1DECEMBER 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 CommuniquéMitro,

This word now has no more remained just a word to address someone, but for certain set of people it works as a summon that really shatters them. The fact which has emerged is that Demonetisation which is a month old now has been welcomed by the people of India in one voice and in national interest despite a lot of hardships.

Experts supporting the government have hailed demonetisation as a catalyst that will change India forever. However poor levels of tax compliance, fake currency and criminal activities probably pushed the government into taking the measure of demonetisation. In a fluid situation like today’s it will be difficult to estimate the impact of this measure as the outcome is dependent upon behaviours.

Demonetisation will not change India unless the mindset of Indians change towards tax payment. If people change to be tax compliant and graduate to more developed country levels, our entire fiscal deficit will disappear. The government will be able to spend money on social and physical infrastructure and improving governance. It is not the money in the hands of the government, but the change in the mindset of people that will change India forever. The success of demonetisation is also dependent upon how majority of citizens accept tax compliance. If they accept a less-cash economy through digital payments, move all transactions through tax net, become tax compliant and bear fair share of tax burden, then demonetisation will create faster economic growth.

One of the modes of digital payments is the use of Unified Payments Interface (UPI) on a very large scale. UPI is a system that powers multiple bank accounts (of participating banks), several banking services features like fund transfer (P2P), and merchant payments in a single mobile application. UPI was launched by National Payments Corporation of India with Reserve Bank of India’s (RBI) vision of migrating towards a ‘less-cash’ and more digital society. UPI has been built on the Immediate Payment Service (IMPS) platform.

UPI platform can be used for Immediate money transfer through mobile device round the clock 24*7 and 365 days, Single mobile application for accessing different bank accounts, Virtual address of the customer

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. 09 n DECEMBER 2016

LECTURE MEETINGS

Speaker: Mr. Kushal ThakerSubject: Crude Diplomacy & Global Economy Venue: BCAS Hall, 7, Jolly Bhavan No.2, New Marine Lines, MumbaiDay, Date & Time: Wednesday, 21st December 2016, 6.15 pm*

Speaker: CA. A. R. KrishnanSubject: Important case laws of 2016 in Service Tax Venue: BCAS Hall, 7, Jolly Bhavan No.2, New Marine Lines, MumbaiDay, Date & Time: Wednesday, 11th January 2017, 6.15 pm*

Speaker: CA. T. P. OstwalSubject: Global Developments in International Taxation – Impacting IndiaVenue: BCAS Hall, 7, Jolly Bhavan No.2, New Marine Lines, MumbaiDay, Date & Time: Wednesday, 25th January 2017, 6.15 pm*

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

Lecture Meetings……....................................................…….............................21.12.2016, 11.01.2017, 25.01.2017...................................................................................................................... 01

Full day Seminar on Estate Planning, Wills &

Family Settlement – Critical Aspects........................................................14.12.2016...........................BCAS Hall, 7, Jolly Bhavan No.2, New Marine Lines, Mumbai............... 03

Joint Two Days’ Workshop on Accounting Standards

and Standards on Auditing .. .......................................................... .............14.01.2017,15.01.2017.......Kanpur ....................................................................................................................... 03

Golden Jubilee Residential Refresher Course (GJRRC)..................19.01.2017 to 22.01.2017..ITC Rajputana Palace, Jaipur............................................................................ 04

Two Days’ Workshop on Mergers & Acquisitions.................................27.01.2017, 28.01.2017....St. Regis Hotel, Next to Palladium, Lower Parel.................................. . ... 07

7th Residential Study Course on IND AS ..................................... ..............16.02.2017 to 18.02.2017....Ras Resorts, 128 Naroli Road, Silvassa...................................................... 08

Leadership Workshop 2017 (Non-residential) ................................................24.02.2017, 25.02.2017...BCAS Hall, 7, Jolly Bhavan No.2, New Marine Lines, Mumbai........................ 09

Mentoring Miracle Batch 2..............................................................................( Coming Soon)....................................................................................................................................................... 10

4th Youth Residential Refresher Course.................................................10.03.2017 to 12.03.2017....Alibaug.................................................................................................................... 1 4

PROGRAMMES AT A GLANCE DATE VENUE PAGE NO.

