BCASNewsletter

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

Harnessing Talent and Providing Quality Service

A Monthly Newsletter of the Bombay Chartered Accountants Society

Vol. 16 n No. 1 n April 2013

Vice-Presidents Communiqu
All institutions exist for their stakeholders; members being key stakeholders in case of institutions such as BCAS. The bye-laws, vision-mission statements, intent of office bearers and various committees expressly state service to members. The slowly expanding membership base, the hugely successful programmes and the silence of the membership stating anything to the contrary give comfort that this purpose is met. All of the above gives a hugely satisfactory feeling that all that needs to be done is being done, except the silence of the membership. Have we really understood the changing needs of the membership? Have we gauged well the new challenges that members face? Have we identified all sections of the membership and addressed everyone? Have we missed structuring programmes for any segment of the membership? More than 1/3rd of our members are not from Mumbai. Have we taken our programmes to them? A huge number of members keep coming to Mumbai to attend our programmes, including the long duration courses. More than 1/3rd of our members are less than 40 years old. Are their needs different from those of the senior members? A select few of our programmes have seen an enrolment of more than 50% from this age group. More than 1/3rd of our members are not in practice. What kinds of programmes meet their needs? In some of the programmes such as the NBFC, Real Estate and EPC, nearly half of the participants were from industry. Only about 5% of our members are women. Is the structure and timing of our activities the reason for this? Since its inception, no woman has ever been the President of the society. Mind you, there is no dearth of capable ones; a few capable ones are already present in the managing committee. The much revered BCAJ has over 12,000 subscribers and a readership much larger than that. However, does the Journal address the needs of all the stakeholders equally? The same goes for our other prestigious publications authored by experts. PROGRAMMES AT A GLANCE DATE

Lecture Meetings
Venue : Indian Merchants Chamber, Churchgate, Mumbai Day, Date & Time : Wednesday, 22nd May 2013, 6.15 p.m. Speaker : Chetan Karia Subject : Search, Settlement and Income Tax Issues Arising Out of Purchases from Suspicious Dealers as Declared by Sales Tax Department Venue : Indian Merchants Chamber, Churchgate, Mumbai Day, Date & Time : Wednesday, 12th June 2013, 6.15 p.m. Speakers : Rajan Vora Subject : Recent Important issues in Corporate Taxation including Domestic Transfer Pricing
*Fellowship over a cup of tea at 5.45 p.m.

The various committees are doing a marvelous job. The chairmen and convenors toil selflessly as do the members of the core group. The intent is to reach out to everyone. We believe we have achieved this. Yet, periodically there is a need to do a dipstick study to validate the belief. What does the membership at large feel about this? Are we doing enough? Please do write in and offer your opinions, suggestions, critique or complaints. All of us have mental conversations with ourselves. Do we think problems or do we have Solution Based Thinking? More on this next month. Heres wishing everyone happiness and love. With warm regards,

Naushad Panjwani VENUE PAGE NO.

Workshop for fresh Articled Students...................................... 26-04-2013 to 27-04-2013............................... Bhogilal Harovindas Building,18/20 K Dubhash Marg,Fort, Mumbai..... 3 Train the speaker within...................................................................04,11,18, 25-05-2013............................................. Direct- I-Plex, Opposite Wilson Pens, Andheri (E), Mumbai..................... 3 The mPower Summit ........................................................................ 10-05-2013 to 11-05-2013................................. West End Hotel, 45, New Marine Lines, Mumbai....................................... 5 Release of BCAS Referencer 2013-14......................................... 07-06-2013.............................................................. Navinbhai Thakkar Auditorium, Vile Parle....................................................... 8 7th Residential Study Course on Service Tax & VAT......... 14-06-2013 to 16-06-2013................................ Hotel Express Inn, Nashik................................................................................. 4 International Tax & Finance Conference, 2013.................... 15-08-2013 to 18-08-2013................................ ITC Rajputana, Jaipur................................................................................................... 6 Lecture Meetings................................................................................. 22-05-2013, 12-06-2013, ..................................................................................................................................................................................... 1 7, Jolly Bhavan #2, New Marine Lines, Mumbai - 400020. Telephone No. 613 77 600 ; Fax : 613 77 666 ; Email: bca@bcasonline.org ; Website : www.bcasonline.org President: Deepak R. Shah 98201 48536 | president@bcasonline.org Vice-President: Naushad A. Panjwani 98200 59048 | vp@bcasonline.org Hon. Jt. Secretaries: Nitin P. Shingala 98200 57694 | joint.secretary@bcasonline.org Hon. Jt. Secretaries: Raman H. Jokhakar 98208 77976 | joint.secretary1@bcasonline.org Hon. Treasurer: Chetan M. Shah 98202 23402 | treasurer@bcasonline.org

