march 20141

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

Vice-President’s Communiqué

Dear Members,

According to PRS Legislative Research, a New Delhi public-interest group that monitors Parliament, the 15th Lok Sabha spent only 13% of the time on legislative work and passed 179 bills of the 328 tabled during its five year tenure which is the lowest score by a full five year term Lok Sabha. The 13th and 14th Lok Sabhas scored much higher and had passed 297 and 248 Bills respectively.

The legislative paralysis is evident from the fact that India has not been able to enact two very important tax reforms - Goods and Services Tax (GST) and Direct Tax Code (DTC). Despite good intentions, the poor quality of drafting reflected in the Companies Act, 2013 makes it look a rushed exercise leading to major issues in its implementation. Given this experience, someone may say that it is good that DTC and GST legislations did not go this way!

The deteriorating behaviour of our elected representatives has been inflicting huge damage to the credibility of the Parliament. A major repair of the Republic is required to ensure that the Parliament is able to discharge its constitutional responsibilities of effective legislation and ensuring the Government of the day is held accountable.

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

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

PROGRAMMES AT A GLANCE DATE VENUE PAGE NO.

Full day Workshop on Practical Issues in

Tax Deduction at Source .........................................................................21.03.2014 .............................................Navinbhai Thakkar Auditorium, Vile Parle (East), ................................... 6

Screening and Appreciation of the Film ‘Peaceful Warrior’ .22.03.2014 ............................................BCAS Office, Jolly Bhavan No. 2, New Marine Lines, .............................. 7

Full day Seminar on Charitable Trusts .............................................22.03.2014 ............................................M.C. Ghia Hall, Kala Ghoda .................................................................................... 4

Panel Discussion on Service Tax issues ..........................................29.03.2014............................................BCAS Office, Jolly Bhavan No. 2, New Marine Lines, .............................. 5

Workshop on Business Etiquettes .....................................................05.04.2014 ...........................................BCAS Office, Jolly Bhavan No. 2, New Marine Lines, .............................. 6

Two-Day Orientation Workshop designed for Students

& Chartered Accountants .......................................................................18.04.2014 & 19.04.2014 ...............M.C. Ghia Hall, Kala Ghoda .................................................................................... 5

Workshop on Present the Presenter Within .................................26.04.2014 ...........................................BCAS, Jolly Bhawan No. 2, New Marine Lines ............................................. 7

Lecture Meetings ........................................................................................19.03.2014, 09.04.2014..................Indian Merchants’ Chamber, Churchgate ..................................................... 1

(continued on page 2)

President: Naushad A. Panjwani 98200 59048 | president@bcasonline.org

Vice-President: Nitin P. Shingala 98200 57694 | vp@bcasonline.org

Hon. Jt. Secretary: Raman H. Jokhakar 98208 77976 | joint.secretary@bcasonline.org

Hon. Jt. Secretary: Mukesh G. Trivedi 9820182456 | joint.secretary1@bcasonline.org

Hon. Treasurer: Chetan M. Shah 98202 23402 | treasurer@bcasonline.org

LECTURE MEETINGS

Venue: Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai - 400020Day, Date & Time: Wednesday, 19th March 2014 at 6.15 p.m.*Speaker: Mr. Nilesh Vikamsey, Chartered AccountantSubject: Success in CA Exams

Venue: Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai - 400020Day, Date & Time: Wednesday, 9th April 2014 at 6.15 p.m.*Speaker: Sushil U. Lakhani, Chartered Accountant Subject: Taxation of Expatriates

Also over the years, the Parliament has been spending lesser time on discussing and scrutinising the Budget. The Interim Budget in 2014 was passed without discussion. In 2013, the Finance Bill and Demands for Grants amounting to R16.6 lakh crore were voted and passed without any discussion.

In the Interim Budget While the Finance Minister highlighted the good news about being able to contain the fiscal deficit at 4.6% of the GDP and the Current Account Deficit being contained at

Vol. 16 n No. 12 n March 2014

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

BCAS 2

(continued from page 1)

US$ 45 billion, the growth has slowed down to 4.9% and the IMF estimates it even lower at 4.6%. The projected ratio of non-plan expenditure to plan expenditure reaches an all-time high of 3.18 to 1 which is alarming. Curtailing plan expenditure and letting lose non plan expenditure is likely to stunt investment and impede growth. For the first time, the service tax has overtaken the central excise duty and the customs duty. The Finance Minister has confessed that the manufacturing is the Achilles’ heel of the Indian economy and the deceleration in investment in this sector is particularly worrying. The debt servicing cost has shot up by 25.4 per cent from R5,37,756 crores in the last year to R6,74,184 crores in this year.

