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

VicePresidents Communiqu

Dear Members,

India has certainly made signiicant progress and attainedachievements in dierent ields; the biggest o them is being ableto maintain unity, despite tremendous challenges and a hostileneighbourhood, that makes us all very proud! Even as we witnessthe emergence o the 29th Indian state in the orm o Telangana,we still remain a country where even sociocultural dierencesand a diverse ederal construct succumb, to the larger spirit ooneness and courage.

Indias signiicant achievements include:

A pulsating and vibrant democracy. Despite several limitations,India has seen peaceul transitions whenever elections haverejected a ruling party. In Asia, where the autocratic rulers thrive,

only South Korea, Japan and Taiwan score higher in the EconomistIntelligence Units Index o Democracy 2012.

Being a leading producer o essential ood commodities. Ouragricultural sector has become more resilient and the countryhas changed rom being a ooddeicient nation to a oodsurpluscountry, now exporting agricultural products.

Technological prowess: With notable achievements in space,nuclear, missile and computing ieldsamongst othersIndiaranked 1st in computer and inormation services exports in theGlobal Innovation Index (GII) 2013 which ranks 142 countriesacross the world on their innovation capacity and eficiency andis published by Cornell University, INSEAD, World IntellectualProperty Organization and Conederation o Indian Industry.

Vol. 16nNo. 5nAugust 2013

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

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

PROGRAMMES AT A GLANCE DATE VENUE PAGE NO.

Advanced FEMA Conerence ................... ............ ............ ............ ....31-08-2013 ........... ............ ............ ............. ... Walchand Hirachand Hall, Churchgate, Mumbai ........... ............ ............ .....

Fullday Seminar on Transer Pricing as Applicable toSpeciied Domestic Transactions Crash Courses ............. 07-09-2013................................................... Y.B. Chavan Pratishthan, Nariman Point, Mumbai.................................. 4

Seminar on NBFC Regulations .................................................. .11-09-2013 ............ ............ ............ ............ .......... Walchand Hirachand Hall, Churchgate, Mumbai ........... ............ ............ ..... 5

First Meeting o Healthcare Series ............................................17-09-2013 ........... ............ ............ ............ .......... BCAS Ofice ............ ............ ............ ............ ............ ............ ............ ............. ............ ........

Certiicate Course or Proessional Accountant.........19-11-2013 ....................................................BCAS & HR College, Churchgate, Mumbai ...................................... 3

Power Summit A Curtain Raiser ....................................... 05-12-2013 to 07-12-2013 ..........................Dubai. ..................................................................................................................... 11

Lecture Meetings ........................................................................ 29-08-2013, 04-09-2013... ....................................................................................................................................................... 1

(Continued on page 2)

India is the largest democracy in the world, the 7th largest countryin the world, and one o the most ancient civilizations.

(Source: www.knowindia.gov.in)

President:Naushad A. Panjwan

98200 59048 | [email protected]

VicePresident:Ntn P. Shngala


Hon. Jt. Secretary:Raman H. Jokhakar

98208 77976 |[email protected]

Hon. Jt. Secretary:Mukesh G. Trved

9820182456 |[email protected]

Hon. Treasurer:Chetan M. Shah


LECTURE MEETiNGS

*Fellowship over a cup of tea at 5.15 p.m.

Venue : Rama Watumall Auditorium, K.C. College, 124,Dinshaw Vaccha Road, Churchgate, Mumbai400020Day, Date & Tme: Wednesday, 4th September 2013, 5.30 p.m.

to 8.00 p.m.*Speaker : Narendra P. SardaSubject: Developments in Accounting Standards In Indiaand Globally.

(The Tenth Nani A. Palkhiwala Memorial Lecture organised byNani A. Palkhiwala Memorial Trust, jointly with Bombay CharteredAccountants Society and Forum o Free Enterprise.)

Venue : Tata Theatre, NCPA, Nariman Point,

Mumbai 400021

Day, Date & Tme: Thursday, 29th August 2013, 6.00 p.m.

