APRIL 20151

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

Vice-President’s CommuniquéDear Member,

Spring is here! Mumbai streets sprinkled with yellow Peltophorum blossoms are quite a sight! Hues in heat give some respite to our eyes, at least. Indian Laburnum should bloom soon and you can identify them, as these are totally golden yellow blossom laden trees without any greens. To the otherwise sultry weather, trees with bright flowers give a colourful and cheerful touch.

The professional scene too is carpeted with host of changes ‘springing’ up in the last few weeks. The much awaited CARO 2015 format was prescribed, Ind ASs transition has begun, Black Money Bill with controversial and vicious provisions placed before the lawmakers, and ICDS brought in by the Tax Office. The ICAI issued a Guidance Note on Reporting on Fraud and an Application Guide on Schedule II of the Companies Act, 2013. I guess for most of you, the reading list for the next few weeks is set.

On the business scene, it is a spring time too! New business models like never before have shown humongous success. A recent read observed that the largest taxi fleet does not own any vehicle (Uber), the most valuable online retailer does not own any goods (Alibaba), the most popular social media does not create any content (Facebook), and the largest accommodation provider owns no real estate (Airbnb). The stratospheric rise of say Alibaba shows it has 600 million users, $25b IPO, 100 m shoppers a day and has created 40 m jobs in China. And guess who is behind it. Jack Ma, the founder, who was rejected for 30 jobs, failed national university exams, didn’t even get a position at KFC. Well, that is certainly a spring of sorts for the human spirit. All of these businesses have evolved a new meaning to the word D-I-R-E-C-T. Undesirable layers in supply chain are dead. CUSTOMER INTERFACE is EVERYTHING! THINK ABOUT IT – MATTER no longer MATTERS! Is the FORM becoming as important as the SUBSTANCE???

As you can see, we are witnessing massive changes and matters related to the profession alone do not make up the entire real world. The news of human spirit springing to its best, are music

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

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

(Continued on page 2)

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

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

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

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

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

Vol. 18 n No. 1 n April 2015

PROGRAMMES AT A GLANCE DATE VENUE PAGE NO.

2 Day Orientation Workshop designed for Fresh Articled Students .................24.04.2015 to 25.04.2015...... .RVG Hostel, Andheri (W) ....................................................................... 3

Present the Presenter Within, Workshop.............................................................................25.04.2015, to 16.05.2015...........Gulmohar, BCAS......... ............................................................................................7

Jal Erach Dastur Students’ Annual Day ................................................................................30.05.2015 ......................................... Navinbhai Thakkar Auditorium, Vile Parle East ........................6

9th Residential Study Course on Service Tax and VAT.....................................19.06.2015 to 21.06.2015 ....... LEONIA Resort, Hyderabad..................................................................5

International Tax & Finance Conference, 2015 ................................................................14.08.2015 to 17.08.2015........Aamby Valley, Lonavala ................................................................................... 4

Lecture Meetings .................................................................................................................................10.06.2015, 17.06.2015, 24.06.2015 ...................................................................................................................................1

Study Circle..............................................................................................................................................25.04.2015, 09.05.2015 ...........................................................................................................................................................3

LECTURE MEETINGS

Speaker: Dilip Lakhani, Chartered AccountantSubject: Legal and Tax aspects of Trust - with special reference to REITs, INVSTs and AIFsVenue: Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai 400020Day, Date & Time: Wednesday, 17th June 2015, 6.15 p.m.*

Speaker: Ganesh Rajgopalan, Chartered Accountant & Rutvik R. Sanghvi, Chartered AccountantSubject: Filing of Income-tax Return Venue: Walchand Hirachand Hall, 4th Floor, IMC, Churchgate,

Mumbai 400020Day, Date & Time: Wednesday, 24th June 2015, 6.15 p.m.*

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

MEGA LECTURE MEETING

Speaker: Narendra Sarda, Chartered AccountantSubject: Journey from Current AS to IndAS (Current AS to new AS Converged with IFRSVenue: Rama and Sundri Watumall Auditorium, K.C. College Building, Churchgate, Mumbai 400020Day, Date & Time: Wednesday, 10th June 2015, 5.30 p.m. to 8.30 p.m.

to our ears. People overcoming odds, the - IN SPITE OF - stories give hope. Great news from the feminine world - A seventeen year old Indian origin girl, Pooja Chandrashekar, gets into all 8 Ivy league schools. She got a SAT score of 2390 out of 2400. Saina Nehwal and Sania Mirza both topped the charts of their own sports and make the otherwise cricket crazy Indian proud.