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

for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account no.; IFSC , Merchant Payment with Single Application or In-App Payments, Utility Bill Payments, Over the Counter Payments, Barcode (Scan and Pay) based payments among others.

At BCAS, we request you to spread the message of a clean cashless economy and help educate people around us in this regard. For this, we have prepared a special message that explains various options available to the common man. You can download the same from our website and spread the message through WhatsApp, social media and reach out to your friends, colleagues, staff members and even to your household assistants. Hon’ble Prime Minister, in his monthly Mann Ki Baat address appealed to the youth to help in nation building by teaching 10 families daily how to conduct cashless transactions through mobile apps, mobile banking and debit/credit cards. I appeal to our students’ fraternity also to do whatever best they can in this endeavour.

2 DECEMBER 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 17th, 24th December 2016 and 7 th, 14th, 21st January 2017. Please call to obtain a prior appointment.

The next Charitable Trust Clinic will be held on 6th January 2017 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, 7th January 2017 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.

The RBI monetary policy has been welcomed by all the stakeholders and of course the banks. The decision of the RBI governor not to change the repo rate is welcome, under the present circumstances when banks are flushed with gigantic amount of deposits, reducing Repo rate now would have been counter- productive. The RBI decision to withdraw its guidelines with respect to maintaining 100% CRR on new deposits after demonetisation is also welcome. Banks will have now access to these funds without maintaining CRR of 100 %

The RBI governor has also been practical in reducing the estimate of GDP growth from 7.6 % to 7.1 %. The inflation estimate of 5% is also on the safer side. Given the lack of liquidity in the system and cash in the hands of individuals, firms, businesses and industry, possibly the inflation may even be less than 4% for the year 2016-17. The monetary policy announcement is more practical and on the conservative side. The policy stance would help the banks in maintaining their good health and wealth in the present situation. The profitability of banks which has been under tremendous pressure, due to gigantic Non Performing Assets (NPAs) would be better for the current year.

Student’s activity has been one of the core of the Society. The 2 days orientation workshop for new CA students held on 8th and 9th December received good response from the students. 8 subjects of importance to them were delivered by eminent faculties. We also conducted a panel discussion on demonetisation recently at Narsee Monjee College of Commerce & Economics. This was organised by their newly formed Finance & Investment Cell. The enthusiasm amongst the students in the packed hall was unbelievable. The zeal for learning noticed amongst the students, inspite of their multitasking, gives us satisfaction that the future of our profession is in pretty safe hands.

A 2 days interesting workshop on Mergers & Acquisitions is organised by the Society on 27th and 28th January 2017 at St. Regis Hotel, Mumbai. This workshop is intended to give participants from industry and in practice, 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.

We live in an era where tomorrow is creeping into today, where the future is becoming synonymous with now. As customers and end consumers, our patience has grown shorter and our expectations have grown longer. So also our client’s.

So if you are at the delivering end of a service or product what matters most to your progress is not what you can do or what you will do, but what you actually do ‘now’.

If success is your destination then your journey must be lined with the urgency of now. If it must be done, do it now. Procrastination will bring you down like a faithful enemy.

Even if the task is due for 2 months later, put it in action now. Life works on strange principles, it pulls in distractions and obstacles if you allow it time.

If something must be done, the time is now. It’s better to be ahead of time than late. And late you will be if you postpone assignments into the future.

The time is ticking to the year close. I’m sure you have crash strategies like the crash diets before a wedding. Do it now. And you could still make it to the finish line in full glory.

The domestic and global events that shaped 2016 now draw to an end. Hopefully 2017 will bring in more prosperity and joy for all of us. Wishing you Merry Christmas and a Happy New Year in advance.

