vol. 12 no. 6 september 2009 lecture meetings vice-president’s communiqué · 2017-10-17 · bcas...

BCAS Newsletter, September 2009 1

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Vice-President’s Communiqué . . ✍

Harnessing Talent and Providing Quality Service September 2009Vol. 12 No. 6�

Day, Date & Time : Monday, 5th October 2009, 5.45 p.m.

Speaker : Mr. P. Chidambaram, Union Home Minister

Subject : The Emerging Challenges to Civil Society

Venue : Tata Theatre, NCPA, Nariman Point,Mumbai- 400021.(In association with Nani A. PalkhivalaMemorial Trust & Forum of Free Enterprise).

Lecture Meetings

Dear Members,

I begin writing this Communiqué on the auspicious day of “Teachers’ Day”by paying due respects to all my teachers who have lit the lamp ofknowledge for me. In India, we pay respect to our teachers twice, onceon ‘Guru Pournima Day’ and again on “Teachers’ Day’.

The Indian economy is on an upswing, estimated to grow at over 6% p.a.,making it one of the fastest growing economies in the world. The PrimeMinister has announced that the Indian economy has come out ofrecession. The New Foreign Trade Policy unveiled on 27th August 2009for the four-year period 2009-2014, provides further impetus to exportersto survive and grow in the global recessionary market. The Govt.’s targetis to double India’s share in global trade by 2010. The revival sign of Doharound of WTO has infused fresh hope for revival of global economy, asreflected in the buoyant stock market.

The eagerly awaited Direct Tax Code (DTC) was unveiled on 12th August2009. As usual, the BCAS took the lead and organised a one-and-halfday seminar to educate its membership. The seminar was a resoundingsuccess with about 470 participants attending from various parts of thecountry. There are many mistakes and irritants in the DTC and the BCASis in the process of making a detailed representation. Readers arerequested to send in their suggestions and be a part of law-buildingexercise.

Despite the scare of ‘swine flu’, the annual residential ‘International Taxand Finance Conference’ went off very well at Lavasa near Pune, from13th to 16th August 2009.

A full day seminar on ‘Audit of NBFCs’ held at Hotel Marine Plaza on21st August 2009, was highly successful, with full attendance. Ms. DelnazMistry, Manager, NSDL, addressed members at a lecture meeting on 26thAugust 2009. She not only enlightened members about Government’s

initiatives on Electronic Credit for Income-tax Payments, but also answeredquestions from participants. The lecture was webcast live over the internet.This received over 800 hits from across the country.

September this year, is a month of festivals with Ganesh Utsav, Ramadanand Navaratri, all falling therein. It is a busy month for practising CAs,engaged in the practice of tax audit and transfer pricing audit. To updatemembers and their staff on the conduct of tax audit, a half-day seminaron ‘How to Conduct Tax Audit’ was organised at IMC on 4th September2009, attended by more than 265 participants.

As far as audit work is concerned, ‘documentation’ and ‘system’ areimportant keys to success. Mandatory application of ‘Standard on QualityControl’ (SQC1) w.e.f. 1st April 2009, for all types of audit practitioners,is a step in the right direction for overall improvement of standard andquality of audit. The BCAS took lead to organise the first ever programmeon SQC1, on 5th September, which received overwhelming response frommembers.

With Rain God showing clemency, although the imminent threat of droughtis averted, we all need to learn a lesson to save earth from globalwarming, by turning greener !

Yours truly,

Mayur Nayak

Let us plant a tree and save the earth, God willing !God writes the Gospel not in the Bible alone, but also on trees, and in the flowers and clouds and stars.

— Martin Luther King

PROGRAMMES

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GLANCE

7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400020. Tel. Nos. : 66595601 to 05; Fax : 66595606 E-mail : [email protected]; Website : www.bcasonline.org

President : Ameet Patel, 98200 54854; Vice-President : Mayur Nayak, 93242 71980; Hon. Secretaries : Deepak Shah, 98201 48536; Nitin Shingala, 98200 57694; Hon. Treasurer : Nandita Parekh, 98200 [email protected] [email protected] [email protected] [email protected] [email protected]

Certificate course for Professional Accountant .............................................................................. 6-10-2009 ..................... BCAS and HR College ............................. 4

Full-day Seminar on Procedural Aspects of Service Tax ........................................................... 10-10-2009 ................... Gulmohar, BCAS ........................................ 5

Half-day Workshop on MVAT Audit — Reporting in New Form 704 ....................................... 31-10-2009 ................... Gulmohar, BCAS ........................................ 5

Half-Day Seminar on Information Technology — Changing ways, Fraud Detectionand Data Mining ................................................................................................................................. 7-11-2009 ..................... Gulmohar, BCAS ........................................ 3

BCAS Newsletter, September 20092

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The next Charitable Trust Clinic will be held on Friday, 9thOctober 2009, from 5 p.m. to 7 p.m. in the library room ofBCA Society at New Marine Lines.