What is our country up to, to fit into this larger picture? Let’s look at one aspect – Skill Development. The Union Budget

BCAS 2

(Continued from page 1)

2015 made allocation of about Rs. 5, 000+ crore towards skill development. India has many people with a degree but not the skills. Today 12 million youth enter the workforce (many with degrees) and will do so for the next 20 years. However, when you look at their EMPLOYABILITY, it’s dismal. This is due to poor education and skill sets. The program run by Bharat Sarkar for years, typically focused on classroom based approach followed by placement guarantee (a typical un-innovative, non outcome driven socialist style approach that encourages people to remain mediocre). Collaboration between potential employers, students and skill development service providers in such a program was NIL. In a developed nation, a typical skill development program will entail employer defined approach where the employer provides funding and also gives practical training. The funding works through apprenticeship based approach. This could last almost for 2-3 years. If we have to achieve the ambitious target of having 500 million skilled workers by 2022, we will need a huge push for industries to collaborate, otherwise our inclusive growth targets will remain a blurry dream and Make in India only a lion image. The GOI has put efforts in creating National Employability Through Apprenticeship Program (NETAP), but so much more remains to be done. The GOI approach still remains aggressive towards businesses and its regime adversarial. That is why the programs are unable to take off and fly high.

Here are some appalling statistics (from NETAP website): India has 3 Lacs apprentice, Germany has 3m, Japan 10m, China 20m), India has only 20,000 employers giving apprenticeship (UK has 3 Lacs, Queensland, Australia alone has 26,000), Apprentice Act, 1961 is a stiff and unhelpful piece of legislation (NETAP website

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

RIGHT TO INFORMATION CLINIC

CHARITABLE TRUST CLINIC

ACCOUNTS & AUDIT CLINIC

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

Advisory Panel : Dr. Gautam N. Shah and Tushar K. DoctorClinic Co-ordinator: Ms. Bindu Mistry – 61377624

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

Foundation operates a Right to Information (RTI) Clinic on a regular basis. The Clinic provides help and guidance to BCAS members as also to non-members, i.e., all citizens, for making applications under the RTI Act and also assists in resolving any related difficulties on the subject of RTI. The RTI Clinic operates on every 2nd, 3rd and 4th Saturday from 11 a.m. to 1 p.m. The next RTI Clinic days accordingly are 18th and 25th April, 2015 and 9th, 16th, and 23th May, 2015. Please call to obtain a prior appointment.

The next Charitable Trust Clinic will be held on 8th May, 2015 from 5 p.m. to 7 p.m.

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

The next Accounts & Audit Clinic will be held on – 2nd May, 2015 from 10.30 a.m. to 11.30 a.m.

Persons interested in having their queries pertaining to accounting and auditing issues solved are requested to send the queries by e-mail to journal@bcasonline.org one week in advance and call to obtain prior appointment, at least a day before the day of the clinic. Please note that the panel will not answer any queries pertaining to tax issues.

calls this legislation ineffective and rigid, full marks for being true and real) Now we know what becomes of a country when its laws are inhibiters and law makers themselves are careless and busy fighting for things that are irrelevant at best.

The challenges are colossal, and the bigger the dream, the greater is the required teamwork. The real challenge is to overcome stupidity and complexity in our laws and focus on awe-inspiring INNOVATION in LAWMAKING, to decide to step out of an adversarial mindset and start afresh. When we look at some of these challenges and understand how complex they are, we have to find SIMPLE ways to take us out. Perhaps, we have to work in a way that is counterintuitive and certainly stop digging when we find ourselves in a hole.