Speaker : Dr. D. Subbarao, Governor, Reserve Bank o India

Subject: Five years o Leading RBI Looking Ahead by

Looking Back

While we enter into our 67th year o Independence with pride andhonour, we now ace serious challenges like corruption, poverty,population explosion, illiteracy, unemployment and terrorismthat threatens the nation. Rather than just ruminating over theseissues, we as citizens must play our part in building the nation andsecure a brighter tomorrow or uture generations.

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It is our duty to choose the right people to represent us andhold them accountable. Increasingly, it appears that citizens aredemanding greater transparency through the Right to InormationAct and other means, which will lead to increased accountability,which is the only solution to improve governance in our country.

The present orm and structure o democracy evolved in

the preinormation technology era. It is perhaps time to move toeDemocracy that would be a more participatory or consultativeorm o democracy, where implementation o systems orprocedures give citizens a heightened role in the governanceprocess.

In recent weeks, a debate on economic policy between AmartyaSen and Jagdish Bhagwati has been receiving signiicant attention.Sen has been arguing that growth alone is not suficient, but it alsoneeds to be supplemented by public expenditure and provision oood, nutrition, education, health, and sanitation or the masses tobring about signiicant improvement in the quality o lives o theunderprivileged.

On the other hand, Bhagwati puts orth a much greater emphasison growth as the mechanism to bring about sustained reduction

in poverty, as opposed to various subsidies and redistributivemeasures launched in the name o the poor, that also beneits thenonpoor. According to this line o thinking, growth helps the poorin two basic ways: by directly creating more productive jobs and

All the three clinics will be held in the Library room o the BCAS ofice.

BCAS Foundation operates a Right

to Inormation (RTI) Clinic on aregular basis.

The Clinic provides help and guidance

to BCAS members as also to non

members, i.e., all citizens, or making

applications under the RTI Act and

also assists in resolving any related

dificulties on the subject o RTI.

The RTI Clinic operates on every 2nd,

3rd and 4th Saturday rom 11 a.m.

to 1 p.m.

The next RTI Clinic days accordingly

are 24th & 31st August and 14th,

21st & 28th September 2013. Pleasecall to obtain a prior appointment.

Right to

infoRmation CliniC

Advisory Panel : Narayan K. Varma,Adv A K Asher, Hema D. Sampat

Clinic Coordinator: Vrushali 6137 7624

The next Charitable Trust Clinic will

be held on 6th September 2013 rom

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 [email protected]

and call to obtain a prior appointment,

latest by noon on the day o the clinic.

Querists are also advised to bring along

relevant papers like trust deeds, audited

accounts, etc.

ChaRitable tRust CliniC

Advisory Panel : Ratanshaw J.

Damanwala, Sharq M. Contractor,

Gautam S. Nayak, Anl J. Sathe, Atul H. Shah

Clinic Coordinator: Vrushali 6137 7624

aCCounts & audit CliniC

Advisory Panel : Sanjeev R. Pandt,

Hmanshu V. Kshnadwala,

Jayesh M. Gandh

Clinic Coordinator : Vrushali 6137 7624

The next Accounts & Audit Clinicwill be held on 7th September 2013 rom

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 email to asst.em@bcasonline.

org one week in advance and call to obtain

prior appointment, at least a day beore

the day o the clinic. Please note that

the panel will not answer any queries

pertaining to tax issues.

income or many, including the poor and by generating more taxrevenue which can be used or inancing social expenditures.

The dierences between the two stalwarts' viewpoints seem to belargely with regard to redistributive policies and proper balance orthe mix o public and private interventions in the economic policyramework. In choosing the right model or India, the administrativecapacity o the Government, to eficiently implement various social

welare schemes and the eficiency (or ineficiencies with wastageand diversion rom the intended beneiciaries) o alternativedelivery mechanisms should be o crucial considerations.

With growth and the rupee both altering, India once again acesa grave economic crisis, with the size o the economy ar biggerthan in 1991. Lets hope that the the Indian establishment willrespond to the crisis at least and use the opportunity to transormthe economy. With Raghuram Rajan, the worldclass economist atthe helm o the Reserve Bank o India, India will choose its optionswisely.

Wishing you all a Happy Independence Day!