APRIL 2013

Notice of Election for the BCAS year 2013-2014

1. Election for the post of President, Vice-President, two Joint Secretaries, Treasurer and Eight Members of the Managing Committee of the Bombay Chartered Accountants Society will be held on Monday 13th May, 2013. 2. Members desirous of contesting the election for the above posts should file their nominations with the office of the Society in the prescribed form latest by 11 a.m. on Thursday 2nd May 2013. Nomination forms will be available at the Societys office from Wednesday 24th April 2013 onwards. 3. Voting for the election will be held on Monday 13th May 2013, at the Societys office between 10 a.m. and 1 p.m. Attention of the members is invited to Rules 12 to 18 of the Rules and Regulations of 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.

Right to Information Clinic

Advisory Panel : Narayan Varma, Adv A K Asher, Hema Sampat Clinic Co-ordinator : Vrushali-61377624

Accounts & Audit Clinic

Advisory Panel : Sanjeev Pandit, Himanshu Kishnadwala, Jayesh Gandhi Clinic Co-ordinator : Rajaram - 61377613

Charitable Trust Clinic

Advisory Panel : Ratanshaw Damanwala, Shariq Contractor, Gautam Nayak, Anil Sathe, Atul Shah Clinic Co-ordinator : Khushboo - 61377620

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 nonmembers, 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 20th & 27th April and 11th & 18th May 2013. Please call to obtain a prior appointment.

The next Accounts & Audit Clinic will be held on 4th May 2013 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 asst.em@bcasonline. org one week in advance and call to obtain prior appointment, at least a day before the day of the clinic. Please note that the panel will not answer any queries pertaining to tax issues.

The next Charitable Trust Clinic will be held on 3rd May 2013 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 sp@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.

All the three clinics will be held in the Library room of the BCAS office.

BCAS

Human Resources Committee

Chairman: Mayur B. Nayak Convenors: Bharatkumar K. Oza, Hemant P. Gandhi, Mihir C. Sheth Course Co-ordinator: Smita H. Acharya

Human Resources Committee

Chairman: Mayur B. Nayak Convenors: Bharatkumar K. Oza, Hemant P. Gandhi, Mihir C. Sheth Course Co-ordinator: Gracy M. Mendes, Mahendra D. Turakhia

Two-day orientation workshop specially designed for fresh Articled Students

Our Articled Students are our responsibility and we must put our time and efforts in discharging our responsibility towards them. It is our duty to make them good Chartered Accountants. To help our members in discharging their responsibility of imparting effective training and to orient Articled Students into the learning mode with a basic knowledge in a variety of technical subjects including soft skills development, 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 that will assist them in their articled period and sharpen their skills to perform their duties in the responsible manner. Programme Details Days and Dates Time Venue Friday 26th and Saturday 27th April 2013 9.00 a.m. to 5.30 p.m. 2nd Floor, Bhogilal Harovindas Building,Kalaghoda, Opposite Jahangir Art Gallery,18/20 K Dubhash Marg,Fort,Mumbai - 400001