I leave you with a piece of Calvin and Hobbes to ponder and enjoy as we face these exciting times:

Calvin has a balloon in his hands and he says “ That’s one of the remarkable things about life. It’s never so bad that it can’t get worse.”

Wishing you a very happy new financial year! Hope you can begin with a well deserved break during the summer holiday season!

Yours truly,

Raman H. Jokhakar

APRIL 20153

INFORMATION TECHNOLOGY STUDY CIRCLE

Study Circle

Convenors : Kamlesh Doshi & Sanjay Chokshi

Today, there are three kinds of people: the have’s, the have-not’s, and the have-not-paid-for-what-they-have’s.

- Earl Wilson

You can make positive deposits in your own economy every day by reading and listening to powerful, positive, life-changing content and by associating with encouraging and hope-building people

- Zig Ziglar

Day & Date Saturday, 9th May 2015

Time 10.00 am to 12.00 noon

Group Leader Vaibhav Manek, Chartered Accountant

Topic Practice Management - Marketing Professional Services

Venue BCAS Office

Day & Date Saturday, 25th April 2015

Time 4.00 p.m. to 6.00 p.m.

Group Leader Mr. Dhaval Desai, Chartered Accountant

Topic Discussion on Recent Judicial Pronouncements & Tax Issues (Part II)

Venue Direct-I-Plex, Old Nagardas Road, Opp. Wilson Pens, Near Andheri East Subway, Andheri (East), Mumbai 400069

The group leader will discuss recent important judgements and issues therein. He would also take the group through various unresolved issues/controversies and various important notifications/circulars of Income Tax department. Members, who may have any specific queries of importance to the whole group, may kindly email them to the convenors in advance so that time permitting the group leader can respond to them.

We look forward to your active participation in the discussion at this meeting.

Enrolment form is printed on page 12.

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

Topics to be covered would be as follows:

Topics Speakers

Introduction to Accounting Standards CA. Shakuntala Choggani

Introduction to Direct Taxes CA. Saroj Maniar

Introduction to Service Tax CA. Tushar Doctor

Introduction to VAT CA. Amar Shukla

Introduction to Companies Act CA . Manish Sampat

Introduction to Internal Audit CA . Preeti Cherian

E-Filing of Returns CA. Avinash Ravani

Excellence in Profession - how do I get there? CA. Raman Jokhakar

Details of the workshop are as follows:

Days & Dates

Friday, 24th April & Saturday, 25th April, 2015

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

Venue RVG Hostel, 57, Lallubhai Shamaldas Road, Near Shoppers Stop, Andheri West, Mumbai - 400058

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

(Fee includes breakfast, tea/coffee, lunch & study material, if any)

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 12.

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

HUMAN RESOURCES COMMITTEE

2 Day Orientation Workshop specially designed for Fresh Articled Students

SUBURBAN STUDY CIRCLE

DIRECT TAX STUDY CIRCLE

Convenors : Giriraj Soni & Kinjal Shah

Convenors : Hardik Mehta & Nilesh Parekh

BCAS 4

The International Taxation Committee is pleased to announce the 19th Residential International Tax & Finance Conference at Aamby Valley, Lonavala. The deliberations at the Conference on the subjects of International Taxation and Finance would be at an advanced level.

The Conference shall have 4 Group Discussion and 2 Presentation Papers by eminent faculties.

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

Venue Aamby Valley, Lonavala

Fees Shall be communicated shortly

Detailed program shall be announced shortly. Kindly book your tickets in advance to avail prevailing offers on Air Fares by many airlines.

Enrolment form is printed on page 12.

