1 JANUARY 2018 7, Jolly Bhavan #2, New Marine Lines, Mumbai - 400020. Tel : + 91 22 613 77 600 ; Email : [email protected] ; Website : www.bcasonline.org Vice-President’s Communiqué Harnessing Talent and Providing Quality Service A Monthly Newsletter of the Bombay Chartered Accountants’ Society BCAS Newsletter For Members only. For Private Circulation only. Price: R10 (Continued on page 2) President: Narayan R. Pasari 98200 38095 | [email protected]Vice-President: Sunil B. Gabhawalla 98213 23921 | [email protected]Hon. Jt. Secretary: Manish P. Sampat 98200 10064 | [email protected]Hon. Jt. Secretary: Abhay R. Mehta 98202 28182 | [email protected]Hon. Treasurer: Suhas Paranjpe 98690 74643 | [email protected]Watch, Like, Share, Connect with us @ BCAS Global LECTURE MEETINGS Speaker: Padma Shri Dr. Rabi Bastia Subject: Future of Oil and Gas Industry Venue: BCAS Hall, 7 Jolly Bhavan No. 2, New Marine Lines, Mumbai Day, Date & Time: Friday, 19 th January, 2018 at 6.15 p.m.* Speaker: Shri S. E. Dastur, Senior Advocate Subject: Direct Tax Provisions of the Finance Bill, 2018 Venue: Yogi Sabhagruha, Shree Swaminarayan Mandir, Dadar (East), Mumbai Day, Date & Time: Tuesday, 6 th February, 2018 at 6.15 p.m.* Speaker: Adv. Vikram Nankani Subject: Indirect Tax Provisions of the Finance Bill, 2018 Venue: BCAS Hall, 7 Jolly Bhavan No.2, New Marine Lines, Mumbai Day, Date & Time: Thursday, 8 th February, 2018 at 6.15 p.m.* Speaker: Shri Pramod Bargaje, Deputy Commissioner LTU4, Mumbai Subject: : Implementation & Issues on E Way Bill – Way Forward Venue: BCAS Hall, 7 Jolly Bhavan No. 2, New Marine Lines, Mumbai Day, Date & Time: : Wednesday, 24 th January, 2018 at 6.15 p.m.* *(Fellowship over a cup of tea at 5.45 p.m) Dear Members Let me begin by wishing you a very Happy and a Prosperous New Year. As the year begins, we replace our calendars and table diaries. The old table diary of 2017 may have been wonderful, we may have used it to the best of our requirements but come 1st January, we invariably change the diary since the old diary has lost its context. This change is more like a reflex action. But let us pause for a moment and reflect back. In our day to day life, are there processes, beliefs and habits which have lost context? If yes, have we changed them or have we adapted ourselves to the changed environment? Technology has enabled book-keeping and accounting to move completely to system driven processes. As auditors, have we changed the audit process to incorporate more systems checks as compared to the traditional “vouch and tick” approach? As auditors, are we more aware of the risks inherent to the audit process due to systems dependencies? Have we equipped our skillsets to enable us to obtain a reasonable assurance in this regard? Government has adopted a combination of data analytics and technology enabled tools along with legislative changes to detect tax evasion and also to plug aggressive tax planning structures. While our advices would definitely consider these developments, has our mindset changed to the new context? Have we re-positioned ourselves from tax planners to facilitators of tax compliance? GST has replaced a plethora of indirect taxes. The process of return filing requires elaborate data upload in a specific manner. Do we believe that there is a long-term value proposition in acting as processors of data or will our context need to change to re-define our roles and responsibilities? Lecture Meetings: Future of Oil and Gas Industry.............................. 19.01.2018.....................................BCAS Hall, 7, Jolly Bhavan No.2, New Marine Lines, Mumbai................. 01 Implementation & Issues on E Way Bill – Way Forward.....24.01.2018................BCAS Hall, 7, Jolly Bhavan No.2, New Marine Lines, Mumbai.................. 01 Direct Tax Provisions of the Finance Bill, 2018..06.02.2018................................. Yogi Sabhagruha, Shree Swaminarayan Mandir, Dadar (East) Mumbai... 