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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 Members,

At the 8th meeting of G-20 Heads of Government at st. petersburg last week, our prime minister Dr. manmohan singh focused on the ongoing economic crisis and urged the G-20 nations to pay more attention to their monetary policies. earlier while making a statement in the Lok sabha on the recent economic and exchange rate crisis, Dr. singh admitted that economic growth has slowed down in recent quarters while reiterating his Government’s commitment towards continuing reforms. I pray to Lord Ganesh, the Vighnaharta, to remove all obstacles from the path of economic revival as slowing economic growth hurts the weaker and marginal classes the most.

the International taxation Committee organised the 17th residential International tax & Finance Conference at Jaipur during 15th to 18th August 2013. A well-conceived and organised programme, the Conference was one more successful milestone and witnessed highly technical and advanced deliberations. Nearly 40% of the participants came from outside mumbai and across India. this highlights spreading internationalisation of business and trade throughout the country.

the bCAs has continued to associate with the shri Nani A. palkhivala memorial trust in organising the annual Nani palkhivala memorial Lecture. the 10th lecture was delivered by Dr. D. subbarao, Governor of rbI on 29th August 2013 on “Five Years of Leading the reserve bank—Looking Ahead by Looking back”. Dr. subbarao considered himself privileged to have led one of the finest central banks in the world during such an intellectually vigorous period. All of us professionals will indeed confirm “thank God, the reserve bank exists!” and that it continues to safeguard the nation’s interest.

the current assessment year will see first-time compliance with the new provision of transfer pricing applicable to “specified domestic

Vol. 16 n No. 6 n September 2013

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

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

PROGRAMMES AT A GLANCE DATE VENUE PAGE NO.

First Meeting of Healthcare Series ........................................... .17-09-2013 ......................................................... BCAS Office ...................................................................................................................... 4

Forthcoming Students Study Circle .................................. 04-10-2013 ................................................. BCAS Office ........................................................................................................ 3

Music Clinic .................................................................................... 19-10-2013 .................................................. Indian Merchants' Chamber, Churchgate, Mumbai ..................... 9

Certificate Course for Professional Accountant ......... 19-11-2013 .................................................... BCAS & HR College, Churchgate, Mumbai ...................................... 5

Half-day Seminar on Labour Laws .................................... 23-11-2013.....................................................Gulmohar Hall, BCAS, Churchgate, Mumbai.................................... 3

47th Residential Refresher Course 2014 ....................... 09-01-2014 to 12-01-2014 ...................................................................................................................................................... 7

Lecture Meetings ........................................................................ 19-09-2013, 09-10-2013... ....................................................................................................................................................... 1

(Continued on page 2)

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

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

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

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

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

LECTURE MEETiNGS

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

Venue: Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai – 400020Day, Date & Time: Thursday, 19th September 2013, 6.15 p.m.*Speaker : Sushil Solanki, Commissioner Service Tax, Mumbai-ISubject: Service Tax – VCES – 2013 (Service Tax Voluntary Compliance Encouragement Scheme-2013)

Venue: Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai – 400020Day, Date & Time: Wednesday, 9th October 2013, 6.15 p.m.*Speaker: P. R. RameshSubject: Important Provisions under the Companies Act, 2013

transactions”. this is likely to pose significant challenges to Chartered Accountants as well as clients. An analysis of the new provisions leaves one with more questions than answers and reminds me of the following comments from the twelfth report of the Law Commission of India in respect of the Income-tax Act, 1922, which are still valid:

“the hopeless confusion into which the Income-tax law has fallen is mainly due to precipitate and continuous tinkering with the Act by the legislature. the amendments to the Income-tax Act have been so short -sighted and so short-lived as to rob the law of the modicum of stability which is essential to its healthy growth.”

several international critiques describe two major disadvantages of arm’s length principle for transfer pricing. the first being the

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(Continued from page 1)

discretionary powers bestowed on the tax administration which if not properly controlled provides opportunities for corruption. the second is imposition of unnecessary heavy costs of compliance on the taxpayers. this new law appears to be likely to suffer from these two disadvantages.

In a recent report on “review of the causes of complexity in legislation” commissioned by the UK Government, it has been stated that the current degree of difficulty with law is neither inevitable nor acceptable. the report also states that excessive complexity hinders economic activity, creating burdens for individuals, businesses and communities. It obstructs good governance and also undermines the rule of law.