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

INTERNATIONAL TAXATION COMMITTEE

RENEWAL OF BCAS MEMBERSHIP / JOURNAL SUBSCRIPTION 2015 - 16

International Tax & Finance Conference, 2015

MEMBERSHIP / JOURNAL SUBSCRIPTION WAS DUE FOR RENEWAL ON 31ST MARCH 2015

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

Notice of Election for the BCAS Year 2015-161. Election for the posts of President, Vice–President,

two Joint Secretaries, Treasurer and Eight Members of the Managing Committee of the Bombay Chartered Accountant’s Society will be held on 11th May 2015.

2. Members desirous of contesting the elections for the above posts should file their nominations with the office of the Society in the prescribed forms latest by 11.00 a.m. on Thursday, 30th April 2015. Nomination forms will be available at the Society’s office from Wednesday, 22nd April 2015 10.30 a.m. onwards.

3. Voting for the election will be held on Monday, 11th May 2015, at the Society’s office between 10.00 a.m. and 1.00 p.m.

Attention of members is invited to Rules 12 and 18 of the Rules and Regulation of the Society, according to which, a member in arrears of subscription is not entitled to contest the election, nor can he/she vote or propose / second a candidate until his / her

subscription is fully paid.

APRIL 20155

The Indirect Taxes & Allied laws Committee of BCAS is pleased to announce the 9th Residential Study Course on Service Tax and VAT to be held at Hyderabad, from 19th June to 21st June 2015. The details are as follows:-

Days & Dates Friday, 19th June to Sunday, 21st June 2015

Venue LEONIA Resort, Hyderabad

Fees ` 9,078/- + ` 1,122 (ST) = ` 10,200/- per member

Subjects & Paper Writers:

Papers for Discussion

Service Tax & VAT on IT, IT Enabled Services and E-commerce Transactions

K. VaitheeswaranAdvocate, Chennai

Case Studies on CENVAT Credit Rules L. BadrinarayananAdvocate, Mumbai

Case Studies on Taxation of Services(with reference to Valuation, Exemptions, Point of Taxation and Place of Supply Rules, etc. except above two topics)

S. ThirumalaiAdvocate, Hyderabad

Papers for Presentation

GST – Recent Developments and Expectations Jayraj ShethChartered Accountant, Mumbai

Controversies in Service Tax J. K. MittalAdvocate, Delhi

Venue: The Venue “LEONIA Holistic Destination”, is said to be one of the largest convention centers of India, having various facilities such as more than 450 rooms, twelve banquet halls of various sizes, theatres, indoor and outdoor games, go-karting and mini water park with flow rider - web surfing, etc.

Address: LEONIA, Bommaraspet, Shameerpet, Ranga Reddy District, Hyderabad 500078, India. Tel: 91-40- 66400000. (About one hour drive from Airport & Railway Station)

Notes:1. The Residential Study Course is open only for Ordinary and Life

members of BCAS.2. Enrolment will commence from 10th April 2015 and will be restricted

to 150 members only, on first-come-first-served basis.3. The Course will begin on Friday 19th June 2015 and will conclude

on Sunday 21st June 2015 after lunch. Delegates can check-in at the hotel from 12 noon onwards on 19th June 2015.

4. All participants will be accommodated in earmarked rooms on twin sharing basis. The participants are requested, therefore, to indicate in the enrolment form your preference of room partner, if any.

5. The Enrolment Fees is inclusive of lodging, boarding, course material and ` 50/- being contribution towards BCAS Foundation. The participant shall make their own arrangements for travel to and fro Hyderabad.

6. Hyderabad is well connected with all major cities, in India, through the network of various airlines as well as by railways.

7. BCAS will make necessary arrangements for local transport (arrival and departure transfer on 19th and 21st June) for all participants

Chairman : Govind GoyalConvenors : Mandar Telang , Ravi Shah & Suhas Paranjpe

INDIRECT TAXES AND ALLIED LAWS COMMITTEE

9th Residential Study Course on Service Tax and VAT

reaching Hyderabad/Secunderabad by Railways as well as by Air (Rajiv Gandhi International Airport, Hyderabad).