Train the speaker within

A unique workshop on development of public speaking and interpersonal communication skills
(Under the auspices of Amita Memorial Trust) You could already be a speaker, or may have never given a speech before. Participating in this program will improve your oratorical skills. Your efforts will be richly rewarded, as you learn the art of speaking with one or many. Course Contents Speaking with superiors Body language Listening to understand Speaking with subordinates Overcoming fear of speaking Art of sincere praise and constructive criticism Influencing clients Public speaking techniques Short speeches Speaking from paper Assertive communication Stage manners and etiquettes Impromptu speeches Using a microphone

Games, role plays, practical exercises with feedback Participants are encouraged to bring their video cameras/ipads for audio-visual recording of their performance. The number of participants is limited to 25 to ensure individual attention. Rush to enrol now! Tomorrow could be too late! Programme Details Day and Dates Time Venue Saturday 4th, 11th, 18th and 25th May 2013 2.30 p.m. to 7.30 p.m. on all four Saturdays Direct-i-plex, Near Andheri Subway, Opposite Wilson Pens, Andheri (East), Mumbai - 400068 Vivek D. Patki, B.Tech (Chem.Engg), PGDBM (He is a management consultant and trainer and has trained over 3000 CAs in communication skills.)

Fees

R1,517 (fees includes breakfast, lunch, tea, course material and contribution R50 for BCAS Foundation)

Topics to be covered would be as follows Introduction to Accounting Standards Introduction to Direct Taxes Introduction to Service Tax Introduction to VAT Introduction to Auditing Introduction to Internal Audit Importance of communication and inter-personal skills Code of conduct for articled students and ICAI regulations relating to students Fees for members Fees for non members Faculty

R3,500 + R432 (ST) = R3,932 R4,250 + R525 (ST) = R4,775

(fees includes course material, snacks, tea and contribution of R50 to BCAS Foundation)

Enrolment form is printed on page no. 12

Note

Participants who leave behind their mobiles at home or in offices will receive surprise gifts.

Enrolment form is printed on page no. 12

APRIL 2013

Indirect Taxes And Allied Laws Committee

Chairman : Govind G. Goyal Convenors : Suhas S. Paranjpe, Sunil B. Gabhawalla and Santosh M. Jain

7th Residential Study Course on Service Tax & VAT

The Indirect Taxes & Allied laws Committee of BCAS is pleased to announce the 7th Residential Study Course on Service Tax and VAT to be held at Hotel Express Inn, Nashik, from 14th June to 16th June 2013. The details are as follows: Programme Details Days and Dates Venue Fees Inaugural Address Friday 14th June to Sunday 16th June 2013 Hotel Express Inn, Nashik

5. The enrolment fees is inclusive of lodging, boarding, course material and R 50 being contribution towards BCAS Foundation. The participants shall make their own arrangements for travel to and from Nashik. 6. The venue is located near Ambad at Nashik on main Mumbai Agra Road (Mumbai - Nashik Express Way). 7. Arrangements are also being made to visit Shirdi /other nearby places of interest on Saturday 15th June 2013 afternoon. 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 Nashik can join as non-resident participant (only) those members whose address is so registered with BCAS). The fees (inclusive of course material, dinner on 14th June 2013 and lunch on 15th & 16th June 2013) shall be R 4,005 +R 495 (ST) = R4,500 per member 10. For further enquiry, if any, you may kindly contact Amit Singh at BCAS. (Direct line: 61377619, e-mail: em@bcasonline.org

Enrolment form is printed on page no 12.

R 9,078 + R 1,122 (ST) = R 10,200 per

member Shri Sushil Solanki Commissioner of Service Tax-I, Mumbai

Papers for Discussion Subjects Case Studies on CENVAT Credit Rules Case Studies on Negative List and Reverse Charge Mechanism under Service Tax (and Rules of Interpretation) Case Studies Indirect Taxes on Hospitality Industry (Hotels, Restaurants, Caterers, etc.) Papers for Presentation Implications of Service Tax on Logistic Sector Power to Arrest, Offences, Prosecution and Recoveries under Service Tax law Prasad Paranjpe M. H. Patil Paper Writer Bharat Raichandani S. S. Gupta

Parind Mehta

Notes 1. The Residential Study Course is open only for ordinary and life members of BCAS. 2. Enrolment will commence from 12th April 2013 and will be restricted to 150 members only, on first-come-first-served basis. 3. The course will begin on Friday 14th June 2013 and will conclude on Sunday 16th June 2013 after lunch. Delegates can check-in at the hotel from 11.00 a.m. onwards on Friday 14th June 2013. 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.

