MARCH 20151

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 Communiqué

Dear Member,

Hope you had an awesome Holi! Whether you played with colours or not, it certainly was a nice long weekend to rest, relax, and recharge! Colours remind us of variety and gaiety.

In the last several weeks, we witnessed a heated debate on the ban of a documentary around the Nirbhaya episode, cricket and H1N1 fevers raging across the country, launch of the Apple watch and of course, how can one not mention the Union Budget 2015. The tax proposals have both the beneficial and taxing provisions. However, my wish that it would ‘Budge’ the ridiculous and rancid sections, clauses and provisos, remained unfulfilled.

The BCAS event on the Union Budget 2015 addressed by Mr. S. E. Dastur was not only grand, like each year, but momentous too. Grand because some 2,500+ people heard him live in addition to some 2,800+ connections linked up on a seamless live webcast. It was also momentous, because it was the 50th BCAS talk on the Union Budget, since the first address by Late Nani A. Palkhiwala. Mr. Dastur spoke on the Union Budget for an uninterrupted 27th instance in his lucid, witty and inimitable style. In case you missed it, you can still watch it on our Youtube channel.

The long awaited notification on IND ASs came through, finally! As serendipitous as it can be, the notification came out while the Residential Study Course on IFRS was underway at Lonavala.

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: Nitin P. Shingala 98200 57694 | president@bcasonline.org

Vice-President: Raman H. Jokhakar 98208 77976 | vp@bcasonline.org

Hon. Jt. Secretary: Narayan R. Pasari 98200 38095 | joint.secretary@bcasonline.org

Hon. Jt. Secretary: Sunil B. Gabhawalla 98213 23921 | joint.secretary1@bcasonline.org

Hon. Treasurer: Mukesh G. Trivedi 98201 82456 | treasurer@bcasonline.org

Vol. 17 n No. 12 n March 2015

PROGRAMMES AT A GLANCE DATE VENUE PAGE NO.

BCAS Cricket Festival 2015...............................................................................................21.03.2015 ...................................... P.A. Mhatre Sports Academy, Juhu ..................................................8Full day Workshop on “Practical Issues in Tax Deduction at Source” ......10.04.2015. .................................... Navinbhai Thakkar Auditorium, Vile Parle (East) ................513th Residential Leadership Camp/Spiritual Retreat .........................................17.04.2015 to 19.04.2015.........Moksha (Discover Yourself), Pune ............................................ 42 Day Orientation Workshop designed for Fresh Articled Students .................24.04.2015 to 25.04.2015.......RVG Hostel, Andheri (W) ........................................................................4Power Summit Brave New World .............................................................................................24.04.2015 to 25.04.2015...... .MCA Club – Boundary, Bandra (East) ...................................................3International Tax & Finance Conference, 2015 ................................................................14.08.2015 to 17.08.2015.........Aamby Valley, Lonavala ...................................................................................5Lecture Meetings .................................................................................................................................25.03.2015, 15.04.2015 ..............................................................................................................................................................1 Study Circle..............................................................................................................................................11.04.2015,09.05.2015 ..............................................................................................................................................................3

LECTURE MEETINGS

Speaker: Golo J. Pilz, Advisor Renewable Energy Brahma KumarisSubject: Climate Control - The World in TransitionVenue: BCAS, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai – 400 020Day, Date & Time: Wednesday, 25th March, 2015, 6:15 p.m.*

Speaker: Dilip Thakkar, Chartered AccountantSubject: Foreign Assets - Recent disclosures and related developmentsVenue: Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai – 400 020Day, Date & Time: Wednesday, 15th April, 2015, 6:15 p.m.*

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

In the last few communiqués, I wrote on topics that are not strictly ‘technical’ – they do not relate to Tax, Audit, Advisory or any of those ‘usual suspects’. Technical skills, are a given, you have to have them. If you don’t have them as much you would like, with numerous available means, effort and passage of time you will cultivate those. What is critical is, to look at all that we do from a heightened perspective. Consider this:

There are 2.5 lac+ CAs, evenly divided between practice and industry. The starting pay of a fresh CA ranges between ` 7,500 to ` 1 lac+ per month. Some take months to find a job of their liking, others settle for less. On top of this, there are 10+ lac students in the pipeline. Most traditional services are commoditised, and practitioners give similar if not identical services. Even if you start

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something new, competition will come up with a way to deliver it better and cheaper. The question is - what is the differentiator? Being unique and staying unique is the need, more than ever before, to thrive in a fast commoditised universe.

