1NOVEMBER 2016

7, Jolly Bhavan #2, New Marine Lines, Mumbai - 400020. Tel : + 91 22 613 77 600 ; F : + 91 22 613 77 666 ; Email: bca@bcasonline.org ; Website : www.bcasonline.org ; WebTV : www.bcasonline.tv

Vice-President’s CommuniquéDear Members

Surgical strikes seem to be getting popular in India. The military in September, the Corporate in October and now the demonetization in November. Much has already been written and debated about the military strike. The Tata group coup is apparently getting murkier day by day. Claims and counter claims are harming the companies and their stake holders more than the individuals involved. The Tata struggle is also about preserving a legacy. Coincidentally, the Yadav family political theatre also came into limelight at the same time. Two patriarchs in the autumn of their lives, and long past their best-before dates sacrificed their successors chosen and anointed by themselves four years ago.

The casualty in this is the succession process. In every corporate and democratic entity, a smooth transition from one generation to another is absolutely essential for organizational health. It is entirely possible that not all designated successors would work out well but that is little cause for the old guard to return, especially if the challenges the successors faced could be laid at the door of whom they had succeeded. The manner of this dismissal was badly managed. The industry does not like surprises. It is not good for the group that the largest shareholder in the company left in this manner, and it leaves the group vulnerable to legal and shareholder distractions.

Hon. PM Modi in an address to the Nation on 8th November, overnight, demonetized, bank notes of ` 500 and ` 1000 as part of a bold package of measures to combat counterfeit notes and black money. The move was hailed by majority of Indians of all strata. Demonization could be used to transform India’s welfare system and cut poverty. The battle against black money is worth if the resultant revenue gains are efficiently utilized. As the size of parallel economy shrinks the tax base will automatically widen, which in turn help reduce rates and boost consumption. To understand the “Issues and Impact of Demonetization”, BCAS has organized an Experts Chat @BCAS on 18th November where eminent speaker Ms. Sucheta Dalal and another economist will be sharing their views.

The other major headline in this week was the election of Donald Trump as the 45th President of the USA who defied poll pundits and perhaps

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

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

(Continued on page 2)

President: Chetan Shah 98202 23402 | president@bcasonline.org

Vice-President: Narayan R. Pasari 98200 38095 | vp@bcasonline.org

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

Hon. Jt. Secretary: Suhas Paranjpe9869074643 | js1@bcasonline.org

Hon. Treasurer: Manish P. Sampat 98200 10064 | treasurer@bcasonline.org

Vol. 19 n No. 08 n NOVEMBER 2016

LECTURE MEETING

Speaker: CA. Sachin Patil, (IPS), DCP, Cyber Crime Cell, Mumbai PoliceSubject: Cyber Crime, Cyber Security and Cyber Laws Venue: BCAS Hall, 7, Jolly Bhavan No. 2, New Marine Lines, MumbaiDay, Date & Time: Friday, 9th December, 2016, 6.15 pm*

*(Fellowship over a cup of tea at 5. 45 pm)

Lecture Meeting……..…………....................................................…….................09.12.2016................................................................................................................................................................. 0 1 Experts Chat - “Issues and Impact of Demonetisation”...... . . . . . .... ..18.11.2016............................BCAS Hall, 7,Jolly Bhavan No.2, New Marine Lines, Mumbai................ 03Seminar on Alternative Fund Raising Options for Corporates ..........25.11.2016............................Walchand Hirachand Hall, IMC, Churchgate............................................. 04 Two Days’ Seminar on Advanced Excel.....................................................25.11.2016, 26.11.2016.....BCAS Hall, 7,Jolly Bhavan No.2, New Marine Lines, Mumbai.......... ....... 05 Study Circle Events..............................................................................................30.11.2016,06.12.2016,14.12.2016..BCAS Hall, 7,Jolly Bhavan No.2, New Marine Lines, Mumbai. 0617th Certificate Course on DTAA................................................................3, 10, 17, 24 December 2016, 7, 14, 28 January 2017....BCAS Hall, 7,Jolly Bhavan No.2, New Marine Lines, Mumbai................. 072 Days’ Orientation Workshop for CA Students .. .................. .............08.12.2016, 09.12.2016..BCAS Hall, 7,Jolly Bhavan No.2, New Marine Lines, Mumbai................. 08Full Day Seminar on Goods and Services Tax ......................... .............10.12.2016...........................Kala Kunj, Kalamandir, Shakespeare Sarani, Kolkata....................................... 09Full Day Seminar on Estate Planning, Wills and Family Settlement – Critical Aspects ......................................................... ..............14.12.2016...........................BCAS Hall, 7,Jolly Bhavan No.2, New Marine Lines, Mumbai................ 1 02 Days’ Workshop on IND AS .......................................................... .............16.12.2016, 17.12.2016 ....(To be confirmed).............................................................................................. 1 1Golden Jubilee Residential Refresher Course (GJRRC)..................19.01.2017 to 22.01.2017..ITC Rajputana Palace, Jaipur............................................................................ 1 2Two Days’ Workshop on Mergers & Acquisitions................................27.01.2017, 28.01.2017....St. Regis Hotel, Next to Palladium, Lower Parel................................... . ... 1 57th Residential Study Course on IND AS ..................................... ..............16.02.2017 to 18.02.2017.(To be confirmed)................................................................................................ 1 4

PROGRAMMES AT A GLANCE DATE VENUE PAGE NO.

Watch, Like, Share, Connect with us @ BCAS Global

Speakers: Ms. Sucheta Dalal, CA. Ameet Patel and another Eminent speakerSubject: “Issues and Impact of Demonetisation”Venue: BCAS Hall, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai Day, Date & Time: Friday, 18th November, 2016, 6.15 pm

Experts Chat @BCAS

gravity itself in what is described as an insurrection against the elites. A sober assessment of Trump’s position on critical issues – economic growth, equality, immigration and climate change has to be now seen. The US economy is globalized, any attempts to reverse or even stall the ongoing process of globalization will not only disrupt a still weak economic recovery but may even lead to trade wars with key trade partners. However in his victory speech Trump promised “great economic plan” and “double economic growth”. He tried to sound inclusive and reassuring to those skeptical of his leadership qualities and intentions. The Trump presidency will probably see the scrapping of the Obamacare, the former President’s signature initiative. Besides there may be walking away from an ambitious climate change agenda and renewable energy plans. During the final presidential debate, Trump had referred with appreciation to India, its high growth rates and his business relationship here. He has also come out strongly against terrorism and that’s another positive for India. Trump has

2 NOVEMBER 2016

(Continued from page 1)

ALL THE THREE CLINICS WILL BE HELD IN THE LIBRARY OF THE SOCIETY

RIGHT TO INFORMATION CLINIC

CHARITABLE TRUST CLINIC

Advisory Panel : Hema D. SampatClinic Co-ordinator: Mrs. Madhuri Haware – 61377613

Advisory Panel : Dr. Gautam N. Shah and CA. Tushar K. DoctorClinic Co-ordinator: Mrs. Madhuri Haware – 61377613

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 Saturdays from 11 am to 1 pm. The next RTI Clinic days accordingly are 19th, 26th November 2016 and 3rd 10th, 17th, 24th December 2016. Please call to obtain a prior appointment.

The next Charitable Trust Clinic will be held on 2nd December 2016 from 5 pm to 7 pm.

Chartered Accountants and Trustees interested in having their queries solved are requested to send their queries by email to journal@bcasonline.org and call to obtain a prior appointment, latest by noon on the day of the clinic. Querists are also advised to bring along relevant papers like trust deeds, audited accounts, etc.

ACCOUNTS & AUDIT CLINICAdvisory Panel : CA. Sanjeev R. Pandit, CA. Himanshu V. Kishnadwala, CA. Jayesh M. Gandhi Clinic Co-ordinator : Mrs. Madhuri Haware – 61377613 The next Accounts & Audit Clinic will be held on Saturday, 3rd December 2016 from 4 pm to 5 pm.