With best wishes,

Nitin Shingala

The world's irst university was established in Takshila in 700 BC. More than 10,500 studentsrom all over the world studied more than 60 subjects. The University o Nalanda built in the4th century was one o the greatest achievements o ancient India in the ield o education.


(Continued from page 1)

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The Art o Navigation & Navigating was born in the river Sindh over 6,000 years ago.The very word Navigation is derived rom the Sanskrit word 'NAVGATIH'. The word navy

is also derived rom the Sanskrit word 'Nou'.


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Limited seats are reserved or nonmembers on irstcomeirstservedbasis. Enrolment ees are nonreundable.

Enrolment orm is printed on page no. 12

InternatIonal taxatIon CommItteeChairman : Kshor B. Kara

CoChairman : Deepak R. Shah

Convenors : Dhshat B. Mehta, Gaurang V. Gandh and Surl V. Shah

Coordinators: Chetan M. Shah and Natwar G. Thakrar

Advanced FEMA ConerenceInternational Taxation Committee is pleased to announce Advanced

FEMA Conerence jointly organised with The Chamber o Tax Consultants.

The conerence is planned to oer insight in to advanced level issues on

cross border transactions and enlighten our members on various intricacies

on the above subject.

Day & Date Saturday, 31st August 2013.

Time 9.30 am to 5.30 pm

Venue Walchand Hirachand Hall, 4th Floor, IMC,

Churchgate, Mumbai

Fees or members R1,300 + R161 (ST) = R1,461

Fees or nonmembers R1,600 + R198 (ST) = R1,798

(Fees include course material, breakast, lunch)

Subject Speakers

Introduction and Overview on important issues

under FEMA

Dilip J. Thakkar

Interactive session with RBI oficials. Senior RBI oficials *

Outbound Investment case studies and recent issues. Anup P. Shah

Foreign Direct Investment current issues. Hitesh D. Gajaria

*subject to conirmation

Enrolment will be restricted to frst 125 participants rom both

organisations put together.

Enrolment orm is printed on page no. 12

Full-day Seminar on TranserPricing as applicable to

Specified Domestic TransactionsTranser pricing regulations are now applicable to speced domestc

transactonsbetween related parties rom the assessment year 2013-14. This

entails responsibility on taxpayers to apply the most appropriate method or

determining the Arms length price in respect o such transactions and also

to maintain prescribed documents or compliance. This is a long and onerous

process similar to the requirements applicable to international transactions.

Further, severe penal provisions have also been made applicable or deaultin compliance. Large numbers o issues are under debate with regard to

applicability as well as or compliance o these provisions.

The taxpayers are also required to urnish accountants report in Form No.

3CEB on such transactions by 30 November 2013. This is the irst year or

establishing the compliance and urnishing such report. First year generally

becomes the base or the subsequent years. Considering its importance

and the ar reaching implications, this Seminar is designed to assist the

proessionals in appreciating and understanding the practical aspects o

analyzing and reporting on such domestic transactions.

Topcs Speakers

Transer pricing provisions as applicable to speced

domestc transactons

Yogesh A. Thar

Economic, unctional and comparability analysis,

selection o most appropriate method and analysis

and application o methods (CUP and RPM) withpractical issues and Case Studies

Vispi T. Patel

Analysis o other methods namely TNNM, PSM, CPM

and residuary method with practical issues and Case

Studies

Tilokchand P.

Ostwal

Documentation and Accountants report Sudhir N. Nayak

Day & Date Saturday, 07 September 2013

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

Venue Y. B. Chavan Pratishthan, Jagannath

Bhosale Marg, Near Sachivalaya Gymkhana,

Nariman Point, Mumbai 400 021

Fees or members R1,400 + R173 (ST) = R1,573

Fees or nonmembers R1,700 + R210 (ST) = R1,910(ees include snacks, course material i any and contribution o

R 50 towards BCAS Foundation)

Ayurveda is the earliest school o medicine known to mankind. The Father o Medicine,Charaka, consolidated Ayurveda 2,500 years ago.


*Mark Twan sad:

inda s the cradle o the human race, the brthplace o human

speech, the mother o hstory, the grandmother o legend, and

the great grandmother o tradton. Our most valuable and most

nstructve materals n the hstory o man are treasured up n

inda only.