With poll bugles sounded, the Elections and the Politics will dominate every agenda for next 10 weeks. The worrisome fiscal position will require a strong and capable Government to bring India out of this mess and let’s hope the Indian electorate will wisely exercise their rights. The energy and enthusiasm of our youth remains a greater hope, with an average of nearly

ALL THE THREE CLINICS wILL bE HELD IN THE LIbRARy Of THE SOCIETy

Right to infoRmation CliniC

ChaRitable tRust CliniC

aCCounts & audit CliniC

Advisory Panel : Narayan K. Varma, Adv A K Asher, Hema D. SampatClinic Co-ordinator: Aparna S. Bagul - 6137 7614

Advisory Panel : Ratanshaw J. Damanwala, Shariq M. Contractor, Gautam S. Nayak, Anil J. Sathe, Atul H. ShahClinic Co-ordinator: Aparna S. Bagul - 6137 7614

Advisory Panel : Sanjeev R. Pandit, Himanshu V. Kishnadwala, Jayesh M. Gandhi Clinic Co-ordinator : Aparna S. Bagul - 6137 7614

BCAS Foundation operates a Right to Information (RTI) Clinic on a regular basis. The Clinic provides help and guidance to BCAS members as also to non-members, i.e., all citizens, for making applications under the RTI Act and also assists in resolving any related difficulties on the subject of RTI. The RTI Clinic operates on every 2nd, 3rd and 4th Saturday from 11 a.m. to 1 p.m. The next RTI Clinic days accordingly are 22nd and 29th March 2014 and 12th, 19th and 26th April 2014. Please call to obtain a prior appointment.

The next Charitable Trust Clinic will be held on 4th April 2014 from 5 p.m. to 7 p.m.

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

The next Accounts & Audit Clinic will be held on 5th April 2014 from 10.30 a.m. to 11.30 a.m.

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

90,000 first-time voters in each constituency as per the latest data released by the Election Commission.

The ensuing end of current financial year and beginning of the new financial year will bring significant challenges to us chartered accountants requiring us to face the pressures of completion of accounts, audits, and tax and other filings and also adapt to the new company law.

My best wishes to all of you for a stress-free busy season ahead.

Yours truly,

Nitin P. Shingala

march 20143

ReneWal of bCas membeRshiP / JouRnal subsCRiPtion – 2014 - 15

Membership / Journal Subscription is due for renewal on 31st March 2014

Please renew your membership / subscription at the earliest

Remit your membership/ subscription by cheque / demand draft favouring ‘bombay Chartered

Accountants’ Society’ payable at par in Mumbai or by online payment (visit www.bcasonline.org)

Please quote your membership number / subscription number

Ensure you receive the bCA Journal without interruption

BCAS 4

IndIrect taxes & allIed laws commItteeChairman : Govind G. Goyal Convenors : Mandar U. Telang, Suhas S. Paranjpe & Sunil b. Gabhawalla Co-ordinators : Suhas S. Paranjpe & Ashok L. Sharma

JoIntly wIth the chamber of tax consultants

full Day Seminar on Charitable Trustsa full day Seminar is organized jointly with allied Laws committee of The chamber of Tax consultants (cTc) on Formation, registration, Taxation and compliance of various statutory provisions by the charitable Trusts to discuss and deliberate on the various issued faced in day to day practice.

The details are as under:

Day & Date Saturday, 22nd march 2014

Time 9.30 a.m. to 5.30 p.m.

Venue m. c. Ghia hall, Kalaghoda, mumbai – 400 001

Fees for Members R 1,200 + R 148 (ST) = R 1,348

Fees for Non-Members R 1,800 + R 222 (ST) = R 2,022

Fee includes course material, breakfast, lunch and tea & coffee.

The details are as follows:

Sessions Topics Speakers

Inauguration & 1st Technical Session

Key Note address/recent Issues in case of charitable Trust

Deputy charity commissioner and DIT (Exemption) chairman arvind h. Dalal, chartered accountant

2nd Technical Session

Important Provisions of Bombay Public Trust act, Drafting of Trust Deed etc.

adv. Baburao c. Yevle*

3rd Technical Session

Formation of Trust, Provisions relating to accounts & audit etc.