8. Refunds & Substitution: Once enrolled, requests for refunds will not be entertained. However, the Committee, at its discretion, may permit substitution in specific circumstances, provided such request for substitution is received well before the commencement of RSC and the member to be substituted is an eligible member of BCAS.

9. Members from Hyderabad and Secunderabad can join as non-resident participant (only those members whose address is so registered with BCAS). The fees (inclusive of course material, dinner on 19th June and lunch on 20th & 21st June) shall be ` 5,000/- (plus service tax ` 618/-) per member.

10. For further enquiry, if any, you may kindly contact Mr. Amit Singh at BCAS. (Direct line: 61377619, e-mail: em@bcasonline.org)

Enrolment form is printed on page 12.

In the current environment where plastic money rules and where physical give and take of money is slowly getting obsolete, have you...

• Wondered why you need to send cash/cheque tothe BCAS every time when a new publication is brought out by the Society?

• Evermissedoutobtainingacopyofthepublicationsince you were out of town and the publication went out of stock by the time you resumed office?

• Missedtheearly-birddiscountthattheBCASallowson its most valued publication, The Referencer, simply because you missed booking it in advance?

• Expected that you would get the snapshots ofthe proposals in the Finance Bill at the earliest on your desk soon after the Budget Publication of the Society is released?

Well, we have good news for you. All these issues will be resolved. . . .if you have opted for the Imprest System.

All members, journal subscribers and students can avail the Imprest Scheme. We have kept this Scheme open for non-members also.

Publications are released on a regular basis by your Society on various subjects.

You are requested to subscribe to a new Imprest Account or replenish your existing Imprest Account with the Society, in case it does not have sufficient balance for these publications.

Payment to the Imprest Account can be made by cheque/DD payable at par in Mumbai in favour of ‘Bombay Chartered Accountants’ Society’ OR you can also make an online payment. For online payment and for further details and to download the form, please log on to www.bcasonline.org

Imprest System for Publications

BCAS 6

Chairman : Mayur NayakConvenors : Hemant Gandhi, K.K.Jhunjhunwala & Mihir Sheth Co-ordinator: Kinjal Bhuta and Anand Kothari

HUMAN RESOURCES COMMITTEE

Eighth Jal Erach Dastur Students’ Annual DayDear Students,

On Saturday, 30th May 2015 your Forum has organized the Jal Erach Dastur Students’ Annual Day Program to celebrate its 8th Anniversary at the Navinbhai Thakkar Auditorium, Vile Parle East, Mumbai from 3.00 pm to 8.30 pm

Come and Participate in Four Different Events:

Key Attractions of the Event:

I Key Note Address:

Key Note Address will be delivered by an eminent personality.

II Awaken the Writer within:

Do you have a flair for writing? Here is an interesting opportunity to express yourself by participating in the Essay Writing Competition. Rules and other information about the competition are as follows:

1. Select anyone of the following topics:

i) My concept of “Make in India”

ii) If I were Education Minister of India…

iii) My ideas to save Earth from global warming

iv) Religion vs. Spirituality

v) My idea of work-life balance

vi) E-Commerce – the game changer?

vii) Do MNCs really impact the culture shift?

viii)Ten bright ideas that will change India

2. Essay writing competition will be held as follows on following two days: You may come to any of the venue with prior intimation.

Friday: 22nd May 2015: From 7.00 pm to 8.00 pm Venue: BCAS, Churchgate

Saturday: 23rd May 2015: From 2.30 pm to 3.30 pm Venue: Directiplex, Andheri East.

3. An Editorial Committee of the BCAS will assess your essay and if selected, your essay may be published in the BCA Journal. The decision of the Editorial Committee shall be final in this regard.

4. Three best Essays will be awarded prizes.

III Chandanben Maganlal Elocution Competition:

This Competition is under the auspices of Smt. Chandanben Maganlal Bhatt Elocution Fund. You can express your views on any one of the following subjects.

i) My happiness Index

ii) Is social media intruding personal life?

iii) Nuclear family v/s. Joint family systems

iv) Can India be free of Corruption?

v) Article ship – a blessing or a challenge?

vi) Mumbai of my dream

vii) My Choice vs My Social Responsibility

The duration of the talk will be for 5 minutes in the final round, whereas, it will be for 3 minutes in the elimination round.