We can look at it from the perspective of WHAT and HOW. The WHAT is less relevant. The WHAT is all that we do - tax, audit, accounting, advisory. The WHAT is our JD or services portfolio or our scope, and all that.

Yet, the entire experience and impact of each WHAT will depend on HOW it is done! That will be the ‘clincher’. Take an example of giving a gift to someone. The entire experience of the other person will depend not only on the gift alone. What will define the total experience is - the selection of wrapping paper, what you write on the card, what pen you use, timing of delivery, who delivers it, and so on. This will be a big differentiator. This is true with our services. It is no longer about WHAT (the product), it is now a ‘composite contract’ (in service tax lingo). Its all about HOW you go about it – your availability, turnaround time, presentation and writing skills, communication,

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

RIGHT TO INFORMATION CLINIC

CHARITABLE TRUST CLINIC

ACCOUNTS & AUDIT CLINIC

Advisory Panel : Narayan K. Varma, Adv. A. K. Asher, Hema D. SampatClinic Co-ordinator: Ms. Bindu Mistry – 61377624

Advisory Panel : Ratanshaw J. Damanwala, Shariq M. Contractor, Gautam S. Nayak, Anil J. Sathe, Atul H. ShahClinic Co-ordinator: Ms. Bindu Mistry – 61377624

Advisory Panel : Sanjeev R. Pandit, Himanshu V. Kishnadwala, Jayesh M. Gandhi Clinic Co-ordinator : Ms. Bindu Mistry – 61377624

Foundation operates a Right to Information (RTI) Clinic on a regular basis. The Clinic provides help and guidance to BCAS members as also to non-members, i.e., all citizens, for making applications under the RTI Act and also assists in resolving any related difficulties on the subject of RTI. The RTI Clinic operates on every 2nd, 3rd and 4th Saturday from 11 a.m. to 1 p.m. The next RTI Clinic days accordingly are 28th March, 2015 and 11th, 18th and 25th April, 2015. Please call to obtain a prior appointment.

The next Charitable Trust Clinic will be held on 10th April, 2015 from 5 p.m. to 7 p.m.

Chartered Accountants and Trustees interested in having their queries solved are requested to send their queries by email to 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.

The next Accounts & Audit Clinic will be held on 4th April, 2015 from 10.30 a.m. to 11.30 a.m.

Persons interested in having their queries pertaining to accounting and auditing issues solved are requested to send the queries by e-mail to 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.

attitude towards client’s needs and views, ease and comfort the client gets, a work culture that builds client trust, ability to foresee issues from a client perspective, value perceived by the client, quality of detailing and review, passion and innovation demonstrated in our behaviour, a sense of care and much more. Connection, Trust, Transparency, Authenticity, Respect, Reputation, and Purpose, which were earlier considered to be ‘soft’, are now the hard currency of today. In a commoditised world, especially in India, there is a large uncharted realm of HOW we do what we do. We can’t overlook that anymore as there is a long way to go!

Have a great FYE!

Yours truly,

Raman H. Jokhakar

MARCH 20153

The world around us is changing fast and everyday, something takes us by surprise. Who would have imagined:• thatMrBarackObamawouldbeourguestattheRepublicDayevent?• thatAAPwillmakeacomebackinDelhi?• thatOilPriceswouldplungebelow$50?• thatE-commercewillhaveafielddayinIndia?• that being in a start up would be more “in” than getting a job in

ani-bank?• thata17yearoldgirlwouldbeawardedtheNobelPeacePrize?• thatMrNPSardawillonceagainteachStandardCostingand…more

than600studentswilllistentohimalloveragain?

We, at the Infotech& 4i Committee, are committed to respond to thechangesaroundus,with imaginationand initiatives.Ourannualevent,Power Summit (which is in its 5th year now), is a unique platform for professionals to discuss and debate, to learn and share, and together deal with changes that are imapcting the profession. Our theme forthe much awaited Power Summit 2015 is “BraveNewWorld” and theobjectiveistoempwoertheparticipantstotakethatleapoffaith–aleapof faith to pursue one’s dreams, to follow one’s passions and to create something that one has only dreamt of or even something that, hitherto, was not even dreamt of.

