BCAS

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7, Jolly Bhavan #2, New Marine Lines, Mumbai - 400020. Telephone No. 613 77 600 ; Fax : 613 77 666 ; Email: bca@bcasonline.org ; Website : www.bcasonline.org

President: Deepak R. Shah 98201 48536 | president@bcasonline.org

Vice-President: Naushad A. Panjwani 98200 59048 | vp@bcasonline.org

Hon. Jt. Secretaries: Nitin P. Shingala 98200 57694 | joint.secretary@bcasonline.org

Hon. Jt. Secretaries: Raman H. Jokhakar 98208 77976 | joint.secretary1@bcasonline.org

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

Vice-President’s CommuniquéOn 10th June 2013, our Society organised an event that will be remembered by all for a long time to come. Twelve Past Presidents of BCAS, who have crossed the age of 75, were felicitated by BCAS for their long standing support and guidance to the Society. Despite the heavy rains, there was a great turnout which included members of the core group and other past presidents. All of us were present there to pay homage to these living stalwarts of BCAS. A noted solicitor, well wisher of BCAS and the chief guest for the evening, Shri S. E. Dastur took us on a pleasant and rare journey down the memory lane by sharing with us some rare nuggets from his memory.

This event will remain imprinted in my heart and mind forever. And for this I thank our President Deepak Shah who conceived this emotional event. The event made me reflect, realise and humble. Unfolding before my eyes was such a rich history. BCAS is known to be innovative, proactive, a thought leader, dynamic and it is these selfless and dedicated volunteers and leaders who have contributed to this image and shaped a culture that fosters innovation.

It was interesting to learn how and in what circumstances some of the flagship events and services of BCAS were conceived. All these were first of their kinds for the profession. Many were designed for the first time in the country. And I'm sure some were conceived for the first time anywhere in the world.

What is worth noting is that while we remember the events, we do not remember the originator of the ideas. And this was my biggest realisation of the evening. These projects were undertaken for the profession at large and not for personal glory. These fine gentlemen

Vol. 16 n No. 3 n June 2013

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

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

PROGRAMMES AT A GLANCE DATE VENUE PAGE NO.

LECTURE MEETiNGS

Venue: Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai-400020Day, Date & Time : Wednesday, 3rd July 2013, 6.15 p.m.*Speaker: Ameet N. PatelSubject: Filing of Returns for AY 2013-14: Amendments & Precautions and special emphasis on new Uploading Requirements.

Venue : Rama Watumall Auditorium, K.C. College, 124, Dinshaw Vaccha Road, Churchgate, Mumbai-400020Day, Date & Time: Wednesday, 28th August 2013, 5.30 p.m. to 8.00 p.m.Speaker : Narendra P. SardaSubject: Developments in Accounting Standards - In India and Globally.

Venue : Rama Watumall Auditorium, K.C. College,124, Dinshaw Vaccha Road, Churchgate, Mumbai-400020Day, Date & Time: Wednesday, 10th July 2013, 6.15 p.m.*Speaker : Pinakin D. DesaiSubject: Domestic Transfer Pricing – Important Issues

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

conceived these unheard of programmes, toiled hard to make them a success and most importantly, they passed the baton on to others

Workshop on Standards on Revised Audit Report ... 21-06-2013 ................................................. Jai Hind College, A. V. Hall, Churchgate, Mumbai ........................ 4

Suburban Study Circle, Revised guidelines on TDS e-filing .................................... 22-06-2013 ................................................ Direct-i-iplex, Old Nagardas Road, Andheri (E), Mumbai .......... 3

Certificate Course for Professional Accountant ......... 25-06-2013 ................................................ BCAS & HR College, Churchgate, Mumbai ....................................... 6

65th Founding Day Celebration .......................................... 06-07-2013 ................................................ Rangaswar Hall,Y. B. Chavan Pratishthan, Mumbai ...................... 2

I.P.C.C. & Final C.A. Students’ Education Crash Courses ............................................................................... 25-07-2013 to 30-09-2013 ................. Sydenham College, ‘B’ Road, Churchgate, Mumbai..................... 8