Persons interested in having their queries pertaining to accounting and auditing issues resolved are requested to send the queries by e-mail to journal@bcasonline.org one week in advance and call to obtain prior appointment, at least a day before the day of the clinic. Please note that the panel will not answer any queries pertaining to tax issues.

herculean tasks waiting for him. The World will watch with hope and bated breath to see how he negotiates this so called difficult phase in history.

Your Society’s key strength lies in its knowledge sharing initiatives and in this direction, BCAS has organised programs on request of other professional bodies. A two days’ RRC for the Ahmedabad Chartered Accountants Association on 21st & 22nd October at Mumbai was organised successfully wherein six presentation papers on current topics were deliberated upon.

We also organized a one day seminar on Writing & Drafting Skills on 12th November at Aurangabad for the ICAI members of that Branch. In today’s competitive environment cutting edge professional writing, drafting and communication skills are essential to achieve higher level of success in one’s professional career. This workshop aimed at enhancing professional writing and drafting skills for members including young CAs who desire to master this vital craft and benefit from the expert deliberations on the subject from the learned speakers from our Society.

Another full day program on GST is being jointly organised with the Direct Tax Practitioners Association on 10th December at Kolkata wherein their members can avail the views of the BCAS expert faculty.

On current topic a lecture on Cyber Crime, Security and Laws will be addressed by a Chartered Accountant member CA. Sachin Patil, DCP, Cyber Crime Cell, Mumbai on 9th December.

BCAS has lined up very interesting programs for the next three months, details of which appear in this Newsletter.

After the hectic season of many deadlines, members must be in a slightly relaxed mood. Those students who are appearing for the November exams will be also joining their offices soon. As an additional feature to members, BCAS is allowing use of its Hall for educational purposes for their in-house staff training at a nominal cost. The Hall is well equipped with screen, projector and audio systems. This will enable members, especially the start-ups, small and medium practices to arrange staff training at BCAS premises. We request members to avail of this facility.

Research has shown that the 7-year cycle for recession is now reduced to about 2 years. Every 2 years one will find his business, profession, position and role in a state of flux. The market demands, consumer behavior & awareness, technology availability, connectivity at everyone’s disposal, easier access to funds and several other factors are bringing change faster than the coping abilities of individuals and groups. This is the era of, as Bill Gates had quoted—Business at the Speed of Thought. If you are not going to change the way you think, the way you work, the way you plan, the way you position yourself, the way you serve, you are not just doomed but will find yourself out of the game altogether. It is no longer Survival of The Fittest. You can be as fit as you could be, you could have a 200 year old legacy, you could rank in the top 10 list in your industry, but if you are not willing to change, to be agile and a quick learner, you will not be able to sustain that success for long.

If change on a worldwide scenario is whirling at a 2-year threshold, your work profile will be redundant and no longer serve you beyond 700 days. Change at the speed of thought is the winning mantra today. Resist and you shall perish. Adaptability and flexibility in working style will be your key to success. You have to be able to maneuver strategies, plans and your execution like a fish cutting through the oncoming current. Hesitate to Change, and you may not get a second chance to come back. Members of our profession should also introspect on this “change” in their interest.

On Chacha Nehru’s Birthday I wish all Children lots of joy and knowledge in the years to come.

I will be happy to receive your feedback and suggestions on vp@bcasonline.org

With Best Regards

Narayan Pasari

3NOVEMBER 2016

EXPERTS CHAT @ BCAS“ISSUES AND IMPACT OF DEMONETISATION”

BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY

Dear Members,

We all are witness to the historic surgical strike of demonetisation through national telecast at 8.30 PM on 8th November, 2016, by our Prime Minister Shri Narendra Modi. His announcement of the banning of currency notes of the denomination of `500/- and `1000/- from the midnight of 8th November 2016 has become the talking point across the nation. This move by the Modi Government has evoked mixed responses across the country.

During the past one year, the Modi Government has taken various steps to curb black money in the country. Starting with the Financial Inclusion for rural India, the Pradhan Mantri Jan Dhan Yojna, Black Money Act, the Gold Monetisation Scheme and lastly the Income Declaration Scheme of 2016 - all have been gradual but well thought out steps to weed out the black money menace out of our economy. The recent decision on demonetisation of high denomination currency has its own implications. The Income tax department is to keep a track of deposits over `2.50 lacs threshold under the 50-day window which may attract tax plus a 200 per cent penalty in case of income mismatch.

India has a physical cash circulation of approximately ̀ 17 lakh crore, of which 88% is `500/- and `1000/- notes. In such a large democracy let us understand:

What is the Impact of this demonetisation to the economy at large?

What are the taxation issues with respect to the same?

Are the warnings issued by the Revenue Secretary and FM strong enough to discourage manipulators?

What would be the tax implications of such transactions on the economy?

What will be the impact on equity market and movement of securities in the demonetised environment?

BCAS has decided to have an open forum discussion with experts to delve on many intricate issues related to demonetisation and its overall impact on the banking sector, tax revenue and economy as a whole.

The details of the program are as follows:

About the speaker:

Ms. Sucheta Dalal, Managing Editor of Moneylife Magazine is an award-winning business journalist and author. She has been a journalist for 25 years and was conferred the prestigious Padma Shri for journalism in 2006.

She had been the Financial Editor of the Times of India until 1998 and then a Consulting Editor with the Indian Express group. She has written columns for the Indian Express and Financial Express until 2008.

She has been a member of the Investor Education & Protection Fund of the Ministry of Corporate Affairs for six years.

CA. Ameet Patel is the Chairman of the Taxation Committee of BCAS and a Past President of the Society.

(*) An economist

The session will be interspersed with Q & A. Members are requested to occupy their seats well in advance. Members can also send their questions at lm.qna@bcasonline.org

Please make it convenient to attend this meeting and actively participate.

This event will be Telecast Live and the link for the same will be provided in due course.

Day & Date Friday, 18th November, 2016

Time 6.15 p.m. to 7.45 p.m.

Speakers Ms. Sucheta Dalal, CA. Ameet Patel and another Eminent speaker (*) will share their views.

Venue BCAS Hall, 7,Jolly Bhavan No.2, New Marine Lines, Mumbai

Topic “Issues and Impact of Demonetisation”

4 NOVEMBER 2016

FULL DAY SEMINAR ON ALTERNATIVE FUND RAISING OPTIONS FOR CORPORATES

JOINTLY WITH THE CHAMBER OF TAX CONSULTANTS

With global economies becoming volatile in the wake of stagnation in the west, slowdown of a major neighbouring economy, unpredictable commodities, inflation and resultant increase in cost of funds, especially in emerging markets, it is the time for corporates to revisit its fund raising options. In the International market, funds are cheaper owing to higher level of money supply. This creates the need for establishing financing in the right combination, from perspectives, the cost as well as tenor of funds.

Opening up of global markets have eased the flow of international funds significantly. This has created a pool of domestic and international capital with varying risk profiles (equity, debt or convertibles) available to be invested in higher return providing economies like India.

Corporates need funding in the form of long gestation funds for capital expenditure or infrastructure development…, or for relatively shorter gestation for working capital requirements etc.

With the traditional sources of funding becoming expensive and unattractive, owing to higher return expectations with stable inflation rates, it has given rise to an opportunity of opening the vista of alternative fund raising options. The role of raising funds has never been so important as it is today in the dynamic and highly competitive markets.

And this seminar has been organised with a view to consider these vital aspects. The seminar will be extremely useful for all sizes of Corporates, Merchant Bankers, Private Equity Firms, Wealth Managers & other Financial and Capital Market intermediaries. It will also be fruitful for Chartered Accountants, Advocates and other professionals dealing with Financial matters.

Day, Date & Time Friday, 25th November 2016

Time 9:00 a.m. to 5:00 p.m.