Vipin Batavia,chartered accountant

4th Technical Session

registration with I.T. Dept. Exemption U/S 80- G & Under section 10 (23) (c).

Paras Savla,chartered accountant

5th Technical Session

Taxation of charitable Trust

Gautam Nayak,chartered accountant

6th Technical Session

Foreign contribution regulation act and Provisions of DTc

anil Sathe,chartered accountant

*confirmation awaitedEnrolment form is printed on page 12

bcas foundatIonUttarakhand relief Fund: School rehabilitation Project – appeal for Support

The BcaS Foundation and the National centre for Peoples’-action

in Disaster Preparedness (NcPDP) http://www.ncpdpindia.org/have

been collaborated for repair, retrofitting and rehabilitation of Schools

in chamoli District in Uttarakhand.

We are glad to inform to you that Shri rajendrabhai Desai and his

team from NcPDP is doing excellent work. The repair, retrofitting

and rehabilitation of Subhashnagar Primary School in Gopeshwar

has been completed using the unique environment friendly retro-

fitting techniques. The use of this technique has resulted in savings

of over rs. 25 lakh in this project besides positive environmental

impact. This newly retrofitted school has also become a show-

piece for benefits of the unique technique of retrofitting. The local

community and the district authorities have also well received

and acclaimed this project. The BcaS Foundation plans to explore

supporting similar projects in Uttarakhand and I am sure you will

continue your support and contributions generously.

The BcaS Foundation has so far collected rs. 8.87 lakh out of which

rs. 6 lakh have been utilized towards the above school project.

We are now exploring further similar school projects jointly with

NcPDP and once again request the members to contribute

generously for this noble cause and send cheques in favour of

“BcaS Foundation” at the Society’s office.

The donations are eligible for tax benefits under Sec 80G of the

Income Tax 1961 vide registration Number: DIT (E) / mc / 80G/ 2345.

The BcaS Foundation is registered with the charity commissioner

under the Bombay Public Trust act, 1950 vide registration no.

E-20379 (mumbai).

Your timely support would be of great help.

Thanking you,

Trustees

BcaS Foundation

march 20145

human resources commItteeChairman : Mayur b. NayakConvenors : bharatkumar K. Oza, Hemant P. Gandhi & Mihir C. Sheth Co-ordinator: Smita H. Acharya

Two-Day Orientation workshop designed for Students and Chartered AccountantsTo help members in discharging their responsibility of imparting effective training and to orient articled Students into learning mode with basic knowledge in variety of technical subjects including e-filing, the committee is pleased to announce a two-day Orientation Workshop designed for the students and chartered accountants fresh in practice. The workshop will give an introductory insight on a variety of topics which will assist them in their articled period and practice. The workshop will help them expand their knowledge base and sharpen their skills to discharge their duties more effectively.

Details of the workshop are as follows:

Days & Dates Friday, 18th & Saturday 19th april 2014

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

Venue m. c. Ghia hall, Kalaghoda, mumbai - 400 001.

Fees for Students R1,500 + R186 (ST) = R1,686

Fees for Chartered Accountants

R2,500 + R309 (ST) = R2,809

Fee includes course material if any, Breakfast, Tea/coffee, Lunch & R50 contribution towards BcaS Foundation from chartered accountants only

Topics:

Sr. No. Subject Faculty

1. Income tax Jagdish T. Punjabi

2. accounting Standards abhay r. mehta

3. company Law anand Bathia

4. Service Tax Tushar K. Doctor

5. Internal audit Prakash r. muni

6. E-filing avinash ravani

7. VaT amar N. Shukla

8. ca, my Dream Profession atul c. Bheda Kindly bring the contents of above Notice to students’ attention and encourage them to enroll for the workshop.

Due to constraint of space, the enrolment is restricted to first 100 students.

Enrolment form is printed on page no. 12

IndIrect tax laws study cIrcleConvenors : Mandar U. Telang, Rajkamal R. Shah & Suhas S. Paranjpe

we do not hear the term "compassionate" applied to business executives or entrepreneurs, certainly not when they are engaged in their normal work. yet in terms of results in the measurable form of jobs created, lives enriched, communities built, living standards raised, and poverty healed, a handful of capitalists have done infinitely more for mankind than all the self-serving politicians, academics, social workers, and religionists who march under the banner of "compassion".