01 Indirect Tax Provisions of Finance Bill, 2018.......08.02.2018................................. BCAS Hall, 7, Jolly Bhavan No.2, New Marine Lines, Mumbai................. 01 Workshop on GST Law.................................................................................... 17.01.2018 to 14.03.2018.......GSTPAM, Mazgaon Library, Mumbai.............................................................. 09 8 th Residential Study Course on Ind AS.....................................................22.02.2018, to 24.02.2018...The Hotel Gateway by Taj Group, Hinjewadi, Pune....................................... 10 16 th Residential Leadership Retreat.....................................................................23.02.2018, 24.02.2018.........Rambhau Mhalgi Prabodhini, Keshav Shrushti, Bhayander (W) Dist Thane.. 04 5 th Youth Residential Refresher Course......................................................... 09.03.2018 to 11.03.2018...... Upper Deck Resort, Lonavla............................................................................. 12 Four Day Orientation Course on FEMA...........................................................16.03.2018 & 17.03.2018,. 23.03.2018 & 24.03.2018......BCAS Hall, Jolly Bhavan No.2, New Marine Lines, Mumbai...................... 08 PROGRAMMES AT A GLANCE DATE VENUE PAGE NO. Please check your spam to see if any BCAS emails you have missed. Tick not spam. In case you are not receiving emails, please feel free to write to our IT Team at [email protected] or contact Mr. Nikhil Hatiskar at +91 22 61377617 Vol. 20 n No. 10 n JANUARY 2018 The expectations from various quarters of the Society (be it clients, article assistants, employees, friends and relatives, Government) have changed (or rather increased multi-fold). Will simple incremental reactive steps be appropriate or are deep rooted changes in approach required? Or will we enter a mode of self-defence and denial? In the past, abundance of opportunities in the regulatory space made us excel in those areas. With a progressive liberalisation
Day, Date & Time: : Wednesday, 24th January, 2018 at 6.15 p.m.*
*(Fellowship over a cup of tea at 5.45 p.m)
Dear Members
Let me begin by wishing you a very Happy and a Prosperous New Year. As the year begins, we replace our calendars and table diaries. The old table diary of 2017 may have been wonderful, we may have used it to the best of our requirements but come 1st January, we invariably change the diary since the old diary has lost its context. This change is more like a reflex action. But let us pause for a moment and reflect back. In our day to day life, are there processes, beliefs and habits which have lost context? If yes, have we changed them or have we adapted ourselves to the changed environment?
Technology has enabled book-keeping and accounting to move completely to system driven processes. As auditors, have we changed the audit process to incorporate more systems checks as compared to the traditional “vouch and tick” approach? As auditors, are we more aware of the risks inherent to the audit process due to systems dependencies? Have we equipped our skillsets to enable us to obtain a reasonable assurance in this regard?
Government has adopted a combination of data analytics and technology enabled tools along with legislative changes to detect tax evasion and also to plug aggressive tax planning structures. While our advices would definitely consider these developments, has our mindset changed to the new context? Have we re-positioned ourselves from tax planners to facilitators of tax compliance?
GST has replaced a plethora of indirect taxes. The process of return filing requires elaborate data upload in a specific manner. Do we believe that there is a long-term value proposition in acting as processors of data or will our context need to change to re-define our roles and responsibilities?