To intiate the debate, we will have persons from different walks oflife who have taken a leap of faith at some point in their lives – apersonal transformation, a career change, a change of disciplines. Such a leap of faith requires one to leave the solid ground one isstanding on and be mid-air for some time with a hope that one will landwhereoneexpectedto.Forsome,thepossibiliteslooktoohazy,formostothers,lettinggoofthesolidground(read‘comfortzone’)is thedifficulty.

So,letusmeet,andcheckoutwhetherwehavewhatittakestogreetthebrave new world that is waiting for us out there!

ThePower Summitwill behosted inMumbai onApril 24-25, 2015and you can pre-book your seat by sending an email to em@bcasonline.org

The details of the topics and speakers are as follows:

Topic Speaker

Courage to rise to a challenge, confidencetoseizetheopportunity

PadmaShriT.N.Manoharan,Chartered Accountant

From profession to social venture (leaving the position of a partner in a Big 4 to pursue other interests primarily inthenon-profitspace)

Sanjay Hegde, Chartered Accountant

Following the entrepreneurship instinct –notoncebutrepeatedly

DineshKanabar*,Chartered Accountant

INFOTECH & 4I COMMITTEE

INFORMATION TECHNOLOGY STUDY CIRCLE

Power Summit Brave New World - Are you ready to take a leap of faith?

Study Circle

Chairman : Ameet PatelCo - Chairman : Nandita ParekhConvenors : Kinjal Shah & Pinky ShahCo-ordinator: Mrinal Mehta

Convenors : Kamlesh Doshi & Sanjay Chokshi

If you want to go where no one has been, can you do it without taking risks?

A short movie followed by a discussion on getting ready to sail in uncharted waters

Divyesh Muni, Chartered Accountant, and Vineeta Muni (avid and celebrated mountaineers)

From crunching numbers to tracking scores–theCAwhogotpaidtowatchthe world cup live!

AbhishekPurohit,Chartered Accountant

Moving from one side of the table to the other–shiftingfromprofessionalpracticeto industry in a leadership position

An eminent speaker

Dreaming big begins with learning tolet go!

An eminent speaker

*Subjecttoconfirmation

Inaddition,totheabove,wealsoplantohaveaspecialsessiononsocial/professional networking.

The brief event details are as follows:

Days & Dates

Friday,24thApril&Saturday,25thApril,2015

Time 9.15 a.m. to 5.00 p.m. (both days)

Venue MCA Club, Boundary Hall, G-Block, Bandra KurlaComplex, Bandra East, Mumbai 400051.

Fees ForBCASMembers:`7,000/-+865(ST)=`7,865

For Non-Members : `9,000/-+1,113(ST)=` 10,113

Fees include service tax, course material, and lunch, refreshments and `50/-contributiontowardsBCASFoundation.

Enrolment form is printed on page 12.

Day & Date Saturday,11thApril2015

Time 10.00 a.m. to 12.00 p.m.

Group Leader Vaibhav Manek, Chartered Accountant

Topic PracticeManagement -AligningHumanCapitalforgrowthinPSFs

Venue BCASOffice

Day & Date Saturday,9thMay2015

Time 10.00 am to 12.00 noon

Group Leader Vaibhav Manek, Chartered Accountant

Topic Practice Management - Marketing ProfessionalServices

Venue BCASOffice

BCAS 4

TheannualLeadershipCamphasevolvedintoSpiritualRetreatoverthepast few years. The themes of last three camps have been (i) 2012: Everyday Happiness; (ii) 2013: Living in Harmony and (iii) 2014: Holistic Wellbeing. This year we have selected the theme of: “Body-Mind Balance”.

Participants who have been regularly attending this annual event haveexperienced tremendous personal growth and have kindled desire for spiritualpursuit.EveryRetreatbringsfreshideasandrejuvenatesbody,mindand intellect of the participants.

About this year’s theme of ‘Body – Mind Balance’:

“Asoundmindinasoundbody;isashort,butfulldescriptionofahappystate in thisworld”. – JohnLocke.Healthymind leads tohealthybody.Ourbodyandmindaresointerconnectedthatwellnessorotherwiseofoneaffectsor influences theother. Therefore, balancingor integrationof both these vital instruments of our existence is vital for a meaningful and purposeful life.

DuringtheRetreat,participantswillbeexposedtovarioustechniquesofbody-mind balancing through interactive sessions, meditation and other activities.

Faculty:Dr.HarishJoshiandMrs.KokilabenH.Joshi fromIndianSpiritualHealing Foundation, Ahmedabad.