Nathaniel branden

Panel Discussion on Service Tax issues in development of commercial and residential complex and Redevelopment of housing projects

Day & Date Saturday, 29th march 2014

Time 8.30 a.m. to 9.00 a.m. registration9.00 a.m. to 1.00 p.m. Panel Discussion

Venue Bombay chartered accountants' Society, Jolly Bhavan No. 2, New marine Lines, mumbai - 400020

Panelists rajkamal r. Shah and Naresh K. Sheth

Special Invitee adv. Neel mandavia

Subject Service Tax issues in development and redevelopment of housing projects in the light of other laws

Fees R89 + R11 (ST) = R100 (incl. of service tax) (For members as well non-members of Indirect Tax Laws Study circle)

Enrolment form is printed on page no. 12

BCAS 6

taxatIon commItteeChairman : Gautam S. NayakCo-Chairman : Sanjeev R. PanditConvenors : Saurabh P. Shah, Anil D. Doshi & Jagdish T. PunjabiCo-ordinators: Jagdish T. Punjabi & Saroj V. Maniar

Topics Faculty

Overview of TDS mr. V. K. Pandey, cIT(TDS)

Section 192 – Salary including salary paid to expats and Section 194-Ia

ms. Sonalee Godbole,chartered accountant

Section 194a, Section 194c, Section 194h, Section 194I, and Section 194J

mr. N. c. hegde,chartered accountant

Section 195 - Payment to Non-residents

mr. Naresh ajwani,chartered accountant

Practical Issues in E-filing of TDS returns and Statements

mr. ameet Patel,chartered accountant

Enrolment form is printed on page no. 12

human resources commItteeChairman : Mayur b. NayakConvenors : bharatkumar K. Oza, Hemant P. Gandhi & Mihir C. Sheth Co-ordinators: Gracy M. Mendes & Mahendra D. Turakhia

workshop on business EtiquettesGlobalization of economy has brought new opportunities to extend the boundaries of business beyond India. While these opportunities can be very enriching, they also present challenge to successfully assimilate with different cultures and navigate business to the desired goal.

These challenges can sometime become a major roadblock for achieving success when one unconsciously ignores country protocols and established business etiquette practices of outside world.

The proposed workshop intends to deal with many such protocols and business etiquette practices which can help the participants to carry effortlessly while dealing with their counter part from other countries. It will not only familiarize the participants with different topics of business and social etiquette but will also give chance to actively participate by sharing their own experiences.

The workshop will be useful to family members and clients of members as it will train participants on good etiquette for any social gathering, dinner or simply for talking on phone etc.

The workshop proposes to cover broadly following areas:• Emailetiquette• Mobilephone• Dining/Winedrinking• Conductingateleconference• BusinessMeetingprotocol/Conductingnegotiations• Gifts-Givingappropriategifts• Tips• Businesspracticesofdifferentcountries• Generalprotocols-PersonalHygiene• Perfumes-Typesofperfumesandoccasionswhentousewhat

Number of participants limited to 30 on First come First Served Basis

Rush to enrol now! Tomorrow could be too late!

Day & Date Saturday, 5th april 2014

Time 3.00 p.m. to 6.00 p.m.

Venue Bombay chartered accountant Society, Jolly Bhawan No. 2, New marine Lines, mumbai-400020

Capital Investment members - R330 + R41 (ST) = R371Non members - R450 + R56 (ST) = R506Fee includes course material, Snacks, Tea/coffee and R30 towards contribution to BcaS Foundation.

Faculty Mihir Sheth, chartered accountant, company Secretary and cISa (certified Information Systems auditor)

Enrolment form is printed on page no. 12

full day workshop on Practical Issues in Tax Deduction at SourceThe importance of TDS provisions cannot be undermined. TDS is a significant source of revenue for the Government. Non-compliance with TDS provisions may invite disallowance of expenditure in addition to applicability of penal provisions. There are additional payments liable for tax deduction at source such as purchase of immovable property.

There are constant changes both in the regulatory as well as the compliance aspects of TDS provisions. The transition from NSDL to centralised Processing cell (cPc) is now complete. as we all know, cPc (TDS) set up in Ghaziabad has introduced TracES (TDS reconciliation analysis and correction Enabling System) since last year.

This Workshop is intended to keep you updated with the recent developments in this field. Participants may send their queries in advance to the Society to enable the speakers to deal with them.

details of the workshop:

Day & Date Friday, 21st march 2014

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

Venue Navinbhai Thakkar auditorium, Vile Parle (East), mumbai.