Chartered Accountants and Trustees interested in having theirqueries solved are requested to call the Society’s office (Mrs.Mistry on extn. 20) and obtain a prior appointment, latest bynoon on the day of the Clinic. Querists are also advised to bringalong relevant papers like trust deeds, audited accounts, etc.

Panel of Advisors :

Ratanshaw Damanwala,

Shariq Contractor,

Gautam Nayak,

Anil Sathe and Atul Shah

Charitable Trust Clinic

Right to Information ClinicBCAS Foundation operates Right to Information (RTI) Clinic on aregular basis. RTI Clinic is operated by Mrs. Hema Sampat, aresearch scholar on the subject of RTI, Mr. A. K. Asher, Advocate& RTI activist and Mr. Narayan Varma, past President, BCAS.

The Clinic provides help and guidance to BCAS members as alsoto non-members, i.e., all citizens, for making applications underthe RTI Act and also assists in resolving any related difficultieson the subject of RTI.

The RTI Clinic operates on every 2nd, 3rd and 4th Saturdayfrom BCAS’s office — 11 a.m. to 1 p.m.

The next RTI Clinic days accordingly are 19th and 26thSeptember 2009 and 10th and 24th October 2009. Please callthe Society’s office (Ms. Shernaaz) to obtain a prior appointment.

Accounts & Audit Clinic

Panel of Advisors :

Sanjeev Pandit,Himanshu Kishnadwala and Jayesh Gandhi

The next Accounts & Audit Clinic will be held on Saturday, 10thOctober 2009, from 10.30 a.m. to 11.30 a.m. in the libraryroom of BCA Society at New Marine Lines.

Persons interested in having their queries pertaining toaccounting and auditing issues solved, are requested to sendthe queries by email to [email protected] one week inadvance and call the Society’s office (Mr. Rajaram on extensions13 & 21) to obtain prior appointment, at least a day before theday of the Clinic. Please note that the Panel will not answer anyqueries pertaining to tax issues.

Half-Day Seminar onInformation Technology – Changing ways,

Fraud Detection and Data Mining

Information technology is an important and critical tool for the progressand development of our profession. There have been emerging areasof interest which can provide great opportunity for CAs. Theendeavour of this seminar is to provide foresight about howInformation technology is changing the ways in profession. Tounderstand the new developments in these areas, including the areasof fraud detection and data mining, this seminar has been planned.

Day and Date : Saturday, 07 November, 2009

Time : 2 p.m. to 6 p.m.

Venue : Gulmohar Hall, BCAS, 7 Jolly Bhavan No. 2,New Marine Limes, Mumbai-400020.

Fees : Rs.500 for a member and Rs.600 for a non-member (Fees cover contribution of Rs.20 toBCAS Foundation, cost of study material if any,tea and snacks)

Topic Speaker

(1) Technology shaping theAudit Profession .............................. CA Shariq Contractor

(2) Data Mining and Audit Tools ....... CA Nikunj Shah

(3) Forensic Accounting &Fraud Detection ................................ CA Chetan Dalal

Enrolment form is printed on page 8.

Chairman : Govind GoyalConvenors : Manish Unadkat

Nikunj Shah

Co-ordinators :

CA Manish Unadkat, CA Kinjal Shah, CA Kamlesh L. Doshi.

Kind attention : Members

Last opportunity to renew yourMembership for the financial year

2009-2010

If not renewed, please do so immediately to avoiddiscontinuation of membership on 30.9.2009.

Please send your renewal fees to :

Bombay Chartered Accountants’ Society’s Office,on Monday to Friday between 10.30 a.m. and 5.30 p.m.

and on Saturday between 10.30 a.m. and 1 p.m.


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Full-day Seminar onProcedural Aspects of Service Tax

Day & Date : Saturday, 10th October, 2009

Venue : Gulmohar, BCAS

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

Fees : Rs.1020 for a memberRs.1120 for a non-member(Fees cover contribution of Rs.20 to BCAS Founda-tion, cost of study material if any, tea and snacks).

With growing importance of Service Tax in day-to-day life in generaland professional life in particular, the procedural aspects of servicetax law need to be refreshed and latest amendments in basic lawneed to be discussed, time and again.

With this view, BCAS has organised this seminar wherein eminentfaculty would share their knowledge and their day-to-day experiencein practice.

Faculty :

➢ Ashit Shah, Chartered Accountant➢ Bharat Shemlani, Chartered Accountant➢ Rajkamal Shah, Chartered Accountant➢ Rajiv Luthia, Chartered Accountant


Half-day Workshop onMVAT Audit

— Reporting in New Form 704MVAT audit is the new area of professional practice for CharteredAccountants requiring adequate understanding of clauses in New Form704. Once again Form 704 has been amended.