BCAS

Infotech & 4i Committee

Chairman : Ameet N. Patel Convenors : Nandita P. Parekh, Kinjal M. Shah & Pinky H. Shah

The mPower Summit

A two-day summit on mergers, managing growth, mentoring talent
The mPower Summit, the third in a series, aims to bring together leaders of professional services firms who want to contemplate growth through mergers, consolidation and networking. The Companies Bill is expected to have far reaching impact on the auditing profession, the LLP is becoming a reality and cross-professional partnerships are on the anvil. What better time, then, to plan for the future rather than allow the future to overwhelm us? The Summit has been designed to cover issues that are holding back professional marriages and growth. The need for consolidation through networking and mergers is real; but the roadmap to creating 'the larger firm' is hazy. The objective of the summit is to throw light on the road so that the path becomes clear, the obstacles are understood and preempted and the panorama at the end of the journey is visualized. all this, with the hope that some of the participants will be encouraged to take the first step, in this rewarding journey of a thousand miles. The faculty that will anchor the discussions, encourage the debate and share their experiences is representative of various parts of the country and will comprise: Padmashree T N Manoharan (from Chennai) Ketan Dalal (from Mumbai) Ameet Patel (from Mumbai) Sujal Shah (from Mumbai) Ajay Sethi (from New Delhi) Sagar Shah (from Pune) Nandita Parekh (from Mumbai) The two-day power packed empowering summit will cover subjects like: What made the first movers in the profession move from successful family managed firms to a larger institutionalised firm?their journey, their experiences. What is the right time to consolidate/restructure/merge? How does one get everything right?The timing, the partner, the name, the vision. Merger mathematicsthe valuation, the exit clauses, the profit sharing principles and the partnership structure. Post-merger managementdefining the leadership team, the transparency and governance principles, the fairness principles and those important but often ignored clauses of the partnership deed. The alternate roadwhat may be right for the firm may not be right

for every partner? What would it mean to separate out at the point of merger? The considerations, the opportunity and the challenges. Managing growthfor businesses, as for professional firms, managing growth is perhaps a greater challenge than what most people envisage. Differentiating between planned growth v/s unplanned, chaotic growth, discerning the services that the firm should render, having the courage to give up those that do not fit in. The need for geographic expansion and international affiliations will also be explored. Leadership managementdefining roles, planning for succession, mentoring the leaders and creating an immortal institution through the vision of mortal individuals. Talent managementsourcing, nurturing, retaining talent at all levels. Making managers out of executives, mentoring managers into leaders, creating mentors out of leaders. All this, interlaced with a networking dinner on day 1 and a participant lead discussion forum at the conclusion of the summit! To bring the power punch to this summit, we have speakers drawn from the profession, who have walked the path. This summit is not about imparting knowledge, but about sharing experiences. And taking by the horn those delicate questions one otherwise hesitates to ask. Who should attend: Those members of BCAS seeking to broaden their horizons, look at the larger picture and seize the opportunities that our profession offers should invest their time in attending this Summit. Enrolment will be restricted to the first 60 investors. Programme Details Days and Dates Time Venue Investment Friday 10th & Saturday 11th May 2013 9.30a.m. to 5.30p.m. on both days West End Hotel, 45, New Marine Lines, Mumbai 400020.

R 5,618
The above fee includes Service tax, breakfast and lunch on both days, dinner on Day 1 and contribution of R 50 to BCAS Foundation

We have made arrangements with Hotel West End for concessional rates for rooms for our outstation delegates. Those interested in availing this facility may write to us and we will connect you to the hotel. BCAS will not take responsibility of making the reservations. Enrolment form is printed on page no 12.