Workshop on how to conduct a Tax Audit .................... 02-08-2013 ................................................ Navinbhai Thakkar Auditorium, Vile Parle (E), Mumbai. ......... 4

6 Day-Internal Audit Studies - Foundation Course ... 19-08-2013 to 24-08-2013 .................. Parle International Hotel, Vile Parle (E), Mumbai .......................... 5

Lecture Meetings ........................................................................ 03-07-2013, 10-07-2013,28-08-2013.. .............................................................................................................................. 1

(Continued on page 3)

Mr. Arvind H. Dalal Year of Presidentship - 1964-65Date of Birth : 02-07-1929

of BCAS

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The Bombay Chartered Accountants’ SocietyInvites you to a Lecture Meeting to celebrate its

65th Founding Day on Saturday, 6th July 2013

The meeting will be addressed by

Mr. Nasser Munjee On

Nationhood – the next stepat 6.15 p.m.

Venue:Rangaswar Hall, 4th Floor, Y. B. Chavan Pratishthan, General Jagannath Bhosale Marg,

Next to Sachivalaya Gymkhana, Mumbai – 400 021

Invitation

The 64th Annual General Meeting of the Members of the Society will be held on Saturday, 6th July 2013 at

4.15 p.m. at Rangaswar Hall, 4th Floor, Y. B. Chavan Pratishthan, General Jagannath Bhosale Marg, Next to

Sachivalaya Gymkhana, Mumbai- 400 021 to transact the following business:

1. To adopt minutes of the Annual General Meeting held on 6th July 2012.

2. To receive and adopt the report of the Managing Committee.

3. To receive and adopt the audited accounts for the year ended 31st March 2013.

4. To announce the results of election of President, Vice President, two Secretaries, Treasurer and eight Members of the Managing Committee.

5. To appoint Auditors for the year 2013-14.

6. To present the annual plan for the ensuing year.

By order of the Managing Committee,

Nitin P. ShingalaRaman H. Jokhakar

Hon. Joint Secretaries

Notice of ANNuAl GeNerAl MeetiNG

Place: Mumbai Date: 23rd May 2013

Mr. Ratanshaw J. Damanwala Year of Presidentship - 1966-67Date of Birth :15-10-1928

of BCAS

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All the three clinics will be held in the Library room of the BCAS office.

BCAS Foundation operates a Right to Information (RTI) Clinic on a regular basis.

The Clinic provides help and guidance to BCAS members as also to non-members, i.e., all citizens, for making applications under the RTI Act and also assists in resolving any related difficulties on the subject of RTI.

The RTI Clinic operates on every 2nd, 3rd and 4th Saturday from 11 a.m. to 1 p.m.

The next RTI Clinic days accordingly are 22nd June and 13th, 20th & 27th July, 2013. Please call to obtain a prior appointment.

riGht to iNforMAtioN cliNic

Advisory Panel : Narayan Varma, Adv A K Asher, Hema SampatClinic Co-ordinator : Vrushali-61377624

The next Charitable Trust Clinic will

be held on 5th July 2013 from 5 p.m.

to 7 p.m.

Chartered Accountants and Trustees

interested in having their queries

solved are requested to send their

queries by email to sp@bcasonline.org

and call to obtain a prior appointment,

latest by noon on the day of the clinic.

Querists are also advised to bring along

relevant papers like trust deeds, audited

accounts, etc.

chAritAble trust cliNic

Advisory Panel : Ratanshaw Damanwala, Shariq Contractor, Gautam Nayak, Anil Sathe, Atul ShahClinic Co-ordinator : Khushboo - 61377620

AccouNts & Audit cliNic

Advisory Panel : Sanjeev Pandit, Himanshu Kishnadwala, Jayesh GandhiClinic Co-ordinator : Rajaram - 61377613

The next Accounts & Audit Clinic

will be held on 6th July 2013 from 10.30

a.m. to 11.30 a.m.

