national best regional council ( 2004, 2007, 2008, 2009 ... · tarun jain, cs anjali yadav, ... mr....

NIRC - ICSI Newsletter | December 2016 1

Monthly • Volume XXXV • -24 • No.12 • December, 2016

1 44th National Convention of the Company Secretaries (19.11.2016): CS NPS Chawla and CS Manish Gupta receiving Best Regional Council Award-2015 (NIRC) from the hands of Smt. Smriti Zubin Irani, Hon’ble Minister for Textiles Chief Guest of the Valedictory Session of the Convention. CS Mamta Binani, President-ICSI, CS Rajiv Bajaj, CS Ranjeet Pandey, CS Monika Kohli and others seen.

2 Two Day PCS Regional Conference on the theme “PCS - Empower, Emerge & Excel” (Host: Agra Chapter) 5-6.11.2016: L to R CS Amit Gupta, CS Pradeep Debnath, CS Ranjeet Pandey, Council Members-ICSI, CS Manish Gupta, Mr. Vijay Jhalani, Government Nominee, Central Council Member, ICSI; CS Atul Mehta,(Past President, ICSI); CS Ashish Garg, Council Members-ICSI; CS Akash Jain and CS Priyanka.

3 Participation in the Airtel Delhi Half Marathon, 2016 (Great Delhi Run -6 km) participation by 130+ members (20.11.2016): Group photograph of members alongwith CS Manish Gupta.

1

2

3

National Best Regional Council ( 2004, 2007, 2008, 2009, 2010, 2011, 2013, 2014 & 2015)

Images

3 PCS Help Line on IPR - Trade Mark(02.11.2016): CS Tarun Jain, Tarun Jain & Associates, Company Secretaries replying to the queries of members in the presence of CS Manish Gupta

5 PCS Help Line on Annual Filing (23.11.2016): CS Rahul Jain, Company Secretary in Practice replying to the queries of members in the presence of CS Manish Gupta and others.

7 Inauguration of 253rd Management Skills Orientation Program (MSOP) (16.11.2016): Group photograph of participants alongwith CS Rajender Kapoor, Director, Webtel Electrosoft (P) Ltd., CS Manish Gupta, CS Alka Arora and others.

9 Inauguration of 1st Week-end Management Skills Orientation Program (MSOP) (26.11.2016): Group photograph of participants alongwith CS Manish Gupta, CS Nitesh Sinha and Dr. Bhole Shanker Sikhwal.

4 PCS Help Line on Annual Filing (16.11.2016): CS Anjali Yadav, Company Secretary in Practice replying to the queries of members in the presence of CS Manish Gupta and CS R K Khurana.

6 PCS Help Line on Annual Filing (28.11.2016): CS Sharad Rajwanshi, Company Secretary in Practice replying to the queries of members in the presence of CS Manish Gupta.

8 Valedictory Session of 249th Management Skills Orientation Program (MSOP) held at Chandigarh (4.11.2016): Group photograph of participants alongwith Col. G.S. Chadha (Retd.), Registrar, Panjab University, Chandigarh, CS G.S. Sarin, CS Nitin Kumar and Ms. Gunjan Sehgal.

10 Inauguration of 252nd Management Skills Orientation Program (MSOP) (15.11.2016): Group photograph of participants alongwith CS Manish Gupta, CS Ranjeet Pandey, CS Pradeep Debnath, CS Nitesh Sinha and CS Alka Arora

1 Study Session on Currency Demonetization - Impact & Way Forward (21.11.2016): L to R CS Pradeep Debnath, CS(Dr.) R K Agarwal,(Past Chairman, NIRC-ICSI), Partner, Rakesh Raj & Associates and CS Manish Gupta

2 Study Session on Annual Filing(15.11.2016): L to R CS Vinod Goel, CS R S Bhatia, CS in Practice and CS Himanshu Harbola.

1

3

5

7

9

2

4

6

8

10


Life is often a choice between good and bad, right and wrong, spiritual and evil. Series of positive choices is called success.

~ Shiv Khera

Dear Professional Colleagues,

Greetings from NIRC-ICSI...

At the outset, I am pleased to share that your Northern India Regional

Council (NIRC) has been adjudged as the National Best Regional Council-2015 which was presented in 44th National Convention of the Company Secretaries in the Closing Plenary from the

hand of Smt. Smriti Zubin Irani, Hon’ble Minister for Textiles and

Shri Vinai Kumar Saxena, Chairman Khadi and Village Industries

Commission, Chief Guest and Guest of Honour respectively. Earlier,

NIRC has won the said Award from 2007 to 2011 and again in the

year 2013 & 2014. I wholeheartedly compliment the untiring

efforts and dedication of Team NIRC, all the officials of NIRO and

all its stakeholders, which makes NIRC the most vibrant and fully

charged up Regional Council. I also thank all the members and

students of Northern Region for their seamless support, motivation

and encouragement.

As you may kindly be aware that the ICSI Insolvency Professionals Agency (ICSI-IPA) is registered as a Section 8 Company and is a wholly-owned subsidiary of ICSI. It has

opened up a sea of opportunities and a holistic way of showcasing

ourselves. I appeal to all the eligible professionals, to register

themselves as insolvency professionals with ICSI-Insolvency Professionals Agency forthwith. Further, would request you all to

please block your diaries for our next power packed seminar on the

theme “Insolvency & Bankruptcy Code, 2016” scheduled to be

held on 17th December, 2016 and shall be inaugurated by CS (Dr) M. S. Sahoo, Chairperson, Insolvency & Bankruptcy Board of India. The details of the program are available on the NIRO portal

and also published elsewhere in this newsletter.

In order to cater to the needs of Senior Professionals, I am pleased

From the Chairman

to inform you that NIRC-ICSI has commenced its 1st Weekend

Management Skills Orientation Program (WE-MSOP) from 26th

November, 2016 to 15th January, 2017 at NIRC premises apart from

regular batches of MSOP for the Students who have passed the

Professional Examinations of the Institute, but due to their other

professional commitments are not able to spare time to attend

MSOP program of 15 days at a stretch and thereby cannot apply

for the membership of the Institute. I am happy to share that

participants of First WE-MSOP are very must excited and full of

new zeal on being reconnected with the ICSI after so many years

of passing of their final examinations. I am sure, they will surely

bring laurels to the profession of Company Secretaries in the days

to come.

Friend, the Government has announced its intention to

implement GST from 1st April, 2017 and has crossed several

important milestones such as constitutional amendment, release

of Model GST Law, important rules and FAQs to the constitution

of GST Council. NIRC in its endeavour to constantly upgrade

skills of its members is coming out with 5 days Master Classes

on GST from 13th December, 2016 to 17th December, 2016 at

NIRC Auditorium. The aim of program is to analyse key concept,

interpretation and ambiguity that may arise on important aspects

of GST Law primarily focusing Supply, Place of Supply and Input Tax

Credit by way of Case Studies. To help us understand these finer

aspects, experts from the industry are invited to share their views

with us on various scenarios. The registration for the Master Classes

has already been started and Online Registration Option is also

available on the NIRO portal.

Friends, NIRC is continuously providing ample opportunities to

the members for updating their knowledge by organising various

quality professional development programs. NIRC has organised



the following programmes for members during the month of

November, 2016 :

Member’s ProgramOn 2nd November, 2016 PCS Help Line on the topic “IPR - Trade Mark” & on 16th November & 23rd November, 2016 & 28th

November, 2016 on Annual Filing were organised wherein CS

Tarun Jain, CS Anjali Yadav, CS Rahul Jain, and CS Sharad Rajwanshi, Company Secretaries in Practice were the expert for the program

respectively. A large number of queries have been attended and

resolved, particularly in the PCS Helplines on Annual Filing.

On 5th & 6th November, 2016, NIRC organized a two day PCS

Regional Conference on the theme “PCS - Empower, Emerge & Excel” which was Hosted by Agra Chapter at Hotel Amar, Agra. I take

this opportunity to express my sincere gratitude to all the speakers

of the Conference for sharing their knowledge and experience

with the participants. Mr. Vijay Jhalani, Government Nominee,

Central Council Member, ICSI, was the Chief Guest & inagurated the

program and in his address motivated the members to take GST as

one of the biggest professional opportunities of the recent time. The

conference was addressed by galaxy of guest speakers including CS

Atul Mehta, (Past President, ICSI); CS Ashish Garg Council Members-

ICSI & Chairman, PCS Committee of ICSI; CS Ranjeet Pandey, Council

Members-ICSI, CS Pankaj Jain, Partner, VEDA LEGAL; Shri Brijesh

Verma and CS Adesh Tandon, CS in Practice, Kanpur, who provided

enormous value addition to the qualitative deliberation at the

conference.