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

With Best Regards

CA. Narayan Pasari

3DECEMBER 2016

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

Thanks for the overwhelming response to this Seminar.

The Seminar is houseful, and will not be able to accommodate any more enrolments including spot registrations.

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 planfor 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 AM to 5:30 PM

Venue BCAS, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai 400020

Fees Members: ` 1,500/- || Non-members: ` 1,725/-

(Inclusive of service tax, course materials, lunch, refreshments & Contribution of ` 50/- towards BCAS Foundation)

CORPORATE & ALLIED LAWS COMMITTEE Chairman : CA. Kanu Chokshi

Convenors: CA. Kinjal Shah, CA. Manish Reshamwala & CA. Preeti OzaProgramme Co-ordinator : CA. Atul H. Shah

ACCOUNTING AND AUDITING COMMITTEE

Joint Two Days’ Workshop on Accounting Standards (AS) and Standards on Auditing (SAs) on 14th and 15th January, 2017 at Kanpur jointly with Kanpur Chartered Accountants’ Society.

BCAS with a vision of focussing increased engagement of the Society with its members by reaching out to them at their doorsteps and to engage with other Professional bodies serving the profession, has joined hands with Kanpur Chartered Accountants’ Society (KCAS).

A two days’ Workshop on Accounting Standards (AS) and Standards on Auditing (SAs) has been planned at Kanpur with the faculties from BCAS.

The aim of the Workshop is to provide practical insights into the important AS with potential areas in each AS discussed which requires attention as to avoid any critical non-compliances. This would enable the participants to carry out the function of advising on Accounting Standards applicability as well as in addressing issues during the attest functions of corporates and non-corporate entities.

On the SAs front, the Companies Act, 2013 requires Auditors to comply with the auditing standards while forming an opinion on the Financial Statements audited by them. In view of this onerous responsibility, it is all the more important for auditors to be fully aware of the Standards on Auditing (SAs) so that the audit process is carried out within the framework of SAs. To address the needs of better understanding SAs, the Workshop will provide insights into the importance of documentation and processes to be followed during the attest function.

The detailed schedule with topics, venue and faculty will be announced shortly.

4 DECEMBER 2016

5DECEMBER 2016

6 DECEMBER 2016

BCAS FOUNDATIONAPPEAL

DONATIONS FOR NEEDY CHILD PROJECT (CANCER AFFLICTED)Dear Members,

BCAS Foundation was set up understanding the need for members to channelize their philanthropic efforts. It is a matter of great satisfaction that our members have contributed generously for the various projects taken up by the Foundation. Our various committees and in particular HD & TI committee & MPR committee has been a great source of support for the Foundation activities.

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

Below is a small write-up of the same.

Tata Memorial Hospital is situated in Parel, Mumbai, India. It was established by the Sir Dorabji Trust in 1941 and soon evolved as a centre of excellence in cancer treatment and research. In 1957, it was taken over by the Ministry of Health of Government of India. The administrative control of the hospital is with the Department of Atomic Energy.

It is today recognized as a premier Cancer Hospital with path breaking research activities and efficiency in giving quality treatment to large number of patients at reasonable and low cost. At any given time, there are about 1000 patients in the OPD and about 60000 patients annually visit the hospital.

The paediatric general ward situated in the Annexe building has about 44 admitted children. They are mostly from rural India and very poor.

The hospital felt a need to have their own foundation to monitor donations to their patients as there were some rogue elements collecting money that never reached the patients or genuine payments that could not reach the patients on time. With this in mind, ImpaCCT (Improving Paediatric Cancer Care and Treatment) was established in the year 2010 by Tata hospital.

BCAS Foundation through ImpaCCT has decided to volunteer in giving donations for treatment of paediatric patients of Tata Memorial Hospital.