Persons interested in having their queries

pertaining to accounting and auditing

issues solved are requested to send the

queries by e-mail to asst.em@bcasonline.

org one week in advance and call to obtain

prior appointment, at least a day before

the day of the clinic. Please note that

the panel will not answer any queries

pertaining to tax issues.

Suburban Study CIrCle

Convenors: Giriraj O. Soni and Kinjal M. Shah

The forthcoming suburban study circle meeting is scheduled as follows:

Day & Date Saturday, 22nd June 2013

Time 4:00 p.m. to 6:00 p.m.

Venue Direct-i-iplex, Old Nagardas Road, Opp. Wilson Pens, Near Andheri East Subway, Andheri (East), Mumbai-400069

Subject Revised Guidelines on TDS e-filing

Speaker Avinash V. Rawani

and let go. Mind you, it's not easy to give your baby to someone else. We tend to get emotionally attached to these programmes and herein lies the cause for many programmes not growing beyond the individual. A sure shot way to ensure that your baby does not grow is to keep it confined to yourself, to not share it with others, to make it synonymous with yourself and to give the feeling that nobody else can handle it as well as you. BCAS and its programmes have survived and grown thanks to the vision and character of such leaders who passionately worked on these projects and yet remained emotionally detached. Tough, but they did it. And that's what makes them great human beings.

This is my last communiqué through the Newsletter and I'd like to thank all of you for giving me this great opportunity. A special ‘thank you’ to all those who responded and gave feedback, thus encouraging me to keep doing something different. Thank you Deepak, Aparna, Vrushali, Spenta and Shrutika. As I handover this space to Nitin Shinghala, I wish him all the best and hope he enjoys communicating with you as much as I did.

Here's wishing a lifetime of happiness to one and all.

With warm regards,

Naushad Panjwani

Mr. Bansidhar S. Mehta Year of Presidentship - 1967-68Date of Birth : 19-09-1935

of BCAS

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Participants need to send their queries latest by 26th July 2013 for the Brains Trust Session either on the email id km@basonline.org, or a hard copy to the BCAS office before this date.

Enrolment form is printed on page no. 12

aCCountIng & audItIng CommIttee taxatIon CommItteeChairman: Himanshu V. KishnadwalaConvenors: Mukesh G. Trivedi, Abhay R. Mehta & Suril V. Shah

Chairman : Gautam S. NayakCo-Chairman : Sanjeev R. PanditConvenors : Saurabh P. Shah, Anil D. Doshi, Jagdish T. PunjabiCo-ordinators: Pinky H. Shah and Bhadresh K. Doshi

Workshop onStandards on Revised Audit Report & Audit DocumentationThe ICAI has issued revised format of audit report as per Standards on Auditing (SAs) 700,705,706. The report issued by Auditors for the financial statements 2012-13 shall be as per these standards.

Maintaining appropriate documentation of attest function is extremely important.

Accounting and Auditing Committee has organised a workshop covering two Important Standards on Auditing which would render better understanding for auditors to discharge the attest function and to maintain appropriate documentation effectively.

Who will benefit?All Chartered Accountants, in practice, in Industry and all professionals who are responsible for attestation including review and audit of financial statements for the year 2012-13.

The details of the programme are given below:Programme Details

Day & Date Friday, 21st June 2013

Time 3.00 p.m. to 7.30 p.m.

Venue Jai Hind College, A. V. Room, A Road, Next to Churchgate Station, Churchgate, Mumbai, - 400020

Fees for members R900 + R111 (ST) = R1,011

Fees for non-members R1,350 + R167 (ST) = R1,517

(fees include service tax, snacks, material if any and contribution of R 50 towards BCAS Foundation)

Workshop on ‘How to conduct a Tax Audit’The audit season is already in full swing and all our offices are currently completing the statutory audits. Tax Audit is the next important compliance for most of our clients, and with many new controversies cropping up in taxation, we at BCAS have organized a very interesting workshop for articled students, audit staff and fresh Chartered Accountants.

The eminent faculty will discuss all clauses of Form 3CD, clause by clause, besides giving an overall perspective of the approach to such tax audit. This will help participants to understand each clause and cull out relevant details from the audited accounts.