Lecture Meetings: Future of Oil and Gas Industry..............................19.01.2018.....................................BCAS Hall, 7, Jolly Bhavan No.2, New Marine Lines, Mumbai................. 0 1 Implementation & Issues on E Way Bill – Way Forward.....24.01.2018................BCAS Hall, 7, Jolly Bhavan No.2, New Marine Lines, Mumbai.................. 0 1
Direct Tax Provisions of the Finance Bill, 2018..06.02.2018.................................Yogi Sabhagruha, Shree Swaminarayan Mandir, Dadar (East) Mumbai... 0 1
Indirect Tax Provisions of Finance Bill, 2018.......08.02.2018................................. BCAS Hall, 7, Jolly Bhavan No.2, New Marine Lines, Mumbai................. 0 1
Workshop on GST Law....................................................................................17.01.2018 to 14.03.2018.......GSTPAM, Mazgaon Library, Mumbai.............................................................. 09
8th Residential Study Course on Ind AS.....................................................22.02.2018, to 24.02.2018.. .The Hotel Gateway by Taj Group, Hinjewadi, Pune....................................... 10
Please check your spam to see if any BCAS emails you have missed. Tick not spam. In case you are not receiving emails, please feel free to write to our IT Team at [email protected] or contact Mr. Nikhil Hatiskar at +91 22 61377617
Vol. 20 n No. 10 n JANUARY 2018
The expectations from various quarters of the Society (be it clients, article assistants, employees, friends and relatives, Government) have changed (or rather increased multi-fold). Will simple incremental reactive steps be appropriate or are deep rooted changes in approach required? Or will we enter a mode of self-defence and denial?
In the past, abundance of opportunities in the regulatory space made us excel in those areas. With a progressive liberalisation
2 JANUARY 2018
(Continued from page 1)
of policies and moderate tax rates, will we internally compete in a crowded space or can we change the context to identify our latent capabilities and develop new domains?
Our lifestyles have become sedentary and machines have replaced almost all regular physical activities that our ancestors used to carry out. Have we incorporated a balanced food and exercise regime to compensate for the reduced physical activities? If not, we may be compromising on our health.
To all my male friends out there, women have consistently demonstrated excellence in academics and workspace. Have we changed the context to provide them more respect in personal relations? Does a working daughter-in-law receive the same respect and attention that a working son receives? If not, does this augur well for the long-term development of the society as a whole?
New Year is not merely time to change calendars and diaries. It is also a time to introspect, identify areas requiring change and take definitive action towards the change. I am sure many fellow professionals would be able to confidently and positively answer most of the above questions. But if a genuine self-introspection suggests otherwise, perhaps its’ time to adapt. After all, change is the only constant and history has proven that inability to adapt can even risk the existence of species.
Your Society has always been a harbinger and facilitator of change. More than two decades ago, when the newsletter was launched, Late Shri Narayan Varma could envision the future of the Society. In his communication to the members in the first newsletter, he wrote thus:
Before telecommunication becomes the order of the day, when not only transmission of information but lectures, workshops, etc. also can be arranged via computers and satellite or cable TV and distance learning becomes effective and common for us, this step of launch of BCAS Newsletter is a new milestone for serving the members.
It is befitting that a few months back, true to the vision of Late Shri Narayan Varma, the Society implemented a state-of-the-art e-learning platform. Since then a few programs both free and paid have been made available on this platform. This platform enables a quick release of various courses for all our members at the convenience of their doorsteps. The e-learning platform includes video recordings/ live streaming of various programs conducted at BCAS along with the presentations and course materials. Over a period of time, the platform will also integrate within itself various quizzes and tests and can help to evaluate the learning outcomes. Members can participate in discussions, receive the latest announcements and also compete in friendly leaderboards for each course. I once again encourage you to log in and access the system in the coming days, and also to share your feedback on how we can make this initiative even better.
Your Society has lined up a series of educational programs and intensive courses, the details whereof are available elsewhere in the newsletter. I would request you to participate in large numbers and take benefit of the same.
With warm regards
Yours truly
CA. Sunil Gabhawalla
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 – 20th and 27th January 2018 and 3rd, 10th , 17th, 24th February 2018. Please call to obtain a prior appointment.
The next Charitable Trust Clinic will be held on 2nd February 2018 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 [email protected] and call to obtain a prior appointment, latest by noon on the day of the clinic. Querists are also advised to bring along relevant papers like trust deeds, audited accounts, etc.