On 12th November, 2016, NIRC organised one day Seminar on

the theme Corporate Fraud – Litigation and Reporting at

Hotel Shangrila, New Delhi. I take this opportunity to express my

sincere gratitude to all the speakers of the seminar for sharing their

knowledge and experience with the participants. Address by galaxy

of guest speakers CS U K Chaudhary, Past President-ICSI & Senior

Advocate; CS G P Madaan, (Past Chairman--NIRC-ICSI), Partner,

Madaan Law Offices, Advocates & Solicitors and CS M Sathya Kumar

from Chennai provided enormous value addition to the qualitative

deliberation at the seminar. The theme & contents covered by the

learned speakers of the seminar were well appreciated by one & all.

The presentations given by the speakers are available on the NIRO

portal for the benefit of our members & students at large.

On 19th November, 2016, NIRC organised a Workshop on the

theme “Valuation – Approaches & Method” at ICSI-NIRC

Building, New Delhi. CA Rajiv Singh, Valuation expert and CS

Chander Sawhney, Partner & Head - Valuation & Deals, Corporate

Professionals Capital Pvt. Ltd. have shared their knowledge on

the allotted topic. The members were benefited with the latest

development and got updations on the subject. This is one niche

area in which our company secretaries can enter , excel and

emerge as a leader.

On 20th November, 2016 NIRC participated in Airtel Delhi Half

Marathon-Great Delhi Run 6 Km for enhancing the brand building

of the CS profession. More than 150 members participated in the

event wearing ICSI T-Shirt and holding ICSI flag. I am happy to share

that ICSI was the only institute which had participated in the Airtel

Delhi Half Marathon. Friends, we made an excellent impact at the

event which was attended by the Dy. Chief Minister of Delhi Mr.

Manish Sisodia among others. We also got good media coverage in

few TV channels through this event.

On 21st November, 2016 NIRC organized a Study Session on very

apt topic Currency Demonetization - Impact & Way Forward.

CS (Dr.) R K Agarwal, Past Chairman, NIRC & Partner, Rakesh Raj &

Associates, Faridabad was the guest speaker on the occasion and

has shared his rich knowledge and experience with the delegates

of the programme.

Student’s Program :

On 4th November, 2016 Valedictory Function of 249th MSOP was

held at Chandigarh. Col. G.S. Chadha (Retd.), Registrar, Panjab

University, Chandigarh was the Chief Guest.

On 5th November, 2016 NIRC organised a Student Study Session

on Business Etiquettes. Ms. Preeti Singhal, Corporate Trainer was the

Guest Speaker.

On 10th November, 2016 Campus Placement for the participants of

the 245th to 250th batch of MSOP was organised. First the session on

Interview Skills/Techniques was addressed by CS Dinesh Chandra

Arora, Secretary-ICSI. I express my gratitude to him for sparing

his valuable time to sharing knowledge and experience with the

participants. Various companies and practising firms participated

in the Campus placement. The students have got the opportunities

to face the real life interview.

On 12th November, 2016 Valedictory Function of 250th & 251st

MSOP was held. CS G P Sahi, Vice President (Legal) & Company

Secretary CJ International Hotels Limited was the Chief Guest and

CS B M Jhamb, Company Secretary, RICO Auto Ind. Ltd. was our

special guest on the occasion.

From the Chairman


On 15th & 16th November, 2016, 252nd & 253rd MSOPs were inaugurated. CS Ranjeet Pandey, Central Council Member, ICSI and CS Rajender Kapoor,

Director, Webtel Electrosoft (P) Ltd. were the chief guest in 252nd MSOP &

253rd MSOP respectively.

NIRC is organising the following programmes in the month of December, 2016

& January, 2017. Detailed announcement of the programmes are published

elsewhere inside the Newsletter. I take this opportunity to request all of you to

attend these programmes in large numbers and make them successful.

As you all are aware that the Half Yearly Corporate Membership Scheme including YUVA Corporate Membership of NIRC for the financial year 2016-2017 (October, 2016 to March, 2017) is already been released. The

schemes will allow members to participate in the programs organised by

NIRC and its Chapters. The detailed schemes are published elsewhere in the

newsletter for your reference. I request you to kindly avail this opportunity

and take the half yearly membership.

I request all of you to kindly give your suggestions on the specific theme &

structure of the forthcoming programs organized by NIRC-ICSI. In addition

thereto, members who are interested in taking sessions in the programs to be

organized by NIRC, may kindly provide their details with the topic/theme, to

NIRO at [email protected].

I once again request you all to be in touch with the profession with increased

participation and send your valuable suggestions & feedback for the

betterment of the activities of NIRC. Feel free to contact me at chairman.nirc@

icsi.edu

Last but not the least, on behalf of the whole NIRC wish you and your family a

VERY HAPPY, PROSPEROUS, HEALTHY, WEALTHY AND FRUITFUL NEW YEAR 2017. Let the New Year bring peace and tranquillity and let the world prospers

in all fronts for humanity. NIRC wishes all members & students Seasons

Greetings and Merry Christmas.

With best regards,

Yours sincerely,

(CS MANISH GUPTA)[email protected]

[email protected]

Mobile : 09212221110

From the Chairman

CS Alka AroraRegional Director

Co-opted

Page No.

CS Ravinder, IAS 011-23063212

09810375788

• From the Chairman 3-5• Articles 6-11• Compliance Checklist 12-13• Forthcoming Programs 14• News from NIRC 15-16• CSBF 17-18• 2nd Research Paper Competition 19• Half yearly YUVA Corporate Membership Scheme 20• Half yearly Corporate Membership Scheme 20• Forthcoming Programs 21-22


Article

*The views expressed are personal views of the author and it should not be taken as views of the NIRC-ICSI.

The subject of women empowerment and leadership in both business and domestic sector has become a burning issue globally since last few decades. Many agencies of United Nations in their reports have emphasized that gender issue is to be given utmost priority. It is has been well promoted that women now cannot be asked to wait for any more for equality.

Inequalities between men and women and discrimination against women is an age-old issue all over the world. Thus, women’s quest for equality with men is a universal phenomenon with an ultimatum of women demanding what already exist for men. The demands includes equality with men in the spheres of education, employment, inheritance, marriage, and politics and recently in the field of religion.

Gender shouldn’t be a factor in whether or not a person can be a great leader; a person’s leadership abilities should depend on their individual strengths and personality traits. However, in many cases, women aren’t encouraged to take on leadership roles as often as their male counterparts, contributing to an imbalance.

Some of the ways to empower women include:Educating women; education does not only ease the daily life struggle of a woman but also enable them to keep up with menfolk. The knowledge attained through education has been proves to be life changing experience for women globally with an influence in their family and society at large. Creating a safe space for women to gather and learn and get aware of their rights and duties. Building of confidence in women by supporting independence and mobility of

WOMEN EMPOWERMENTDR. BHAVNA BARMI, Senior Clinical Psychologist, ESCORTS Heart Institute

women.promoting and teaching of job skills helps in empowering

women by boosting their motivation to do work outside home and

attain independence. Building self-esteem and confidence in women

promotes feeling of respect faith in their abilities and fight back for their

rights and various issues in life situations. Boosting of decision-making

power encourage women to be their own leaders and lead there life

independently and resolve various life issues and situations with

ease and confidence. Focusing on women health would be beneficial

not only for their own lives but also would leave a great influence in

their families and communities with better and thinking and lifestyle.

By building social networks, women have more support and greater

opportunities to effect change in their families and community. By

creating public leaders, women are able to express their opinions and

perspectives in public or in their home. Women joining committees,

facilitating meetings, participating in protests, raising their voices

against violence, and organizing community programs impacts overall

nations growth positively, which in turn contributes in peace, equality

and justice.

As women make the most important and primary members of the

society; by empowering them and promoting related services allows

women to recognize their abilities and there self-worth and promote

healthy thinking and lifestyle.


Article

REPRESENTATION OF WOMEN ON THE BOARD OF LISTED BANKS IN INDIA

CS (Dr.) S. K. Gupta & CS Shukla Bansal

CS Shukla Bansal

Gender diversity in the Board is increasingly being considered as a facilitator for better decision-making as a result of directors having a range of experiences and backgrounds. This calls for progressively higher women representation on the corporate Boards. However, this desirable stimulus has not manifested itself with only few women holding the Board positions. This should be of concern to all businesses not just because gender parity is morally right, but beyond the gender numbers game, it is about the richness of the board as a whole, the combined contribution of a group of people with different skills and perspectives, different experiences, backgrounds and life styles and who together are more able to consider issues in a rounded, holistic way.

Women Directors – Legal framework in India

The business world has for long experienced inequality in gender representation at the work place. However, in the modern era the status of women is changing. The Government of India has propagated many laws for the empowerment of women. One such revolutionary initiation taken by the Government is the appointment of at least one woman director in certain class of companies’ board of directors under the land mark legislation The Companies Act 2013. The second proviso to section 149 (1) of the act makes it mandatory for every listed company to appoint at least one woman director Every other public company having paid up share capital of Rs. 100 crores or more or turnover of Rs. 300 crore or more as on the last date of latest audited financial statements, is also required to appoint at least one woman director. SEBI vide its circular dated 17th April, 2014 has made it mandatory for all the listed companies to appoint at least one Woman Director on their Board of Directors in alignment with the requirement of Section 149 of the Companies Act, 2013, under corporate governance norms.