The unique feature of this very popular workshop is an additional Brains Trust Session, wherein the participants can send their queries before the Workshop and a panel of experts would reply to them during the workshop.

All the participants would immensely benefit from the expert knowledge of Speakers and members should encourage their staff to enroll for this workshop. Programme Details

Day & Date Friday, 2nd August 2013

Time 9.30 a.m. to 5.00 p.m.

Venue Navinbhai Thakkar Auditorium, Shraddanand

Road, Near Shiv Sagar Restaurant, Vile Parle

(East), Mumbai- 400057.

Faculty Himanshu V. Kishnadwala

Anil J. Sathe

Sonalee A. Godbole

Nina P. Kapasi

Fees for members R800 + R 99 (ST) = R899

Fees for non-members

R1,000 + R124 (ST) = R1,124

(The above fees includes contribution of Rs. 50 to BCAS foundation, cost of study material, if any, breakfast, lunch and tea)

Topics Speakers

Standards on Auditing on Audit conclusions and Reporting: (SA 700, SA 705, SA 706, SA 710, SA 800, SA 805, SA 810)

Khushroo B. Panthaky

SQC1 & SA 230 (Audit Documentation)

Khurshed Pastakia

Enrolment form is printed on page no. 12

Mr. Pradyumna N. Shah Year of Presidentship - 1968-69Date of Birth :01-01-1929

of BCAS

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aCCountIng & audItIng CommItteeChairman: Himanshu V. KishnadwalaConvenors: Mukesh G. Trivedi, Abhay R. Mehta, Suril V. ShahCoordinators: Himanshu V. Vasa, Atul H. Shah and Preeti S. Cherian

Six Day internal Audit Studies Foundation Course’The Accounting & Auditing Committee has arranged a Six Day Internal Audit Studies Foundation Course. Details of the Course are as follows:

• 6daysofIntensiveCoaching.

• Interactive Full day Sessions from Monday, 19th August, 2013 toSaturday, 24th August, 2013, 9.30 a.m. to 6.30 p.m.

• Course content includes: • Internal Audit Overview, Positioning ofInternal Audit in Corporate Framework, Internal Audit Standards, Internal Controls, Risk Management, Internal Audit Methodology, Soft skills and Use of IT tools.

•Fees:Rs9,500+Rs.1,174(ST)=Rs.10,674perparticipant.

Early Bird up to 31st July 2013 : Rs 9,000 + Rs. 1,113/- (ST) = Rs. 10,113 per participant.

More than 3 participants from the same firm @ Rs 8,500 + Rs. 1,050 (ST) = Rs. 9,550 per participant until 31st July 2013.

The fees include Rs. 50 Contribution to BCAS Foundation, course material, breakfast, tea and lunch on all days.

• Enrolment is restricted to 60 participants on first-come-first-servebasis. Enrolment fees are non-refundable.

• ACertificatewillbeawardedoncompletingIASFoundationcourse.

• CoursewillbeconductedatParleInternationalHotel,B.N.AgarwalMarket, Vile Parle (East), Mumbai, 400057

• Eligibility:ShouldbemembersofBCAS(oranypersonsnominatedbya member).

INTERNAL AUDIT, a core management function, has assumed great importance in presenting times where the success of organization depends on effective risk management, strong framework of internal controls and optimum utilization of resources. It is therefore essential to have a structures training programme to enable Internal Audit Professional, whether engaged in industry or in professional firms rendering internal audit services, to hone their skills and provide value added services. Internal Audit is as relevant to small and medium sized

enterprises as it is to large scale enterprises.

This course has been designed to meet the following objectives:

• Toequipparticipantswithbasic internalauditskills forconductingeffective Internal Audits.

• TocreateawarenessaboutthecontemporarythinkinginthefieldofInternal Audit.

• TofacilitatequalityinternalAuditServices.

For Further Details Contact:

Designation Name Telephone Mobile

Chairman Himanshu V.