ACCOUNTS & AUDIT CLINICAdvisory Panel : CA. Sanjeev R. Pandit, CA. Himanshu V. Kishnadwala, CA. Jayesh M. Gandhi Clinic Co-ordinator : Mrs. Madhuri Haware – 61377613 The next Accounts & Audit Clinic will be held on Saturday, 3rd February 2018 from 4 pm to 5 pm. Persons interested in having their queries pertaining to implementation of Accounting Standards, Ind AS implementation, Auditing Standards Reporting requirements, Companies Act compliance, issues relating to Accounting aspects and Auditing aspects, etc. are requested to send their queries by e-mail to [email protected] 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.
3JANUARY 2018
4 JANUARY 2018
SIXTEENTH RESIDENTIAL LEADERSHIP RETREAT 2018
Man is constantly in search of happiness. Every year HDTI Committee organizes Residential Leadership Camp on varied subjects. This has assisted many of the regular participants to find the meaning in life and become better human beings. The HDTI Committee now announces the “Sixteenth Leadership Residential Retreat 2018” based on the theme ‘Saptapadi of happiness in Family’ (Seven Steps to family happiness). It will also touch upon ways to build Family brand in profession, vocation or business. The Retreat will be held in February spread across 2 days and 1 night.
The learned faculty Shri Mahendra Garodiya, (who guided us in the Fifteenth non Residential Leadership Workshop 2017 on the theme of Chanakya Business Sutra) has again consented to anchor the programme this year.
(Saptapadi) Seven steps based on our time tested values and culture are: Common Vision, Success Habits, Accountability, Un-conditional Love & Respect, Appreciation, Family as a brand and Celebration together.
Takeaways:Through this Workshop, the participants will experience and rediscover this profound knowledge and learn how to apply it in current turbulent times. It how to be happy prosperingmaterially in ethical and humanitarian mannerand with inner happiness. It will resound that prosperity and happiness are not mutually exclusive. It aims to guide the participants to share happiness with family, society, in profession and work environment.
Members are encouraged to register for this workshop with their spouse.
The learned faculty will help the participants to develop personal family programmes including a detailed schedule of implementing the lessons learnt during the workshop.
Program Details:
*Contribution per Member is inclusive of One night, Two days stay, Breakfast for two days, Lunch for two days, Dinner for one evening, Study Material and contribution of R50 towards BCAS foundation and Transport on Car pool facility .
Please note number of participants are restricted to only 40 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 focused 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 and many other reputed institutions. Mr. Garodiya has trained more than 1,000 business entrepreneurs and is currently growth partner for 15 companies in varied fields.
R5,085 plus GST @18% R915= R6,000for Members and Spouse Jointly (each)
R5,508 plus GST @18% R992= R6,500 Members registering individually
R5,932 plus GST @18% R1,068= R7,000 for Non-Members
HUMAN DEVELOPMENT & TECHNOLOGY INITIATIVES COMMITTEE
Chairman: CA. Rajesh Muni Co-Chairman: CA. Mihir C. Sheth
Conveners: CA. Mukesh G. Trivedi, CA. Krishna Kumar Jhunjhunwala, CA. Nikunj Shah & CA. Anand Kothari
5JANUARY 2018
Enrolment Form Sixteenth Residential Leadership Retreat 2018
BCAS Membership No (If Applicable)……………………………........................................................................................................................................................................................................................................................………..Mr. / Ms.…………………………............................................................................................................................................................................................………............................................................................................................................................of (firm name)………………………….....................................................................................................................................................................................................................................................................................................................………..Address …………………………................................................................................................................................................................................................................................................................................................................................………..…………………......................................................................................………………….....................………….…………………………Pin Code………………..................................................................................................................................................……....Email:…………………………............................................................................................................................................................................................................................................................................................................................................………..Tel (O)……………....………..……...........................................………. Tel (R)…………...............................................................………………. Mobile No:…………......................................................................................................................………..Choice of food (wherever applicable) Jain :- ................................................................................................................Veg :- ............................................................................................................................................We enclose herewith
Please find below NEFT details Bank Name : Axis Bank Ltd. Branch : New Marine Lines, Mumbai - 400020Saving Account No : 233010100179485 IFS Code : UTIB0000233Swift Code : AXISINBB173
Note: An email communication on transfer of funds through NEFT to be communicated at [email protected] for processing the payment. Registration will be confirmed only post email intimation.Date :______________________________ Signature of Participant
Cash/Draft/ Cheque no : Drawn on :Dated : Amount Rs.