This legislation by the Indian Government is a good start for empowering women in the corporate world. There are several capable women around who can add value to the boards, with this mandatory requirement these deserving women will get a chance to prove their mettle and companies will start witnessing the merit of women directors. This paper examines the extent to which listed Banks in India have responded to the new legal provision.

Banking Industry in India

The Indian banking system consists of 26 public sector banks, 25 private sector banks, 43 foreign banks, 56 regional rural banks,1,589 urban cooperative banks and 93,550 rural cooperative banks, in addition to cooperative credit institutions. Public-sector banks control nearly 80 percent of the market, thereby leaving comparatively much smaller shares for its private peers. Of these 24 Public sector and 18 Private sector banks are listed on BSE.

The percentage of women employees in Banks in India is 24% which is among the highest ratios in female to male workforce in any industry. This is due to the work culture in banks being suited to female candidates, pay and perks, banking professionals are viewed at a higher pedestal than all the other working classes especially female bank employees, and the

growth prospects that banks offer to female employees.

Objective of Study

The study has been conducted to assess and analyze the representation of woman directors on Board of Directors of listed Indian Banking companies in response to the legal mandate of Companies Act, 2013 that each listed company must have at least one woman on the board.

Data and Methodology

For the purpose of study, the list of all the public and private sector banks listed on (BSE), was drawn. There are 24 public sector and 18 private sector banks which are listed in India. The details of the board of directors of these 42 banks were accessed from the websites of the selected banks.The information was examined and analyzed to determine the number and proportion of total number of directors and woman directors among them.

Analysis and Findings

The data pertaining to women Directors in Indian Banks listed on BSE annexed and the findings emanating from the analysis of data relating to women representation on the Boards of listed banks in India is summarized herein below:

Table 1No. of Indian Listed Banks with different no. of Women DirectorsWomen Directors

0 Women Director

1 Women Director

2 Women Director

3 Women Director Total

No. of Banks 2 28 10 2 42% 5 67 24 5 100No. of Indian Listed Public sector Banks with different no. of Women DirectorsWomen Directors

0 Women Director

1 Women Director

2 Women Director


No. of Banks 1 16 7 0 24% 4 67 29 0 100

No. of Indian Listed Private sector Banks with different no. of Women DirectorsWomen Directors

0 Women Director

1 Women Director

2 Women Director


No. of Banks 1 12 3 2 18% 6 67 17 11 100

� It is observed that 95% of the listed banks in India have complied with the legal requirement of having at least one women Director on the Board. Two banks, one each in public and private sector is yet non-compliant with the stipulated legal mandate. However, 28 banks (67%) have just one women Director, whereas 10 banks have 2 women Directors, and 2 banks have 3 Women Directors on their Board. Thus two third of the listed banks have only tended to merely comply with legal provisions by inducting just one Women Director on the Board.



Article � It is observed that there is no difference between Public sector

and Private sector banks in India so far as minimum level of women representation on the Board is concerned as in both the group of banks 67% of the entities have a minimum of one Women Director. However, a higher percentage (27%) of Public sector banks have two Women Directors as compared to just 11% of the private sector banks who have two Women Directors. Further none of the public sector banks has three or more Women Directors, whereas 2 banks in private sector have three Women Directors.

� 5(21%) public sector banks have a Women Chairman and /or Managing Director as against 4(22%) amongst the private sector banks.

Improving women representation on the Board of Indian listed Banks

� Bank executives in India must address gender disparity in the boardroom as a business imperative. There is a wider need to recognize that “unconscious bias” often exists in Boardroom meetings. This calls for a change in mind set and recognition of women Director as a

facilitative resource for progressive enhancement in organizational value.

� Banks need to develop and implement training modules for women at key points in their career progression to groom them for Board positions.

� Nomination and Remuneration Committee should ensure that the Board selection process is non-discriminatory / gender neutral and should actively explore the options of inducting progressively more women in the Board

� Women need to build up knowledge and skills required for Board position, be open-minded, and build facilitative network. It is very interesting to be a part of the company decision making. It is worth it.

� Opportunities for Board membership for women are growing. Women need to understand the process, expectations,benefits and need to believe in themselves and be confident that they can achieve Board position.

CS (Dr.) S.K Gupta Vice President- Internal Audit & Company Secretary, Spentex Industries Limited, New DelhiCS Shukla Bansal,Practising Company Secretary, GhaziabadAnnexure

Women Directors in Indian Banks listed on BSE as on 25th September, 2016S.No. Name of the Bank Total no. of

DirectorsChairman/ MD M/F No. of Women

DirectorsNo. of Male

Directors% of Women

Directors1 State Bank of India 14 F 1 13 72 Bank of Baroda 13 M 2 11 153 Punjab National bank 9 F 2 7 224 Central Bank 10 M 1 9 105 Canara Bank 14 M 1 13 76 IDBI Bank 9 M 1 8 117 Bank of India 11 M 2 9 188 Indian Bank 11 M 1 10 99 Union Bank 11 M 0 11 010 Syndicate Bank 8 M 1 7 1311 Allahabad Bank 12 M 1 11 812 IOB 9 M 2 7 2213 UCO Bank 8 M 1 7 1314 State Bank of Bikaner &Jaipur 10 F 2 8 2015 Corporation Bank 12 M 1 11 816 Oriental Bank 11 M 1 10 917 Andhra Bank 10 M 1 9 1018 Vijaya Bank 12 M 2 10 1719 State Bank of Travancore 9 F 1 8 1120 Bank of Maharashtra 9 M 1 8 1121 Dena Bank 12 M 1 11 822 State Bank of Travancore & Mysore 13 F 2 11 1523 United Bank 9 M 1 8 1124 Punjab & Sind Bank 9 M 1 8 11

Private Sector banks 25 HDFC bank 11 F 2 9 1826 ICICI bank 13 F 2 11 1527 Kotak Mahindra 10 M 1 9 1028 Axis bank 15 F 3 12 2029 IndusInd bank 9 M 1 8 1130 Yes bank 10 F 1 9 1031 IDFC bank 9 M 1 8 1132 Federal bank 10 M 2 8 2033 RBL bank 11 M 1 10 934 City Union bank 10 M 1 9 1035 Karurvysya 11 M 1 10 936 JK bank 9 M 0 9 037 DCB bank 13 M 1 12 838 South Bank 10 M 1 9 1039 Karnataka bank 11 M 1 10 940 Lakshmi vilas Bank 11 M 1 10 941 Dhanlaxmi bank 11 M 1 10 942 Standard Chartered Bank 21 M 3 18 14

Source: Compiled from the website of BSE and web sites of respective banks as on 25th September, 2016


Article


INTRODUCTIONOn 8th November, 2016, the Hon’ble Prime Minister of India announced that by stroke of clock at midnight, the existing currency notes of value of ₹1,000 and ₹500 respectively would cease to be legal tender and the general public would need to return the same in exchange of new currency notes. Two options were presented to the general public. First, for immediate need they can exchange old currency notes upto value of ₹4,500/- per person over the counter of any branch of the bank by presenting in person. Secondly they can deposit the old currency notes in their bank account irrespective of value and then they can withdraw upto ₹24,000/- per week till further decided by the Government of India in consultation with RBI.

The immediate provocation for this exercise, as informed, was to eliminate the menace of counterfeit currency notes which are in circulation in spite of best efforts to weed out, to bring idle cash lying in Indian households & vaults of traders into banking channel, to make it redundant in the hands of criminals, terrorists, hawala operators, Maoists, black marketers, tax evaders and so on.

IMPACTThe announcement of demonetization of existing currency notes of ₹1,000 and ₹500 was so timed as to catch off guard the targeted persons and also not to give them any time/opportunity to get the old currency notes converted into other forms of assets.

This decision of the Government of India had taken all and sundries including the members of ruling party by surprise. The success of this decision, obviously, depended upon its remaining secret to the last moment till it was announced to the public. It was but natural that those who were caught off guard by the decision started spreading rumors and false information that Government of India has made each and every honest tax payer as holder of black money and they have been made to suffer by standing in the long queues for getting hard earned money exchanged for new currency notes. The proponents of dooms day started spreading false news that the demonetization would affect the economy so badly that it will slow down greatly thereby impacting the livelihood of very same persons for whose benefit these steps have been taken by the Government of India. Even some of them attempted to instigate the general public by provoking them to come on streets in defiance of this decisiontherebyindirectly tried to put pressure for its roll back not entirely but for some more time. However, it is heartening to note that even after passage of more than 21 days since the decision was taken not a single incident has taken place though the general public has been inconvenienced for standing in long queues for getting the old currency notes exchanged for new currency notes and/or of smaller denominations. The whole credit goes to the people

of India who have happily braved the hardship and have shown great confidence and faith in the words of Hon’ble Prime Minister despite entire opposition political parties opposing his decision.