Venue Walchand Hirachand Hall, Indian Merchants Chamber, Opp. Churchgate Railway Station, Mumbai – 400020

Fees ` 2,200/- (Inclusive of Service Tax, course materials, lunch & refreshments)

CORPORATE & ALLIED LAWS COMMITTEE

Chairman : CA. Kanu ChokshiConvenors: CA. Kinjal Shah, CA. Manish Reshamwala & CA. Preeti Oza

Programme Co-ordinator: CA. Harsh Dedhia

Sr No. Topics Speakers

1. Keynote Address Mr. Nimesh Shah, MD and CEO, ICICI Prudential AMC

2. Understanding the Need and Purpose of Fund Raising (For Working Capital, Asset Financing, Acquisitions, Expansions, Repayment of Past Liabilities) Taking Decision on most appropriate structure.

Mr. Abizer Diwanji,Partner and National Leader, Financial Services, Ernst & Young LLP

3. Fund Raising through Equity, Private Equity, Venture Capital, Preference Shares or any other such products - Understanding the Issues, Negotiation Skills, threats and Documentation

Mr. Bhavesh A. Shah, Managing Director, Investment Banking, JM Financial Inst Ltd.

4. Fund Raising through various Fixed Income Securities, Structured Products, Debt Products with or without put and call options, understanding the advantages and disadvantages of listing

Mr. Amit Tripathi, Head – Fixed Income Investment, Reliance Mutual Fund

5. Raising Finance in foreign currencies - Advantages and Disadvantages Mr. N. S. Venkatesh, Executive Director – Laxmi Vilas Bank, Chennai

5NOVEMBER 2016

TWO DAYS’ SEMINAR ON ADVANCED EXCEL

Dear Member,

Human Development and Technology Initiative Committee is happy to announce two days’ Seminar on Advanced Excel on 25th and 26th November 2016.

We professionals use MS Excel to varying degrees. Some of us rather struggle while using it whereas some others might be quite proficient and would like to go to the next level. In any case, everyone will agree that the software is an ocean & knowing more and more about it will always help us in our work-life. The learned speaker will cover advanced Excel functions such as Flash Fill, Datedif Function, Goal seek for performing Trial and Error, Scenario Manager for simulations, Alternatives to nested if, If error If na functions, Pivot Tables, Sparklines, Fuzzy lookup add-in, Data Table, Data tables - multi-variable simulation, ASAP Utilities add-in, Table and Table tools and Array Formulas, advance features of Pivot Table etc.

Participants can bring their own laptop and practice online during the session.

Considering the limitation of facilities available, maximum 30 members can be enrolled locally. Those interested are requested to enroll at the earliest to avoid disappointment. We trust that you will attend this seminar and benefit from the expert deliberations on the subject by the Learned Speaker.

Day & Date 25th and 26th November, 2016

Time 9.00 a.m. to 6.00 p.m.

Speaker CA. Nachiket Pendharkar, CFA

Venue BCAS Hall, 7,Jolly Bhavan No.2, New Marine Lines, Mumbai

Fees Member = ` 4,600Non Member= ` 5,750 (Contribution per Participant is inclusive of Course Material, Breakfast, Lunch on both the days, Service Tax and Contribution towards BCAS Foundation.)

HUMAN DEVELOPMENT AND TECHNOLOGY INITIATIVES COMMITTEE

Chairman : CA. Nitin Shingala, Co-Chairman : CA. Mihir Sheth

Convenors: CA. K. K. Jhunjhunwala, CA. Nikunj S. Shah, CA. Mukesh Trivedi

Brief Profile of the speaker

Nachiket is a Microsoft certified corporate trainer for MS Excel and Excel VBA. He has been a trainer and faculty on the subject including with the ICAI for their FAFP programme where he advises on fraud detection/prevention tools using MS Excel and MS Access. Nachiket was shortlisted in the top 30% candidates across the world in the Excel ModelOff competition (a global competition on financial modelling using MS Excel) in their 2015 edition.

6 NOVEMBER 2016

BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY - STAFF CONTACT DETAILSSr. No

Name Role Email ID Direct Line

1 Ms. Mamta VarmaMember Relations Executive

Membership, Imprest, Publications and Online Payments

mrd@bcasonline.org 61377616

2 Mr. Manoj Lokhande, Front Desk Executive

Enrollments and Collections frontoffice@bcasonline.org 61377629

3 Mr. Prakash Palsamkar, Front Desk Executive

Enrollments and Collections frontoffice@bcasonline.org

61377629

4 Mr. Javed Siddique, Events Manager Co-ordinator for Lecture meetings, Seminars, Workshops & Residential Courses

em1@bcasonline.org 61377607

5 Mr. Bilal Ansari, Asst. Event Manager Co-ordinator for Lecture meetings, Seminars, Workshops & Residential Courses

asst.em2@bcasonline.org

61377604

6 Ms. Reema Pawar, Events Executive Co-ordinator for meetings and study circles at BCAS office

asst.em1@bcasonline.org 61377605

7 Mr. V. K. Sharma, Knowledge Manager

Journal & Newsletter Production km@bcasonline.org 61377619

8 Ms. Madhuri Haware, Asst. Knowledge Manager

Journal & Newsletter Production asst.km@bcasonline.org 61377613

9 Ms. Rathi Nair, Secretary to President Executive Assistant sp@bcasonline.org 61377612

10 Mr. Upendra Hisaria, Office Manager General Office Administration om1@bcasonline.org 61377611

11 Ms. Jyoti Malkani, General Manager Escalations and all other matters not mentioned above. gm@bcasonline.org 61377602

BCAS STUDY CIRCLES

6.15 pm to 8.00 pm at BCAS Hall, 7,Jolly Bhavan No.2,

New Marine Lines, Mumbai

Committee Topic Day & Date

ACCOUNTING & AUDITING

Ind AS 2 - Inventory, Ind AS 12 - Income Taxes and Ind AS 37 - Provisions, Contingent Liabilities and Contingent Assets (Along with effects on Preparation of Ind AS Opening Balance Sheet)

Wednesday, 30th November, 2016

INTERNATIONAL TAXATION

Scope of total income - I : Overview Concept of Income –Different Tax Systems of the World; Source vs. Residence Principles

Tuesday, 6th December 2016

ACCOUNTING & AUDITING

Ind AS 18 - Revenue and Ind AS 11 - Construction Contracts

Wednesday, 14th December, 2016

7NOVEMBER 2016

17TH CERTIFICATE COURSE ON DOUBLE TAX AVOIDANCE AGREEMENT

The 17th batch of the BCAS’ flagship Study Course on ‘Double Tax Avoidance Agreement’ (DTAA) would be held from 3rd

December 2016 to 28th January 2017.

Salient features of the New DTAA course are:

• Theall newcourseonDTAA isnowaCertificateCourse.All theparticipantswithanattendance>75%and successfulpassing of the Multiple Choice Question Paper at the end of the course will be awarded a BCAS DTAA Certificate. Others withattendance>75%shallbeawardedCertificateofParticipation.

• TheNewcourseisdesignedtoprovideunderstandingoftheBasicConceptsofvariousArticlesDTAA.Itisalsointendedtoprovide middle level knowledge on interpretation of Treaties based on the UN / OECD Model Commentaries.

• ThecourseshallalsoincludeoverviewofCurrentdevelopmentsonextremelyimportanttopicssuchasBEPS,GAARandalsoMFNClause,ForceofAttractionconcept&TriangularCases.

• The faculty members comprise of very renowned Chartered Accountants who are also successful International TaxPractitioners. They would be sharing their practical experience in the course of their lectures.

INTERNATIONAL TAXATION COMMITTEEChairman: CA. Gautam Nayak , Co-Chairman: CA. Mayur Nayak

Convenors: CA. Deepak N. Kanabar, CA. Rutvik Sanghvi, CA. Gaurang GandhiWorkshop Co-ordinator: CA. D. S. Sharma

Day&Date To be held on Saturdays3rd,10th,17th and 24th of December 2016; 7th,14th and 28th of January 2017.

Time 9.00 a.m. to 6.00 p.m.