Fees for Members R 1,000 + R 123 (ST) = R 1,123

Fees for Non- Members

R 1,250 + R 155 (ST) = R1,405

Fee includes course material, breakfast, lunch and R 50 towards contribution to BcaS Foundation

march 20147

human resources commItteeChairman : Mayur b. NayakConvenors : bharatkumar K. Oza, Hemant P. Gandhi & Mihir C. Sheth Co-ordinators: Gracy M. Mendes & Mahendra D. Turakhia

Under the auspices of Amita Memorial TrustInvites you to a powerful workshop

“Present the Presenter within”(Enhancing Public Speaking, Communication and Inter Personal Skills)A unique workshop on Enhancing your public speaking abilitiesEffective Presentability to Clients – whether in client meetings, client presentations or with walk-in clientsThe Brain is the most sophisticated irreplaceable computer, a natural gift of nature. This anatomical complex is programmable to an extent beyond the realms of our imagination. Brain acquires knowledge constantly and piles it up. To tap this knowledge, for timely use when necessary, one needs skills.

Everyone is born with certain amount of these skills. In the case of an average person, these skills are not trained or developed. In the case of a successful person, a leader, these skills are sharpened and trained. Our aim is to train and develop these dormant qualities of a person to reach for life’s highest rewards.

Sessions one to four are devoted to building confidence and self-reliance mainly through a series of successful speaking experiences. as the participant masters the techniques of effective communication taught in the course, he changes his attitudes towards himself and begins to speak more convincingly. This carries over to his job where his newly found confidence results in better expression of his ideas in management, selling, teaching, innovating, in whatever endeavor he pursues. Briefly, the four sessions helps the participants to get rid of shackles of self-consciousness and develop in them a compelling desire not only to express their ideas but to do so with forcefulness and conviction.

Attributes of the Program:• Fluencyofexpression• Poise• ConversationalAbility• Organizationofideas• Abilitytolistenmoreprofitably• Skillingettingapointacrosswithintimelimits• Skillinverbalizationonthespurofthemoment• SkillinIntroducingSpeakers• Inspiringotherstogetthingsdone• Speakwithconviction• GesturesandPosturesinEffectiveCommunication

Participants are encouraged to bring their video cameras, ipads, for audio-visual recording of their performance.

Number of participants limited to 25 on First come First Served Basis

Rush to enrol now! Tomorrow could be too late!

Days & Dates On Saturdays - 26th april, 2014, 3rd may, 2014, 10th may, 2014 and 17th may, 2014

Time 2.30 p.m. to 7.30 p.m.

Venue Gulmohar hall, Bombay chartered accountant Society, Jolly Bhawan No. 2, New marine Lines, mumbai - 400020

Capital Investment members R4,250 + R525 (ST) = R4,775Non members R5,255 + R650 (ST) = R5,905Fee includes course material, if any, snacks, tea/coffee and R50/- towards contribution to BcaS Foundation.

Faculty Shyam Lata, Trainer

human resources commItteeChairman : Mayur b. NayakConvenors : bharatkumar K. Oza, Hemant P. Gandhi & Mihir C. Sheth

Screening and Appreciation of the film ‘Peaceful warrior’Day & Date Saturday, 22nd march 2014

Time 2.30 p.m. to 6.30 p.m.

Venue Bombay chartered accountants' Society, Jolly Bhavan No. 2, New marine Lines, mumbai - 400020

Fee R100 + R12 (ST) = R112Fee includes snacks, tea/coffee

About the Film:Peaceful Warrior is drama film (2006) made by Film director: Victor Salva. Starring Scott mechlowicz, Nick Nolte, amy Smart and others.

Film is based on the novel ‘Way of the Peaceful Warrior’ by Dan Millman who is a former world champion athlete, university coach, martial arts instructor, and college professor. after an intensive, twenty-year spiritual quest, Dan's teaching found its form as the Peaceful Warrior's Way, expressed fully in his books and lectures. his work continues to evolve over time, to meet the needs of a changing world.