Dr.HarishJoshi isaNeuro-Physicianandused topracticemedicinebeforegivingupworldlypursuitsforspiritualgrowth.HeisanardentfollowerofSriSriMahavatarBabajiandhasbeenblessedwithdivineknowledgeofSpiritualHealing (ParashaktiChikitsa)andotherYogicPractices fromBabaji.Hehadbeen“ArtofLiving”TeacherandhasconductednumberofcoursesfortheIndianArmy.AtpresentheisimpartingdivineknowledgeofParashaktiChikitsatoseekers.Heisbeingassistedinhismission,byhiswifeSmt.KokilaJoshi.

ProgrammeDetails:

Days & Dates

Friday,17thApriltoSunday,19thApril,2015(UptoLunchTime)

Venue Moksha (Discover Yourself), Village Kadadhe, PawnaDamRoad,NearH.P.PetrolPump,ViaKamshetMaval,Dist.Pune.Tel:09867212951

Fees Early BirdUpto31stMarch2015 From 1st April 2015

Member and Family (Minimum TwoPersons)

`7,120 + ` 880 (ST) = `8,000/-Perhead

` 7,565 + `935(ST)=`8,500/-Perhead

Single Person & Non - Members

` 7,565 + ` 935 (ST) = `8,500/-Perhead

8,010+ 990(ST)= 9,000/-Perhead

Feeincludescoursematerial,food,stay,& 50/-towardsBCASFoundation

We recommend members to join this Retreat with spouse. In the past,participants attending with spouse have immensely benefited by this

Chairman : Mayur Nayak Convenors : Hemant Gandhi, Krishna Kumar Jhunjhunwala & Mihir ShethCo-ordinator : Krishna Kumar Jhunjhunwala

HUMAN RESOURCES COMMITTEE

13th Residential Leadership Camp/Spiritual Retreat

unique programme as they begin to share similar values and vision of life. The Retreat is also open to other close relatives and friends.

Enrolment form is printed on page 12.

To help members in discharging their responsibility of imparting effective training and to orient Articled Students into learning mode with basicknowledgeinvarietyoftechnicalsubjectsincludinge-filing,theCommitteeispleasedtoannounceatwo-dayOrientationWorkshopspeciallydesignedfor the fresh articled students. The workshop will give an introductory insight to the students on a variety of topics which will assist them in their articled period. The workshop will help them expand their knowledge base and sharpen their skills to discharge their duties more effectively.

Topics to be covered would be as follows:

IntroductiontoAccountingStandards IntroductiontoAuditing

IntroductiontoDirectTaxes IntroductiontoInternalAudit

IntroductiontoServiceTax E-FilingofReturns

IntroductiontoVAT Excellence in Profession -HowdoIgetthere?

Detailsoftheworkshopareasfollows:

Days & Dates

Friday,24thApril&Saturday,25thApril,2015

Time 9.00 a.m. to 5.30 p.m.

Venue RVG Hostel, 57, Lallubhai Shamaldas Road, BharuchaBaug,ParsiColony,AndheriWest,Mumbai-400058

Fees ` 1,500 + `186(ST)=`1,686

(Feeincludesrefreshments,lunch&coursematerial,ifany)

Kindly bring the contents of above Notice to students’ attention andencourage them to enroll for the workshop. Duetoconstraintofspace,theenrolmentisrestrictedtofirst100students.

Enrolment form is printed on page 12.

Chairman: Mayur NayakConvenors: Hemant Gandhi, Mihir Sheth & Krishna Kumar JhunjhunwalaCo- ordinators: Smita Acharya, Kinjal Shah & Sunishi Gabhawala

HUMAN RESOURCES COMMITTEE

2 Day Orientation Workshop specially designed for Fresh Articled Students

The meaning of economic freedom is this: that the individual is in a position to choose the way in which he wants to integrate himself into the totality of society.

- Ludwig von Mises

MARCH 20155

The International Taxation Committee is pleased to announce the19th Residential International Tax & Finance Conference at AambyValley,Lonavala.ThedeliberationsattheConferenceonthesubjectsofInternationalTaxationandFinancewouldbeatanadvancedlevel.

TheConferenceshallhave4GroupDiscussionand2PresentationPapersby eminent faculties.

Days & Dates Friday, 14th August to Monday, 17th August, 2015

Venue Aamby Valley, Lonavala

Fees Shallbecommunicatedshortly

Detailedprogramshallbeannouncedshortly.KindlybookyourticketsinadvancetoavailprevailingoffersonAirFaresbymanyairlines.