STRATEGY FOR IMPLEMENTATIONThough the decision to demonetize the currency notes of ₹1,000 and ₹500 was sudden and swift, yet it was not unprepared. The Government of India and its various organs were preparing stealthy for its launch for quite some time without giving any inclination for the same to any person. As announced, only a very few persons were in the know of such decision coming into operation. The Government gave lot of indications about such steps being taken in near future but nobody in the country could read the writing on the wall and as such were taken by surprise of the magnitude of the consequences of the decision. Few steps taken in the past, up to run of the present decision, are listed below:-

(a) announcement of disclosure of foreign assets and liability scheme;

(b) seeding of Adhar number with bank accounts;

(c) voluntary disclosure of income scheme;

(d) opening of Jan Dhan bank account with zero balance;

(e) transfer of subsidy amount to the beneficiaries to their bank accounts which have been linked with Adhar so as to avoid pilferage;

(f ) introduction of section 270A in Income Tax Act, 1961 for imposition of penalty for wrong declaration of income in the return of income.

From the above it is amply clear that each step taken in the past was indicative of the things to come in future for the implementation of such a drastic step of demonetization and at the same time it was also ensured that nobody either in the government or general public gets the whiff of the things likely to happen. The commercial activities of the banks/financial market and general public were allowed to run as usual and no inconvenience was caused which may lead to arouse suspicion in the mind of the person likely to be affected by such decision thereby unnecessarily alerting them to take corrective steps without facing any difficulty. When the Government was confident that time has come to strike, it struck with vengeance that the culprits did not get any time to escape.

In the intrigue, the Government of India in consultation of RBI started printing new ₹2,000 and ₹500 currency notes which were to be put in circulation replacing the old one to be withdrawn consequent to announcement to be made in future. The ATMs which are in more than 2 lakhs in number could not have been recalibrated to dispense new

DEMONETIZATION OR EXCHANGE OF CURRENCY – A BOLD STEP IN CURBBING BLACK MONEY

By CS Rakesh Bhatia*, Advocate


Articlecurrency notes without alerting the public in general and those having stashed ill gotten wealth in particular.

It is not as if the culprits did not get the opportunity to convert their ill gotten wealth converted into legal money. India is a country of “Juggard” and window of 4 hours given by virtue of announcement made at 20.00 hours on 8th November, 2016, gave some leeway to those persons to get their money converted albeit in small volume by buying gold at more than prevailing price. However, these transactions are being investigated by the agencies and law will take its own course at the appropriate time.

STEPS TAKEN BY THE GOVERNMENT FOR AMELIORATION OF DIFFICULTIES FACED BY THE GENERAL PUBLIC SINCE 8TH NOVEMBER, 2016In order to equally distribute the available new currency of denomination of ₹2,000 and ₹500, the RBI in consultation with the Government had fixed a limit of ₹4,500 per week of old currency notes to be exchanged with new currency at the over the counter of any bank branch on production of proper identification of the person exchanging the currency notes. However, taking benefit of this facility, some unscrupulous persons started sending daily wage earners on payment/commission to impersonate as if they are the genuine people requiring exchange and got their ill gotten money converted into legal money. This act resulted in huge queues outside the bank branches and the media got an opportunity to attack the Government by projecting it in bad light. In this process, genuine persons also suffered as whatever new currency notes were available with the banks got usurped by the impersonators. In order to eliminate the malpractice, the limit for exchange was reduced to ₹2,000 per person and it was also decided to put indeliable ink on the index figure of the person so that he cannot stand in queue at other place. This step had the desired effect and long queues in front of banks started diminishing to a great extent but not eliminated in entirety which will take some more time to get normalized. Apart from these steps, the Government has also allowed utilization of old currency notes at certain specified places so as to ease the difficulty faced by general public in conducting their routine expenses.

The employees of all banks are also working untiring to ease the difficulty of their constituents and more & more ATMs are calibrated to dispense currency notes of smaller denominations. Since it is mammoth work, still it is satisfactory that lot has been achieved in shortest possible time. It is not denying that the decision of demonetization has disturbed the working of each and every person and shortage of cash is felt by each and sundry. However, the Hon’ble Prime Minister himself is monitoring the progress and every day instructions are being issued for addressing the difficulties faced by public. It is heartening to feel that the Government is sensitive to the hardship of common man and it is taking every step for amelioration thereof.

WHAT IS THE COLOUR OF THE MONEY?A big question arises as to what is the colour of the money in the hands

of recipient? According to those who oppose demonetization, every person who holds the old currency notes is considered to be hoarder of black money. Whereas the Government does not think so unless the person is pronounced guilty by the law of the land. The colour of money is a matter of perception. A person may have earned it legally yet it can be termed as black money because no tax has been paid for earning it. On the other hand a person may have earned it by adopting unfair means yet when he spends it for legal purpose the same in the hands of recipient would be legal since he has paid taxes. In nut shell it is only perception which would determine the colour of the money otherwise the currency notes would remain currency notes till these are in the hands of bearer.

ADVANTAGE OF DEMONETIZATIONFor the last few years the availability of currency notes of higher denominations of ₹1,000 and ₹500 have increased to such an extent that these constitute approx. 85% of the total currency notes in circulation.

Without going into the merits and demerits of the printing of such a huge quantity of big value notes, it is suffice to admit that it is responsible to a great extent for existence of parallel economy which led to cascading effect on the economy.Since the Government has acted in right directions, let us explore the benefits which may/can accrue to the economy:

(a)… Cash less economy: People are encouraged to go cash less and transact more and more of their daily routine expenses through online banking system. It is not as if this is introduced for first time. Most of the daily routine items are available through online platform yet very few people used to avail the same. Tough it is not possible in India to go complete cashless, yet efforts made would bring great results. According to a data made available by RBI in public domain, as on 31.03.2016; 661.8 million debit cards and 24.5 million credit cards have been issued but most of the debit cards were only used for withdrawal of money from ATMs for onward payment to merchant establishments for the goods purchased. Now it is expected that there would be a great surge in online usage thereby reducing the need for physical cash and ultimate reduction in printing of currency notes. It would also result in reduction in hoarding of currency notes by recipients and then fall in inflation.

It is also worthwhile to highlight that Sweden is only country in the world where 95% of the total routine transactions take place via cash less mode. India is also aspiring to achieve that feat in near future.

(b) Increase in taxes: The biggest advantage of cash less economy would result in increase collection of taxes since every transaction through online method would have necessarily to account for movement of goods/merchandise by the seller. The tax authorities would immediately come to know any discrepancy in the returns filed by any person which would lead to initiation of prosecution and imposition of penalty.


Article The biggest reason for evasion of taxes is prevalence of practice of

paying in cash as it is easy to hide the sale and purchase of goods since the buyers are discouraged by the sellers from obtaining invoice by hoaxing that it will increase their cost. Once the price is paid online, the seller would have record the sale and pay tax thereon.

Recently there were three articles published in Hindustan Times, New Delhi (Hindi Edition) on different occasions. One article was on Gandhi Nagar - garment market, second on China Market, Karol Bagh and third one was on Tiruppur, Tamil Naidu – major textile and knit wear hub. All these articles were projecting poor state of affairs after the implementation of demonetization scheme. It is claimed that prior to announcement of the scheme these centers were recording daily sales in hundred of crores but after the scheme the business has come to standstill. The situation is so worst that most of the shop keepers do not have cash even to run their house. From the statement it is clear that tax evasion was happening and now all these have stopped.

(c) Reduction of revenue deficit and subsequent reliefs: The cash less economy would require printing of lesser numbers of currency notes. Coupled with increase in taxes it would result in reduction in revenue deficit and subsequently lowering of rate of taxes. All these factors would add to the growth of economy which would be beneficial for the country in whole. The cost of funds would also come down which would prompt banks to lower rates of lending.

(d) Increase in IT/ITES products: The cash less economy would require IT/ITES support for giving a big boost and thereby there would be more opportunities for engineers and other service providers. This would result in big increase in direct and indirect employment.

(e) Transparency: The cash less transactions would also result in transparency as each and every transaction would be executed over the table. This would result in generation of less black money. Of course its elimination in entirety cannot be achieved so long as tendency to get the work done in violation of rules & regulations prevails in the Indians.