FOUR DAY ORIENTATION COURSE ON FOREIGN EXCHANGE MANAGEMENT ACT (FEMA)
The Foreign Exchange Management Act (the Act) was introduced in 1999. The Act relaxed foreign exchange restrictions resulting in significant flow of investment into India over the years making India one of the most lucrative FDI destinations in the world. Indian overseas investment policies have been progressively liberalized and simplified to meet the changing needs of a growing economy. Various borrowing options are now available for Indian entities which hitherto were a distant dream. FDI in LLP is a reality now. Recently, Reserve Bank re-wrote various notifications regulating capital account transactions, which were in operation till now. To learn and relearn the whole gamut of FEMA, this 4 days orientation course is planned.
Day & Date 16th, 17th March 2018 (Friday, Saturday) | 23rd, 24th March 2018 (Friday, Saturday) Time 9.00 a.m. to 6.00 p.m.Venue Gulmohar,BCAS,JollyBhavanNo.2,NewMarineLines,Mumbai–400020Fees Early Bird till 15th February 2018 After 15th February 2018
Member Non Member Member Non MemberFees Rs5,000 Rs5,750 R 6,000 Rs7,000GST R 900 R 1,035 R 1,080 R 1,260Total R 5,900 R 6,785 R 7,080 R 8,260
(1) Understanding FEMAStructure of FEMA, Important Definitions- Residential status etc.
(2) Current & Capital Account Transactions and change of residential statusPermitted and prohibited current and capital account transactions and formalities upon change of Residential Status.
(3) Facilities for Resident Individuals and Non Resident IndiansNRO, NRE and Other Deposits in India, Repatriation of assets outside India (1 million USD Scheme) & Liberalised Remittance Scheme (USD 250000 Scheme ) (LRS)
(4) FDI in Real Estate Sector and buying and selling of Immovable Property in and outside IndiaWhat are the provisions for investment into Real Estate Sector in India? Who can buy immovable property in India, which property cannot be acquired, permissible transfer of the property etc.
(5) Export & Import of Goods & ServicesMeaning of export / import, international exhibition/trade fair, Export of goods on lease, hire, etc. Declaration Forms and the procedures thereof, Export of Software, Export of Services, Write-off of unrealized export bills, self-write off of unrealised export bills, agency commission on the export, refund of export proceeds, advance receipt for the export etc.
(6) Setting up of a Liaison Office, Branch Office & Project Office in IndiaWho can set up, routes, permissible activities, bank accounts & repatriation of profits, documents to be filed, disposing of assets, closure etc.
(7) FDI in General Who can invest in India, sectoral analysis (prohibited & permitted sectors), eligible instruments for investment and pricing, reporting and remittance, Downstream Investment, transfer of shares and round tripping.
(8) Investment on non-repatriation basis & FDI in Limited Liability Partnership (Schedule 4 & 9 of Notification 20) Who can invest in LLP, pricing, reporting and remittance, Downstream Investment, transfer of interest, who can invest in a company under non-repatriation basis and what are permissible business activities
(9) FDI in financial sectors Investment by a Foreign Venture Capital Investor (FVCI), a Foreign Portfolio Investor (FPI), Investment in Real Estate Investment Trusts (REITS).
(10) Sector Specific FDI Regulations Retail–SingleBrand&MultipleBrand,Ecommerce,Pharmaetc.
(11) External Commercial Borrowing (ECB) and Rupee Denominated Borrowing(12) Setting up a Branch outside India & Overseas Investment
Provisions and compliances required(13) Compounding under FEMA
What is compounding, what contraventions can be compounded, who can apply for compounding, procedure for applying for compounding, What is the criteria for calculation of compounding amount etc.