Elimination round will be held on Saturday: 23rd May 2015: From 3.30 pm onwards at BCAS.

IV Unleash your Potential and Showcase your Talent:

A unique opportunity to showcase your talent in Music in a Musical night by the students, for the students and of the students! You can participate in singing, mimicry, dance or playing instrument.

Elimination round for the Talent Show will be at BCAS on 23rd May 2015 from 5 pm onwards

Please make use of this Once a Year opportunity to meet your fellow students and make new friends and participate in Fun events and enjoy. Plenty of exciting items on the agenda. Enrolment is limited for 500 students.

Enroll Now! Tomorrow may be too late!

A certificate of participation will be issued to all the participants.

And above all there will be sumptuous buffet dinner to end a wonderful evening.

Registration form is printed on page 11.

APRIL 20157

Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations.

- Steve Jobs.

Every economy is uncertain. Referring to this or any economy as ‘uncertain’ is an unnecessary and pessimistic redundancy.

- Bo Bennett

Chairman : Mayur NayakConvenors: Krishna Kumar Jhunjhunwala, Mihir Sheth & Hemant GandhiCo-ordinator: Gracy Mendes, Manmohan Sharma & Ryan Fernandes

HUMAN RESOURCES COMMITTEE

Under the auspices of Amita Memorial Trust

Invites you to a powerful Workshop

(Spread over 4 weekends)

“Present the Presenter Within”(Enhancing Public Speaking, Communication and Inter

Personal Skills)

A unique workshop on Enhancing Your public speaking

abilities,

Effective Presentability to Clients – Whether in client meetings,

in client presentations or with walk-in clients

The 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!

Dates and Timings

4(Four) Saturdays - 25th April 2015, 2nd May 2015, 9th May 2015 & 16th May, 2015 from 2.30 p.m. to 7.30 p.m.

Venue Gulmohar, Bombay Chartered Accountant`s Society, Jolly Bhawan No. 2, Opp. Nirmala Niketan, Vithaldas Thackersey Marg, New Marine Lines, Mumbai-400020

Capital Investment

Members Rs. 5,000/- per head

Non Members Rs. 6,000/- per head

Fee includes Rs. 50/- for BCAS Foundation, Service Tax, Snacks, Tea/Coffee and Course Material, if any.

Faculty Shyam Lata is a powerful trainer/presenter with an energetic speaking style. Shyam Lata inspires and motivates his participants to produce lasting change.

Shyam Lata is an MBA (from Australia) and has also completed his Masters degree in Psychology. His profound public speaking abilities have bestowed him with lot of accolades and he has been felicitated by the ex-Governor of Maharashtra P. C. Alexander in 2002.

Shyam is an accredited trainer for DISC profiling and Belbin’s Team Role.

He has provided soft skill and behavioural training in different industries such as IT, Finance, Pharmaceutical and Healthcare companies. To name a few of the many Companies are Tech Mahindra, Deloitte Consulting, Accenture, EDS, Gold shield, Intelenet etc.

Shyam has an experience of more than 14 years in the field of soft skills training and people development.

Enrolment form is printed on page 12.

BCAS 8

APRIL 20159

Subscribe Now!!!Direct Tax Provisions of the Finance Bill, 2015 by Senior

Advocate S. E. Dastur, held on 4th March, 2015 is available on BCAS Web TV.