(f ) Financial inclusion and passage of benefits directly to the beneficiaries: The Government of India is relentlessly pursuing objective of financial inclusion of last person standing in the hierarchy by encouraging him to open bank account so that the benefits of subsidy could be made available to targeted person without any pilferage. This will have dual benefits. Firstly he will be encouraged to deposit his savings in bank account and only to withdraw that much amount which is actually needed. Secondly the banking system would get low cost deposits which would result in reduction in cost of funds and lowering of lending rates enabling the borrower to expand their business. This will overall lead to growth in industrial and economical activities.

These are few of the benefits that would accrue to the country and thereby every person would be benefited.

DISADVANTAGESThough there are advantages of the demonetization, yet there are also some disadvantages which are enlisted as below:(a) Fear of slow down of economy: There is likelihood that the

economy would slow down as the commercial activities would take a hit. Every opponent of the decision is also predicting that the economy would slow down but what would be the exact impact is only guess work. In India, the reach of technology to support the massive decision is not deep so as to take over smoothly and replace the cash with cash less era. Further the users are also not tech savvy so as to take benefit of the same. The fear created in the general public that their currency notes would be rendered useless if not exchanged immediately had led them to standin queues for exchange of currency notes which in turn had resulted in disruption/slow down of commercial activities and loss of revenue.

(b) Reduction in turnover: The demonetization has created a situation whereby whosoever holding higher denomination currency notes is now struck with that amount till he is able to get new notes in lieu thereof and at the same time if he is holding smaller currency notes,then he is conserving those for the time being till the situation gets normalize. As a result thereof, the trade where cash sale is in general practice, in those trades orders are either getting dropped or postponed thereby affecting volume of business. Even small traders are also affected badly.

(c) Scarcity of smaller denomination currency notes: This has impacted the availability of smaller denomination of currency notes in circulation as in the past the each and every transaction was used to happen in big currency notes only and smaller currency notes though legal tender were not in vogue. A fear psycho has developed and everybody is trying to conserve smaller denomination notes for future use and is not spending due to uncertainty about the prevailing situation.

CONCLUSIONFrom the above it is clear that the advantages outweigh the disadvantages and ultimately the demonetization would usher the country to a robust growth which is the ultimate object of this scheme. Nevertheless much depends upon the general public as they alone can eradicate the menace of corruption and black money. If every citizen of this country resolves to do business as per provisions of law and does not succumb to jump the queue by greasing the palm of government officials then it is impossible to generate black money. It is also true that this menace cannot be eradicated completely as the greed would ultimately prevail but still sincere efforts can control and bring it to minimum.


Compliance Checklist

COMPLIANCE CHECKLIST FROM 10TH DECEMBER, 2016 TO 10TH JANUARY, 2017

S. No. Activities Sections/Rules/ Clauses, etc.

Acts/Regulations etc. Compliance Due Date

To whom to be submitted

Central Excise Related Compliance

1 Filing of Return of Central Excise and Cenvat Credit for the month of November, 2016 (Form No. ER-1) (Non SSI Units)

Rule 12 / Rule 9(7) Central Excise Rules, 2002/ CENVAT Credit Rules, 2004

10th December

Central Excise Authorities

2 Monthly Excise return by EOU for the month of November, 2016 (Form No. ER-2)

Rule 17(3) Central Excise Rules, 2002 10th December


3 Monthly Return of information relating to Principal Inputs (November, 2016) (Form No. ER-6)

Rule 9A CENVAT Credit Rules, 2004 10th December


4 Last Date for payment of Excise Duty Non SSI units (December) *(in case of Payment through Internet banking)

Rule 8 Central Excise Rules, 2002 05th January*06th January


5 Quarterly- Payment of Central Excise Duties for the previous month - For SSI Units

Rule 8 Central Excise Rules, 2002 05th January*06th January


6 Filing of Return of Central Excise and Cenvat Credit for the month of December, 2016 (Form No. ER-1) (Non SSI Units)

Rule 12 / Rule 9(7) Central Excise Rules, 2002/ CENVAT Credit Rules, 2004

10th January Central Excise Authorities

7 Monthly Excise return by EOU for the month of December, 2016 (Form No. ER-2)

Rule 17(3) Central Excise Rules, 2002 10th January Central Excise Authorities

8 Monthly Return of information relating to Principal Inputs (December, 2016) (Form No. ER-6)

Rule 9A CENVAT Credit Rules, 2004 10th January Central Excise Authorities

9 Quarterly Return of Central Excise and Cenvat Credit in Form ER-3 (SSI units)

Rule 12 Central Excise Rules, 2002 10th January Central Excise Authorities

Service Tax Related Compliances

10 Pay Service Tax in Challan GAR – 7, collected for the month of December 2016 by persons other than individuals proprietors and partnership firms. *(in case of Payment through Internet banking)

Section 68 Read with Rule 6

Finance Act, 1994Service Tax Rules, 1994

05th January*06th January

Service Tax Authorities

11 Quarterly - Payment of Service Tax for individual, Proprietory Firm and Partnership Firm (electronic payment through internet banking mandatory w.e.f.01-10-2014)

Rule 6 Finance Act, 1994Service Tax Rules, 1994

05th January*06th January

Service Tax Authorities

Income-tax Related Compliances

12 Advance Tax Payment Section 211 Income tax Act, 1961 15th December

Income Tax Authorities

13 Contractor’s Bill / Advertising / Professional service Bill - TDS collected for the previous month Section 194J (December, 2016)

Section 194CSection 194J

Income-tax Act, 1961 07th January Income Tax Authorities

14 Monthly payment of TCS (December, 2016 )

Section 206 Income-tax Act, 1961 07th January Income Tax Authorities

15 TDS from Salaries for the previous month (December 2016)


16 Deposit TDS from salaries for the previous month in Challan No.281 (December)



Compliance Checklist S. No. Activities Sections/Rules/

Clauses, etc.Acts/Regulations etc. Compliance

Due DateTo whom to be submitted

17 Quarterly payment of TDS for payments with the prior approval of the Joint Commissioner

Section 192, 194A, 194D or 194H

Income-tax Act, 1961 07th January Income Tax Authorities

RBI Related Compliances

18 Reporting of actual transactions of ECB in form ECB-2 within 7 working days (December)

ECB Rules FEMA, 1999 08th January RBI through Authorized Dealer

Economic, Industrial & Labour Law Related Compliances

19 Monthly payment of Provident Fund (PF) (Non Corporate)

(a) Paragraph 38 of Employees Provident Funds Scheme, 1952(b) Section 418 of the Companies Act, 1956

(a) Employees’ Provident Funds and Misc. Provisions Act, 1952 (b) Exempted Scheme

15th December

Provident Fund Authorities Trustees of Provident Fund

20 File monthly return for employees leaving / joining during the month of November(Form No.5)

Pragraph 20(2) read with Paragraph 36(1) & (2)

The Employees Pension Scheme, 1995 (For exempted establishments under Employees Provident Fund and Misc. Provisions Act, 1952)

15th December

Provident FundCommissioner

21 i) File monthly Return of employees entitled for membership of Insurance Fund (Form No.2(IF))

ii) File monthly Return for members of Insurance Fund leaving service during the month of November (Form no. 3(IF))

iii) File monthly return of members joining service during the month of November (Form no.F4(PS))

Paragraph 10 The Employees Deposit Linked Insurance Scheme,1976 (For exempted establishments under Employees Provident Fund and Misc. Provisions Act, 1952)

15th December

Provident FundCommissioner

22 Payment of ESI contribution for the previous month

Regulation 31 Employees’ State Insurance Act, 1948 andEmployees State Insurance (Gen.) Regulations, 1950

21st December ESIC Authorities

23 Monthly return of Provident Fund for the previous month (November) Provident funds

Paragraph 38 of Employees’ Provident Act, 1952

Employees Provident Funds and Misc. Scheme, 1952

25th December

Provident Fund Authorities

24 Monthly return of Provident Fund for the previous month with respect to International Workers.

Paragraph 36 The Employees' Provident Funds Scheme, 1952

25th December

Provident Fund Authorities

Note: While every care has been taken in the preparation of this Compliance Check List for the Month of December, 2016, to ensure its accuracy at the time of publication, NIRC – ICSI assumes no responsibility for any errors which despite all precautions, may be found therein. Members are requested to check the latest position with the original sources before acting upon on the information published in this newsletter. Neither this Newsletter nor the information contained herein constitutes a contract or will form the basis of a contract. The material contained in this document does not constitute/ substitute professional advice that may be required before acting on any matter.

Note : *With effect from October 1, 2014, the CBEC vide Notification No. 19/2014- CE(NT) and Notification No. 9/2014-ST, both dated July 11, 2014 had made it mandatory for payment of tax/ duty electronically through internet banking for all Central Excise and Service Tax Assesses except in exceptional cases to be recorded by Divisional Assistant / Deputy Commissioners.