Enrolment form is printed on page 12.

Chairman : Gautam NayakCo-Chairman : Deepak ShahConvenors: Chetan Shah, Dhishat Mehta & Gaurang GandhiCo-ordinator: Rajesh Shah

INTERNATIONAL TAXATION COMMITTEE

International Tax & Finance Conference, 2015

Taxation Committee is pleased to announce the much awaited full-day workshop on “Practical Issues in Tax Deduction at Source(TDS)”. The importance of TDS provisions cannot be undermined.TDS is a significant source of revenue for the Government. Non-compliance with TDS provisions may invite disallowance ofexpenditure in addition to applicability of penal provisions. The scope of disallowance provisions have been widened by the last Finance Act. There are constant changes both in the regulatory as well as the complianceaspectsofTDSprovisions.

This Workshop is intended to keep you updated with the recent developments in this field. This workshop will also have a BrainsTrust session where the eminent Brains Trustees will answer various questions posed to them. Participants may send theirqueries, in advance, to the Society to enable the speakers to deal with them.

Topics Faculty

KeynoteaddressOverviewofTDS

AnilKumarSingh–CCIT(TDS),V.K.Pandey–CIT(TDS)

Section192andSection194H SonaleeGodbole,Chartered Accountant

Section194C,Section194-I,Section194-IAandSection194J

Gautam Nayak,Chartered Accountant

Section195 SushilLakhani,Chartered Accountant

BrainsTrustSession Pradip Kapasi, Yogesh Thar andAmeetPatel,Chartered Accountants

DetailsoftheWorkshop:

Day & Date Friday, 10th April, 2015

Time 8.30a.m.to6.00p.m.

Venue Navinbhai Thakkar Auditorium, Shraddhanand Road,NearShivSagarRestaurant, VileParle (East),Mumbai400057

Fees Members Non-Members

` 1,000 + `123(ST)=` 1,123/- 1,250 + 155 (ST) = 1,405/-

TheabovefeeincludescontributionofRs.50/-towardsBCASfoundation,costofcoursematerial,breakfast,tea,coffeeandlunch.

Enrolment form is printed on page 12.

Chairman : Kishor KariaCo-Chairman : Sanjeev PanditConvenors: Anil Doshi, Ganesh Rajgopalan & Jagdish PunjabiCo-ordinators: Jagdish Punjabi & Bhadresh Doshi

TAXATION COMMITTEE

Full day Workshop on “Practical Issues in Tax Deduction at Source”

BCAS 6

MARCH 20157

BCAS 8

MARCH 20159

ASST. KNOWLEDGE MANAGER

ThemainfunctionoftheAssistantKnowledgeManagerpositionwouldbetohelptheKnowledgemanagerandBCASchampion member-wide knowledge, technical know-how and related information sharing.

Keyresponsibilitiesinclude:

• To closely work with the knowledge manager and other functions in the organisation to implement a uniform communications strategy

• Tohelpwithcoordination,editingandproofreadingofallBCASpublicationsandperiodicalsanddigitalassetsorinformationservicesoftheorganization

• Toworktowardseffectivecommunicationofthelearninganddevelopmentinitiativesoftheorganizationforitsmembers

• To liaise with printers and related vendors

• To manage the library and related operations

• Toassistinliaisonwithindustrybodies,regulators,professionalsandsubjectknowledgeexperts

• ToassistintheresearchworkundertakenbytheKnowledgemanagementteamintheareasoftaxation,accountingandfinanceandgenerallycapturememberneedsintoknowledgerequirement

Skills

Communication: ability to communicate with all levels of management and staff; showing great drive and commitment to theorganizationsmission;inspiresothers:Maintaininghighstandardsofpersonalintegrity;

Orientation:Respondspromptlyandeffectivelytomemberneeds;Customizesservicesandproductsasappropriate

DriveforResults:Makesthingshappen;Isproactive;balances“analysis”with“doing”;setshighstandardsforself;Commitstoorganizationalgoals

Teamwork: Collaborates with others in own unit and across boundaries; acknowledges others’ contributions; works effectivelywithindividualsofdifferentcultureandgender;willingtoseekhelpasneeded.Influencingandresolvingdifferencesacrossorganizationalboundaries;promotingcollaborationandfacilitatingteamworkacrossorganizationalboundaries.