*Albert Ensten sad:

We owe a lot to the indans, who taught us how to count, wthout

whch no worthwhle scentc dscovery could have been made.


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Bhaskaracharya rightly calculated the time taken by the earth to orbit the Sun, hundredso years beore the astronomer Smart. According to his calculation, the time taken by the

Earth to orbit the Sun was 365.258756484 days.


aCCountIng & audItIng CommIttee

Chairman: Harsh N. Motwalla

CoChairman: Kanu S. Choks

Convenors: Abhay R. Mehta, Jayesh M. Gandh and

Mansh P. Sampat

Coordinators: Abhay R. Mehta and Mansh P. Sampat

Semnar on NBFCRegulatons (includngAudt Aspects)Recently there has been a signiicant emphasis on inclusive growth

whereby NonBanking Financial Companies (NBFCs) are playing a vital

role in bringing remote areas into the old o banking sector, by creating

awareness o various savings/lending products. They are playing a

supplementary role or banking industry, by reaching out to people and

areas where normal banking channels have been unable to penetrate.

Realising the importance o their role and also to have a systematic andstructured growth o the NBFC sector, Reserve Bank o India has made

NBFCs highly regulated entities. There are many statutory/reporting

compliances to be adhered to, especially i they are accepting deposits rom

the public. NBFCs perorm inancial intermediation in a variety o ways, like

accepting deposits, making loans and advances, leasing, hire purchase, etc.

It is a specialised area o operations and keeping onesel abreast with the

domain knowledge o the unctions, operations, regulations and statutory

compliances o NBFCs is necessary or handling matters relating to NBFCs.

BCAS since last our years, with a view to sharpen the skills o participants in this

Session 1 Recent Developments in NBFC

Regulations

Mrs. Archana Mangalagiri,

GM, RBI, Department o

NonBanking Supervision

Session 2 Public Deposits, RBI Regulations

or NBFCs & CIC (Reserve Bank)

Directions, 2011

Anup P. Shah

Session 3 Audit procedures and reporting

in NBFCs

Viren B. Mehta,

(Conirmation Awaited)

(Fees include course material, breakast, lunch, and Rs. 50/ towardscontribution to BCAS Foundation)

Day & Date Wednesday, 11th September 2013

2.00 p.m. to 6.30 p.m.

Walchand Hirachand Hall, 4th Floor, IMC, Churchgate,Mumbai 400020

Time

Venue

Fees or

MembersR2,100 + R260 (ST) = R2,360

Fees or

NonmembersR2,600 + R321 (ST) = R2,921

specialised area o NBFCs and also to create awareness amongst the young

entrants in the proession o CA regarding the opportunities in NBFC sector,

has been organising seminar on NBFCs. Through such programs, BCAS also

achieves its vision o being acilitator in imparting knowledge in specialized

areas to its members and public at large. The response to the seminar over

last our years encourages BCAS this year also to organise a Seminar on NBFC

Regulations (including Audit Aspects).

The Seminar will be addressed by experts dealing with the subject matter

regularly and having in depth knowledge to share. The details o theseminar is as ollows:

BCA Referencer 2013-14

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

BCAS Membership No.: ......................Firms Name : .......................................................................................................................................................................................

Ofice Address : .........................................................................................................................................................................................................................................................................................

...............................................................................................................................................................Tel. Nos :. .......... ........................................Ofice : ....................................................................

Mobile : ................................................................................................... Email : .................................................................................... ..........

Cash/Drat/Cheque No :..................................Drawn on : ...................................................Bank Dated : ...............................................................................

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

Partculars Prce (Rs.) Postage (Rs.) Quantty Amount (Rs.)

Reerencer Premium Set (in exclusive older) with CD, Table diary and Pocket diary 950 200

Reerencer Premium Set (in exclusive older) with CD and Pocket diary only 750 150

Reerencer Reill Set with CD, Table Diary and Pocket Diary 650 150

Reerencer Reill Set with CD, and Pocket Diary only 500 150

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

Order Form

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The value o "pi" was irst calculated by the Indian Mathematician Budhayana, and heexplained the concept o what is known as the Pythagorean Theorem. He discovered

this in the 6th century, long beore the European mathematicians.


