE CUT HERE

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

Registered with the Registrar of Newspapers for India under R.N. 68365/98Regd. No. MH/MR/South-88/2012-14Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1Published on 8th of every month

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.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. 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.

Combined Enrolment Form

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 r........................................................ is enclosed.

Date : ................(Signature)

STUDY COURSE : Second Intensive Study Course 4-02-2012 r15,000 for members ................

on Transfer Pricing to 14-04-2012 r20,000 for non-members ......... Study Group on International Economics 9-02-2012 r1000......................................... Students’ Study Circle 3-02-2012 r200 ................................ .........

Computer Training Programme for

Senior Chartered Accountants 1-02-2012 r5,000........................................ E-Learning program on XBRL Ongoing program r10,000...................................... Nature Walk and Lion Safari 22-01-2012 r400 for persons ....................... r300 for Children .......................

WORKSHOPTwo-day Orientation Workshop 24-02-2012 r1,000 for students................ for Articled Students

SEMINAR : Half Day Seminar on Appeals, 21-01-2012 r900 for members ............... Revision & Rectifications r1,300 for non-members ......Half Day Seminar on ‘Survey, Search & Seizure Practical Aspects 11-02-2012 r1,000 for members .............

r1,250 for non-members .......

VACANCY

Designation: Secretary to the President

Applications are invited for the post of Secretary to President. The incumbent would be responsible for the Secretarial work of President, Office Bearers, Past Presidents, Committee Members and General Manager.

The candidate should be Graduate in English medium with relevant experience of more than 3 years (preferably in a similar organisation/association) with good communication and computer skills. The salary would not be a constraint for right candidate.

Please apply in confidence with your detailed bio data stating experience and expected salary to The General Manager at [email protected]

Organisation: Bombay Chartered Accountants’ Society

A. P. (DIR Series) Circular No. 63, dated December 29, 2011External Commercial Borrowings (ECB) denominated in Indian Rupees (INR) – hedging facilities for non-resident entities

Presently, certain eligible borrowers are permitted to avail of ECB in Indian Rupees. This Circular permits non-resident lenders to hedge their currency risk in respect of ECB denominated in Indian Rupees. Hedge using any of the following products is permitted: -1. Forward foreign exchange contracts with rupee as one of the

currencies.2. Foreign currency-INR options.3. Foreign currency-INR swaps.Detailed guidelines in this respect are annexed to this Circular.

A. P. (DIR Series) Circular No. 64, dated January 5, 2012External Commercial Borrowings (ECB)

Presently, ECB limit for eligible borrowers under the Automatic Route, for permissible end-uses, is US $ 750 million or its equivalent.

This Circular makes the following changes in ECB guidelines: -1. The revised average maturity guidelines under the automatic route

are as follows:-a) ECB up to US $ 20 million or equivalent in a financial year with

minimum average maturity of three years; andb) ECB above US $ 20 million and up to US $ 750 million or equivalent

with minimum average maturity of five years.2. Requirement of average maturity period, prepayment and call / put

options for additional amount of ECB of US $ 250 million (i.e., US $ 750 million minus US $ 500 million (earlier limit)) has been dispensed with.

3. Eligible borrowers under the Automatic Route can raise Foreign Currency Convertible Bonds (FCCB) up to US $ 750 million or equivalent per financial year for permissible end-uses.

4. Corporates in specified service sectors, viz. hotel, hospital and software, can raise FCCB up to US $ 200 million or equivalent for permissible end-uses during a financial year subject to the condition that the proceeds of the ECB should not be used for acquisition of land.

5. As a result of enhancement in the ECB limits under the Automatic Route, from US $ 500 million to US $ 750 million, ECB / FCCB availed of for the purpose of refinancing the existing outstanding FCCB will be reckoned as part of the limit of USD 750 million available under the Automatic Route.

Documents

10 BCASNewsletter · Gandhi, Sanjay Kapadia, Sharad Jain*, Shikha Gupta, Sunil Kothare, Sushant Nayak, TP Ostwal, Vaishali Mane, Vispi Patel, Waman Kale, Yashodhan Pradhan. (* subject

10 BCASNewsletter · Gandhi, Sanjay Kapadia, Sharad Jain, Shikha Gupta, Sunil Kothare, Sushant Nayak, TP Ostwal, Vaishali Mane, Vispi Patel, Waman Kale, Yashodhan Pradhan. ( subject