This film is the story of Dan millman played by Scott mechlowicz. Dan millman is a former world champion athlete, who journeys into realms of romance and magic, light and darkness, body, mind, and spirit., and his struggle to make sense of his life in which he is successful but still unfulfilled. he meets a spiritual guide, an old man who works on petrol station with different approach to life and how to focus on ‘here’ and ‘now’. Dan calls him Socrates. he teaches Dan how to be real, peaceful, warrior, on the path of life which is more important than goal. One important message is: "Stop gathering informations from outside, go inside, where you will find all what you need." It is worthy to read the book on which is film based - it can change a life.

Discussion highlighting on important learnings from the film will be lead by mayur B. Nayak and mukesh G. Trivedi.

Only 100 participants will be taken on first come first serve basis.

march 20149

recently released PUbLICATIONS Of bCAS

BCAS 10

Payment can be made by cheque/DD payable at par in Mumbai in favour of ‘Bombay Chartered Accountants’ Society’. You can also pay by cash/credit card at the payment counter of BCAS Office. If you have an Imprest Account, then you can instruct us to adjust the subscription through the imprest Account. For further details log on to www.bcasonline.org

Particulars Subscription Charges + Service Taxfrom 1st April 2014 to

31st March 2015

Total Charges

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

Students R 600 + 12.36% R 674

Journal subscribers R 900 + 12.36% R 1,011

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

Lecture Meeting on Spirit of Service: Connecting to the Inner-Net by Nipun Mehta held on 18th February 2014 is now available on BCAS Web TV

bCAS wEb TVSubscribe

Now!!!

march 201411

From rBIContributed by : Gaurang V. Gandhi

The Reserve Bank of India has issued the following 6 circulars

a. P. (dIr series) circular no. 102 dated february 11, 2014foreign direct Investment–reporting under fdI scheme: amendments in form fc-GPr

Annexed to this circular is the new Form FC-GPR. The change in Form FC-GPR has been made to capture details of FDI as regardsBrownfield/Greenfield investments and the date of incorporation of the investeecompany in Clause No. 1 of the said Form.

a. P. (dIr series) circular no. 103 dated february 14, 2014Import of Gold / Gold dore by nominated banks /agencies/entities – clarifications

This circular contains clarification with respect to import of Gold as well as Gold Dore as under: -

Import of Gold1. In case of Advance Authorization (AA) / Duty Free Import

Authorization (DFIA) issued before August 14, 2013, the condition of sequencing imports prior to exports will not be insisted upon even in case of entities / units in the SEZ and EOU, Premier and Star Trading Houses.

2. The imports made as part of the AA / DFIA scheme will be outside

the purview of the 20:80 Scheme and will be accounted for separately and will also not entitle the Nominated Agency / Banks / Entities to any further import.

3. The Nominated Banks / Agencies / Entities can make available gold to the exporters (other than AA / DFIA holders) operating under the Replenishment Scheme.

4. Import of gold in the third lot onwards will be lesser of the two: -a. Five times the export for which proof has been submitted; orb. Quantity of gold permitted to a Nominated Agency in the first or

second lot.

A revised working example of the operations of the 20:80 Scheme isAnnexed to this circular.

Gold dore1. Refiners are allowed to import Gold Dore of 15% of their license for

each of the first two months. 2. Where import quantity has already been identified by DGFT for

first two lots, import of such quantity must be in compliance with the guidelines issued vide A.P. (DIR Series) Circular No. 82 dated December 31, 2013.

3. DGFT can include new refiners, and fix license quantity for them.

a. P. (dIr series) circular no. 104 dated february 14, 2014foreign investment in India by sebI registered fII, QfI and long term investors in corporate debt

This circular states that the sub-limit for investment in Commercial Paper by FII, QFI & other long-term investors is reduced from US $ 3.50 billion to US $ 2.00 billion with immediate effect. However, there is no change in the total Corporate debt limit which will continue to be US $ 51 billion.

Instruments Limit Eligible Investors Remarks

Corporate Debt including Commercial Papers

US $ 51 billion FII, QFI and Long term investors registered with SEBI – Sovereign Wealth Funds (SWF), Multilateral Agencies, Pension / Insurance / Endowment Funds, Foreign Central Banks

Eligible Investors may invest in Commercial Papers only up to US $ 2 billion within the limit of US $ 51 billion

The revised position, subject to operational guidelines to be issued by SEBI, is as under: -

a. P. (dIr series) circular no. 105 dated february 17, 2014external commercial borrowings (ecb) – reporting arrangements

Annexed to this circular is the new ECB-2 Return. Part E of ECB-2 Return has been modified to capture details of financial hedges contracted by corporates, their foreign currency exposure relating to ECB and their foreign currency earnings and expenditure.

a. P. (dIr series) circular no. 106 dated february 18, 2014facilities to nrIs/PIos and foreign nationals – liberalisation – reporting requirement

Presently, banks are required to report on a quarterly basis to RBI details of remittances (number of applicants and total amount remitted) made by NRI, PIO and Foreign Nationals from their NRO accounts.