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BCaS PuBlICatIonS/ StudY materIal For Sale

Explorng FEMA

Prce R 225Postage R 75

Study Materal DVDon Semnar on NBFCRegulatons (includngAudt and Tax Aspects)held on 30thAugust 2012Prce R 1250Postage R 50

Real Estate Laws

Prce R 180Postage R 100

Dgest o FullBench Decsons oCentral inormaton

Commsson (r2)Member Prce R 120NonMemberPrceR 150Postage R 50

CA Frm o the FutureMember Prce R 200NonMemberPrceR 250Postage R 100

RECENT PUBLiCATiONS

OTHER PUBLiCATiONS

Gta or ProessonalsPrce R 100Postage R 50

Advance Rulngs Lawand Procedures A ComplatonPrce R 125Postage R 50

Regstraton o Frmswth Regstrar oFrms Procedure

and Frequently acedProblems*Prce R 50Postage R25

Audt Checklst or Companes(CD Free)(Edton 2013)

Member Prce R400NonMember PrceR500Postage R200

Laws & Busness A

Compendum (4th Edton)(publshed under the auspces oLate Shalesh Kapada MemoralPublcaton Fund)

Member Prce R400NonMember PrceR400Postage R200

Rght to Know The Rght to

inormaton Act, 2005Set o 5 Booklets or R25or Members &Non MembersPostage R25 or set o5 booklets

Study Materal DVD on RealEstate Summt held on 1st & 2ndFebruary 2013(Approxmately 16 hours orecordng)Members R 2500NonMembers R 3000Postage Members & NonMembers R 50

Sushruta is regarded as the Father o Surgery. Over 2,600 years ago, Sushruta & histeam conducted complicated surgeries like cataract, artiicial limbs, caesareans,

ractures, urinary stones, plastic surgery and brain surgeries.


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Usage o anaesthesia was well known in ancient Indian medicine. Detailed knowledgeo anatomy, embryology, digestion, metabolism, physiology, etiology, genetics and

immunity is also ound in many ancient Indian texts.


COMPLETED GRADUATIONWORKED AS AN ACCOUNTS ASSISTANT ORCOMPLETED ARTICLE TRAINING

HERE IS A COURSE JUST FOR YOU.

BeCome a ProFeSSIonal

aCCountant

WHAT NEXT?

Course objectve: To identiy, train, improve job prospects and create

a new brand o proessionals who will be identiied as Proessional

Accountants (PAs).

Elgblty: T.Y. B.Com or 3 years work experience or completed articleship.

Syllabus:Covering all essential subjects to make you an eective

independent accountant. The course will cover not only basic subjects

like accounts, tax etc, but also include costing, MIS, ERP inancial

packages, ofice systems, reports and communication skills and yes

even how to drat an eective CV.

Course commences on :19th November 2013

Course duraton : A total o 20 sessions will be held o 3 hrs each.

Sessions will be spread over on Tuesdays & Fridays evening & some

Saturdays aternoon at BCAS & HR College.

Tmng: 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 o Ser vice Tax @ 12.36%)

Restricted to 45 participants

Certiicates will be awarded to participants on ulillment o criteria.

NAUSHAD A. PANJWANi, President BCAS,

iNDU SHAHANi, Principal, H. R. College

ORGANISED JOINTLY BY

Bombay Chartered Accountants Socety

7, Jolly Bhavan No. 2, Ground Floor, New Marine Lines,

Mumbai 400 020.

Tel. 61377600 Fax 61377666

Email [email protected]

Website: www.bcasonline.org

Web TV : www.bcasonline.tv

HR College o Commerce & Economcs

123, D.W. Road, Churchgate, Mumbai 400 020.

Tel: 91 22 2287 6115 Fax: 91 22 2281 0758

Email: [email protected]

Website: www.hrcollege.edu

Note :

Submit enrollment orm along with 1 photograph at BCAS ofice 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 aculties could change based on course requirement.