In order to understand various intricacies and new clauses and theirimplications in the report submitted, this half-day workshop has beenorganised. The members are requested to enrol and take advantageof the knowledge and experience of eminent faculty.

Day and date : Saturday, 31st October, 2009

Time : 9.30 a.m. to 1.30 p.m.

Venue : Gulmohar Hall at BCAS

Fees : Rs.520 for a member and Rs.620 for a non-member(Fees cover contribution of Rs.20 to BCAS Founda-tion, cost of study material if any, tea and snacks).

Faculty : Govind Goyal, Chartered AccountantJanak Vaghani, Chartered AccountantParind Mehta,* Chartered Accountant

* Subject to confirmation


Chairman : Pranay MarfatiaConvenors : Toral Mathuria

Suhas Paranjpe

Chairman : Pranay MarfatiaConvenors : Toral Mathuria

Suhas Paranjpe

Lecture Meetings

We do realise that September is a busymonth for all of us.

Therefore, no further lecture meetings havebeen arranged during this month.

We look forward to your continued supportin future months.

‘The Union Budget 2009-10 — An Analysis’

is also available on our website

Flash

BCAS invites articles on IFRS for its prestigiousBombay Chartered Accountant Journal.

Those interested may send their articles to theChairman, Accounting & Auditing Committee, at the

BCAS Office latest by 20th October, 2009.

Flash

Special IFRS Month of BCASThe month of December 2009 will be aspecial month for BCAS when we willfocus on IFRS and will conduct specialprogrammes on this very important topic.

Watch out for more details.

Flash


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Study Circle/Group

Day, Date & Time

Subject

Speaker

Convenors

Company Law, Accounting & Auditing

Thursday, 15-10-2009, 6.15 p.m. to 8 p.m.

Exposure Draft on AS1 (Revised)

Urvesh Thakkar, Chartered Accountant

Kunjan Gandhi & Suril V. Shah

* Restricted to members of that particular Study Circle only.

Forthcoming Study Circle* MeetingVenue : BCAS Conference Hall, BCAS

Contributed byGaurang Gandhi

The Reserve Bank of India has issued the following 2 circulars andDIPP 1 Press Note during the period under report.

A.P. (DIR Series) Circular No. 6, dated August 3, 2009

Memorandum of Instructions governing money changing activities

Presently, Authorised Dealers/FFMC are required to obtain certaindocuments, including a conduct certificate from the local policeauthorities, while conducting the due diligence of their agents/franchisees. However, they have been experiencing difficulties inobtaining conduct certificate from local police authorities in respect ofagents/franchisees, which are incorporated entities.

This circular has relaxed the provisions regarding obtaining of conductcertificate as part of the due diligence process from the policeauthorities by incorporated entities by modifying Item No. 6 of FormRMC-F in Annex-IV to A.P. (DIR Series) Circular No. 57 dated March9, 2009. Accordingly, AD Category-I/AD Category-II/FFMC are nowpermitted to accept certified copy of the Memorandum and Articlesof Association and Certificate of Incorporation from incorporatedentities, in lieu of conduct certificate from the local police authoritieswhile conducting due diligence of their agents/franchisees.

A.P. (DIR Series) Circular No. 7, dated August 18, 2009

Exim Bank’s Line of Credit of USD 17.34 million to theGovernment of Lao People’s Democratic Republic

The Exim Bank has made available, subject to certain terms andconditions, a line of credit of US $ 17.34 million to Government ofLao People’s Democratic Republic for financing export of eligiblegoods and services including consultancy services from India forsupply of inputs for development of irrigation schemes in ChamassackProvince to be executed by Water and Power Consultancy Services(WAPCOS) (India) Limited in Lao PDR. Out of the total credit, goodsand services of the value of 60% of the contract price shall besupplied by sellers from India, while the balance 40% can be usedby the sellers for purchase of goods and services (other thanconsultancy services) from outside India.

The last date for opening Letters of Credit and Disbursement will be48 months from the scheduled completion date(s) of the contract(s)in case of project exports and February 19, 2015 for supply contracts.

Press Note No. 6 (2009) dated September 4, 2009

Foreign Direct Investment (FDI) into Small Scale IndustrialUndertaking (SSI)/Micro & Small Enterprises (MSE) and inIndustrial Undertaking manufacturing items reserved for SSI/MSE— clarification

This Press Note relaxed the limit for FDI in SSI/MSE and clarifiedissues relating to FDI in Industrial Undertaking manufacturing itemsreserved for SSI/MSE.