Last month the Government of India announced the setting up of a tax Administration reform Commission (tArC) under the Chairmanship of Dr. shome with a time period of 18 months. the terms of reference of the tArC include enhancing the tax administration organisation through capacity building, vigilance & administration, responsibility and accountability of human resources, KpIs and so on. the tArC has been asked to recommend capacity building measures for preparing impact assessment statements on taxpayers’ compliance cost of new policy and administrative measures of the tax Departments.

It would have been better if the Government had specifically mandated tArC to come up with measures to reduce corruption and also reduce compliance cost. this by itself could revive economic growth significantly.

At the same time we need to reach out to the tArC with practical suggestions and measures to improve the system instead of cribbing

about it. the taxation Committee is initiating our response and I urge everyone to forward their suggestions and comments to the society at the earliest.

In another welcome initiative, shri r. s. Upadhyay, the Director of Income-tax (Vigilance), Western region, mumbai, invited representatives of the bCAs for a meeting on 20th August, 2013 to ascertain the issues faced by the members while interacting with the department at various levels and has promised all possible help in all deserving cases. the members are requested to approach the DIt for redressing their grievances.

Just as I am completing this communiqué, the ministry of Corporate Affairs released the first tranche of draft rules under the Companies Act, 2013 and has invited suggestions and comments by 8th October 2013 that will make all of us burn the midnight oil in the otherwise hectic next few weeks.

Let’s all gear up for an extremely hectic next few weeks of not only our annual ritual but also to contribute to exciting developments!

Wishing you all michhami Dukkadam, Happy Ganesh Festivities and smooth audit and tax season!

With best wishes,

Nitin shingala

ALL THE THREE CLiNiCS wiLL bE HELD iN THE LibRARy ROOM Of THE bCAS OffiCE.

Right to infoRmation CliniC

ChaRitable tRust CliniC

aCCounts & audit CliniC

Advisory Panel : Narayan K. Varma, Adv A K Asher, Hema D. SampatClinic Co-ordinator: Vrushali - 6137 7624

Advisory Panel : Ratanshaw J. Damanwala, Shariq M. Contractor, Gautam S. Nayak, Anil J. Sathe, Atul H. ShahClinic Co-ordinator: Vrushali - 6137 7624

Advisory Panel : Sanjeev R. Pandit, Himanshu V. Kishnadwala, Jayesh M. Gandhi Clinic Co-ordinator : Vrushali - 6137 7624

BCAS Foundation operates a Right to Information (RTI) Clinic on a regular basis. The Clinic provides help and guidance to BCAS members as also to non-members, i.e., all citizens, for making applications under the RTI Act and also assists in resolving any related difficulties on the subject of RTI. The RTI Clinic operates on every 2nd, 3rd and 4th Saturday from 11 a.m. to 1 p.m. The next RTI Clinic days accordingly are 21st & 28th September and 12th, 19th & 26th October 2013 . Please call to obtain a prior appointment.

The next Charitable Trust Clinic will be held on 4th October 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 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 5th October 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 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.

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

Half-day Seminar onLabour LawsWith the increasing importance, compliance and with talk of reforms in Labour Laws, the members need to update their knowledge base on provisions of various labour laws with a view to help the members, the Indirect taxes and Allied Laws Committee of the bombay Chartered Accountants’ society (bCAs) has arranged a Half Day seminar on “Labour

Laws” jointly with Chamber of tax Consultants (CtC).

Day & Date saturday, 23rd November, 2013.

time 9.30 a.m. to 1.30 p.m.

Venue Gulmohar Hall, bCAs, Jolly bhavan no. 2, Ground Floor, New marine Lines, mumbai 400020

Fees for members R550 + R68 (st) = R618

Fees for non-members R750 + R93 (st) = R843

(Fee includes Tea/Coffee, snacks & material)

topic speaker

employees state Insurance Act, 1948

ramesh soni, Labour Law Consultant

the payment of bonus Act, 1965

the employees provident Fund & miscellaneous provisions, 1952

the payment of Gratuity Act, 1972

the Contract Labour and Abolition Act, 1970

4i commItteeChairman: Uday V. SathayeCo-Chairman: Himanshu V. KishnadwalaConvenors: Chirag A. Chauhan, Nandita P. Parekh and Pinky H. ShahCo-ordinators: Ameet N. Patel and Nandita P. Parekh

Power Summit 2013 –A Curtain RaiserIn light of the Indian economic environment in general and the

depreciation in the value of the rupee vis-à-vis major currencies in

particular the 4i Committee has seen the need to revisit their decision

to hold the power summit at an International Venue.