This circular has changed the reporting period from quarterly to monthly. As a result banks will have to report to RBI, in the revised format Annexed to the circular, details of remittances out of NRO accounts, including transfers from NRO account to NRE account made

by NRI, PIO and Foreign Nationals within 7 days of the end of the reporting month.

a. P. (dIr series) circular no. 108 dated february 24, 2014exim bank's line of credit of usd 10 million to the Government of the republic of nicaragua

Exim Bank has made available, subject to certain terms and conditions, to the Government of the Republic of Nicaragua a Line of Credit of US $ 10 million for financing purchase of eligible goods, services, machinery and equipment including consultancy services purchase of equipment from India for building two electric sub-stations in Nicaragua. Eligible goods and services including consultancy services of the value of at least 75% of the contract price must be supplied by the sellers from India, while the remaining 25% of the goods and services may be procured by the sellers from outside India.

The last date for opening of Letters of Credit and Disbursement for project exports will be 48 months from the scheduled completion date of the contract and June 13, 2019 in case of supply contracts.

BCAS 12

Registered with the Registrar of Newspapers for India under R.N. 68365/98 Regd. No. MH/MR/South-88/2012-14Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1Published on 15th of every month • Posted on 15th & 16th of every month

Edited, printed & published by Narayan Varma on behalf of Bombay Chartered Accountants’ Society, Mumbai-400020. Printed at Spenta Multimedia, Mumbai-400013.

• Please fill in the above form and send the same to the Society’s office along with requisite payment. • Please mention your name and membership number on the reverse side of the local cheque/at par cheque/Demand Draft. • Kindly note that the cash counter timings are from 10.30 a.m. to 5.30 p.m. on Monday to Friday and 10.30 a.m. to 1 p.m. on Saturday. The lunch time is 1.30 p.m. to 2 p.m. Members are requested to co-operate in this regard. • Cancellation policy: Kindly note that no refund will be given in case of cancellation for any reason and no substitute will be allowed.

Name : .............................................................................................................................................................................................

Address : .........................................................................................................................................................................................

E-mail :............................................... Mobile : ........................................... Tel. : ............................... Fax : .................................

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

Choice of food (wherever applicable) .......... Jain Non-Jain Cash/Draft/ Cheque no. .................. Drawn on ................................................................................................................... Bank,

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

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

BCAS Study Circles 2014–15Study

Circle No. Subject Fee Tick your choice here

I Direct Tax Laws 449*

II Indirect Tax Laws 449*

III Company Law, Auditing & Accounting 449*

IV FEMA 449*

V Information Technology 449*

Study Circle No. Subject Fee Tick your

choice hereVI Human Resource Development 449*

VII ITF 1,123*

VIII BCAS Suburban Study Circle 674*

IX International Economics 1,123*

X Students Study Circle 224*

* Inclusive of Service Tax of 12.36%

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Full day Seminar on Charitable Trusts .............................22-03-2014 ........................................................r 1,348 for members .......... ...........................r 2,022 for non-members .........

Seminar

Panel Discussion on Service Tax issues ...........................29-03-2014 ........................................................r 100 for members ............. ...........................r 100 for non-members ............

Panel Discussion

Screening and Appreciation of the Film ‘Peaceful Warrior’.........22-03-2014 ..............................................r 112 .................................

Screening

Workshop on Business Etiquettes ...................................05-04-2014 ........................................................r 371 for members ............. ...........................r 506 for non-members ............

Workshop on Present the Presenter Within.........26-04-2014 ......................................................................r 4,775 for members .......... ..................... r 5,905 for non-members ..................

Full day Workshop on Practical Issues in Tax Deduction at Source ..............................................21-03-2014 ........................................................r 1,123 for members .......... ...........................r 1,405 for non-members .........

Two-Day Orientation Workshop designed for Students and Chartered Accountants ........ 18-04-2014 & 19-04-2014 .......................................................r 1,686 for Students ........... ..................... r 2,809 for Chartered Accountants .....

Workshop