(14) Prevention of Money Laundering Act (PMLA) and FEMA issues of dealing in Crypto Currency (15) Brain Storming and Panel Discussion
TOPICS TO BE ADDRESSED BY EMINENT FACULTIES WILL BE AS UNDER
INTERNATIONAL TAXATION COMMITTEEChairman: CA. Mayur Nayak
Conveners: CA. Deepak N. Kanabar, CA. Rutvik Sanghvi, and CA. Siddharth BanwatCourse Co-ordinator: CA. Kirit P. Dedhia and CA. Rajesh P. Shah
The faculty will comprise of Chartered Accountants and Lawyers having hands on experience. They would share their practical experience and deal with subject with examples/illustrations.
9JANUARY 2018
WORKSHOP ON GST LAWOrganized jointly with
GSTPAM, AIFTP(WZ), CTC, MCTC, & WIRC of ICAIOn Wednesdays from 17th JANUARY to 14th MARCH 2018
8TH RESIDENTIAL STUDY COURSE ON IND AS 22ND TO 24TH FEBRUARY, 2018 AT
THE HOTEL GATEWAY BY TAJ GROUP, HINJEWADI, PUNE
Dear Members,
The adoption of Ind AS has catapulted Indian corporate sector to the centre stage of high quality and transparent financial reporting.
The journey of convergence to IFRS has been nine years long and BCAS has been since the past seven years at the forefront in equipping its members in particular and other stakeholders at large with the knowledge of IFRS and Ind AS.
The experience of implementing Ind AS by companies in Phase I has been quite challenging. Companies in Phase II are in the processof implementing IndAS fromF.Y.2017-18 (which inter alia requires restatement of financials for F.Y. 2016-17 as IndAScomparatives) and will have to draw on this experience whereby they should hopefully face less challenges.
The 8th BCAS Ind AS Residential Study Course has been planned to address the implementation challenges and share the experiences of the Phase I companies as well as impart this knowledge of implementing Ind AS to the professionals to ensure a smooth transition for the corporate sector.
To facilitate the finance/accounts persons in companies and professionals in and around Pune to attend the RSC, BCAS has also reserved enrolment for 15 people on non-residential basis as under:
For Members of BCAS: Having their registered address with BCAS at Pune.For Non-Members: Having their office of employment/professional address situated at Pune.
*Please note: enrolment is restricted to 80 participants only.
The 8th Residential Study Course is scheduled on 22nd, 23rd and 24th February, 2018 (Thursday to Saturday).Fees (Including GST @18% and R50/- contribution to the BCAS Foundation)
Discussion and Presentation Papers details:
Category Double Occupancy (In R) Single Occupancy (In R)MembersUpto 31.01.2018 (Early Bird) 15,635/- 22,420/-From 01.02.2018 17,700/- 25,370/-Non-MembersUpto 31.01.2018 (Early Bird) 18,585/- 25,370/-From 01.02.2018 20,650/- 28,320/-
MemberNon-Residential (Pune)
8,555/-
Non-MemberNon-Residential (Pune )
11,505/-
(Including GST @18% and R50/- contribution to the BCAS Foundation).
Sr. No Subject Paper writers Particulars1 Case Studies in Business Combinations and Consolidated
Financial Statements Ind AS 110CA. Jayesh Gandhi Paper for Group Discussion
2 Case Studies on PPE, Financial Instruments and other Ind AS CA. Arvind Daga Paper for Group Discussion3 Revenue Recognition- Ind AS 115 CA.Archana Bhutani Paper for Group Discussion4 Leases Ind AS 116 Eminent Faculty Presentation Paper5 Revised Audit report requirements CA. Vijay Maniar Presentation Paper6 Derivative and Hedge Accounting CA. Raghu Iyer Presentation Paper7 Critical implementation issues in Ind AS Eminent panelists Panel Discussion
ACCOUNTING & AUDITING COMMITTEEChairman: CA. Himanshu V. Kishnadwala
Conveners: CA. Nikhil D. Patel, CA. Chirag H. Doshi & CA. Amit PurohitCourse Coordinators: CA. Rajesh Mody & CA. Ronak Rambhia
SPECIAL JOINT STUDY CIRCLE MEETINGFor The Members of International Taxation Committee and ITF/FEMA/BEPS/Klaus Vogel/Economics Study Circles
Day, Date and Time Details Venue Speaker
Monday 22nd January, 20185.30 p.m. to 8.00 p.m.