Venue BCASHall,7,JollyBhavanNo.2,NewMarineLines,MumbaiFees Member - `11,550/- Non Member - ` 13,275/-

BCAS FOUNDATIONAPPEAL

DONATIONS FOR NEEDY CHILD PROJECT (CANCER AFFLICTED)DearMembers,

BCASFoundationwassetupunderstandingtheneedformemberstochannelizetheirphilanthropicefforts.It isamatterofgreatsatisfaction that our members have contributed generously for the various projects taken up by the Foundation. Our various committeesandinparticularHD&TIcommittee&MPRcommitteehasbeenagreatsourceofsupportfortheFoundationactivities.

We now propose to commence an ongoing activity- NEEDY CHILD PROJECT (CANCER AFFLICTED)

Below is a small write-up of the same.

TataMemorialHospitalissituatedinParel,Mumbai,India.ItwasestablishedbytheSirDorabjiTrustin1941andsoonevolvedasacentreofexcellenceincancertreatmentandresearch.In1957,itwastakenoverbytheMinistryofHealthofGovernmentofIndia.Theadministrative control of the hospital is with the Department of Atomic Energy.

ItistodayrecognizedasapremierCancerHospitalwithpathbreakingresearchactivitiesandefficiencyingivingqualitytreatmenttolargenumberofpatientsatreasonableandlowcost.Atanygiventime,thereareabout1000patientsintheOPDandabout60000patients annually visit the hospital.

ThepaediatricgeneralwardsituatedintheAnnexebuildinghasabout44admittedchildren.TheyaremostlyfromruralIndiaandvery poor.

The hospital felt a need to have their own foundation to monitor donations to their patients as there were some rogue elements collectingmoneythatneverreachedthepatientsorgenuinepaymentsthatcouldnotreachthepatientsontime.Withthisinmind,ImpaCCT(ImprovingPaediatricCancerCareandTreatment)wasestablishedintheyear2010byTatahospital.

BCASFoundation through ImpaCCThasdecided to volunteer in givingdonations for treatment of paediatric patients of TataMemorial Hospital.

We appeal to you to support this activity. Please send in your donations in favour of “BCAS Foundation “.

NEFTdetails: BCAS Foundation; Axis Bank Ltd., NewMarine Lines ,Mumbai; SavingsAccountNo: 233010100189835; IFSCode:UTIB0000233;SwiftCode:AXISINBB173

For further information you may visit-http://impacctfoundation.com/

8 NOVEMBER 2016

2 DAYS’ ORIENTATION WORKSHOP FOR CA STUDENTS

Dear Member,

HDTI Committee is pleased to organise two days’ orientation workshop for the new CA students.

Objective of the Workshop

To orient articled students with the emphasis on practical working on important subjects of their studies.

Subjects include Direct & indirect taxes, corporate laws, accounting & auditing etc.

To guide them on practical working including E –filling under various laws.

Workshop is specially designed for the new articled students.

Benefits to students and to Members:

Students will be oriented on practical aspects to handle various assignments including audits, Returns, computations under various laws.

The workshop will guide to sharpen their skill.

They may handle the assignment effectively and represent the firm with confidence.

Details of the programme are as follows:

HUMAN DEVELOPMENT AND TECHNOLOGY INITIATIVES COMMITTEE

Chairman: CA. Nitin Shingala , Co-Chairman : CA. Mihir ShethConvenors: CA. Mukesh Trivedi, CA. K.K. Jhunjhunwala & CA. Nikunj Shah

Topic Two-Day Orientation Workshop for CA Students

Day, Date & Time Thursday, 8th & Friday, 9th December 2016 from 9.30 a.m. to 5.30 p.m.

Venue BCAS Hall, 7,Jolly Bhavan No.2, New Marine Lines, Mumbai

Fees `1,500 + Service Tax 15% i.e `225= `1,725/-

( Fees include Morning Snacks, Lunch, afternoon Tea /coffee & Study Material)

Speaker Topic DAY - 1

CA. Atul Bheda Effective Articleship

8th December 2016CA. Mukesh Trivedi Direct Taxes

Adv. Jignesh Shah Film appreciation selected speeches of Nani Palkhivala

CA. Kewal Shah Indirect Taxes

Speaker Topic DAY - 2

CA. Pankaj Tiwari Companies Act, 2013

9th December 2016CA. Raman Jokhakar Accounts and Audit

CA. Anand Paurana Practical working around Tally

CA. Kinjal Shah Working on Excel

We request members to encourage the new articled students in their firm to register and also allow them to attend this programme. You will appreciate that they will immensely benefit by attending this very important on the subject programme which in result will enable them to perform better in the office.

Kindly circulate this to all the Articled students in your firm.

9NOVEMBER 2016

FULL DAY SEMINAR ON GOODS & SERVICES TAX AT KOLKATA

The Indirect Taxation Committee of BCAS is pleased to announce Seminar on Goods & services tax. The details are as follows: -

Why this Seminar

GST the game changer: It is said that GST will be a game changing reform for Indian economy by developing

a common Indian market and reducing the cascading effect of tax on the cost of goods and services. It will

impact the Tax Structure, Tax Incidence, Tax Computation, Tax Payment, Compliance, Credit Utilization and

Reporting leading to a complete overhaul of the current indirect tax system. GST will have a far reaching

impact on almost all aspects of the business operations in the country, for instance, pricing of products and

services; supply chain optimization; IT, accounting and tax compliance systems.

The Government has already placed in public domain the draft Model GST Law (prepared by Empowered

Committee of State Finance Ministers), and, the reports on GST business processes in respect of Registration,

Returns, Payment of Tax and Refunds, etc., have already been released earlier. Now the GST Rates are also

announced & roll out as on 1st April 2017 looks a certainty.

This seminar may help us in trying to understand and analyse the impact of change which is likely to affect all

sectors of economy.

INDIRECT TAXATION COMMITTEE

Chairman : CA. Govind Goyal, Co- Chairman: CA. Deepak ShahConvenors: CA. Mandar Telang, CA. Samir Kapadia, CA. Saurabh Shah

Jointly withDTPA Chartered Accountants’ Study Circle – EIRC

Day & Date Saturday, 10th December, 2016

Time 1.00 p.m. to 8.00 p.m.

Venue Kala Kunj, Kalamandir, 48, Shakespeare Sarani, Kolkata, 700017.

Fees ` 600 /- (inclusive of taxes)

Chief Guest: Mr. S. K. Panda, IRS, Chief Commissioner Service Tax, Kolkata Zone

Topics Speakers

Framework of GST Law, Levy Supply, Nature of Supply and important definitions CA. Sunil Gabhawalla

Imports, Exports, Inter-state Transactions, IGST and Place of Supply CA. Udyan Choksi

Time & Value of supply, Input Tax Credit CA. Mandar Telang

Registration, Payment, Filing of Returns

(Including making of Credit, Threshold exemption, Composition and Transitional

Issues.)

CA. Govind Goyal

10 NOVEMBER 2016

FULL DAY SEMINAR ON ESTATE PLANNING, WILLS & FAMILY SETTLEMENT – CRITICAL ASPECTS

In the fast & ever changing world, lot of uncertainties prevail. Amongst all such uncertainties, only certainty is non perpetual existence of our life. During our life time, we accumulate wealth to secure our future as well as that of future generation. But do we effectively plan for appropriate management and distribution of our wealth? Have we done proper Estate Planning including “life planning” {designating someone to manage assets and entrusting him to make health care and personal care decisions if one ever becomes unable to do so for self}?

Having knowledge about the applicable provisions of Succession law is equally important. There is a dire need of understanding various aspects of proper Estate Planning for everyone, whether a professional, or an entrepreneur or a housewife and so on….., to ensure desired succession and avoid any unfortunate disputes, strangled relations, battles in courtrooms etc.

To throw light on such an important topic and to create awareness about some of the critical aspects thereof, we present this full day seminar.

Day & Date Wednesday, 14th December 2016

Time 9:30 a.m. to 5:30 p.m.