Cheque should be drawn on Bombay Chartered Accountants Society. Outstation payment by Demand Drat / Cheques at par only, payable at

Mumbai. Members can pay through the credit / debit card at the BCAS Ofice.

Enrollment on irst come irst served basis.

Kindly note that no reund will be given in case o cancellation or any reason and no substitute will be allowed, once the enrolment orm is submitted.

Note : For Detals please reer webste o BCAS or contact oce

FOR FURTHER DETAILS CONTACT :

Coordnators

Manish Reshamwala 66355488, 9820050810

Manori Shah 23523849, 9820190092

Pro. Parag Thakkar 9820304543

Batch XVi

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SubscribeNow!!!

Payment can be made by cheque/DD payable at par in Mumbai in avour o Bombay Chartered Accountants

Society. You can also pay by cash/credit card at the payment counter o BCAS Ofice. I you have an ImprestAccount, then you can instruct us to adjust the subscription through the imprest Account. For urther details

log on to www.bcasonline.org

Particulars Subscription

Charges + Service Tax

Total

Charges

Ordinary, Lie and Associates o Corporate Membership R600 + 12.36% R674

Students R600 + 12.36% R674

Journal subscribers R900 + 12.36% R1,011

Nonmembers R1,200 + 12.36% R1,348

Lecture Meeting on Domestic Transer Pricing Important Issues by Pinakin Desai, held on 10th July2013 is available on BCAS Web TV

Renewal o BCAS Web TV or 2013-14

The our religions born in India Hinduism, Buddhism, Jainism, and Sikhism, are ollowedby 25% o the world's population.


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Algebra, Trigonometry and Calculus also originated in India. Quadratic equations wereused by Sridharacharya in the 11th century.


indan Accountng

Standards & GAAP

7th Edton Volume 1 &2

Author : Dolphy DSouza

Publsher : Snow Whte

Law o income Tax, 11th

Edton, Volume 4 to 8

Author : Sampath iyengar

Publsher : Bharat Law

House

Set Of and Carry Forward

o Losses, 3rd Edton

Author : Krt Sanghv

Publsher : CCH

Wealth Tax Securtes

Transacton Tax &

Commodtes Transacton

Tax wth Rules, 40th Edton

o Taxmann

Practcal Gude on TDSand TCS

Author : G. Sekar

Publsher : CCH

Proessonal Manual on

Accountng Standards

Author : G. Sekar &

Saravana Prasath

Publsher : CCH

internatonal Taxaton :A Compendum, 3rd

Edton, Volume 1 to 4

Author : The Chamber o

Tax Consultants

Publsher : CCH

Taxaton o Trusts & NGOs,

7th Edton

Author : Manoj Fogla

Publsher : Taxmann

V.G.Mehtas income

Tax Ready Reckoner

Author : N. V. Mehta

Publsher : Shr Kuber

Pub. House

Handbook on Valuaton

Author : Kamal Garg

Publsher : Bharat Law

House

Mergers & Acqustons

Author : Chrstopher

Kummer, Wolgang Molzer

& Franz Ferdnand Efe

Publsher : Lexs Nexs

Lmted Lablty

Partnershp, 2nd Edton

Author : Pramod Jan

Publsher : Corporate

Law Advser

new BookS In BCaS lIBrarY

Note: These books are only or lbrary readng

purpose or members and wll not be ssued.

4i CommIttee

Chairman: Uday V. Sathaye

CoChairman: Hmanshu V. Kshnadwala

Convenors: Chrag A. Chauhan, Nandta P. Parekh and Pnky H. Shah

Coordinators:Ameet N. Patel and Nandta P. Parekh

Power Summt 2013 A Curtan RaserAt the 4 commttee o BCAS, we are thnkng bg, thnkng uture

are you?

The Power Summit is an annual event organized by the 4i committee to

provide a platorm or proessional irms to come together and deliberate on

growth strategies through networking, mergers, technology initiatives and

practice management. The Power Summit aims to get todays irms ready or

tomorrows challenges and opportunities.