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

NEFT details: BCAS Foundation; Axis Bank Ltd., New Marine Lines , Mumbai; Savings Account No: 233010100189835; IFS Code: UTIB0000233; Swift Code: AXISINBB173

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

7DECEMBER 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.

TOPICS TO BE ADDRESSED BY EMINENT FACULTIES WILL BE AS UNDER

Sr. No. Topics Speakers

1. Keynote Address-“Key negotiating techniques used by buyers and sellers in an M&A transaction” Dr. Lalit Kanodia

2. 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

3. 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

4 Income Tax - Domestic / International (in case of cross border) CA. Hiten Kotak

5. Stamp duty Dr. Anup Shah

6. Companies Act & Bankruptcy Law CA. Nitin Potdar7. SEBI Takeover Regulations Adv. Somasekhar

Sundaresan8. FEMA & Cross Border Structuring CA. T.P. Ostwal9. Accounting Implications CA. Himanshu

Kishnadwala 10. Due Diligence Adv. Anand Desai – Legal

CA. Atul Deshmukh – Financial

11. Financing of M & A Eminent Faculty

CORPORATE & ALLIED LAWS COMMITTEE Chairman : CA. Kanu Chokshi

Convenors: CA. Kinjal Shah, CA. Manish Reshamwala & CA. Preeti OzaProgramme Co-ordinator : CA. Manish Reshamwala

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

Time 9:00 AM to 6:00 PM - First Day9:00 AM to 3:00 PM - Second Day

Venue St. Regis Hotel, Senapati Bapat Marg, Lower Parel, Mumbai 400 013.

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

` 7,000 + Service Tax ` 1050 = `8,050/- ` 8,000 + Service Tax ` 1200= ` 9,200/-

(Inclusive of course materials, breakfast, lunch and refreshments for both days & Contribution of ` 50/- towards BCAS Foundation )

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 com-petition; 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.

8 DECEMBER 2016

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.

The journey of convergence to IFRS 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.

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 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.

The 7th Residential Study Course is scheduled on 16th, 17th and 18th February, 2017.Fees (Including Service Tax @15% and `50/- contribution to the BCAS Foundation)

ACCOUNTING & AUDITING COMMITTEEChairman : CA. Himanshu V. Kishnadwala

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

7TH RESIDENTIAL STUDY COURSE ON IND AS – 16TH TO 18TH FEBRUARY, 2017

AT RAS RESORTS, 128 NAROLI ROAD, SILVASSA - 396230

Category Double Occupancy (In `) Single Occupancy (In `)

Members

Upto 31.12.2016 (Early Bird) 15,238/- 21,850/-

From 01.01.2017 18,113/- 24,725/-

Non-Members

Upto 31.12.2016 (Early Bird) 18,113/- 25,300/-

From 01.01.2017 20,988/- 28,175/-

Sr. No

Subject Paper Writers

1 Case Studies on Revenue Recognition under Ind AS - impact on different sectors

CA. Sudhir Soni Paper for Group Discussion

2 Case Studies on Consolidation and Business Combinations CA. Arvind Daga Paper for Group Discussion

3 Case Studies on Real Estate/Infrastructure Companies Eminent Faculty Paper for Group Discussion

4 Accounting Standards for Non-Ind AS Companies Eminent Faculty Presentation Paper

5 ICDS Vs. Ind AS Eminent Faculty Presentation Paper

6 Ind AS – 109 – Implementation Issues & its Effectiveness Panelists1. CA. Gautam B. Doshi2. CA. Y.V.S. Sravan Kumar

Panel Discussion

Discussion and Presentation Papers’ Details

9DECEMBER 2016

We hear principles and new ideas of management shared by many Management Gurus. You will agree that many of these principles prevailed since ages in our scriptures.

Chanakya documented his life’s labour in the Arthashastra that includes a list of principles to ensure sound governance. It also contains advice on financial management and administration. While a lot of his management principles have been subject to extensive study, his leadership lessons are also more than relevant in today’s society.