Presentation on U.S. Tax Reform - Impact of Domestic and International Provisions
BCAS Hall, Jolly Bhavan No.2, New MarineLines,Mumbai–400020
Mr. Shishir Lagu Mr. Atul DeshmukhMr. Kavit Sanghvi
Those who are not members of International Taxation Committee or its Study Circles mentioned above can attend the meeting by paying R118/- (inclusive GST).
11JANUARY 2018
BCAS Membership No. (If Applicable)………………………………………………………………….……………...............................................................................................................................................…….……………………….……….Mr. / Ms.............................................................................................................................................................................................................................................................................................................................................................................Or (firm name).......................................................................................................................................................................................................................................................................................................................................................... Address............................................................................................................................................................................................................................................................................................................................................................................Pin Code……………....................................................................…………....Email:________________________________Tel (O)……......…….......................………………. Mobile No: ................................................................ We enclose herewith Cash/Draft/Cheque no : ______________________________Drawn on _________________________ Dated _____________Amount ________________
You can also make an NEFT. The details are as mentioned below: Bank Name : Axis Bank Ltd. Branch : New Marine Lines, Mumbai - 400020 Saving Account No : 233010100179485 IFS Code : UTIB0000233 Swift Code : AXISINBB173 Note: An email communication on transfer of funds through NEFT to be communicated at [email protected] for processing the payment.
Date :________________________________ Signature ________________________________Note:
Please fill in the above form and send the same to the Society’s office along with requisite payment. Payment Mode can be: Cheque / Demand Draft / Cash or Electronic Card (at BCAS office only). Please mention your name and membership number (if applicable) on the reverse side of the Cheque/ Demand Draft. Kindly note that the cash counter timings are from 10.30 a.m. to 5.30 p.m. on Monday to Friday and 10.30 a.m. to 1 p.m. on Saturday. The lunch time is 1.30 p.m. to 2 p.m.
The Cheque/ DD will be in the name of “Bombay Chartered Accountants’ Society”.
Life Membership (without Journal) 1 11,800.00 11,800.00
Life Membership (with Journal) 1 , 2 13,000.00 13,000.00
Journal Subscription 2 1,200.00 1,200.00
Details 1 Year 2 Years 3 Years
Student Membership [ Membership, e-journal, Study
Circle, Discount on selected events] 1
500.00 800.00 1,000.00
1 The above fees are inclusive of Goods and Service Tax. The rates are subject to change basis notification from time to time.2 6 months and 9 months, proportionate fees for Membership and journal Subscription available.
Newsletter by Post/Courier Email | We shall send our notifications by SMS: Yes/No
Payment DetailsCash/Cheque/Draft of Rs. …………………………...................................................................................………………………..drawn on ………………….............................................................……………...........………..bank,………………....................................................................................................................……….Branch, Cheque/Draft No………………....................................…………………………………….Dated………..........………..……………..Date:_______________________________________________________________ Sign:__________________________________________________________
Note:1. Outstation payments to be made by Demand Drafts only. Payable at Mumbai. Now you can pay online on www.bcasonline.org 2. Cheques/Draft should be drawn in favour of “Bombay Chartered Accountants’ Society”.3. Please attach a photocopy of Membership Certificate of The Institute of Chartered Accountants of India.4. Officetiming:10.30a.m.to1.30p.m.and2.00p.m.to5.30p.m.
• In case of new members and renewals of existing membership, the recipient of the supply can be the member only. Therefore, only the GST registration number of the member ( and not the firm) will be recognized. In case the member is not registered under the GST Law, the same shall be treated as B2C Transaction. It may also be stressed that all pending renewals which are renewed after the transition date will be liable for GST.
(For Individuals)
[IN BLOCK LETTERS PLEASE]
15JANUARY 2018
FROM RBIContributed by : Gaurang V. Gandhi
The Reserve Bank of India has issued the following 2 Circulars.