I do not believe maximizing profits for the investors is the only acceptable justification for all corporate actions. The investors are not the only people who matter. Corporations can exist for purposes other than simply maximizing profits. John Mackey

APRIL 2013

Fees

International Taxation Committee

Chairman: Kishor B. Karia Co-Chairman: Rajesh S. Kothari Convenors : Krishna Kumar Jhunjhunwala, Dhishat B. Mehta & Gaurang V.Gandhi Conference Co-ordinators: Nitin P. Shingala & Deepak N. Kanabar

R14,000 per person + Service Tax R1,731 = R15,731 (without travel arrangement). The fees includes course material, stay on twin-sharing basis and meals, local sight-seeing and R50 contribution to the BCAS Foundation. Travel arrangement from/to airport/railway station Complimentary group travel arrangement will be made for travel from Jaipur Airport/ Railway Station to ITC Rajputana on 15th August, 2013 between 12 pm to 2 pm provided minimum group of 25 delegates have informed before 15th July, 2013. Similar travel arrangements will be made from ITC Rajputana to Jaipur Airport/ Railway Station on 18th August 2013. Eligibility The conference is open only for ordinary/life/corporate members of BCAS and not for Journal Subscribers and website members of BCAS.

International Tax & Finance Conference, 2013

The International Taxation Committee is happy to announce the 17th Residential International Tax & Finance Conference at ITC Rajputana, Jaipur. The deliberations at the conference on the subjects of International Taxation and Finance would be at an advanced level. ITC Rajputana is a 5 star hotel designed to echo the traditional havelis of the region in the heart of Jaipur and reflects everything that is splendid about Rajasthan. The hotel has a red-brick exterior rising to different levels around a central area. Long corridors, secluded courtyards, and simplified lattice work recall Rajasthani architecture in a modern uncluttered and contemporary idiom that makes it distinguished amongst the luxury hotels of Jaipur. Programme Details Dates: 15th, 16th, 17th and 18th August 2013 Venue: ITC Rajputana, Jaipur Programme Outline Papers For Group Discussion Paper Writers

Delegate substitution/refund No request for substitution of the delegate will be permitted. Similarly no requests for refunds will be entertained. In the event of inability of the registered delegate to attend the conference for any reason, he/ she should promptly inform the Committee NOT LATER THAN 15th July 2013 by email [asst.em@bcasonline.org] indicating the subject as ITF CONFERENCE 2013 INABILITY TO ATTEND with a copy marked to kbkco@mtnl.net.in, rajeshkotharica@gmail.com, nitin.shingala@gmail. com and dnkco.ca@gmail.com. Notes 1. Enrolment will commence from Monday, 29th April, 2013 and will be restricted to 160 members of BCAS only on first-come-first-served basis. Few seats are reserved for outstation delegates. 2. The conference will begin in the afternoon on 15th August 2013 with lunch and will conclude at around 2.00 p.m. on 18th August 2013 after lunch. The hotels check-in time is 2.00 p.m. onwards. 3. All communication from BCAS would be only by e-mail and SMS. Hence, please fill in the e-mail address and mobile number carefully and in legible writing.

1 2

Cross Border Merger / De-merger Tax and relevant regulatory aspects FII, Participatory Notes, Private Equity - Structuring, regulatory and taxation aspects Recent trend in Indian Treaties including Tax Information Exchange Agreements Cross border outsourcing - Tax aspects including transfer pricing

Pranav Sayta Siddharth Shah

T P Ostwal

4. Cheques/Demand Draft should be drawn in favour of Bombay Chartered Accountants Society payable at par at Mumbai. 5. For enrolment and any other conference related issues, please

H. Padamchand Khincha

contact only Mr. Cassem Rajabali or Mr. Rajaram Parwade at the BCAS Office.