Venue BCAS Hall, 7,Jolly Bhavan No.2, New Marine Lines, MumbaiFees Members: `1,500/- Non-members: `1,725/-(Inclusive of service tax, course materials, lunch,

refreshments & Contribution of ` 50/- towards BCAS Foundation)

Sr No. Topics Speakers

1. Estate Planning & Family settlement / Family Arrangements (Through Trust / Companies

Likely coverage: Background and the emerging need, Estate Planning incl. “life planning”, Inheritance Planning, Emergence of inheritance tax in India, Family Disputes settlement /Family Arrangements / Distribution of properties – assets - Business separation etc., Private Family trusts, Possibilities of using Alternative Investment Funds or LLPs for estate planning, Offshore Trusts & Structures, New frontiers for Trusteeship business, Emerging opportunities for professionals in Planning / Advisory / Trust Administration /Escrow Services etc.

CA. Dileep Chokshi

2. Insights of Succession law, Intricacies of WillsLikely coverage: Hindu Succession Act (Applicability, Intestate Male/ Female, Share in HUF, Amendment in 2005 re: Daughters), Wills (Terms used in wills, Characteristics of the will, Who can be beneficiary / Executors / Witness, Tips for preparing will, Registration of wills, Probate), HUF (Creation / Partition / Karta / Female status as karta – beneficiary etc.), Inheritance & FEMA, Nomination, Special Marriage Act, Adoption, Succession law in other religions (Muslims /Christians/ Parsis etc.)

CA. Anup P. Shah

3. Legal issues, stamp duty, registration & documentation aspectsLikely coverage: Implementation aspects of estate planning / Family Settlements / Wills/ Trusts / Joint family properties, HUF etc., Documentation, Legal intricacies, Stamp duty & Registration aspects

Mr. Pravin Veera – Solicitor

4. Taxation aspects Likely coverage: Taxation issues in estate planning / Family Settlements / Family Arrangements /Wills/ Private Family Trusts etc., Taxation of HUF / Partitions etc., Filing of returns of deceased, Returns of Executors of Estate

CA. Yogesh Thar

CORPORATE & ALLIED LAWS COMMITTEE

Chairman: CA. Kanu ChokshiConvenors: CA. Kinjal Shah, CA. Manish Reshamwala & CA. Preeti Oza

Programme Co-ordinator: CA. Atul H. Shah

11NOVEMBER 2016

2 DAYS’ WORKSHOP ON IND AS

The Financial Year 2016-17 has heralded a new era of financial reporting in Indian corporate sector. Convergence of Indian Accounting Standards (IndAS) with International Financial Reporting Standards (IFRS) has become a reality for the companies covered under Phase I of the implementation of IndAS. The adoption of IndAS has catapulted India at the centre stage of high quality and transparent financial reporting.

For Corporates Further to Phase I companies, the Phase II companies are also in queue to implement IndAS from F.Y.2017-18, for which they would have to restate their F.Y.2016-17 financials also as IndAS comparatives to F.Y.2017-18.

For NBFCsOn 30th March 2016, the Ministry of Corporate Affairs (MCA) notified the Companies (Indian Accounting Standards) (Amendment) Rules, 2016, which include a road map for implementation of Indian Accounting Standards (Ind AS) by Non-Banking Financial Companies (NBFCs) (NBFC road map).NBFCs will be required to comply with Ind AS in a phased manner, from accounting periods beginning on or after 1st April 2018 for the first phase and 1st April 2019 for the second phase. This circular confirms the timeline for Ind AS implementation by NBFCs that was specified by MCA in its press release dated 18th

January 2016.

For BanksOn 23rd June 2016, the Reserve Bank of India (RBI) issued a circular (reference DBR.BP.BC.No.106/ 21.07.001/2015-16) (the RBI circular) providing directions to all scheduled commercial banks (excluding regional rural banks), to submit their pro forma financial statements prepared on the basis of the Indian Accounting Standards (Ind AS) for the half-year ended 30th September 2016.

For Banks and NBFCs, as part of the implementation of IndAS, implementation of the following standards on Financial Instruments becomes very important:

IndAS 109: Financial InstrumentsIndAS 32: Financial Instruments : PresentationIndAS 113: Fair Value Measurement

It is widely felt that implementation of the above IndAS will have several implementation issues and wide ramifications to Banks and NBFCs, especially when IndAS 109 is being implemented in India ahead of several other advanced countries. Other corporates who have entered into derivative transactions for hedging and otherwise also face implementation issues.

At BCAS, it was felt that a specific program needs to be organised only to understand and discuss the issues faced by Banks / NBFCs and Corporates in implementing these standards.

The 2 days workshop has thus been planned to address the implementation challenges as well as to impart knowledge of implementing the above standards related to Financial Instruments. The topics to be discussed by eminent faculty having experience in the subject, will include:• Definitions,compoundinstruments,treasuryshares,offsetting• RecognitionandMeasurement,DerecognitionOfFinancialAssetsandLiabilities(includingsecuritizationof

Debts), Impairment of Financial Assets - Expected Loss Model, Embedded derivative and Hedge Accounting); • Disclosurerequirements-FinancialInstrumentsandOtherrelatedDisclosures;and• FairValuation(relatedtoFinancialInstruments)

Please block the above dates for an enriching experience. The faculty, venue, pricing, etc. is being finalised and will be intimated shortly.

ACCOUNTING & AUDITING COMMITTEE

Chairman: CA. Himanshu V. KishnadwalaConvenors: CA. Abhay R. Mehta, CA. Nikhil D. Patel & CA. Chirag H. Doshi

16TH & 17TH DECEMBER, 2016

BLOCK YOUR

DATES

12 NOVEMBER 2016

13NOVEMBER 2016

14 NOVEMBER 2016

7TH RESIDENTIAL STUDY COURSE ON IND AS

16th to 18th February, 2017

The Financial Year 2016-17 has heralded a new era of financial reporting in Indian corporate sector. Convergence of Indian Accounting Standards (Ind AS) with International Financial Reporting Standards (IFRS) has become a reality for the companies covered under Phase I of the implementation of Ind AS. The adoption of Ind AS has catapulted India at the centre stage of high quality and transparent financial reporting.

The Ind AS being converged standards to IFRS can provide reasonable comfort to international stakeholders investing in Indian companies, provided these standards are implemented in its spirit and they compatibly embrace the change.

Further the Phase II companies are also in queue to implement Ind AS from F.Y.2017-18, for which they would have to restate their F.Y. 2016-17 financials also as Ind AS comparatives to F.Y. 2017-18.

The journey of convergence to Ind AS has been nine years long and BCAS has been a front runner in equipping its members and other stakeholders at large with the knowledge of IFRS and Ind AS since past six years. Companies implementing Ind AS during phase I are also grappling with several implementation challenges.

The 7th BCAS Ind AS Residential Study Course has been planned to address the implementation challenges being faced as well as to impart knowledge of implementing Ind AS to the professionals to have a smooth transition for the corporate sector.

There will be three papers with Case Studies for group discussion, two presentation papers (including changes in accounting standards applicable to companies not implementing Ind AS) and a Panel Discussion on an Ind AS topic.

Please block the above dates for an enriching experience. The topics / faculty, venue, pricing, etc. is being finalised and will be intimated shortly.

ACCOUNTING & AUDITING COMMITTEEChairman: CA. Himanshu V. Kishnadwala

Convenors: CA. Abhay R. Mehta, CA. Nikhil D. Patel, CA. Chirag H. Doshi

BLOCK YOUR

DATES

15NOVEMBER 2016

TWO DAYS’ WORKSHOP ON MERGERS & ACQUISITIONS

This workshop is intended to give participants exposure to both the macro strategic issues faced by companies in M&A situations (buy-side and sell-side; hostile, friendly and crisis) as well as the tactical issues involved in negotiating acquisition agreements and other transaction documents.