Ater three very successul Power Summits held in the past 3 years, the 4i

Committee has decided to take a leap and hold the next Power Summit

in Dubai, rom Thursday, 5th December 2013 to Saturday, 7th December

2013. While the Committee is busy inalizing the arrangements and theprogramme schedule, all we can share with you is that it will be an event not

to be missed. Powerpacked and empowering, it will connect proessional

irms across regions to deliberate on issues that concern the proession and

the opportunities that exist through expanding ones arena internationally.

This years Power Summit will have both, aculty and participants,

rom 2 principal regions India and the UAE. We are hopeul o having

participants rom other countries as well. The Power Summit will ocus

on contemporary issues aced by the proession amidst challenging

economic climate and dynamic regulatory environment and will

explore the possibility o growth through mergers, networks and strategic

tieups.

The Power Summit will be open or a maximum o 100 participants, with 30%

seats reserved or overseas participants. So, i this event excites you, please

prereserve your seat, by paying a nonreundable advance o R10,000 +

R1,236 (ST) = R11,236 this advance will be used or making the travel andhotel bookings to get a bulk rates.

The detals o the Power Summt:

Day & Date Thursday, 5th December 2013 to Saturday,

7th December 2013

Venue Dubai speciic venue to be inalized

Estimated Cost R45,000 plus Service Tax as applicable

All inclusive o air are, visa cost, hotel stay, conerence participation

and contribution o R50 to BCAS Foundation.

(The exact cost would be nalzed and announced shortly)

Advance Bookng: R10,000 + R1,236 (ST)=R11,236

Who should attend? : Present and uture leaders o proessional irms whichare eager to expand exponentially in India and outside.

A detailed announcement will ollow in our next newsletter, but your early

response, with the prebooking cheque will assure you a place in this exciting

event. The Cheque or R11,236/ avouring Bombay Chartered Accountants

Society must be sent to BCAS ofice, clearly indicating the name o the

participants (as appearing in the passport) and a conirmation whether the

participant wishes to travel with the BCAS group or will be making his/her

travel arrangements independently.

In case you wish to learn more about our previous Power Summit, please

procure a copy o the DVD that contains the recording o all the sessions as

well as the presentations made. The same is available at the BCAS ofice. The

same might persuade you to attend the Dubai Summit (in case you are not

already convinced).

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BCAS

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From rBIContributed by : Gaurang V. Gandhi

The Reserve Bank o India has issued the ollowing8 circulars

A. P. (DiR Seres) Crcular No. 4 dated July 8, 2013

Exm Bank's Lne o Credt o USD 10 mllon to the Government o

Seychelles

Exim Bank has made available, subject to certain terms and conditions,

to the Government o Seychelles a Line o Credit o US $ 10 million or

inancing purchase o eligible goods, services, machinery and equipment

including consultancy services import o goods and services or speciic

projects unded by Development Bank o Seychelles in Seychelles.

Eligible goods and services including consultancy services o the value

o at least 75% o the contract price must be supplied by the sellers

rom India, while the remaining 25% o the goods and services may be

procured by the sellers rom outside India. However, a suitable relaxation

not exceeding 10 % may be considered on case to case basis or projects

having civil construction.

The last date or opening o Letters o Credit and Disbursement or

project exports will be 48 months rom the scheduled completion date o

the contract and December 17, 2018 in case o supply contracts.


Deerred Payment Protocols dated Aprl 30, 1981 and December 23,

1985 between Government o inda and erstwhle U SSR

With eect rom June 25, 2013 the Rupee value o the Special Currency

Basket has been ixed at Rs. 80.972091 as against the earlier value o Rs.

78.374512.


External Commercal Borrowngs (ECB) Polcy NonBankng Fnance

Company Asset Fnance Companes (NBFC AFCs)

This circular permits NBFC AFC to avail ECB (including outstandingECB) up to 75% o their owned unds, subject to a maximum o USD

200 million or its equivalent per inancial year under the Automatic

Route to inance the import o inrastructure equipment or leasing to

inrastructure projects. ECB in excess o the above limit can be availed

o under the Approval Route. The minimum average maturity period o

the ECB must be ive years. Where ECB is availed o in the orm o Foreign

Currency Bonds rom international capital markets, than such ECB must

be raised only rom those international capital markets that are subject

to regulations prescribed by regulator in the host country which is a

member o the Financial Action Task Force (FATF) and is compliant with

FATF guidelines. Foreign currency risk in respect o ECB will have to be

hedged in ull.