Compiled by: CS Abhishek Gupta | [email protected]


Forthcoming Programs

FORTHCOMING PROGRAMS OF NIRC-ICSIDay & Date Program Topic Venue Timings Credit Hours Fee

Saturday3rd December, 2016

1st Regional Conference for Women on the theme “Women in Leadership Roles ‐ Challenges and Success Mantras”

NDMC Convention Centre Auditorium (Opposite Jantar Mantar) Connaught Place, Near Parliament Street, New Delhi

10.00 AM to 6.00 PM 04 (PDP Hours for students: 08)

Rs.1,250/- (inclusive of Service Tax) Rs.750 for students :FREE FOR CORPORATE MEMBERS OF NIRC & FREE FOR YUVA CORPORATE MEMBERS OF NIRC

Monday5th December, 2016

PCS Meeting - Incorporation of Companies ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi

5:30 PM to 8 PM - -

Tuesday6th December, 2016

Study Session for Students - How to Manage -Examinations Stress

ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi

5:30 PM to 8 PM - -

Wednesday7th December, 2016

PCS Helpline - Dissemination Board & Delisting of Securities

Members may contact at Tel.No.011-49343001

4.00 pm to 5.30 p.m. - -

Saturday10th December, 2016

Workshop on the theme "Related Party Transactions - Compliances & Taxation (Transfer Pricing)"


10.00 AM to 5 PM

04 Rs. 400/-FREE for YUVA Corporate Members of NIRC

Tuesday13th December, 2016 to Saturday17th December, 2016

Master Classes on GST ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi

5.30 pm to 8.30 p.m. - Rs.750/- (inclusive of Service Tax) for 5 classes

Wednesday14th December, 2016

Faculty Induction Program ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi

3 PM to 5 PM - -

Saturday17th December, 2016

One day Seminar on the theme "Insolvency and Bankruptcy Code-2016"Chief Guest: CS (Dr.) M S Sahoo, Chairperson, Insolvency and Bankruptcy Board of India

Hotel Eros, Nehru Place, New Delhi 10.00 AM to 5 PM

04 Rs.1750/-; (Rs.1000 for students)FREE for Corporate Members of NIRC

Friday/Saturday16/17.12.2016

HR Conclave New Delhi 6.00 PM

Wednesday4th January, 2017 &Thursday5th January, 2017

PCS Induction Program - For PCS having less than two years of experience.


10 AM to 4 PM 08 Rs 750/-

Wednesday4th January, 2017

PCS Helpline - Labour Law Compliances Members may contact at Tel.No.011-49343001

4.00 pm to 5.30 p.m. - -

Friday,6th January, 2017

2nd ICSI - NIRC Convocation-2016 Manekshaw Centre, Dhaula Kuan, New Delhi

To award the certificate of membership of the Institute to newly qualified members

Saturday7th January, 2017

Workshop on the theme "Interpretation of Statutes, Drafting, Appearances and Pleadings."


10.00 AM to 5 PM

04 Rs. 400/-FREE for YUVA Corporate Members of NIRC


Study Session for Students - How to face Interviews


5:30 PM to 8 PM - -

Sunday,8th January, 2017

Annual New Year get-together of Members and families (to be followed by Dinner)

Masonic Club, Janpath, New Delhi-110 001, Nr. Janpath Metro Station

6.30 pm onwards. For details: visit: www.icsi.edu/niro

Monday9th January, 2017

Campus Placement for Trainees* ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi

10 AM onwards

Monday9th January, 2017 to Friday13th January, 2017

Master Classes on Insolvency and Bankruptcy Code-2016


5.30 pm to 8.30 p.m.For details: visit: www.icsi.edu/niro


One day Seminar on the theme "Rise n Shine - Keeping Pace in the Marathon of Life"

Hotel Le-Meridian, Janpath, New Delhi 10.00 AM to 5 PMFor details: visit: www.icsi.edu/niro

Monday16th January, 2017

Campus Placement for Fresher's* ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi

10 AM onwards

Tuesday,17th January, 2017

Moot Court Competition for members ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi

10 AM Onwards

Wednesday18th January, 2017

PCS Helpline - GST Members may contact at Tel.No.011-49343001

4.00 pm to 5.30 p.m.

*Members are requested to kindly arrange at least one Company / Firm of Practicing Company Secretary /Consultancy firms/Law firms/Financial Institution to participate in the Campus Placement and recruit MSOP participants/Trainees.

For details visit: www.icsi.edu/niro


NIRC organised the following programs:

Date Program Chief Guest/speakers Present

02.11.2016 PCS Help Line on IPR - Trade Mark

Facilitator/Expert: CS Tarun Jain, Tarun Jain & Associates, Company Secretaries

CS Manish Gupta and CS Alka Arora

04.11.2016 Valedictory Session of 249th Management Skills Orientation Program (MSOP) held at Chandigarh

Chief Guest: Col. G.S. Chadha (Retd.), Registrar, Panjab University, Chandigarh

CS G.S. Sarin, CS Nitin Kumar, Ms. Gunjan Sehgal and participants.

05-06.11.2016 Two Day PCS Regional Conference on the theme “PCS - Empower, Emerge & Excel”(Host: Agra Chapter)

Mr. Vijay Jhalani, Government Nominee, Central Council Member, ICSI; CS Ranjeet Pandey, Council Members-ICSI, CS Ashish Garg Council Members-ICSI; CS Atul Mehta,(Past President, ICSI); CS Pankaj Jain, Partner, VEDA LEGAL; Shri Brijesh Verma; and CS Adesh Tandon, CS in Practice, Kanpur

CS Manish Gupta, CS Pradeep Debnath, CS Amit Gupta, CS Akash Jain, CS Priyanka, CS Amod Kumar, CS Arpit Suri, Members and Students

05.11.2016 Student Study Sessionon Business Etiquettes

Ms. Preeti Singhal, Corporate Trainer CS Alka Arora and students

10.11.2016 Campus Placement for 245th to 250th batch of MSOP participants (on the verge of getting CS Membership)

Guest Speaker: CS Dinesh Chandra Arora, Secretary-ICSI

CS Manish Gupta, CS Alka Arora, Mr. Sumit Gupta, Ms. Gunjan Sehgal and participants

12.11.2016 Seminar on the theme Corporate Fraud – Litigation and Reporting

Guest speakers: CS U K Chaudhary, Past President-ICSI & Senior Advocate; CS G P Madaan, (Past Chairman--NIRC-ICSI), Partner, Madaan Law Offices, Advocates & Solicitors and CS M Sathya Kumar from Chennai

CS Manish Gupta, CS Ranjeet Pandey, CS Pradeep Debnath, CS NPS Chawla, CS Nitesh Sinha, CS Alka Arora and members

12.11.2016 Valedictory Session of 250th & 251st Management Skills Orientation Program (MSOP)

Chief Guest: CS G P Sahi, Vice President (Legal) & Company Secretary CJ International Hotels LimitedGuest of Honour: CS B M Jhamb, Company Secretary, RICO Auto Ind. Ltd.

CS Manish Gupta, CS Rajiv Bajaj, CS Ranjeet Pandey, CS Satwinder Singh, CS Pradeep Debnath, CS NPS Chawla, CS Nitesh Sinha, CS Alka Arora and participants

12.11.2016 Meeting of Regional Council Members with Past Chairmen of NIRC

CS Manish Gupta, CS Pavan Kumar Vijay, CS Nesar Ahmad, CS S K Aggrawal, CS Satwinder Singh, CS Ranjeet Pandey, CS Rajiv Bajaj, CS Yogesh Gupta, CS G P Madaan, CS Hitender Mehta, CS Deepak Kukreja, CS NPS Chawla,CS Pradeep Debnath and CS Monika Kohli

15.11.2016 Inauguration of 252nd Management Skills Orientation Program (MSOP)

CS Manish Gupta, CS Ranjeet Pandey, CS Pradeep Debnath, CS Nitesh Sinha, CS Alka Arora and participants

15.11.2016 Study Session on Annual Filing Guest Speaker: CS R S Bhatia, Company Secretary in Practice

CS Himanshu Harbola, CS Vinod Goel and participants

16.11.2016 Inauguration of 253rd Management Skills Orientation Program (MSOP)

Chief Guest: Mr. Rajender Kapoor, Director, Webtel Electrosoft (P) Ltd.

CS Manish Gupta, CS Alka Arora and participants

16.11.2016 to 25.11.2016

Executive Development Program for students

Members of the Institute and other professionals

Students of the Institute

16.11.2016 PCS Help Line on Annual Filing Facilitator/Expert: CS Anjali Yadav, Company Secretary in Practice

CS Manish Gupta & CS Alka Arora

19.11.2016 Workshop on Valuation – Approaches & Method

Guest Speakers: CA Rajiv Singh and CS Chander Sawhney, Partner & Head - Valuation & Deals, Corporate Professionals Capital Pvt. Ltd.