Day & Date 27th Friday & 28th Saturday, January 2017

Time 9:00 a.m. to 6:00 p.m. - First Day9:00 a.m. to 3:00 p.m. - Second Day

Venue St. Regis Hotel, Senapati Bapat Marg, Lower Parel, Next to Palladium Mall – Mumbai 400 013.

Fees Early Bird Till 15th December 2016 After 16th December 2016

`7,000 + Service Tax `1050 = `8,050/- ` 8,000 + Service Tax ` 1200= `9200/-(Inclusive of course materials, breakfast, lunch and refreshments for both days & Contribution of ` 50/- towards BCAS Foundation )

TOPICS TO BE ADDRESSED BY EMINENT FACULTIES WILL BE AS UNDER

Sr. No. Topics Speakers1. Value Creation- Appreciation for the importance of financing structure on company value, as

well as pricing shares1) The sources of value creation in a restructuring event.2) Evaluating and pricing of acquisitions 3) How to complete a financial evaluation of merger and acquisition candidates4) The primary hurdles to restructuring in distress and methods/techniques to address these hurdles

CA. Adi Patel

2. Strategy & Alignment-1) The importance of clearly articulating the enterprise strategy before embarking on merger or acquisition activity2) How to gain alignment on management expectations about mergers and acquisitions3) How to establish a process for evaluating potential merger and acquisition candidates4) How to screen potential merger and acquisition candidates5) How to estimate the value of merger and acquisition candidates6) How to develop and implement an assimilation plan to guide post-merger integration activities7) Managing of post-acquisition integration and divestitures

Eminent Faculty

Topics to be explored include how buyers select, and then woo, their targets and what tactics buyers might pursue to keep the price low and eliminate competition; how target boards respond to acquisition overtures and evaluate bids; how to best structure a sale or auction of a public company; management-led buyouts and the potential for conflicts of interest; distressed company acquisitions and negotiating key provisions of an acquisition agreement, such as representations, “deal protection”, closing conditions, walk-away rights and related penalties, and deal financing.

Sr. No. Topics Speaker1 Income Tax - Domestic / International (in case of cross border) CA. Hiten Kotak2. Stamp duty Dr. CA. Anup Shah3 Companies Act & Bankruptcy Law CA. Nitin Potdar

4 SEBI Takeover Regulations Adv - Somasekhar Sundaresan5 FEMA & Cross Border Structuring Eminent Faculty6 Accounting Implications CA. Himanshu Kishnadwala7 Due Diligence Eminent Faculty

CORPORATE & ALLIED LAWS COMMITTEE

Chairman : CA. Kanu ChokshiConvenors: CA. Kinjal Shah, CA. Manish Reshamwala & CA. Preeti Oza

Programme Conceptualised by : CA. Naushad Panjwani & Dr. Anup ShahProgramme Co-ordinator : CA. Manish Reshamwala

16 NOVEMBER 2016

Subscribe Now!!!Lecture Meeting on “Is BEPS answer to Tax Planning?”

by CA. Rashmin Sanghvi in fireside chat with CA. Sushil Lakhani, held on 19th October 2016, is available on BCAS Web TV.

BCAS WEB TV

Payment can be made by cheque/DD payable at par in Mumbai in favour of ‘Bombay Chartered Accountants’ Society’. You can also pay by cash/credit card at the payment counter of BCAS Office. If you have an Imprest Account, then you can instruct us to adjust the subscription through the Imprest Account. The rates are subject to change based on notification from time to time.

Particulars Total Charges*

Ordinary, Life and Associate of Corporate Membership R 690

Journal R 690

Non-members R 690

Students WEB TV service complimentary with annual subscription.

*Inclusive of Service Tax.

17NOVEMBER 2016

BCAS ON THE WEB

As you are aware that at present, our various events, circulars & representations etc. are available for your reference on our website. Similarly Videos, Photos, Announcements etc. related to Past/Forthcoming Events & Monthly updates in respect of President’s/Vice-President’s Message are also uploaded on BCAS Social Media. You can view all the BCAS Updates through the following links created for the purpose.

•BCAS Website: BCAS website is an online knowledge portal for disseminating knowledge, developing skills & enlightening on the current developments through our series of events, lecture Meetings etc.

1 Online services: Members can make online payments for various services like membership fee, events enrolment, publications, renewal fee, subscription fee etc.

2 Forthcoming Events: The Forthcoming Events give the awareness about the upcoming events such as study circles, lecture meetings, seminars, workshops, camps etc.

3 Thought Mailers: Thought mailers are the independent views expressed by the Authors on the Social, Educational & Professional aspects etc.

4 RTI: Right to Information (RTI) is a voluntary initiative by BCAS Foundation to help in filing the RTI petition.

5 Annual Reports: The Annual Reports include Annual Financial Statements, Details of Managing Committee, BCAS Publications, Thought Mailer Contributors, Events Videos and Auditors Reports etc. since Financial Year 2009-2010.

6 Referencer: Referencer is the compilation of various topics on Accounting & Finance, Acts & Regulations and Circulars etc. compiled by experts in the respective fields.

7 E-Book: E-Book is a softcopy of the publications uploaded on the Website.

8 Publications: It contains the list of BCAS as well as other publications.

9 Newsletters: The Newsletter is a monthly circulation to BCAS Members containing the Vice-President’s communique & various programs of the Society.

10 Circulars: These are the circular issued by ICAI/RBI/Government of India/Government of Maharashtra etc.

11 Representations: Representations are the part of the escalations/grievances/suggestions etc. on the Circulars/Notifications issued on Tax & Finance matters etc.

12 NEFT Details: NEFT details are meant for online money transfer for Membership Fees, Journal Subscription, WebTV Subscription, Events Registration, Publications etc.

13 Enrolment Forms: Enrolments forms are required for the purpose of registration under Events/Membership/Other Subscriptions/BCAS Hall etc.

14 Careers: This is the placement portal for organisations for their manpower requirements

15 Seminar & Course Materials: This link contains the presentations & study/course material on different events held by BCAS.

16 News & updates: News & Updates are the source of latest information & updates on BCAS Activities.

• E-Journal: Monthly E-Journal is the reflection of hard copy of the Journal printed & dispatched to the Members & Journal

Subscribers on Monthly basis.

•WebTV: WebTV is the online portal to watch past event videos online.

• Social Media

1. Facebook: All the Forthcoming/Past events Photos & Announcements are posted here.

2. Twitter: The monthly updates including President’s & Vice-President’s message are updated here.

3. YouTube: Past Lecture Meetings’ videos are posted here.

4. LinkedIn: President’s & Vice-President’s message are updated here on monthly basis. You can join the below mentioned

LinkedIn groups for your independent views.

BCAS - Domestic Taxation, BCAS - International Tax, BCAS - VAT, BCAS - Infotech for Accountants, BCAS - Practice Management

BCAS - XBRL, Global Chartered Accountants, BCAS - Service Tax, BCAS GST, BCAS - IFRS

Make use of the above links on our website to get latest updates.

18 NOVEMBER 2016

PUBLICATION PUBLICATION NAME

DISCIPLINE WHO CAN BENEFIT AUTHORS MEMBER PRICE

GITA For Professionals in Hindi

Inspirational Chartered Accountants, Legal Professionals, Students and Citizens at large.