Rsk Management and inter Bank DealngsThis circular prohibits banks rom banks rom carrying out any proprietary

trading in the currency utures / exchange traded currency options

markets. Thus, banks can undertake transactions in these markets only

on behal o their clients.


Overseas investments Shares o SWiFT

Notcaton No. FEMA.271/RB-2013 dated March 19, 2013

Presently, banks resident in India require speciic approval o RBI

to acquire shares o the Society or Worldwide Interbank Financial

Telecommunication (SWIFT), Belgium.

This circular grants general permission to a bank in India which has been

permitted by RBI to become a member o the SWIFT Users Group in

India to acquire the shares o SWIFT.


Trade Credts or imports nto inda Revew o allncost celng

This circular states that the present allincost ceiling or trade credits, as

mentioned below, will continue till September 30, 2013:

Maturity period Allincost ceilings over 6 months

LIBOR or the respective currency

o credit or applicable benchmark

Up to 1 year350 basis points

More than 1 year and up to 3 years

The allincost ceiling will include arranger ee, upront ee, management ee,

handling / processing charges, out o pocket and legal expenses, i any.

Further, the period o trade credit must be linked to the operating cycle

and trade transaction.

A. P. (DiR Seres) Crcular N o. 10 dated July 11, 2013

External Commercal Borrowngs (ECB) Polcy Renancng /Reschedulng o ECB

This circular permits borrowers to reinance under the Approval Route,

up to September 30, 2013, an existing ECB by raising resh ECB at a higher

allincost / reschedule an existing ECB at a higher allincost. However,

the enhanced allincost must not exceed the current allincost ceiling.

A. P. (DiR Seres) Crcular N o. 11 dated July 11, 2013

External Commercal Borrowngs (ECB) Polcy Revew o allncost

celng

This circular states that the present allincost ceiling or ECB, as

mentioned below, will continue till March 31, 2013:

Sr. No. Average Maturity Period Allincost over 6 month

LIBOR or the respective

currency o borrowing orapplicable benchmark

1. Three years and up to ive years 350 bps

2. More than ive years 500 bps

Until 1896, India was the only source o diamonds in the world(Source: Gemological Institute o America).


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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 Ofce, Mumbai-1Published on 15th of every month Posted on 15th & 16th of every month

Please ll in the above form and send the same to the Societys ofce along with requisite payment. Please mention your name and membership number on the reverse side of the local cheque/at parcheque/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)

Seminar

Conference

Power Summit

Full-day Seminar on Transfer Pricing as applicable to

Specied Domestic Transactions ...........07-09-2013 ...... ..................................................... ......r1,573 for members ........... ........ r1,910 for non-members ......

SEMINAR ON NBFC Regulations (Including

Audit Aspects) .........................................11-09-2013 ...... ..................................................... ......r2,360 for members ........... ........ r2,921 for non-members ......

Advanced FEMA Conference ................................................31-08-2013 .......................................................................r1,461 for members......... .. r1,798 for non-members ...............

Power Summit 2013 - A Curtain Raiser .................................05-12-2013 to 07-12-2013 ...............................................r45,000 (Estimated) ......... .. r11,236 Advance Booking ..............

BCAS Study Circles 201314Study

Circle No. Subject FeeTick your

choice here

I Direct Tax Laws 449*

II Indirect Tax Laws 449*

III Company Law, Auditing & Accounting 449*

IV FEMA 449*

V Inormation Technology 449*

StudyCircle No. Subject Fee

Tick yourchoice here

VI Human Resource Development 449*

VII ITF 1,123*

VIII BCAS Suburban Study Circle 674*

IX International Economics 1,123*X Students Study Circle 224*

* Inclusive o Service Tax o 12.36%

CombinedEnrolm

entForm

The world's highest cricket ground is in Chail, Himachal Pradesh. Built in 1893 aterleveling a hilltop, this cricket pitch is 2,444 meters above sea level.


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