For Presentation

Real estate investment in India Structuring, regulatory and taxation aspects TheForeign Account Tax Compliance Act(FATCA) of the US including Bilateral FATCA Agreements

Eminent Faculty

Companies that solely focus on competition will ultimately die. Those that focus on value creation will thrive. Edward De Bono

David Weisner, US Tax Counsel*

* Confirmation Awaited

BCAS

International Tax & Finance Conference, 2013

ENROLMENT FORM
Note: 1. Please use block letters and fill complete details. A form with incomplete details will not be accepted. 2. Photograph is must for issue of Photo ID card for the Conference. 3. Please enclose photocopy of Proof of ID PAN / Driving License / Voter ID / Passport to facilitate speedier check-in at the Hotel. 4. Outstation members should pay by Demand Draft/Cheques at par only payable at Mumbai. 5. Enrolment is open only to Ordinary and Life members of BCAS and not to Journal and Website members of BCAS.

BCAS Memb. No. .................................. Ordinary Firm / Company Name

Life

Name ..........................................................................................................................Age.................................................... Address ................................................................................................................................................................................. E-mail ............................................... Mobile................................... Tel. .............................. Fax ........................................
(Kindly fill in the email address carefully and legibly to enable proper and prompt communication)

Tel. (O) .................................... Tel. (R) .............................. Fax ................................................ Choice of food (wherever applicable) .......... Jain Non-Jain Choice of Room partner............................................................................ Proof of ID.............PAN..... Driving License..... Voter ID..... Passport..... I would like to act as group leader for paper/s
No. I II III IV Subject Cross Border Merger / De-merger - Tax and relevant regulatory aspects FII, Participatory Notes, Private Equity - Structuring, regulatory and taxation aspects Recent trend in Indian Treaties including Tax Information Exchange Agreements Cross border outsourcing - Tax aspects including transfer pricing Case Studies Tick your choice here

Payment Details:

Cash/Draft/ Cheque no. .................. Drawn on ............................................................................................. Bank, Dated ......................... for an amount of r........................................................ is enclosed.
I understand and acknowledge that In the event of my inability to attend the conference for any reason, I will promptly inform the Committee and will not substitute any other person to attend the conference in my place. I understand that the Committee reserves the right not to admit any person to the conference in the event I substitute him/her in my place. I will not change the room allotted to me without the consent of the organisers. Claim for refund will not be entertained and that the Committees decision in this respect shall be final.

_____________________ Signature

APRIL 2013

InfoTech & 4i Committee & Membership & Public Relations Committee

Lecture Meeting on Provisions in Companies Bill relating to Auditors by Kamlesh Vikamsey, held on 3rd April 2013 is available on BCAS Web TV.

Renewal of BCAS Web TV for 2013-14

Particulars Ordinary, Life and Associates of Corporate Membership Students Journal subscribers Non-members Subscription Charges + Service Tax R600 + 12.36% R600 + 12.36% R900 + 12.36% R1,200 + 12.36%

Subscribe Now!!!
Total Charges R674 R674 R1,011 R1,348

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

From RBI
The Reserve Bank of India has issued the following 4 circulars

Contributed by : Gaurang V. Gandhi

A. P. (DIR Series) Circular No. 88 dated March 12, 2013 Write-off of unrealized export bills Export of Goods and Services Simplification of procedure This circular permits 'write-off' a certain % of unrealized export bills without obtaining prior approval of RBI. The amount that can be written-off has to be calculated as a % total export proceeds realized during the previous calendar year. The 'write-off' permitted by this circular is as under :
Write-off by Self 'write-off' by an exporter other than Status Holder Exporter Self 'write-off' by Status Holder Exporters 'Write-off' by Authorized Dealer bank % permitted to be written-off 5% 10% 10%