CA. Chetan Dalal MRP ` 75 For Postage Charges ` 35

Reporting Under CARO 2016

Accounting & Auditing

Chartered Accountants, Legal Professionals, Trade & Industry Professionals

CA. Viren Shah CA. Jeyur Shah

MRP `150 For Postage Charges ` 35

Income Declaration Scheme 2016

Taxation Chartered Accountants, Legal Professionals, Trade & Industry Professionals

CA. Bhadresh Doshi MRP ` 175For Postage Charges ` 35

Internal Controls Over Financial Reporting (ICFR) A Handbook for Private Companies and their Auditors

Accounting & Auditing

Chartered Accountants, Legal Professionals, Trade & Industry Professionals

CA. Nandita P. Parekh One BookMRP ` 100For Postage Charges` 35Set of 3 BooksMRP ` 250For Postage Charges` 105

Internal Audit- Practical Case Studies

Internal Audit Chartered Accountants, Legal Professionals, Trade& Industry Professionals

CA. Deepjee Singhal CA. Manish Pipalia

MRP ` 400For Postage Charges ` 35

BOMBAY CHARTERED ACCOUNTANTS' SOCIETY

PUBLICATIONS AT BCAS

19NOVEMBER 2016

BOMBAY CHARTERED ACCOUNTANTS' SOCIETY

PUBLICATIONS AT BCASPUBLICATION PUBLICATION

NAMEDISCIPLINE WHO CAN BENEFIT AUTHORS MEMBER

PRICE

Non-Banking Financial Companies – A Treatise

NBFC Regulations

Chartered Accountants, Legal Professionals, Trade & Industry Professionals

CA. Bhavesh Vora CA. Zubin Billimoria CA. Hardik Chokshi CA. Gautam Shah CA. Heneel Patel

MRP ` 500For Postage Charges ` 35

Partnership Firms Registration Procedure and Frequently Faced Issues with Registrar of Firms

Indian Partnership Act, 1932

Tax Payers, Chartered Accountants in Practice, Legal Professionals, Compliance Professionals, Students, Accountants, Libraries, Universities, Colleges and other institutions

CA. Uday Sathaye MRP ` 75 For Postage Charges ` 35

BCA Referencer 2016-2017

Accounting & Auditing, Direct Taxes, Indirect Taxes, Company Law & Other Laws

A handy compilation of all laws for every professional

Various Compilers MRP ` 900 For Postage Charges ` 200

GITA For Professionals in English

Inspirational Chartered Accountants, Legal Professionals, Students and Citizens at large.

CA. Chetan Dalal MRP ` 75 For Postage Charges ` 35

Study Material of 6th Residential Study Course on IFRS/Ind AS on a PEN DRIVE

Accounting & Auditing

Chartered Accountants in Practice, Financial Controllers, Compliance Professionals, Students, Management Professionals, Business Consultants, Businessmen, Accountants, Libraries, Universities, Colleges, etc.

Speakers CA. Rakesh Agarwal

CA. Ramesh Lakshman

CA. Sanjay A. Chauhan

CA. Zubin Billimoria

MRP ` 2000 For Postage Charges ` 100

Fewcopies

AvailableHurry Up

20 NOVEMBER 2016

21NOVEMBER 2016

BCAS LIBRARYState of the art –Library with latest publications on relevant topics on the profession

Dear Member,Are you aware that your Society has refurbished its library?Are you aware that with your membership you can avail the facility of using this library?If you did not know, now is the time to make the most of it………….

BCAS library in its new avatar is fully operational with best of the ambience, technology and facilities. The state of the art library has an air-conditioned lobby, study room and dedicated work stations for use by its members with print facility at a nominal cost. The library is equipped with a repository of more than 2000 books written by eminent authors. These books include the widely sought after BCAS publications and other publications published by publishers like Taxmann, Snowwhite, Wolters Kluwer (CCH), Bharat Law House etc. The collection is a wide spectrum, ranging from topics of professional interest like Direct Taxes, Indirect Taxation, Transfer Pricing, International Taxation, Service Tax, Company Laws, Labour Laws, Accounting & Auditing, Management Books, Tribunals and Supreme Court Judgements and BCA Journals etc. In addition to the books, online facilities for direct tax and indirect tax judgements are also available.

Members must visit the Newly Renovated BCAS office at Jolly Bhavan and avail this facility at their convenience from 10 am to 5 pm on all working days.

BCAS is contemplating to purchase online Transfer Pricing software which can facilitate the member in searching suitable comparables and preparing TP study report. Please drop an email on km@bcasonline.org in case you want to avail this facility.

For any inquiries, contact us at 022-61377619 or at E-Mail : km@bcasonline.org

22 NOVEMBER 2016104 BOMBAY CHARTERED ACCOUNTANT JOURNAL JULY 2016

516 (2016) 48-A BCAJ

MEMBERSHIP FEES FOR FY-2016-17Amount in `

One time YearlyLife Membership 10000*Life Membership with Journal 10000* 1200Journal Subscription 1200

Ordinary Membership Fees(including Journal Subscription)

ICAI Member on or after01-04-2012

ICAI Member prior to

01-04-2012Amount in `

Entrance Fees 500* 1000*Annual Fees 1500* 1500*

Student Membership Fees Amount in `

1 year 2 years 3 yearsFees include e-journal, web TV subscription, study Circle & discount on selected events.(Fees are inclusive of service tax) 500 800 1000

Corporate Membership Fees Amount in ` Entrance Fees 5000*3 years membership fees for nominating 2 associate Members 10000*

Additional associate member for 3 years 6000*

Entrance Fees is not payable in case of Renewal*denotes subject to service tax at rates applicable from time to time.

For enquiries you may please contact BCAS office at:-

91-22-61377602 or write to us at gm@bcasonline.org

For enquiries you may please contact BCAS office at:-

91-22-61377600 or write to us at mrd@bcasonline.org

Get benefit of reaching out to 10000+ subscribersacross the country

ADVERTISE IN BCAS JOURNAL

Cover (Multicolor) Fourth cover ` 30,000/-Third cover ` 25,000/-Second cover ` 25,000/-Inside Pages:Full (Multicolor) ` 17,500/-Full (B & W) ` 8,000/-Half (B & W) ` 5,000/-Quarter (B & W) ` 3,750/-

ADVERTISEMENT RATES:- 5% Discount for 6 insertions

10% discount for12 insertions

23NOVEMBER 2016

24 NOVEMBER 2016

Enrolment form overleaf......

25NOVEMBER 2016

USE OF BCAS HALL BY MEMBERS FOR EDUCATIONAL PURPOSES

It is the objective of the Society to disseminate knowledge in the fields of Chartered Accountancy. The managing committee has decided to make BCAS Hall available to members for their in-house staff training at a nominal cost. The Hall is well equipped with screen, projector and audio systems. We believe that this will be an added membership benefit and will enable members, especially the start-ups, small and medium practices to arrange staff training at BCAS premises.

The Application cum Undertaking form for the said use is given below and soft copy may be downloaded from the BCAS Website.

We hope that you will use this additional feature of your BCAS membership.

BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY7, Jolly Bhavan No. 2, Ground Floor, New Marine Lines, Mumbai- 400020

Application cum Undertaking Form

FOR USE OF BCAS HALL

The Office Manager,

Bombay Chartered Accountants’ Society, Mumbai- 400020.

Topic:____________________________________________________________________________________________________________________________________ Brief Description of the Event: ____________________________________________________________________________________________________ Time Slot Preference: [Subject to availability]

I wish to organise a training event in the field of Chartered Accountancy for my organisation as detailed below:

I am enclosing the hire charges& deposit towards the same. Details as follow:

I have read, understood the terms and conditions on the reverse and agree to abide by them.

Signature of Member

Date: ……../………/……………

BCAS Membership No:

Name (Mr. /Ms.)

Email id:

Mobile No:

Name of the Organisation

Day Date Time Seating Style(Theatre/Classroom)

Expected Gathering

............................................Nos.

Time Slot Timings Tick1st Slot – Half Day 9.00 am to 1.00 pm

2nd Slot – Half Day 1:30 pm to 5:30 pm

Full Day 9:00 am to 5:30 pm

Details By Cash/ Cheque No. Dated Bank Name Amount

HIRE CHARGES

DEPOSIT (Refundable)

For office use

Receipt no: …………......................................................................................................……………… Date: ……….................................Amt.`...…….……………Towards Deposit

Receipt no: ……………………......................................................................................................…… Date: ……….........................……. Amt. `.……………….....Towards Hire charges

Date: ………… Prepared by Verified by

26 NOVEMBER 2016

Terms and Conditions

1. BCAS Hall can be used for educational purpose in the field of Chartered Accountancy by a Member only and in accordance with the policy of the Society and for no other purposes either directly or indirectly or for commercial purpose.