Learning and knowledge sharing: open to new ideas; shares own knowledge; applies knowledge in daily work; builds partnerships for learning and knowledge sharing

AnalyticalThinkingandDecisiveJudgment-analyzingissuesandproblemssystematically,gatheringbroadandbalancedinput, drawing sound conclusions and translating conclusions into timely decisions and actions.

Requirements

• AdegreeinAccounting&Finance,preferablyInterCA,withatleast2yearsofpost-qualificationexperienceandflairforcommunication and knowledge management

Interestedcandidatesmaysendtheirresumeatbca@bcasonline.org.

THE BOMBAY CHARTERED CCOUNTANTS’ SOCIETYRequires

BOMBAY CHARTERED ACCOUN TANTS’ SOCIETY7,JollyBhavanNo.2,NewMarineLines,Mumbai400020,India

Tel. – 61377600 Email - bca@bcasonline.org

Website:www.bcasonline.org|WebTV:www.bcasonline.tv|E-Journal:www.bcajonline.org

BCAS 10

Subscribe Now!!!Lecture Meeting on Tax Structuring – Domestic &

International – Recent Developments by CA. Dinesh Kanabar, held on 18th February, 2015, 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. For further details log on to www.bcasonline.org

Particulars Subscription Charges + Service Taxfrom 1st April 2015 to

31st March 2016

Total Charges

Ordinary, Life and Associates of Corporate Membership R 600 + 12.36% R 674

Students R 600 + 12.36% R 674

Journal subscribers R 900 + 12.36% R 1,011

Non-members R 1,200 + 12.36% R 1,348

MARCH 201511

FROM RBIContributed by : Gaurang V. Gandhi

The Reserve Bank of India has issued the following 8 circulars

A. P. (DIR Series) Circular No. 74 dated February 9, 2015Delay in Utilization of Advance Received for Exports

This circular requires banks to: -

1. Follow up with their exporter customers to ensure that export performance (shipments in case of export of goods), in cases where advances have been received for exports from overseas buyers, are completed within the stipulated time period.

2. Undertake proper due diligence so as to ensure compliance withKYC andAMLguidelines so that only bonafide export advances flowinto India.Doubtfulcasesand instancesofchronicdefaultersmustbereferredtoDirectorateofEnforcement(DoE)forfurtherinvestigation.

3. Submitaquarterlystatementindicatingdetailsofdoubtfulcasesandchronicdefaulters(asperAnnex)totheconcernedRegionalOfficesofRBIwithin21daysfromtheendofeachquarter.

A. P. (DIR Series) Circular No. 75 dated February 11, 2015Exim Bank’s Line of Credit of USD 22.50 million to the Government of the Republic of Gambia

EximBankhasmadeavailable,subjecttocertaintermsandconditions,totheGovernmentoftheRepublicofGambiaaLineofCreditofUS$22.50million for financing purchase of eligible goods, machinery, equipmentand services for financing electrification expansion project for thegreaterBanjulArea intheGambia.Eligiblegoodsandservices includingconsultancy services of the value of at least 75% of the contract price must besuppliedbythesellersfromIndia,whiletheremaining25%ofthegoodsandservicesmaybeprocuredbythesellersfromoutsideIndia.

The last date for opening of Letters of Credit and Disbursement forprojectexportswillbe48monthsfromthescheduledcompletiondateofthecontractandOctober28,2020incaseofsupplycontracts.

A. P. (DIR Series) Circular No. 76 dated February 12, 2015Foreign Exchange Management Act, 1999 – Import of Goods into India

This circular states that importers are henceforth not required to submit FormA-1totheirbanksatthetimeofmakingpaymentstotheiroverseassuppliers for imports into India. However, banks need to obtain all therequisite details from the importers so as to satisfy themselves about the bonafidesofthetransactionsbeforeeffectingtheremittance.

A. P. (DIR Series) Circular No. 77 dated February 12, 2015Foreign Direct Investment – Reporting under FDI Scheme on the e-Biz platform

ThiscircularstatesthatonandfromFebruary19,2015recipientsofFDIcannowfilethefollowingreturnsusingthee-BizportalwithRBI:-1. AdvanceRemittanceForm(ARF)–usedbythecompaniestoreport

theforeigndirectinvestment(FDI)inflowtoRBI.2. FCGPR Form – which a company submits to RBI for reporting the

issue of eligible instruments to the overseas investor against the abovementionedFDIinflow.