As a responsible association, it becomes our responsibility to refrain

from committing expenditure in foreign currency. It has thus been

decided to put the power summit on hold for the time being.

We will organize the power summit later during the year and will

send out the announcement once the programme is finalized.

BCA Referencer 2013-14

Name: Mr./Mrs./Ms : ...............................................................................................................................................................................................................................................................................

BCAS Membership No.: ………………………......................Firm’s Name : .......................................................................................................................................................................................

Office Address : .........................................................................................................................................................................................................................................................................................

...............................................................................................................................................................Tel. Nos :. ......... . ........................................Office : ....................................................................

Mobile : ………………………………… ................................................................................................... E-mail : ……………...................................................................................………………………. ..........

Cash/Draft/Cheque No :…………..… ................................Drawn on :………………………… ...................................................Bank Dated : ...............................................................................

Amount (Rs.) : .............................................................................................................................................................................................................................................................................................

Particulars Price (Rs.) Postage (Rs.) Quantity Amount (Rs.)

Referencer Premium Set (in exclusive folder) with CD, Table diary and Pocket diary 950 200

Referencer Premium Set (in exclusive folder) with CD and Pocket diary only 750 150

Referencer Refill Set with CD, Table Diary and Pocket Diary 650 150

Referencer Refill Set with CD, and Pocket Diary only 500 150

Super Saver Edition with CD (Bound Edition with Diary) 500 150

Order Form

FortHcomInG students’ study cIrcle

Day, Date & Time

Friday, 4th October 2013, 6.30 p.m. to 8.00 p.m.

Venue bCAs Office

Speaker Hemangi parekh

Topic Domestic transfer pricing

BCAS 4

september 20135

COMPLETED GRADuATION WORkED AS AN ACCOuNTS ASSISTANT OR COMPLETED ARTICLE TRAINING

HERE IS A COuRSE JuST FOR YOu.

become a ProFessIonal accountant

wHAT NEXT?

Course objective: To identify, train, improve job prospects and create a new brand of professionals who will be identified as Professional Accountants (PAs).

Eligibility: T.Y. B.Com or 3 years’ work experience or completed articleship.

Syllabus: Covering all essential subjects to make you an effective independent accountant. The course will cover not only basic subjects like accounts, tax etc, but also include costing, MIS, ERP financial packages, office systems, reports and communication skills and yes even how to draft an effective CV.

Course commences on : 19th November 2013

Course duration : A total of 20 sessions will be held of 3 hrs each. Sessions will be spread over on Tuesdays & Fridays evening & some Saturdays afternoon at BCAS & HR College.

Timing: On Tuesdays and Fridays 5.30p.m. to 8.30p.m. and on Saturdays 2.30p.m. to 5.30p.m.

fees: R 6, 741/- per participant (Inclusive of Service Tax @ 12.36%) Restricted to 45 participantsCertificates will be awarded to participants on fulfillment of criteria.

NAUSHAD A. PANJwANi, President BCAS, iNDU SHAHANi, Principal, H. R. College

ORGANISED JOINTLY BY

bombay Chartered Accountants’ Society7, Jolly Bhavan No. 2, Ground Floor, New Marine Lines, Mumbai - 400 020.Tel. 61377600 • Fax 61377666E-mail bca@bcasonline.org • Website: www.bcasonline.org • Web TV : www.bcasonline.tv HR College of Commerce & Economics123, D.W. Road, Churchgate, Mumbai - 400 020.Tel: 91 22 2287 6115• Fax: 91 22 2281 0758Email: info@hrcollege.edu • Website: www.hrcollege.edu

Note : • Submit enrollment form along with 1 photograph at BCAS office only. • Timing : 10 a.m. to 5.30 p.m. Monday to Friday and 10 a.m. to 1.30 p.m. Saturday.• Schedule and faculties could change based on course requirement.• Cheque should be drawn on Bombay Chartered Accountants’ Society. Outstation payment by Demand Draft / Cheques at par only, payable at Mumbai. Members can pay through the credit / debit card at the BCAS Office.• Enrollment on first come first served basis.• kindly note that no refund will be given in case of cancellation for any reason and no substitute will be allowed, once the enrolment form is submitted.