Based on Chanakya Business Sutra, authored by the learned faculty Shri Mahendra Garodiya, this Leadership Workshop will guide every aspiring leader, viz. professionals, business owners, managers, community workers, or students about how to succeed in today’s competitive business environment.

The workshop will enlighten the participants about the Principles of Arthashastra as enunciated in Desh – Kala - Patra (Place – Time - Circumstance) which provide solutions to ten greatest challenges in business using simple formulae in four steps. These steps are Think, Ink, Map, Execute, i.e. (TIME) that cover 14 essential principles of management documented in Chanakya Business Sutras.

The workshop will also enlighten the participants about Anvikshikee, akin to the higher intellect, which in Arthashastra is described as an independent field of investigation.

Takeaways:

Through this workshop, the participants will rediscover this profound knowledge and learn how to apply in the modern times. The workshop will showcase to the participants how to prosper materially in ethical and humanitarian manner and with inner happiness. It will show how prosperity and happiness are not mutually exclusive. The workshop aims to guide the participants to be good leaders in the chosen field including profession, business or social service.

The learned faculty will help the participants to develop individual development programmes including a detailed schedule of implementing the lessons learned during the workshop.

Program Details:

Days & Dates Friday, 24th & Saturday, 25th February 2017

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

Venue: BCAS Hall, Jolly Bhavan No. 2, New Marine Lines, Mumbai 400 020

Faculty: Mr. Mahendra Garodiya

Participation Fees (per person)*

` 4,000/- plus Service Tax @15% = ` 4,600/- for Members and Spouse

` 5,000/- plus Service Tax @15% = ` 5,750/- for Non-Members

HUMAN DEVELOPMENT & TECHNOLOGY INITIATIVES COMMITTEEChairman : CA. Nitin P. ShingalaCo-Chairman: CA. Mihir C. Sheth

Convenors: CA. Mukesh G. Trivedi, CA. Krishna Kumar Jhunjhunwala, CA. Nikunj Shah, CA. Ryan FernandesCo-ordinator: CA. Gracy M. Mendes

LEADERSHIP WORKSHOP 2017 (NON-RESIDENTIAL)BASED ON

CHANAKYA BUSINESS SUTRA

*Contribution per Participant is inclusive of Course Material, Breakfast, Lunch on both the days, Service Tax and Contribution towards BCAS Foundation.

Please note number of participants are restricted to 40 only on First Come First Served basis

About the Faculty:

Mr. Mahendra Garodiya has authored “Chanakya Business Sutra” and “What’s Stopping your Growth” and is a Management Accountant (CMA/ICWAI). He has been a Business Coach to more than 100 SMEs across India helping them grow based on Ancient Indian Management Knowledge. His coaching relies primarily on the Indian Philosophy of Management as propounded by Chanakya.

Mr. Garodiya has intensely focussed on Chanakyaniti and Gandhian principles of Management. He qualified as a business coach through the ICF Certification programme and has conducted programmes for IIT, Ahmedabad Management Association, Swami Vivekanand College of Management & Research, Sanchi University, Kolhapur University, Sangli business forum, and many other reputed institutions. Mr. Garodiya has trained more than 1,000 business owners and is currently growth partner for 15 companies in varied fields.

10 DECEMBER 2016

11DECEMBER 2016

Chief Mentor : Kanu Doshi. Mentors : Bharat Raut, Bhavna Doshi, Himanshu Kishnadwala, Himanshu Vasa, Jayant Gokhale, Kumar

Rajagopalan, Mayur Nayak, Nilesh Vikamsey, Nina Kapasi, Nitin Shingala, Premal Parekh, Raman Jokhakar, Sangeeta Pandit, Sunil Gabhawala, Toral Mehta