1. FDI in SSI/MSE :

The Micro, Small and Medium Enterprises Development (MSMED) Act,2006, has removed the ceiling for equity participation (both domesticand foreign) in the micro and small enterprises, by other enterprises.Under this Act, Micro and Small Enterprises (MSE) (earlier small scaleindustries) are defined solely on the basis of investment in plant &machinery (for micro and small enterprise engaged in manufacturing)and equipment (for micro and small enterprise engaged in providingor rendering of services).

The Press Note amends Press Note 18 (1997 Series) but stating thatFDI in MSE is subject only to the sectoral equity caps, entry routesand other relevant sectoral regulations.

2. FDI in an Industrial Undertaking manufacturing itemsreserved for SSI/MSE :

This Press Note clarifies the position, as stated at Part III (ii) of Annexto Press Note 7 (2008), in respect of FDI in an industrial undertakingmanufacturing items reserved for SSI/MSE. Accordingly, any industrialundertaking, with or without FDI, which is not an MSE, manufacturingitems reserved for manufacture in the MSE sector (presently 21 items)as per the Industrial Policy, would :

(a) Require an Industrial Licence under the Industries (Development& Regulation) Act, 1951, for manufacture of the reserved items.

(b) Apart from fulfilment of certain general conditions, the undertak-ing will have to export a minimum of 50% of the new or ad-ditional annual production of the MSE reserved items to beachieved within a maximum period of three years.

(c) The export obligation will be applicable from the date of com-mencement of commercial production.

(d) Such an industrial undertaking would also require prior approvalof the Government (FIPB) where foreign investment is more than24% in the equity capital.

Recorded Webcast of the Lecture MeetingThe recorded webcast of the Lecture Meeting on the topicGovt.’s initiatives on Electronic Credit for Income-taxPayments held on 26th August 2009, is available on thewebsite www.bcasonline.org. We will now make efforts towebcast more and more programmes in future, so that ourmembers can take full advantage of our programmes.

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Combined Enrolment Form

Please fill in the above form appropriately and send the same to the Society’s office along with the 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 lunchtime is 1 p.m. to 2 p.m. Members are requested to co-operate in this regard.

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 Rs. ................................................................................ is enclosed.

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

� wherever applicable

CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE

Enrolment Form for the Book Lending Facility for C.A. Students

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

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

..............................................................................................................................................................................................................................................

Mobile : .................... Tel (O) : ....................... Tel. (R) : ...................... E-mail : ............................ Student’s Regn. No. with ICAI : .....................

Member’s Name : ........................................................................................................................ Member’s BCAS Registration No. : ........................

(Student’s Signature)

I the undersigned hereby recommend Mr./Ms. ................................................................................................... for availing book lending facilityof the BCAS foundation. I will ensure that the borrowed books are returned within the stipulated period.

Date : ....................... Membership no. ....................... (Member’s Signature)

The BCAS Foundation has started an Academic Book LendingFacility for ‘PE II’ & ‘Final Level’ Chartered Accountancy students.This facility is meant to assist all those students who have in themthe capability to achieve great heights, but have not been able torealise their dreams due to constraints.

After consulting various experienced faculty and one-to-one interactionwith students pursuing the course, a list of academic books for bothPE II & Final Level students has been formulated.

The scheme is in force from 15th of February 2008.

Kindly note that only students recommended by the members ofBCAS are entitled for this scheme. This facility is available tostudents of Mumbai, Navi Mumbai and Thane District only.

Students can also access the list of books in the Students’ Corneron the BCAS website (www.bcasonline.org).

Desiring students should immediately approach the Librarian Ms.Madhuri Haware at BCAS Office ([email protected]/[email protected] or call on 66595601/02/03/04/05 Extn no. 24)for further inquiries. The enrolment form is given below.

BCAS FoundationBook lending facility for CA Students

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SEMINAR :

Procedural Aspects 10-10-2009 Rs.1020 for member .................of Service Tax Rs.1120 for non-member ..........

Information Technology — Changing Rs.500 for member ....................ways, Fraud Detection and Data Mining 7-11-2009 Rs.600 for non-member ............

Edited, printed & published by Narayan Varma on behalf of Bombay Chartered Accountants’ Society, Mumbai-400020. Printed at Vijay Mudran, Mumbai-400031.

Registered with the Registrar of Newspapers for India under R.N. 68365/98 Regd. No. MH/MR/South-88/2009-11Licensed to post without prepayment : Licence no. MR/Tech/WPP-158/South/09-11. Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1.

WORKSHOP :

Half-day Workshop on MVAT Audit 31-10-2009 Rs.520 for member ................— Reporting in New Form 704 Rs.620 for non-member ........

vol. 12 no. 6 september 2009 lecture meetings vice-president’s communiqué · 2017-10-17 · bcas...

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