Kishnadwala

64577600 9820122178

Coordinators Himanshu V. Vasa 66054272 9819221155

Atul H. Shah 66348474 9820187022

Preeti S. Cherian 64577600 9821343354

We do not hear the term "compassionate" applied to business executives or entrepreneurs, certainly not when they are engaged in their normal work. Yet in terms of results in the measurable form of jobs created, lives enriched, communities built, living standards raised, and poverty healed, a handful of capitalists has done infinitely more for mankind than all the self-serving politicians, academics, social workers, and religionists who march under the banner of "compassion".

nathaniel branden

“

“Mr. Chandravadan C. Dalal Year of Presidentship - 1970-71Date of Birth : 03-01-1933

of BCAS

BCAS

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COMPLETED GRADUATION WORKED AS AN ACCOUNTS ASSISTANT OR COMPLETED ARTICLE TRAINING

HERE IS A COURSE JUST FOR YOU.

beCome a ProFeSSIonal aCCountant

WHAT NEXT?

Course objective: To identify, train, improve job prospects and create a new brand of professionals who will be identified as Professional Accountants (PAs).

Eligibility: T.Y. B.Com or 3 years’ work experience or completed articleship.

Syllabus: Covering all essential subjects to make you an effective independent accountant. The course will cover not only basic subjects like accounts, tax etc, but also include costing, MIS, ERP financial packages, office systems, reports and communication skills and yes even how to draft an effective CV.

Course commences on : 25th June, 2013

Course duration : A total of 20 sessions will be held of 3 hrs each. Sessions will be spread over on Tuesdays & Fridays evening & some Saturdays afternoon at BCAS & HR College.

Timing: On Tuesdays and Fridays 5.30p.m. to 8.30p.m. and on Saturdays 2.30p.m. to 5.30p.m.

Fees: R 6, 741/- per participant (Inclusive of Service Tax @ 12.36%) Restricted to 45 participantsCertificates will be awarded to participants on fulfillment of criteria.

DEEPAK R. SHAH, President BCAS, iNDU SHAHANi, Principal, H. R. College

ORGANISED JOINTLY BY

Bombay Chartered Accountants’ Society7, Jolly Bhavan No. 2, Ground Floor, New Marine Lines, Mumbai - 400 020.Tel.61377600•Fax61377666E-mail bca@bcasonline.org •Website:www.bcasonline.org•WebTV:www.bcasonline.tv HR College of Commerce & Economics123, D.W. Road, Churchgate, Mumbai - 400 020.Tel:912222876115•Fax:912222810758Email: info@hrcollege.edu •Website:www.hrcollege.edu

Note : • Submit enrollment form along with 1 photograph at BCAS office only. • Timing : 10 a.m. to 5.30 p.m. Monday to Friday and 10 a.m. to 1.30 p.m. Saturday.• Schedule and faculties could change based on course requirement.• Cheque should be drawn on Bombay Chartered Accountants’ Society. Outstation payment by Demand Draft / Cheques at par only, payable at Mumbai. Members can pay through the credit / debit card at the BCAS Office.• Enrollment on first come first served basis.• 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.

Note : For Details please refer website of BCAS or contact office

FOR FURTHER DETAILS CONTACT :

Course Co-ordinators Manish Reshamwala - 66355488, 9820050810Manori Shah - 23523849, 9820190092Prof. Parag Thakkar - 9820304543

Batch XVi

Mr. V. N. Iyer Year of Presidentship - 1974-75Date of Birth : 27-03-1937

of BCAS

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Mr. Bhupendra V. Dalal Year of Presidentship - 1976-77Date of Birth : 04-09-1938

bCaS PublICatIonS/ Study materIal For Sale

Exploring FEMAPrice R 225Postage R 75

6th Residential Study Course on Service Tax & VAT 2012Price R 600Postage R 100

Study Material DVD on Seminar on NBFC Regulations (including Audit and Tax Aspects) held on 30th August 2012 Price R 1250Postage R 50

Real Estate LawsPrice R 180Postage R 100

Digest of Full Bench Decisions of Central information Commission (r2i)Member Price R 120 Non-Member Price R 150Postage R 50