BCAS WEB TV

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

Particulars Subscription Charges + Service Taxfrom 1st April 2015 to

31st March 2016

Total Charges

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

Students R 600 + 12.36% R 674

Journal subscribers R 900 + 12.36% R 1,011

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

BCAS 10

FROM RBIContributed by : Gaurang V. Gandhi

The Reserve Bank of India has issued the following 8 circulars

A. P. (DIR Series) Circular No. 82 dated March 9, 2015Exim Bank’s Line of Credit of USD 34.54 million to the Government of the Republic of Niger

Exim Bank has made available, subject to certain terms and conditions, to the Government of the Republic of Niger a Line of Credit of US $ 34.54 million for financing purchase of eligible goods, machinery, equipment and services for solar electrification of 30 villages (US $ 9.84 million) and for setting up of solar photo voltaic system of 5 Megawatt (US $ 24.70 million) in the Republic of Niger. 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 September 11, 2019 in case of supply contracts.

A. P. (DIR Series) Circular No. 83 dated March 11, 2015Notification No. FEMA.335/2015-RB dated February 4, 2015Acquisition/transfer of immovable property – Prohibition on citizens of certain countries

Presently, citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan are not permitted acquire or transfer immovable property in India, other than lease not exceeding five years, without the prior permission of RBI.

This circular has expanded the list by including therein, from February 25, 2015, citizens of Hong Kong & Macau since they are Special Administrative Regions of China.

Hence, now citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan, Hong Kong or Macau are not permitted acquire or transfer immovable property in India, other than lease not exceeding five years, without the prior permission of RBI.

A. P. (DIR Series) Circular No. 84 dated March 17, 2015Exim Bank’s Line of Credit of USD 5.0492 million to the Banco Exterior De Cuba

Exim Bank has made available, subject to certain terms and conditions, to Banco Exterior De Cuba a Line of Credit of US $ 5.0492 million for financing purchase of eligible goods, machinery, equipment and services for modernization of injectable product plant in the Republic of Cuba. 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 72 months from the execution date of the Credit Agreement in the case of supply contracts.

A. P. (DIR Series) Circular No. 85 dated March 18, 2015Non-Resident Deposits - Stat 5 and Stat 8 Returns – DiscontinuationThis circular states that from March 2015 banks dealing in foreign exchange

need not send Stat 5 and Stat 8 Returns (both hard and soft copies) to the Department of Statistics and Information Management, RBI.

A. P. (DIR Series) Circular No. 86 dated March 23, 2015Exim Bank’s Line of Credit of USD 198.96 million to the Myanma Foreign Trade Bank (MFTB), Myanmar

Exim Bank has made available, subject to certain terms and conditions, to Myanma Foreign Trade Bank, Myanmar a Line of Credit of US $ 198.96 million for financing purchase of eligible goods, machinery, equipment and services for 18 irrigation projects (16 ongoing and 2 rehabilitation) in Republic of Union of Myanmar. Eligible goods and services including consultancy services of the value of at least 50% of the contract price must be supplied by the sellers from India, while the remaining 50% 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 December 10, 2019 in case of supply contracts.

A. P. (DIR Series) Circular No. 87 dated March 25, 2015Know Your Customer (KYC) Norms/Anti Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)/Obligations under Prevention of Money-laundering Act (PMLA), 2002 - Money changing activities

This circular states that Authorized Persons and their agents /franchisees must henceforth refer to the instructions issued by Department of Banking Regulation, Central Office, RBI with regard to Know Your Customer (KYC) Norms / Anti Money Laundering (AML) Standards / Combating of Financing of Terrorism (CFT) / Obligations under Prevention of Money-laundering Act (PMLA), 2002 – Money changing activities, as the Foreign Exchange Department will no longer issue instructions on the same.

A. P. (DIR Series) Circular No. 88 dated March 25, 2015Know Your Customer (KYC) Norms / Anti Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT) / Obligations under Prevention of Money-laundering Act (PMLA), 2002 - Money Transfer Service Scheme (MTSS)

This circular states that Authorized Persons who are Indian agents under the MTSS and their sub-agents must henceforth refer to the instructions issued by Department of Banking Regulation, Central Office, RBI with regard to Know Your Customer (KYC) Norms / Anti Money Laundering (AML) Standards / Combating of Financing of Terrorism (CFT) / Obligations under Prevention of Money-laundering Act (PMLA), 2002 – Money Transfer Service Scheme (MTSS), as the Foreign Exchange Department will no longer issue instructions on the same.