CS Pradeep Debnath, CS Alka Arora and participants

NIRC ACTIVITIESNews From NIRC


News from the NIRC

LIGHTER SIDE OF THE PROFESSION“Sir, in this difficult time what best we can do for the organisation?”“All of us have to make sacrifices.”“Sir is it bakri eid time?”“No, it is demonetization time.”********************************************************“ Sir, how come all of a sudden you’re dispensing with my services?”“No, in our last letter we had indicated it to you.”“ But sir I did not find anything like that in your last letter.”“In our last letter issued to you we thought that since you’re very senior and experienced officer and thus you’ll be able to read what is written in between the lines.”

—CS PARAMJEET SINGH, [email protected]

Members may send their contribution for this column at e-mail [email protected] for publication in the NIRC Newsletter-Insight. Decision of the Editorial Board of Newsletter in this regard will be final

19.11.2016 Student Study Sessionon Presentation Skills

Mr. Kapil Chand, Corporate Trainer CS Alka Arora and students

20.11.2016 Participation in the Airtel Delhi Half Marathon, 2016 (Great Delhi Run -6 km)

CS Manish Gupta and members

21.11.2016 Study Session on Currency Demonetization - Impact & Way Forward

Guest Speaker: CS(Dr.) R K Agarwal,(Past Chairman, NIRC-ICSI), Partner, Rakesh Raj & Associates

CS Manish Gupta, CS Pradeep Debnath and members

23.11.2016 PCS Help Line on Annual Filing Facilitator/Expert: CS Rahul Jain, Company Secretary in Practice


26.11.2016 1st Week-end Management Skills Orientation Program (MSOP)

CS Manish Gupta, CS Nitesh Sinha and participants

28.11.2016 PCS Help Line on Annual Filing Facilitator/Expert: CS Sharad Rajwanshi, Company Secretary in Practice


ATTENTION MEMBERS /STUDENTSThe details of Members Programs like Seminar, Conferences, etc. and soft copies of NIRC-ICSI Newsletters & Students’ programs viz EDP, PDP, MSOP, Students Activities, such as viz Moot Court Competitions, Elocution Competition, Essay writing, Company Law Quiz and Student Conferences are regularly updated on the NIRC Portal at ICSI website.

To get updated information, Members & Students are requested to visit our following website regularly.

www.icsi.edu/niro

INVITATION FOR CONTRIBUTION OF ARTICLES & SUGGESTIONS FOR IMPROVEMENT OF CONTENTS OF

NIRC NEWSLETTER NIRC of ICSI invites Articles from Members for publication in the NIRC Newsletter. Members are also requested to forward their comments/suggestions for further improvement of contents of Newsletter. Members may send the soft copy of their article and profile to NIRC by email to [email protected] for consideration by the Editorial Board.

CAREER AWARENESS PROGRAMSNIRC has organised 20 Career Awareness Programs & during the month of November, 2016 in various schools & colleges located in Delhi and surrounding areas. The students were apprised about the mode of registration in the course, syllabus, structure of the course and also the avenues available after completion of the Company Secretaryship Course both in employment and in practice. Pamphlets of Career in Company Secretaryship Course were distributed to the students.


CHAPTERS OF NIRC-ICSIAgra, Ajmer, Allahabad, Alwar, Amritsar, Bareilly, Bhilwara, Bikaner, Chandigarh, Dehradun, Faridabad, Ghaziabad, Gurgaon, Jaipur, Jalandhar, Jammu, Jodhpur, Kanpur, Karnal-Panipat, Kota, Lucknow, Ludhiana, Meerut, Modinagar, Noida, Shimla, Sonepat, Srinagar, Udaipur, Varanasi & Yamuna Nagar.

TO GIVE OPPORTUNITY AND PLATFORM TO OUR MEMBERSIn order to give opportunity and platform to our young members and also to enhance their communication and presentation skills, the Executive Committee of NIRC-ICSI has decided that the various activities, like seminar, conferences, workshops, class room series, study sessions, PCS Meetings etc., as may be organized by NIRC-ICSI for members and students, will be made available to the young members as a platform and opportunity to hone their communication and presentation skills. The Members will be provided with an opportunity to coordinate the complete sessions independently or jointly with other member.

Your NIRC is always on a forefront and always strive to build the capacity and confidence of our young brigade of Company Secretaries by empowering them to face the challenges of the Corporate world. This endeavour of NIRC will surely help them to excel in their skills in managing and conducting the AGM / EGM for their respective companies or for their client companies.

Members are requested to forward to grab this opportunity for their own benefit and to serve the profession. Interested members may send their details at [email protected].

CSBFCOMPANY SECRETARIES BENEVOLENT FUND

MEMBERS ENROLLED FROM NIRC AS LIFE MEMBERS OF THE COMPANY SECRETARIES BENEVOLENT FUND DURING THE PERIOD 21/10/2016 TO 20/11/2016

Authorization of Practising Company Secretaries for Conducting Third Party Certification Audits

As you are kindly aware, the Labour Department Government of Haryana vide its Notification No.ll/38/2016-4Lab dated 10th August 2016 formulated Third Party Certification/Audit Scheme for the factories, shops and commercial establishments in the State to liberalise the enforcement of labour laws in pursuance of implementation of the “Business Reform Action Plan 2016- Ease of Doing Business” as formulated by the Department of Industrial Policy and Promotion, Ministry of Commerce and Industries, Government of India.

The Third Party Certification/Audit Scheme has authorized Practising Company Secretaries to conduct audits of compliance of various labour laws.

As per Third Party Certification/Audit Scheme, “Compliance Auditor” would be a qualified Practising Company Secretary and who has not been an employee or on the regular pay role of the establishment or has not been a consultant of the company for the last three years. The units which submit Third Party Certification regularly on annual basis shall not be inspected through the random list of inspections.


CSBF

CS MANISH GUPTAChairman09212221110

*It gives me immense pleasure to inform that the quantum of financial assistance to the dependent(s) of the life members of CSBF has been increased from Rs. 5 Lakh to Rs. 7.5 lakh w.e.f. 1st January, 2017 in the unfortunate event of the death of the life member. I would hence strongly urge members to become a life member of the CSBF by seizing this opportunity by making a onetime online/offline payment of Rs. 7,500 before the subscription increases to Rs. 10,000 effective from 1st January, 2017

*

*


2nd Research Paper Competition- 2016

NortherNINdIaregIoNalCouNCIl

INTRODUCTION :Research plays a very vital role to solve environmental, social, and economic issues, and to strive for social change. At NIRC is always believe that quality-based professional development cannot exist without initiating research activities among the members of the institute. With the said intent and to motivate our members to initiate the research activities and after successful completion of 1st Research Paper Cometition-2016, NIRC is announcing “2nd Research Paper Competition- 2016” for members of the NIRC of ICSI.

OBJECTIVE :The “2nd Research Paper Competition- 2016” is designed to promote an annual Research Prize with the following objectives:

� To promote research activities among the members of ICSI; � To improve quality-based education & research; � To promote professional presentation and research skills; � To promote innovative/creative thinking as well as problem solving among the members of ICSI; � To promote public understanding and public participation on specific issues; � Enticing Members to excel and update their knowledge; � To bring together the views and experiences of different people on similar issue

RESEARCH PAPER SUBMISSION & OTHER FORMALITIES:You are invited to submit the soft copy of your unpublished research work /manuscript / paper anytime in Word format after preparing the same as per our GUIDELINES FOR SUBMISSION.

� The last date for the submission of Research Paper is Saturday, the 31st December, 2016. Late submissions cannot be accepted. � The research paper must:

� be type- written in English � be within the length of five pages (approximately 450 words per page), not including appendices (bibliography, graphs, photographs, or other supplementary materials)

i.e 2,000 to 2,250 words. � be written in single space with A4 –size paper � be the original work of the contestant.

The Research papers should be submitted via e-mail: [email protected] and also through signed hard copy addressed to The Chairman, NIRC of ICSI, ICSI-NIRC Building, Plot No.4, Prasad Nagar Institutional Area, Near Rajendra Place, New Delhi - 110005).

The hard copy shall be supported by two passport size photograph, membership number, e-mail ID and declaration regarding originality.Prescribed word limit shall be adhered to; only eligible entries shall be scrutinized.Research papers will be judged by a expert panel of jury members having atleast 10 years of experience in the relevant field on the subject of the research paper.The decision of the Jury shall be final & binding on all the participants.

ELIGIBILITY CRITERIA: � The Members of NIRC- ICSI & Students who have completed or undergoing their MSOP as on cut-off date. � Elected Council Members, Regional Council, Members & their Partners, Associates & Staff and employees of ICSI are not eligible to participate � Members may send more than one entry on different topics.

SUGGESTED TOPICS:1. GST - A Challenging Road Ahead2. Insolvency & Bankruptcy Code - Transition from traditional to agile practices3. Expertise and Technology - Future Drivers of profession.

RECOGNITION & AWARDS � Three best entries shall be awarded with a Citation, Trophy, Cash and Institute Publications, in any of the functions as may be organised by the NIRC � Participation Certification will be given to each & every participant.