CA Firm of the FutureMember Price R 200 Non-Member Price R 250Postage R 100

RECENT PUBLiCATiONSOTHER PUBLiCATiONS

Gita for ProfessionalsPrice R 100Postage R 50

Advance Rulings Law and Procedures - A CompilationPrice R 125Postage R 50

Registration of Firms with Registrar of Firms – Procedure and Frequently faced Problems*Price R 50Postage R 25

The right combination is between a free economy and social policy that addresses the needs of society and creates

equal opportunity.

benjamin netanyahu

One out of every 12 jobs in the economy is connected in some way, shape or form to what happens on the farm.

tom Vilsack

of BCAS

BCAS

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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 2013 and May 2014 Examinations)

"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

Human reSourCeS CommIttee

Chairman : Mayur B. Nayak

Convenors : Bharatkumar K. Oza, Hemant P. Gandhi, Mihir C. Sheth

Course Co-ordinators : Chandrakant Ruparelia, Neel P. Majithia

FEES : Rs. 1,686/- (including Service Tax 12.36%) per student for I.P.C.C or Final (Total, and not per Subject, Including cost of Study Materials)

TiMiNGS & VENUE : 6.15 p.m. to 8.30 p.m. on weekdays (Monday to Friday) at Sydenham College, ‘B’ Road, Churchgate.

DURATiON : From 25th July to 30th September, 2013.

ENROLMENT FROM : 25th April, 2013.

FACULTY : Eminent personalities possessing rich experience in their respective fields.

For further information kindly contact Mr. Amit Singh or Mr. Rajaram on Phone 61377619 and 61377613 respectively during office hours at Bombay Chartered Accountants’ Society.

COURSES FOR : C.A. i.P.C.C.

•Accounting/AdvancedAccounting

•Business&CompanyLaws

•CostAccounting&F.M.

•Taxation

•Auditing&Assurance

•InformationTechnology&StrategicManagement

COURSES FOR : C.A. FiNAL

•FinancialReporting

•StrategicFinancialManagement

•AdvancedAuditing

•Corporates&AlliedLaws

•AdvancedManagementAccountancy

•InformationSystemsControlandAudit—DirectTaxes

•IndirectTaxes

Mr. Narayan K. Varma Year of Presidentship - 1978-79Date of Birth : 20-08-1931

of BCAS

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Subscribe Now!!!

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

InFoteCH & 4I CommIttee & memberSHIP & PublIC relatIonS CommIttee

Particulars Subscription Charges + Service Tax

Total Charges

Ordinary, Life and Associates of Corporate Membership R600 + 12.36% R674

Students R600 + 12.36% R674

Journal subscribers R900 + 12.36% R1,011

Non-members R1,200 + 12.36% R1,348

Lecture Meeting on Search, Settlement and Income Tax Issues Arising out of Purchases from Suspicious Dealers as declared by Sales Tax Department by Chetan Karia held on 22nd May 2013 is available on BCAS Web TV.

Renewal of BCAS Web TV for 2013-14

Mr. Navin H. Kisnadwalla Year of Presidentship - 1980-81Date of Birth : 29-06-1931

of BCAS

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A. P. (DiR Series) Circular No. 103 dated May 13, 2013import of Gold by Nominated Banks / AgenciesPresently, gold can be imported by the nominated banks / agencies on consignment basis. Ownership ofthe gold will rest with the supplier and the nominated banks / agencies only act as agents of the supplier. Remittances towards the cost of i mport have to be made as and when sales take place.

This circular restricts the import of gold on consignment basis by providing that banks can import of gold on consignment basis only to meet the genuine needs of exporters of gold jewellery.

A. P. (DiR Series) Circular No. 104 dated May 17, 2013Foreign Direct investment (FDi) in india – issue of equity shares under the FDi scheme allowed under the Government route against pre-operative / pre-incorporation expensesPresently, shares can be allotted to a foreign investor under the Approval Route of the FDI Scheme against payments made by him (the foreign investor) towards pre-operative / pre-incorporation expenses (including payments of rent, etc.) only if the payment is routed through the bank account of the investee company.