A. P. (DIR Series) Circular No. 89 dated March 27, 2015Exim Bank’s Line of Credit of USD 2.712 million to the Banco Exterior De Cuba

Exim Bank has made available, subject to certain terms and conditions, to Banco Exterior De Cuba a Line of Credit of US $ 2.712 million for financing purchase of eligible goods, machinery, equipment and services for a bulk blending fertilizer plant in the Republic of Cuba. 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 72 months from the execution date of the Credit Agreement in the case of supply contracts.

APRIL 201511

Jal Erach Dastur Students’ Annual Day

Registration Form

Registration Fees: Rs. 100/- per student

Name:……………………………………………………………………………………………...........................................

Contact Nos. Mobile:…………………….................………Residence Tel No:……………...................………………

Office Tel No:………………………..............................Email:……………........………………………….………………

Firm Name:………………………………………………………............................………..……………….………………

Correspondence Address:………………………………………........................………………………….……….……..

Name of Principal ………….......…………………………….............................................................….……………….

Sir/Madam,

I am interested in participating in the following events during the Jal Eruch Dastur Students’ Annual Day organized for the students on Saturday, 30th May 2015.

1. Essay Writing Competition: Yes / No

My Choice of the subject is _____________________________ Venue: ______________________________________

2. Elocution:

My choice of the subject is: __________________________________________________________________________

3. Talent Show: Yes / No

I would like to participate in: _________________________________________________________________________

4. I would like to assist the Students’ Forum in the following manner……………………………………………………………………………........................................………...…………………………………………………………………………………………………….............................…………...……………

5. Payment details: ...................................................................................................................................................

BCAS 12

Registered with the Registrar of Newspapers for India under R.N. 68365/98 Regd. No. MCS/093/2015-17Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1Published on 15th of every month • Posted on 15th & 16th of every month

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

• Please fill in the above form and send the same to the Society’s office along with requisite payment. • Please mention your name and membership number on the reverse side of the local cheque/at par

cheque/Demand Draft. • The Cheque/DD will be in the name of “Bombay Chartered Accountants’ Society”. Your participation will be confirmed only after the realization of payment at BCAS, for which a

receipt will be provided for your reference. • Kindly note that the cash counter timings are from 10.30 a.m. to 5.30 p.m. on Monday to Friday and 10.30 a.m. to 1 p.m. on Saturday. The lunch time is 1.30

p.m. to 2 p.m. Members are requested to co-operate in this regard. • Cancellation policy: Kindly note that no refund will be given in case of cancellation for any reason and no substitute will be allowed.

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

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

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

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

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

Name of Company/ Firm ...................................................................................................................................................

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)

Com

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Jal Erach Dastur Students’ Annual Day.........................................30.05.2015 ..........................................................................................................................................................................

“Present the Presenter Within” .......................................................25.04.2015, 02.05.2015, 09.05.2015, 16.05.2015.......R 5,000 per Member.... .....R 6,000 per Non-Member..............2 Day Orientation Workshop specially designed for Fresh Articled Students...............................................................24.04.2015 to 25.04.2015...........................................R 1,686..........................................................................................

9th Residential Study Course on Service Tax and VAT...............19.06.2015 to 21.06.2015...................... 09.05.2015.......................................................................................................

Workshop

Students’ Annual Day

Residential Study Course

BCAS Study Circles 2015–16

Study Circle No. Subject Fee Tick your

choice here

I Direct Tax Laws 449*

II Indirect Tax Laws 449*

III Company Law, Auditing & Accounting 449*

IV FEMA 449*

V Information Technology 449*

VI Human Resource Development 449*

VII ITF 1,123*

VIII BCAS Suburban Study Circle 674*

IX International Economics 1,123*

X Students Study Circle 224*

Study Circle No. Subject Fee Tick your

choice here

* Inclusive of Service Tax of 12.36%

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

Conference