Note : for Details please refer website of bCAS or contact office

FOR FuRTHER DETAILS CONTACT :

Co-ordinators Manish Reshamwala - 66355488, 9820050810Manori Shah - 23523849, 9820190092Prof. Parag Thakkar - 9820304543

batch XVi

BCAS 6

BCAS 8

Subscribe Now!!!

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 Tax

Total Charges

Ordinary, Life and Associates of Corporate Membership R600 + 12.36% R674

Students R600 + 12.36% R674

Journal subscribers R900 + 12.36% R1,011

Non-members R1,200 + 12.36% R1,348

Lecture Meeting on Developments in Accounting Standards – In India and Globally, by Narendra Sarda, held on 4th September 2013 is available on BCAS Web TV

Renewal of bCAS web TV for 2013-14

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From rBIContributed by : Gaurang V. Gandhi

The Reserve Bank of India has issued the following 8 circulars

A. P. (DIR Series) Circular No. 20 dated August 12, 2013Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) – Compounding of Contraventions under FEMA, 1999

this circular states that applications for compounding must contain details of the bank account of the applicant in the format Annexed to this Circular to facilitate refund of compounding fees in case the application has to be returned because of non-obtaining of proper approvals or permission from the concerned authorities or for any other reason(s).

Also, annexed to this Circular are the revised Annexures for submission of information with regards to violation in respect of Foreign Direct Investment, external Commercial borrowings, Overseas Direct Investment and branch Office/Liaison Office. In the revised Annexures details of pAN and the activity as per NIC codes – 1987 has to be given. If the said information is not given the application will be treated as incomplete. Also, information regarding change in the address / contact detail of the applicant has to be submitted to the Compounding Authority.

A. P. (DIR Series) Circular No. 21 dated August 12, 2013Exim Bank's Line of Credit of uSD 28.60 million to the Republic of Zimbabwe

exim bank has made available, subject to certain terms and conditions, to the republic of Zimbabwe a Line of Credit of Us $ 28.60 million for financing purchase of eligible goods, services, machinery and equipment including consultancy services import of goods and services for upgradation of Deka pumping station and river Water Intake system in Zimbabwe. eligible goods and services including consultancy services of the value of at least 75% of the contract price must be supplied by the sellers from India, while the remaining 25% of the goods and services may be procured by the sellers from outside India.

the last date for opening of Letters of Credit and Disbursement for project exports will be 48 months from the scheduled completion date of the contract and June 20, 2019 in case of supply contracts.

A. P. (DIR Series) Circular No. 22 dated August 12, 2013Exim Bank's Line of Credit of uSD 300 million to the Government of the Federal Democratic Republic of Ethiopia

exim bank has made available, subject to certain terms and conditions, to the Government of the Federal Democratic republic of ethiopia a Line of Credit of Us $ 300 million for financing purchase of eligible goods, services, machinery and equipment including consultancy services import of goods and services for new ethio-Djibouti railway Line [the Asaita- tadjourah portion] project in republic of ethiopia / republic of Djibouti. Eligible goods and services including consultancy services of the value of at least 75% of the contract price must be supplied by the sellers from India, while the remaining 25% of the goods and services may be procured by the sellers from outside India.

the last date for opening of Letters of Credit and Disbursement for project exports will be 48 months from the scheduled completion date of the contract and June 12, 2019 in case of supply contracts.

A. P. (DIR Series) Circular No. 23 dated August 14, 2013Overseas Direct Investments

presently, an Indian party can invest under the Automatic route up to 400% of its net worth as on the date of the last audited balance sheet in all its overseas Joint Ventures (JV) / Wholly Owned subsidiaries (WOs) engaged in any bonafide business activity.

this Circular has reduced the above limit of 400% of net worth to 100% of net worth in case of all fresh Overseas Direct Investment proposals under the Automatic route. Also, in case of fresh investment in overseas unincorporated entities in the energy and natural resources sectors, the above limit of 400% of net worth has been reduced to 100% of net worth in case of all fresh Overseas Direct Investment proposals under the Automatic route. ODI in excess of 100% of the net worth will be considered by rbI under the Approval route. existing JV/WOs set up under earlier regulations will continue to be governed by the same.