2 Mr. Manoj Lokhande, Front Desk Executive Enrollments and Collections [email protected] 613776293 Mr. Prakash Palsamkar, Front Desk Executive Enrollments and Collections [email protected] 613776294 Ms. Khushali Brahmbhatt Communication Manager communications@
bcasonline.org61377635
5 Mr. Javed Siddique, Events Manager Co-ordinator for Lecture meetings, Seminars, Workshops & Residential Courses
A. P. (DIR Series) Circular No. 14 dated December 12, 2017
Investment by Foreign Portfolio Investors (FPI) in Government Securities Medium Term Framework – Review
This circular has, with effect from January 1, 2018, increased the limits for investment by FPI in Central Government Securities (Central G-Sec) and State Development Loans (SDL) for thequarterJanuary–March2018byINR64billionandINR58billion,respectively. The revised limits are as under: -
Operational guidelines regarding allocation and monitoring of limits will be as issued by SEBI.
A. P. (DIR Series) Circular No. 15 dated January 4, 2018
Refinancing of External Commercial Borrowings
Presently, overseas branches / subsidiaries of Indian banks are not permitted refinance existing External Commercial Borrowings (ECB) of Indian Corporates.
This circular now permits overseas branches / subsidiaries of Indian banks to refinance (in full or in par)t ECB of highly rated
Limits for FPI investment in Government Securities
(INR Billion)
Central Government securities
State Development Loans
Aggregate
General Long Term
Total General Long Term
Total
Exis t ing Limits
1,897 603 2,500 300 93 393 2,893
Rev ised limits
1,913 651 2,564 315 136 451 3,015
BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY - STAFF CONTACT DETAILS
(AAA) corporates as well as Navratna and Maharatna PSU, subject to the conditions that: -
(a) The outstanding maturity of the original borrowing is not reduced and
(b) All-in-cost of fresh ECB is lower than the existing ECB.
Cash/Draft/Cheque No. :……………………….......................…..drawn on ………….…...........……...............………….…..........…………...bank,
Dated …………………...................…..........................….for an amount of R………............…………………….........................………..is enclosed.
Date : ................... (Signature)
Enrolment Form
BCAS Study Circles 2017 –18Sr. No. Study Circle Fee
(R)Tick your
choice hereI Direct Tax Laws 472II Indirect Tax Laws 472III Company Law, Auditing & Accounting 472IV FEMA 472V Information Technology 472
VI Human Resource Development 472VII ITF 1,180VIII BCAS Suburban Study Circle 708IX International Economics Study Group 1,180
Sr. No. Study CircleFee (R)
Tick your choice here
* Above Fee is inclusive of 18% GST
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Study Course8th Residential Study Course Ind AS...........................................................22. 02. 2018 to 24.02.2018................
Residential Leadership Retreat
16th Residential Leadership Retreat..........23.02.2018, 24.02.2018....... Members and Spouse (each) R6,000....... Members registering individually.....R6,500... Non-Members....R7,000......
Workshop
Workshop on GST Law.............................................................................17.01.2018.to 14.03.2018................. Members.............R2,360....... Non-Members.......R2,950..................................
Course
Four Day Orientation Course on FEMA...........................................................16.03.2018 & 17.03.2018................................................................................................................................................ 23.03.2018 & 24.03.2018 Early Bird till 15.02.2018 Member.....5,900........ Non Member R6,785........... After 15.02.2018 Member.....7,080........ Non Member R8,260...........
• 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.
Edited, printed & published by Raman Jokhakar on behalf of Bombay Chartered Accountants’ Society, Mumbai-400020. Printed at Spenta Multimedia Pvt. Ltd., Mumbai-400013.
5th Youth Residential Refresher Course......................................................09. 03. 2018 to 11.03.2018.................Till 27.01.2018......R11, 790..................................................................................... After 27.01.2018..R14,150.......................................................................................
Registered with the Registrar of Newspapers for India under R.N. 68365/98 Regd. No. MCS/093/2018-20Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1Published on 15th of every month • Posted on 15th & 16th of every month