Ist PrizeRs. 5,000/- Cash Award & ICSI Publication

worth Rs. 2,500/-

IInd PrizeRs. 3,000/- Cash Award & ICSI Publication

worth Rs. 2,000/-.

IIIrd PrizeRs. 2,000/- Cash Award & ICSI Publication

worth Rs. 1,000/-

END USE :NIRC of the ICSI reserves the right to publish the Articles / Excerpts either in print or in electronic media.

With best regards,

CS MANISH GUPTAChairman, NIRC of ICSI | Mobile: 09212221110 |E-mail: [email protected]

2nd RESEARCH PAPER COMPETITION- 2016


Half Yearly Corporate Membership

With best wishes, Yours sincerely,CS MANISH GUPTAChairman, NIRC-ICSI

Cell: 9212221110 | [email protected]

HALF YEARLY CORPORATE MEMBERSHIP OF NIRC-ICSI FROM OCTOBER, 2016 TO MARCH, 2017

The Half Yearly Corporate Membership Scheme of NIRC of ICSI is open for the Financial Year 2016-17 (October’16 to March’17). Anyone becoming a member under the Scheme shall be entitled to the following benefits:

Half Yearly Corporate Membership Scheme – Option-I (Delhi)

Half Yearly Corporate Membership Scheme –Option-II (Delhi & Chapters)

� To attend all the paid programs (Except workshop and residential programs) organized by NIRC at Delhi free of charge throughout from October, 2016 to March, 2017.

� Minimum 06 Program will be organised under this Scheme. � The member may depute any other officer only from his/her

organization with the authorization on letter head of the Company, certifying that the nominated person is from his/her organization.

� The individual member/PCS may depute only his partner, employee from his/her Firm with the authorization on letter head, certifying that the nominated person is from his/her Firm.

� Credit hours will be given to only those members who joins the program upto 11.00 a.m.

� PDP hours will be given to only those students who pay the participation fee.

� Presentation made by the speakers of all programs will be shared.

Particulars Amount(Inclusive of Service Tax) (Service Tax Registration No. AAATT1103FSD005)(PAN NO.AAATT1103F)

For Members Rs.6,000

For PCS Rs.5,500

For Non-Members Rs.6,500

For Senior Citizens Rs.5,000

� To attend all the paid programs (Except workshop and residential programs) organized by NIRC & its participating Chapters at any location throughout Northern Region free of charge from October, 2016 to March, 2017.

� Minimum 06 Program at Delhi & all programs organised by the participating Chapters will be covered under this Scheme.

� The member may depute any other officer only from his/her organization with the authorization on letter head of the Company, certifying that the nominated person is from his/her organization for all the programs to be held in Delhi (Not applicable for programs organised by the participating chapters).

� The individual member/PCS may depute only his partner, employee from his/her Firm with the authorization on letter head, certifying that the nominated person is from his/her Firm for all the programs to be held in Delhi (Not applicable for programs organised by the participating chapters).


� PDP hours will be given to only those students who pay the participation fee. � Presentation made by the speakers of all programs will be shared

Particulars Amount (Inclusive of Service Tax)(Service Tax Registration No. AATT1103FSD005)(PAN NO.AAATT1103F)

For Members Rs.8,000

For PCS Rs.7,500

For Non-Members Rs.8,500

For Senior Citizens Rs.6,500


HALF YEARLY YUVA CORPORATE MEMBERSHIP OF NIRC-ICSI FROM OCTOBER, 2016 TO MARCH, 2017 FOR YOUNG MEMBERS

The Half Yearly YUVA Corporate Membership Scheme for young members of NIRC of ICSI is open for members of the Institute from Northern Region who have awarded the membership on or after 1st January, 2014 is open for the Financial Year 2016-17 (October’16 to March’17). Only First 100 members will be enrolled for the Half Yearly YUVA Corporate Membership Scheme. Anyone becoming a member under the Scheme shall be entitled to the following benefits:

Separate Programs will be organised under this Scheme at NIRC - ICSI Auditorium only.

� To attend all the paid programs as may be organised by NIRC for Young Members by self only (Except workshop and residential programs) at NIRC Auditorium, ICSI-NIRC Building free of charge throughout the financial year 2016-2017(October’16 to March’17).

� Minimum 06 Programs will be organised under this Scheme on the topic of Professional interest and soft skills.


� Presentation made by the speakers of all programs will be shared.

� Half Yearly YUVA Corporate Members will be provided with Annual Legal & Compliance Referencer - 2017 and will also be invited in New

Year Celebration and Dinner free of cost. The fee structure for the Half yearly corporate membership for young members for financial year 2016-17 (October, 2016 to March, 2017) is as under :

Particulars Amount (Inclusive of Service Tax) (Service Tax Registration No.AAATT1103FSD005) (PAN NO.AAATT1103F)

For Members including PCS Rs.2,000/-

I request you to kindly enroll for Half Yearly YUVA Corporate Membership Scheme for the year 2016-17 (October, 2016 to March, 2017) at the earliest.

Note: Bank and online gateway Charges will be additionally paid by the user and Transaction ID alonghwith details to be mailed to [email protected] and [email protected] and CC to [email protected] and [email protected]


Forthcoming program

Workshopon

RELATED PARTY TRANSACTIONS - COMPLIANCES & TAXATION

(TRANSFER PRICING)”on

Saturday, 10th December, 2016 (Registration starts at 9.00 AM)

From

10.00 am to 5.00 pm at

Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi

Fee: Rs.400/- per delegate who deposit their fee by 9th December, 2016

Rs.500/- on the spot subject to availability of seats. (inclusive of service tax and including Corporate Members of NIRC of ICSI)

Online Payment Facility AvailableFREE FOR MEMBERS OF YUVA CORPORATE MEMBERSHIP SCHEME OF NIRC

PROGRAM CREDIT HOURS: 04Registration:

In order to make necessary arrangements, Maximum seats will be restricted to 125. Members are requested to deposit the requisite fee well in advance with NIRC-ICSI, 4, Prasad Nagar Institutional Area, New Delhi. The fee may be paid online by visiting www.icsi.edu/niro or through cash/cheque in favour of NIRC of ICSI which may be deposited at NIRC-ICSI Office. Tel.:+91-11-49343003, E-mail: [email protected]

MEMBERS ARE REQUESTED TO PARTICIPATE IN LARGE NUMBERSWith best regards,

CS Manish GuptaChairman, NIRC-ICSI

Mobile: 09212221110 E-mail: [email protected]

CS Nitesh SinhaChairman, PDPC Committee, NIRC

Mobile: 9871500827E-mail: [email protected]



Forthcoming Program


Images

2 Meeting of Regional Council Members with Past Chairmen of NIRC (12.11.2016): Group photographs of Regional Council Members and Past Chairmen of NIRC viz. CS Manish Gupta, CS NPS Chawla, CS Pradeep Debnath, CS Monika Kohli, CS Pavan Kumar Vijay, CS Nesar Ahmad, CS S K Aggrawal, CS Satwinder Singh, CS Ranjeet Pandey, CS Rajiv Bajaj, CS Yogesh Gupta, CS G P Madaan, CS Hitender Mehta and CS Deepak Kukreja.

3 Workshop on Valuation – Approaches & Method (15.11.2016): L to R CS Pradeep Debnath, CA Rajiv Singh and CS Chander Sawhney, Partner & Head - Valuation & Deals, Corporate Professionals Capital Pvt. Ltd.

4 Two Day PCS Regional Conference on the theme “PCS - Empower, Emerge & Excel”(Host: Agra Chapter) 5-6.11.2016: L to R CS Pankaj Jain, Partner, VEDA LEGAL, Shri Brijesh Verma; CS Priyanka and CS Akash Jain.

1 Seminar on the theme Corporate Fraud – Litigation and Reporting(12.11.2016): L to R CS Manish Gupta, CS Ranjeet Pandey and CS Nitesh Sinha welcoming CS U K Chaudhary, Past President-ICSI & Senior Advocate; CS G P Madaan, (Past Chairman--NIRC-ICSI), Partner, Madaan Law Offices, Advocates & Solicitors and CS M Sathya Kumar from Chennai by presenting flower bouquet.

5 Valedictory Session of 250th & 251st Management Skills Orientation Program (MSOP)-12.11.2016: Group photograph of best presenters/best participants alongwith Chief Guest: CS G P Sahi, Vice President (Legal) & Company Secretary, CJ International Hotels Limited; Guest of Honour: CS B M Jhamb, Company Secretary, RICO Auto Ind. Ltd., Council Members/Regional Council Members, NIRC and NIRO Officials and others.

2

3

5

4

1

08-09.12.201603.12.2016

national best regional council ( 2004, 2007, 2008, 2009 ... · tarun jain, cs anjali yadav, ... mr....

Documents