However, there is no change as regards investment overseas under the Automatic route by Navaratna public sector Undertakings (psU), ONGC Videsh Limited (OVL) and Oil India Ltd (OIL), in overseas unincorporated entities and the overseas incorporated entities in the oil sector (i.e., for exploration and drilling for oil and natural gas, etc.), which are duly approved by the Government of India. they can invest without any limit.

A. P. (DIR Series) Circular No. 24 dated August 14, 2013NOTIFICATION [NO.FEMA 263/RB-2013]/GSR 529(E), DATED 5-3-2013Liberalised Remittance Scheme for Resident Individuals- Reduction of limit from uSD 200,000 to uSD 75,000

this circular has made changes as under to the Liberalized remittance scheme (Lrs): -

1. the existing limit of Us $ 200,000 per financial year has been reduced to Us $ 75,000 per financial year (April - march).

2. remittance can be made for any permitted current or capital account transaction or a combination of both. However, no remittance under Lrs can be made for acquisition of immovable property, directly or indirectly, outside India.

3. With effect from August 5, 2013 resident individuals (single or in association with another resident individual or with an 'Indian party' as defined in this Notification) satisfying the criteria as per schedule V of Notification No. 263/rb-2013 dated march 5, 2013, may make overseas direct investment in the equity shares and compulsorily convertible preference shares in any Joint Ventures (JV) / Wholly Owned subsidiaries (WOs) outside India for bonafide business activities outside India within the limit of Us $ 75,000.

4. the existing limit for gift in rupees by resident Individuals to NrI close relatives and loans in rupees by resident individuals to NrI close relatives has been reduced to Us $ 75,000 per financial year.

Schedule V [See Regulation 20A]A. Overseas Direct Investments by Resident Individuals1. resident individual is prohibited from making direct investment in a JV

or WOs abroad which is engaged in the real estate business or banking business or in the business of financial services activity.

2. the JV or WOs abroad shall be engaged in bona fide business activity.3. resident individual is prohibited from making direct investment in a JV/

WOs [set up or acquired abroad individually or in association with other resident individual and/or with an Indian party] located in the countries

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identified by the Financial Action task Force (FAtF) as "non-co-operative countries and territories" as available on FAtF website www.fatf-qafi.org or as notified by the reserve bank.

4. the resident individual shall not be on the reserve bank's exporters Caution List or List of defaulters to the banking system or under investigation by any investigation / enforcement agency or regulatory body.

5. At the time of investments, the permissible ceiling shall be within the overall ceiling prescribed for the resident individual under Liberalised remittance scheme as prescribed by the reserve bank from time to time. [explanation: the investment made out of the balances held in eeFC / rFC account shall also be restricted to the limit prescribed under Lrs.]

6. the JV or WOs, to be acquired / set up by a resident individual under this schedule, shall be an operating entity only and no step down subsidiary is allowed to be acquired or set up by the JV or WOs.

7. For the purpose of making investment under this schedule, the valuation shall be as per regulation 6(6)(a) of this Notification.

8. the financial commitment by a resident individual to / on behalf of the JV or WOs, other than the overseas direct investments as defined under regulation 2(e) read with regulation 20Aof this Notification, is prohibited.

B. Post Investment ChangesAny alteration in shareholding pattern of the JV or WOs may be reported to the designated AD within 30 days including reporting in the Annual performance report as required to be submitted in terms of regulation 15 of this Notification.C. Disinvestment by Resident Individuals1. A resident individual, who has acquired / set up a JV or WOs under the

provisions of this schedule, may disinvest (partially or fully) by way of transfer / sale or by way of liquidation / merger of the JV or WOs.

2. Disinvestment by a resident individual shall be allowed after one year from the date of making first remittance for setting up or acquiring the JV or WOs abroad.

3. the disinvestment proceeds shall be repatriated to India immediately and in any case not later than 60 days from the date of disinvestment and the same may be reported to the designated AD.

4. No write off shall be allowed in case of disinvestments by the resident individuals.

D. Reporting Requirements1. the resident individual, making overseas direct investments under the

provisions of this schedule, shall submit part I of the Form ODI, duly completed, to the designated authorised dealer, within 30 days of making the remittance.

2. the investment, as made by a resident individual, shall be reported by the designated authorised dealer to the reserve bank in Form ODI parts I and II within 30 days of making the remittance.