Event Co-ordinator : Samit Saraf

MEMBERSHIP & PUBLIC RELATIONS COMMITTEEChairman : CA. Naushad Panjwani

Convenors: CA. Bhakti Vora, CA. Bhavesh Gandhi & CA. Jinal Shah

MENTORING MIRACLE

Mentee Application FormName :

Address :

Tel. (O) : Tel. (R) :

E-mail : Mobile :

Name of the Company :

Area of Work :

BCAS Membership No :

Date of Birth (dd/mm/yyyy):

Preferred Area of Mentoring (tick as applicable): Career Growth Networking Practice Management Planning & Strategy Marketing Industry Guidance Others: Please mention

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

12 DECEMBER 2016

Subscribe Now!!!Lecture Meeting on “Prevention of Money Laundering

Act (PMLA) and its implication on Assurance and Advisory Services provided by Chartered Accountants” by Mr. Satyabrata Kumar held on 29th November 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.

13DECEMBER 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. BCAS has launched 2 e books on a flip book version

which can be viewed on IOS and android phones also free of cost.

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 various LinkedIn groups

for your independent views.

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

14 DECEMBER 2016

15DECEMBER 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 a.m. to 5 p.m. 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

16 DECEMBER 2016

BANDRA LIBRARY

We at Bombay Chartered Accountants’ Society (BCAS) wish to inform its members about the Library facilities available in conveniently located Income Tax Office, C -11 Ground Floor, Bandra Kurla Complex, Bandra East, Mumbai. The library is jointly maintained by 3 organisations namely Bombay Chartered Accountants’ Society Western India Regional Council of the ICAI The Chambers of Tax Consultants

The library is open between 10 a.m. to 6 p.m. from Monday to Friday. It has a reading room facility equipped with ITRs and publications on direct and indirect taxation. The library also has BCAS publications including the BCAS Journals and Newsletters. You can also visit the BCAS dedicated desk for announcements on latest publications, events and membership forms. Please take full advantage of this facility and give your feed back to improve the facilities further.

17DECEMBER 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

18 DECEMBER 2016

Dear Member,

The BCA Referencer has always been a handy tool and comes with the Table Diary and Pocket Diary every year from July to June. This year, the Referencer had come in July with Table Diary and Pocket Diary upto December 2016. In view of this, we launched a new product on an annual calendar basis from January 2017 to December 2017 (Table Diary with pocket diary). This new product will have selected Reference Material on both direct and Indirect tax material of day to day importance. Don’t miss the Table and Pocket Diary from January 2017 to December 2017.

Details as follows:--------------

19DECEMBER 2016

20 DECEMBER 2016

Enrolment form overleaf......

21DECEMBER 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

22 DECEMBER 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

23DECEMBER 2016

FROM RBIContributed by : Gaurang V. Gandhi

The Reserve Bank of India has issued the following circulars

A. P. (DIR Series) Circular No. 15 dated November 07, 2016External Commercial Borrowings (ECB) – Clarifications on hedging

This circular, with respect to hedging of ECB, clarifies as under: -

i. Coverage: Wherever hedging has been mandated by the RBI, the ECB borrower will be required to cover principal as well as coupon through financial hedges. The financial hedge for all exposures on account of ECB should start from the time of each such exposure (i.e. the day liability is created in the books of the borrower).

ii. Tenor and rollover: A minimum tenor of one year of financial hedge would be required with periodic rollover duly ensuring that the exposure on account of ECB is not unhedged at any point during the currency of ECB.

iii. Natural Hedge: Natural hedge, in lieu of financial hedge, will be considered only to the extent of offsetting projected cash flows / revenues in matching currency, net of all other projected outflows. For this purpose, an ECB may be considered naturally hedged if the offsetting exposure has the maturity/cash flow within the same accounting year. Any other arrangements/ structures, where revenues are indexed to foreign currency will not be considered as natural hedge.

Further, it will be the banks responsibility to verify that 100% hedging requirement is complied with.