This circular has modified the said condition and provides that equity shares can be allotted to a foreign investor under the Approval Route of the FDI Scheme against payments made by him (the foreign investor) towards pre-operative / pre-incorporation expenses (including payments of rent, etc.) if the payment is routed through the bank account of the investee company or the payment is made from the bank account opened by the foreign investor as provided under FEMA Regulations. The amended paragraph is as under:

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

Earlier Condition Revised condition

Para 3(II)(c) Payments should be made directly by the foreign investor to the company. Payments made through third parties citing the absence of a bank account or similar such reasons will not be eligible for issuance of shares towards FDI; and

Payments should be made by the foreign investor to the company directly or through the bank account opened by the foreign investor as provided under FEMA Regulations; and

A. P. (DiR Series) Circular No. 105 dated May 20, 2013Export of Goods and Software – Realisation and Repatriation of export proceeds – Liberalisation

From rBIContributed by : Gaurang V. Gandhi

The Reserve Bank of India has issued the following 5 circulars and 4 Press Notes issued by DIPP

Presently, exporters were permitted to realize and repatriate the full value of goods or software exported up to March 31, 2013 within twelve months from the date of export.

This circular provides that exporters are required to realize and repatriate the full value of goods or software exported up to September 30, 2013 within nine months from the date of export. However, there are no changes in the provisions with respect to period of realization and repatriation of the full export value of goods or software exported by a unit situated in a Special Economic Zone (SEZ) as well as exports made to warehouses established outside India.

A. P. (DiR Series) Circular No. 106 dated May 23, 2013Liberalised Remittance Scheme for Resident individuals – ReportingPresently, banks are required to submit LRS data in hard copy as well as through the Online Returns Filing System (ORFS) of RBI.

This circular provides that henceforth, i.e. LRS data for June 30, 2013 and subsequent months have to be uploaded in ORFS on or before the 5th of the following month. Where there is no data to be furnished, banks must to upload ‘nil’ figures in the ORFS system.

A. P. (DiR Series) Circular No. 107 dated June 4, 2013import of Gold by Nominated Banks / AgenciesPresently, banks can import gold on consignment basis only to meet the genuine needs of exporters of gold jewellery.This circular provides that, with immediate effect: -

1. Along with banks, all nominated agencies / premier / star trading houses can import gold on consignment basis only to meet the genuine needs of exporters of gold jewellery.

2. Except in the case of import of gold to meet the needs of exporters of gold jewellery, all Letters of Credit (LC) opened by banks / nominated agencies for import of gold under all categories will only be on 100%

Presently, gold can be imported by the nominated banks / agencies on consignment

basis. Ownership of the gold will rest with the supplier and the nominated banks /

agencies only act as agents of the supplier. Remittances towards the cost of import have

to be made as and when sales take place.

““

Mr. Dilip J. Thakkar Year of Presidentship - 1983-84Date of Birth : 01-10-1936

of BCAS

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cent cash margin basis and all imports of gold have to be compulsorily on Documents against Payment (DP) basis.

CORRiGENDUM Dated April 16, 2013CONSOLiDATED FDi POLiCYThis Press Note of the Department of Industrial Policy & Promotion has amended the provisions of Circular 1 of 2013 – D/o IPP F. No. 5(1)/2013-FC.I dated the 05.04.2013 - Consolidated FDI Policy. It states that in paragraph 3.10.3.1 of the said Circular, phrase ‘paragraph 6.2.24’ should be read as ‘paragraph 6.2.17.8’.

NOTiCE Dated May 10, 2013Format for seeking clarifications of FDi policy issuesAnnexed to this notice is the format that has to be used stakeholders when seeking clarifications from the Department of Industrial Policy & Promotion on provisions of the FDI policy.

PRESS NOTE 2 (2013 Series) – D/o iPP F. No. 5/3/2005-FC.i Dated June 03, 2013Foreign Direct investment Policy – Definition of ‘group company’

With effect from 05-04-2013, the following definition of ‘group company’ has been added in paragraph 2.1 of the Consolidated FDI Policy contained in Circular 1 of 2013: -

2.1 Definitions

2.1.15 bis “Group company” means two or more enterprises which, directly or indirectly, are in a position to:(i) Exercise twenty-six per cent, or more of voting

rights in other enterprise; or(ii) Appoint more than fifty per cent, of members of

board of directors in the other enterprise.