3. the obligations as required in terms of regulation 15 of this Notification shall also apply to the resident individuals who have set up or acquired a JV or WOs under the provisions of this schedule.

4. the disinvestment by the resident individual may be reported by the designated AD to the reserve bank in Form ODI part IV within 30 days of receipt of disinvestment proceeds.

A. P. (DIR Series) Circular No. 25 dated August 14, 2013All Scheduled Commercial Banks which are Authorised Dealers (ADs) in Foreign Exchange / All Agencies nominated for import of gold

this circular states that it supersedes of all earlier instructions is respect of import of gold by Authorized Dealers in Foreign exchange / Nominated Agencies.

the circular provides that: -a) Import of gold in the form of coins and medallions is now prohibited.b) All nominated banks/nominated agencies and other entities must ensure that at least 20% of every lot of import of gold imported into the country is

exclusively made available for the purpose of exports and the balance for domestic use. A working example of the operations of the 20/80 scheme is Annexed to this circular. the scheme shall be monitored by customs authorities, and will be implemented port-wise only.

c) Nominated banks / nominated agencies and other entities can make available gold for domestic use only to the entities engaged in jewellery business / bullion dealers and to banks authorized to administer the Gold Deposit scheme against full upfront payment only.

d) Nominated banks / agencies / refineries and other entities must ensure that there is no front loading of imports, particularly in the first and second lots of imports. such imports have to be linked to normal quantities of gold supplied to the exporters by the nominated banks / agencies and must not exceed the highest quantity supplied during any one year out of last three years. the quantity thus arrived at, however, will not be imported in one or two lots only. As a thumb rule, imports of more than maximum of two months of requirements of the exporters in a lot would be considered unusual. In case there is no previous record of having supplied gold to the exporters then nominated banks / agencies must seek prior approval of rbI before placing orders for import of gold for the first lot under the 20/80 scheme.

e) the 20/80 principle would also apply for the henceforth import of gold in any form / purity including gold dore, whereby 20 per cent of the gold imported will be provided to the exporters. this will be administered and monitored at the refinery level for each consignment at the time of such imports as well as by the customs authorities. the refinery can make available gold for domestic use only to the entities engaged in jewellery business / bullion dealers and to the banks authorized to administer the Gold Deposit scheme against full upfront payment and sale of gold against any other form of payment shall not be permitted. Import of gold dore can be done permitted only against a license issued by DGFt.

f) Any authorization such as Advance Authorization / Duty Free Import Authorization (DFIA) can be utilized for import of gold meant for export purposes only and no diversion for domestic use is permitted.

However, entities / units in the seZ and eOU, premier and star trading houses are permitted to import gold exclusively for the purpose of exports only.

A. P. (DIR Series) Circular No. 26 dated August 14, 2013Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile uSSR

With effect from August 12, 2013 the rupee value of the special Currency basket has been fixed at rs. 83.45023 as against the earlier value of rs. 80.972091.

A. P. (DIR Series) Circular No. 27 dated August 16, 2013Exim Bank's Line of Credit of uSD 41.60 million to the Government of the union of Comoros

exim bank has made available, subject to certain terms and conditions, to the Government of the Union of Comoros a Line of Credit of Us $ 41.60 million for financing purchase of eligible goods, services, machinery and equipment including consultancy services import of goods and services for the installation of an 18 mW power project in moroni, the capital city of Comoros. 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 February 21, 2019 in case of supply contracts.

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

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

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Seminar Half-day Seminar on Labour Laws ..........23-11-2013....................................................................r 618 for members ............ ........ r 843 for non-members .........

Meet First Meeting for Health-Care ..................17-09-2013....................................................................r 500 per family .................................................................................

Clinics Music Clinic ............................................19-10-2013....................................................................r 224 per person ................................................................................

BCAS Study Circles 2013–14Study

Circle No. Subject Fee Tick your choice here

I Direct Tax Laws 449*

II Indirect Tax Laws 449*

III Company Law, Auditing & Accounting 449*

IV FEMA 449*

V Information Technology 449*

Study Circle No. Subject Fee Tick your

choice hereVI Human Resource Development 449*

VII ITF 1,123*

VIII BCAS Suburban Study Circle 674*

IX International Economics 1,123*

X Students Study Circle 224*

* Inclusive of Service Tax of 12.36%

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