A. P. (DIR Series) Circular No. 16 dated November 09, 2016Government of India Notification published in the Gazette of India vide S.O.3408(E) dated November 08, 2016Withdrawal of the legal tender character of the existing and any older series banknotes in the denominations of ` 500 and `1000

This circular provides that older series banknotes in the denominations of ` 500 and ` 1000 will continue to be legal tender until November 11, 2016 to the extent of transactions specified below: -

(i) At international airports, for arriving and departing passengers, who possess specified bank notes, the value of which does not exceed ̀ 5,000 to exchange them for notes which are legal tender; and

(ii) For foreign tourists to exchange foreign currency or specified bank notes, the value of which does not exceed ` 5,000, to exchange them for notes which are legal tender.

A. P. (DIR Series) Circular No. 17 dated November 11, 2016Issue of Pre-Paid Instruments to foreign tourists

This circular permits Authorized Persons may issue Pre-paid instruments to foreign tourists in terms of the instructions issued by Department of Payments and Settlement System, Reserve Bank of India, in exchange of foreign exchange tendered. Passport of the foreign tourist will be a valid document for issuance of the said instruments.

A. P. (DIR New Series) Circular No. 18 [(1)/12 (R)]dated November 17, 2016Notification No. FEMA. 12(R)/2015-RB dated December 29, 2015Foreign Exchange Management (Insurance) Regulations, 2015

This Notification repeals and replaces the earlier Notification No. FEMA 12/2000-RB dated May 3, 2000 pertaining to Foreign Exchange Management (Insurance) Regulations, 2000.

Annexed to this circular are: -a. Memorandum of Foreign Exchange Management Regulations

relating to General/Health Insurance (GIM) in India.

b. Memorandum of Foreign Exchange Management Regulations relating to Life Insurance (LIM) in India.

A. P. (DIR Series) Circular No. 19 dated November 17, 2016Notification No. FEMA 374/2016-RB dated October 24, 2016Investment by Foreign Portfolio Investors (FPI) in corporate debt securities

This circular permits FPI to invest in the following additional instruments: -1. Unlisted corporate debt securities in the form of non-convertible

debentures/bonds issued by public or private companies subject to minimum residual maturity of three years and end use-restriction on investment in real estate business, capital market and purchase of land.

2. Securitized debt instruments as under: -

(a) any certificate or instrument issued by a special purpose vehicle (SPV) set up for securitization of asset/s where banks, FIs or NBFCs are originators; and/or

(b) any certificate or instrument issued and listed in terms of the SEBI Regulations on Public Offer and Listing of Securitized Debt Instruments, 2008.

However, investment by FPI in the unlisted corporate debt securities and securitized debt instruments must not exceed `35,000 crore and must be within the extant investment limits prescribed for corporate bond – the present limit is ` 2,44,323 crore. Further, investment in securitized debt instruments will not be subject to the minimum 3-year residual maturity requirement.

24 DECEMBER 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)

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Seminar

WorkshopJoint Two Days’ Workshop on Accounting Standards & Standards on Auditing...........14.01.2017 & 15.01.2017...................................................................................................................................

Leadership Workshop 2017 (Non-residential)............................................................24.02.2017 & 25.02.2017....................................Member & Spouse...R4,600...... Non Member..R5,750.......

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.......

Golden Jubilee Residential Refresher Course.............................................................19.01.2017 to 22.01.2017.....................................................................R17,950...................................................

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%

7th Residential Study Course on IFRS / Ind AS..........................................................16.02.2017 to 18.02.2017...................................................................................................................................

Early Bird upto 31.12.2016 For Members...............15,238 (Double Occupancy).....................................21,850 ( Single Occupancy)

For Non-members........18,113 (Double Occupancy)......................................25,300 ( Single Occupancy)

From 01.01.2017 For Members................18,113 (Double Occupancy).....................................24,725 ( Single Occupancy)

For Non-members.........20,988 (Double Occupancy)....................................28,175 ( Single Occupancy)

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