This online reporting on the e-Biz platform is an additional facilityprovided to Indian companies to undertake their ARF and FCGPR

reporting and the manual system of reporting will also continue till further notice.

A. P. (DIR Series) Circular No. 78 dated February 13, 2015Risk Management and Inter Bank Dealings: Foreign Currency (FCY) – INR Swaps

Presently, eligible residents who have entered into FCY-INR swaps tohedgetheirexchangerateand/orinterestrateriskexposurearisingoutof long-termforeigncurrencyborrowingortotransformlong-termINRborrowing into foreign currency liability are not permitted to rebook or reenter into the swap once it is cancelled.

This circular permits residents borrowing in foreign currency to re-enter into a fresh FCY-INR swap to hedge the underlying after the expiry ofthe tenor of the original swap contract that had been cancelled, in cases where the underlying is still surviving.

A. P. (DIR Series) Circular No. 79 dated February 18, 2015Guidelines on Import of Gold by Nominated Banks / Agencies

Thiscircularclarifiestheoperationalaspectsoftheguidelinesonimportofgoldconsequentuponthewithdrawalof20:80schemeasunder:-1. The obligation to export under the 20:80 schemewill continue to

apply in respect of unutilised gold imported before November 28,2014,i.e.,thedateofabolitionofthe20:80scheme.

2. Nominated banks are now permitted to import gold on consignment basis. All sale of gold domestically will, however, be against upfront payments. Banks are free to grant gold metal loans.

3. StarandPremierTradingHouses(STH/PTH)canimportgoldonDPbasis as per entitlement without any end use restrictions.

4. While the import of gold coins and medallions will no longer be prohibited, pending further review, the restrictions on banks in selling gold coins and medallions are not being removed.

A. P. (DIR Series) Circular No. 80 dated March 3, 2015External Commercial Borrowings (ECB) Policy — Review of all-in-cost ceiling

This circular states that the present all-in-cost ceiling for ECB, as mentioned below, will continue till March 31, 2015: -

S r .No.

AverageMaturityPeriod All-in-costover6monthLIBORfortherespective currency of borrowing or applicable benchmark

1. Three years and up to fiveyears

350 bps

2. Morethanfiveyears 500 bps

The all-in-cost ceiling will include arranger fee, upfront fee, management fee,handling/processingcharges,outofpocketandlegalexpenses,ifany.

A. P. (DIR Series) Circular No. 81 dated March 3, 2015Trade Credits for Imports into India – Review of all-in-cost ceiling

This circular states that the present all-in-cost ceiling for trade credits, as mentioned below, will continue till March 31, 2015: -

Maturity period All-in-cost ceilings over 6 months LIBORfortherespectivecurrencyofcredit or applicable benchmark

Upto1year 350 basis points

More than 1 year and up to 3 years

The all-in-cost ceiling will include arranger fee, upfront fee, management fee, handling/processingcharges,outofpocketandlegalexpenses,ifany.

BCAS 12

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 Narayan Varma on behalf of Bombay Chartered Accountants’ Society, Mumbai-400020. Printed at Spenta Multimedia, 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 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 : ..............................

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

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)

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“Practical Issues in Tax Deduction at Source” ............................10.04.2015 ...................................................... R 1,123 per Member.... ................. R 1,405 per Non-Member.............2 Day Orientation Workshop for Fresh Articled Students.......24.04.2015 to 25.04.2015.............................. R 1,686 per person......................................................................................

Power Summit Brave New World..................................................24.04.2015 to 25.04.2015 .............................. R 7,865 per Member.... .................R 10,113 per Non-Member...........

13th Residential Leadership Camp/Spiritual Retreat 17.04.2015 to 19.04.2015 Members & Family (Min.2 persons) Single person & Non-Members

Early Bird Up to 31st March 2015 R 8,000 R 8,500

From 1st April 2015 R 8,500 R 9,000

Workshop

Power Summit

Leadership Camp

BCAS Study Circles 2015–16

Study Circle No. Subject Fee Tick your

choice here

I Direct Tax Laws 449*

II Indirect Tax Laws 449*

III Company Law, Auditing & Accounting 449*

IV FEMA 449*

V Information Technology 449*

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*

Study Circle No. Subject Fee Tick your

choice here

* Inclusive of Service Tax of 12.36%

International Tax & Finance Conference, 2015.............................14-08-2015 to 17-08-2015.....................................................................................................................................................

Conference