4. In case of self-write-off, the exporter will have to submit to the concerned bank, a Chartered Accountants certificate, indicating the following : Export realization in the preceding calendar year. The amount of write-off already availed of during the year, if any. The relevant GR/SDF Nos. to be written off. Bill No., invoice value, commodity exported, country of export. Surrender of export benefits, if any, availed of by the exporter. Write-off cannot be availed of under the following circumstances without obtaining prior approval of RBI : Exports made to countries with externalization problem i.e. where the overseas buyer has deposited the value of export in local currency but the amount has not been allowed to be repatriated by the central banking authorities of the country. GR/SDF forms which are under investigation by agencies like, Enforcement Directorate, Directorate of Revenue Intelligence, Central Bureau of Investigation, etc. as also the outstanding bills which are subject matter of civil/criminal suit. Cases not complying with the above conditions/beyond the above limits. A. P. (DIR Series) Circular No. 89 dated March 12, 2013 Money Transfer Service Scheme Revised Guidelines Annexed to this circular are the revised guidelines pertaining to the Money Transfer Service Scheme (MTSS). These guidelines are applicable to Indian agents and their sub-agents. A. P. (DIR Series) Circular No. 90 dated March 14, 2013 Maintenance of Collateral by Foreign Institutional Investors (FIIs) for transactions in the cash and F & O segments This circular permits FII to offer as collateral, in addition to already permitted collaterals, government securities/corporate bonds, cash and foreign sovereign securities with AAA ratings, in both cash and F & O segments. A. P. (DIR Series) Circular No. 91 dated April 1, 2013 Exim Bank's Line of Credit of USD 42 million to the Government of the Republic of Cameroon Exim Bank has made available, subject to certain terms and conditions, to the Government of the Republic of Cameroon a Line of Credit of US $42 million for financing purchase of eligible goods, services, machinery and equipment including consultancy services from India for Casava Plantation Project in Cameroon. 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 13, 2018 in case of supply contracts.

The above limits are cumulative and can be availed of at any time during the year. To avail of this facility the exporter will have to fulfill the following conditions : 1. The relevant amount must be outstanding for more than one year. 2. Satisfactory documentary evidence is furnished by the exporter to indicate that all efforts have been made to realize the dues. 3. The exporters case falls under any of the undernoted categories: The overseas buyer has been declared insolvent and a certificate from the official liquidator indicating that there is no possibility of recovery of export proceeds has been produced. The overseas buyer is not traceable over a reasonably long period of time. The goods exported have been auctioned or destroyed by the Port / Customs / Health authorities in the importing country. The unrealized amount represents the balance due in a case settled through the intervention of the Indian Embassy / Foreign Chamber of Commerce / similar Organization. The unrealized amount represents the undrawn balance of an export bill (not exceeding 10% of the invoice value) remaining outstanding and turned out to be unrealizable despite all efforts made by the exporter. The cost of resorting to legal action would be disproportionate to the unrealized amount of the export bill or where the exporter even after winning the Court case against the overseas buyer has not been able to execute the Court decree due to reasons beyond his control. Bills were drawn for the difference between the letter of credit value and actual export value or between the provisional and the actual freight charges, but the amount has remained unrealized due to dishonour of the bills by the overseas buyer and there are no prospects of realization. The exporter has surrendered proportionate export incentives, if any, availed of in respect of the relative shipments and submitted documents evidencing the same.

Registered with the Registrar of Newspapers for India under R.N. 68365/98

Regd. No. MH/MR/South-88/2012-14 Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1 Published on 15th of every month Posted on 15th & 16th of every month

7th Residential Study Course on Service Tax and VAT

14th June to 16th June 2013

Tick Yes No

Choice of room partner.......................................................................................................................................................................................... I would like to act as group leader for paper/s (1)................................................................................. (2) .................................................................................... Enrolment Fees r 10,200 paid by Cheque/Draft No............................... drawn on.........................................................................

The mPower Summit

10th May to 11th May 2013 Name: BCAS Membership No.: .........................

Tick Yes No

Combined Enrolment Form

Organizations Name: Position in Organization: Fees r 5,618 paid by Cheque/Draft No............................................. drawn on .........................................................................................

Workshops
Orientation Workshop for Articled Students.............26-04-2013...........r 1,517 .................................................................... Train the speaker within.............04, 11, 18, 24-05-2013......................r 3,932 for members ............................................... r 4,775 for non-members.........................................

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)

Please fill in the above form and send the same to the Societys 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.

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

BCAS

12