Clarification on Multi Brand Retail Trading Dated June 6, 2013Paragraph 6.2.16.5 of ‘Circular 1 of 2013-Consolidated FDi Policy’The Department of Industrial Policy & Promotion (DIPP) has issued a clarification in the form of FAQ on queries of prospective investors / stakeholders on FDI policy for multi-brand retail trading. These clarifications are in respect of Paragraph 6.2.16.5 of ‘Circular 1 of 2013-Consolidated FDI Policy’.

BCA Referencer 2013-1451 years of BCAS Referencer!

Notes : Please send the above form (typed or written in capital) along with cash or cheque/draft drawn in favour of ‘Bombay Chartered Accountants’ Society’ to the Society’s Office. Outstation orders to be accompanied by demand draft only, payable at Mumbai.

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

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

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

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

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

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

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

Particulars Price (in Rs.)

Postage (in Rs.)

Quantity Total Amount(in Rs.)

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

950 200

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

750 150

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

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

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

Order Form:

Mr. K. C. Narang Year of Presidentship - 1992-93Date of Birth : 04-09-1930

of BCAS

BCAS

12

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. 68365/98 Regd. No. MH/MR/South-88/2012-14Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1Published on 15th of every month • Posted on 15th & 16th of every month

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• 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.

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)

Workshop

Study Course

Workshop on Standards on Revised Audit Report & Audit Documentation ..............21-06-2013 ............................ r 1,011 for members ............................................... ............................................................................................................................................................................ r 1,517 for non-members .........................................

Workshop on ‘How to conduct a Tax Audit’ ............................................................02-08-2013 ............................ r 899 for members ..................................................

r 1,124 for non-members .........................................

Six Day Internal Audit Studies Foundation Course .................. 19-08-2013 .........Early bird upto 31st July 2013 ......................................................r 10,113 ..............

More than 3 participants from the same firm, per participant, upto 31st July 2013...............................................r 9,550 ................

BCAS Study Circles 2013–14Study

Circle No. Subject Fee Tick your choice here

I Direct Tax Laws 449*

II Indirect Tax Laws 449*

III Company Law, Auditing & Accounting 449*

IV FEMA 449*

V Information Technology 449*

Study Circle No. Subject Fee Tick your

choice hereVI Human Resource Development 449*

VII ITF 1,123*

VIII BCAS Suburban Study Circle 674*

IX International Economics 1,123*

X Students Study Circle 224*

* Inclusive of Service Tax of 12.36%

IPCC & FINAL CA STUDENTS CRASH COURSE

Name :...............................................................................................................................................Registration Number Allotted by I.C.A.I. :........................................................................

Course in which admission is desired : I.P.C.C ( ) FINAL ( ) (Please tick appropriately)

Residential Address : ................................................................................................................................................................ Tel. No. (M) : ............................ E-mail :......................................

Details of Articleship : Date of Joining .................................... Estimated date of Completion ...............................Name of the Principal : .................................................

Name and address of firm where articleship is being done :..................................................................................................Tel. No.:............................ Fax No...............................

Cash/Draft/Cheque No.....................................drawn on .....................................................Bank,dated ............................................ for an amount of R1,686/- is enclosed.

Date : ................................................ Signature ................................................................

Notes : 1. Please send the above form along with cash/cheque/draft drawn in favour of ‘‘BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY’’, to the Society’s office, at the address mentioned above.2. We propose to have multifarious activities like Elocution Competition, Public Speaking, Self Development Education Courses, Orientation Courses, etc. for interested Students.3. Members are requested to keep the proforma of this sheet and send the same duly filled in by new articled trainee after his/her enrolment in their office.

Tick Yes No

Mr. Pradeep A. Shah Year of Presidentship - 1993-94Date of Birth : 20-02-1935

of BCAS