2. The hall usage is made available by the BCAS to facilitate education of its members in the field of chartered accountancy at nominal cost/charge. The current charges are as under, till any revision:

a. Above rates are subject to service tax / GST as applicable.

b. Hall can be booked only 45 days prior to the date of educational event subject to availability except Sundays and BCAS Holidays.

c. Combined capacity of the hall is about 90 people in theatre style seating and 50 people in classroom style.

d. Refund of security deposit will be after 10 working days from the date of the event.

3. Any member wishing to make reservation for use of the BCAS Hall for the purpose stated in point 1 above should pay such charges and deposit 100% in advance.

4. Extension of time will strictly be subject to availability and there being no booking for next session and solely at the discretion of BCAS. Extension beyond 8.00 pm will not be permitted. ` 1,500 will be levied for every additional hour or a part thereof.

5. The Society reserves the right to accept or reject any application.

6. In case of cancellation of booking by members, a letter in writing duly signed by the member has to be received, 25% of the Hall charges will be deducted, in such case and balance will be refunded in 15 working days. In case of cancellation of booking by BCAS office, the entire amount will be refunded.

7. It is not permitted to stick any papers, balloons, pictures etc. on the wall, ceiling or curtains. In case of any damage caused to the property of the Society, the BCAS will have the right to recover compensation for such damages or disfiguration out of the refundable deposit.

8. The vehicle/s of the visitor/s to the BCAS Hall will not be permitted to be parked in the Jolly Bhavan Society premises. The use of the Hall is solely at the risk of the member and BCAS does not undertake any obligation for any loss or damage to the member or other persons attending such event. Members are advised to take care of their valuable and belongings at all times, and BCAS shall not be responsible for any loss thereof

9. Facilities

Facilities included in booking charges.

Full Hall Over Head Projector – Fixed

Screen – Fixed Podium with Microphone

Tea / Coffee (Once per slot) Tables

Chairs

Facilities not included

Food & Other Beverages Handouts, photo-copy, folders, stationery

Computers and Laptops.

Strictly, no cooking / heating is permitted inside the BCAS premises. Only packed food can be served.

10. This application should be submitted to- The Office Manager, BCAS, Jolly Bhavan 2, New Marine Lines, Churchgate, Mumbai 400 020. Contact: 022-61377611.

TIME Slot Amount * 1st Slot 2nd Slot

Half Day ` 7,500 9.00 am to 1.00 pm 1.30 pm to 5.30 pm

Full Day ` 15,000 9.00 am to 5.30 pm

Deposit ` 10,000

By Order

BCAS

27NOVEMBER 2016

FROM RBIContributed by : Gaurang V. Gandhi

The Reserve Bank of India has issued the following circulars

A. P. (DIR Series) Circular No. 6 dated October 20, 2016Review of sectoral caps and simplification of Foreign Direct Investment (FDI) Policy

This circular highlights the salient features of various amendments made to the Consolidated FDI Policy by the Central Government from time to time. The effect of these changes to the Consolidated FDI Policy, on Notification No. FEMA. 20/2000-RB dated 3rd May 2000 – Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, have been notified by RBI vide the following 3 Notifications: -

1. Notification No. FEMA.354/2015-RB dated October 30, 2015, (c .f. G.S.R No.823 (E) dated October 30, 2015).

2 . Notification No. FEMA 361/2016-RB dated February 15, 2016 (c.f. G.S.R No 165(E) dated February 15, 2016).

3. Notification No. FEMA 362/2016-RB dated February 15, 2016, (c .f. G.S.R No. 166 (E) dated February 15, 2016).

A. P. (DIR Series) Circular No. 7 dated October 20, 2016Notification No. FEMA 363/2016-RB dated April 28, 2016,Investment by a Foreign Venture Capital Investor (FVCI) registered under SEBI (FVCI) Regulations, 2000

This circular states that Schedule 6 of Notification No. FEMA. 20/2000-RB dated 3rd May 2000 – Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, dealing with Investment in India by SEBI registered Foreign Venture Capital Investors (FVCI) has been amended.

The amendments provide that SEBI registered FVCI: -1. Will not have to obtain RBI permission for making

investments under this Schedule.

2. Can invest in equity or equity linked instruments or debt instruments issued by an Indian company whose shares are not listed on a recognized stock exchange at the time of issue of the said securities / instruments provided the Company is engaged in any of the following sectors: -

i) Biotechnologyii) IT related to hardware and software developmentiii) Nanotechnologyiv) Seed research and developmentv) Research and development of new chemical entities in pharmaceutical sectorvi) Dairy industryvii) Poultry industryviii) Production of bio-fuelsix) Hotel-cum-convention centres with seating capacity of more than three thousandx) Infrastructure sector.3. Can invest in equity or equity linked instruments

or debt instruments issued by an Indian ‘startup’ irrespective of the sector in which the startup is engaged.

4. Can invest in units of a Venture Capital Fund (VCF) or of a Category I Alternative Investment Fund (Cat-I AIF) (registered under the SEBI (AIF) Regulations, 2012) or units of a Scheme or of a fund set up by a VCF or by a Cat-I AIF. However, the VCF or Cat-I AIF, which has received investment from FVCI, will have to comply with the provisions for downstream investment as laid down in Schedule 11.

5. Can open a foreign currency account and / or a rupee account with a designated bank branch for the purpose of making transactions only and exclusively under this Schedule.

6. Must pay for all investments out of inward remittance from abroad through normal banking channels or out of sale / maturity proceeds of or income generated from investment already made as per details mentioned above.

7. Can, without restriction, transfer any security / instrument held by it to any person resident in or outside India.

The entity receiving investment directly from a registered FVCI must report the investment in form FCGPR.

28 NOVEMBER 2016

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

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

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

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

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

2 pm 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 : ..................................................................................................

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

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

Name of Company/ Firm ..................................................................................................................................................................................................

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

Cash/Draft/Cheque no. ............................. Drawn on .............................................................................................................................................Bank,

Dated ........................... for an amount of r................................................................................................................................................... is enclosed.

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

Com

bine

d En

rolm

ent F

orm

SeminarFull Day Seminar on Alternative Fund Raising Options for Corporates........................25.11.2016........................................................................................................................................R2,200........

Full Day Seminar on Goods & Services Tax .............................................................10.12.2016.......................................................................................................................................R600...........Full Day Seminar on Estate Planning, Wills & Family Settlement - Critical Aspects.....14.12.2016................................................................Member.........R1,500.......... Non Member..R1,725.......

Two Days’ Seminar on Advanced Excel....................................................................25.11.2016 & 26.11.2016..........................................Member.........R4,600.......... Non Member..R5,750.......

Workshop2 Days’ Orientation Workshop for CA Students..........................................................08.12.2016 & 09.12.2016................................................................................................................R1,725.......2 Days’ Workshop on IND AS ...................................................................................16.12.2016 & 17.12.2016...................................................................................................(to be confirmed)......

Two Days’ Workshop on Mergers & Acquisitions........................................................27.01.2017 & 28.01.2017.........................................Early Bird Till 15th December 2016.................R8,050........

From 16th December 2016............................R9,200.......

Double Tax Avoidance Agreement..............................................................................3, 10, 17, 24 December 2016, 7, 14, 28 January 2017.....Member : ..R11550...... Non Members : R13,275....Study Course

BCAS Study Circles 2016 –17

Study Circle No. Subject Fee Tick your

choice here

I Direct Tax Laws 460*

II Indirect Tax Laws 460*

III Company Law, Auditing & Accounting 460*

IV FEMA 460*

V Information Technology 460*

VI Human Resource Development 460*

VII ITF 1,150*

VIII BCAS Suburban Study Circle 690*

IX International Economics 1,150*

X Students Study Circle 230*

Study Circle No. Subject Fee Tick your

choice here

* Inclusive of Service Tax of 15%