Registrations for June-2010 Batch of the Certificate Course on Valuation at Delhi, Mumbai, and Chennai & Kolkata Centre

With IFRS, and Companies Bill 2009 configuration, members armed with the Certification of Valuation Course of ICAI shall superbly be competent and capable professionals to provide the service seekers with a splendid template of the best global practices that will exuberate for the stakeholders, the immense confidence in all areas of valuation assignments and engagements.

In Companies bill 2009, appointment of Valuer is proposed to be made for enabling fair valuations. Clauses 218-223 deals with Registered Valuers in Companies bill 2009. Once this bill is passed it will give an edge to our Valuers over others to perform Valuation. The Valuer would be appointed by Company for Valuation of Property, stocks, shares, debentures, securities, goodwill, net worth or its other assets. The Institute has the vision that once the bill becomes a Law, the Ministry of Corporate Affairs would be requested to make eligible all qualified participants of the Certificate Course on Valuation to act as a registered valuer for the purpose of the said chapter of the bill. RBI in FEMA Regulations 2010 vide its notification No. FEMA 205/2010- RB dated 7th April 2010 widens the scope for Chartered Accountants by stating that fair valuation of shares has to be done by a SEBI registered category-1, Merchant banker or Chartered Accountant as per the discounted free cash flow method.

In this milieu, Valuation has a critical and active role to play in the long run in compliance with IFRS, for making positive contribution for the betterment of society. The role of valuers is to provide fair value of assets / liabilities to enable the client to make appropriate decisions in a compatible fashion.

Taking stock of the above, the Institute has launched the Valuation Course at Delhi, Mumbai, Chennai and Kolkata and the responses received are overwhelming. The focus of this course is on integrating the key approaches and methods from each area and applying them to the real case study. This is an intensive and comprehensive package of face to face session facilitated by eminent faculties from the profession, industry and leading management institute including IIMs. Indeed, this course would definitely impart a new direction to the members in their search for professional growth and career development. The course is targeted at the members and the students who have cleared their CA. final examinations.

Course Objective & Thrust Area:

The objective of the course is to enable the members to gain acumen, deeper understanding & expertise on valuation job. Apart from comprehensive theoretical aspects, this course, first of its kind in India, will sharpen the knowledge and excellence of the members through multiple case studies across the industry and service sector in Valuation, Strategic Financial Management and Cross- Border transactions, etc.

Pedagogy:

Valuation gives practical advice on using the framework to value a business or any interest therein. It is balanced between lectures, presentations, cases and dissertations and runs through the key approaches of valuation discovering the underlying assumptions of various models and their applications in live cases.

Course Duration

The total duration of the course is 300 hours as follows;

1. Self study: 200 hours

2. Class room teaching: 50 hours

3. Preparation of case studies by Groups: 50 hours.

The classes of the course will be schedule on alternative Saturdays & Sundays. Total Seven days Classes will be held.

Course Fees:

Rs.25000/- only per participant, payable online or by DD/Pay order drawn in favour of the Secretary, ICAI, payable at Delhi.

Further details & Registration Form Links:

All relevant details of the course and registration form have been hosted on the website of the Institute at http://www.icai.org/post.html?post_id=3428&c_id=266.

The filled up form along with requisite fee can be sent to the following address;

The Secretary,

Corporate Laws and Corporate Governance Committee, 4th Floor,

P.B.No.7100, Indraprastha Marg,

The Institute of the Chartered Accountants of India

New Delhi-110002

What the Participants say :

"A short and sharp refresher course with surmounting depth that helps practitioners up to speed with a specific topic, and provide valuable networking opportunities".

"A well timed initiative of the Institute to serve society and the nation by strengthening valuation skills of the members to safeguard the stakeholders interest under these turbulent times."

"The Course is encapsulated to make us understand the niceties of Business Valuations from Development to Reporting."

"A wonderfully designed learning package for the professionals and the industry".

Further Assistance:

National Course Director:

Chairman, Corporate Laws and Corporate Governance Committee

Email: sk@icai.org

Course Director:

Secretary

Corporate Laws and Corporate Governance Committee

Mobile: 91 93500 61141; Email: gvallabh@icai.in

Course Co-ordinator

Joint Secretary

Corporate Laws and Corporate Governance Committee

Mobile: 91 93508 52388; E-mail: skgarg@icai.in

Special Placement Programme-June, 2010

Dear Member,

We are pleased to inform you that, the Committee for Members in Industry is organizing Special Placements for experienced and fresh Chartered Accountants at Eight centres viz. Bangalore, Chennai, Kolkata, Mumbai, New Delhi, Hyderabad, Jaipur and Pune centres respectively as per the below mentioned schedule:

Category	Centre	Dates
A	Mumbai and New Delhi,	25th -26th June,2010
B	Bangalore, Chennai, Kolkata and Hyderabad	23rd -24th June,2010
C	Jaipur and Pune	22nd June,2010

Kindly note that registration process for the candidates would start from 17th May 2010 and the Last Date for the same would be 31st May 2010.Therefore, if eligible as per the following criteria you are requested to complete the registration within the specified time frame.

ELIGIBILITY OF CANDIDATES FOR SPECIAL PLACEMENT PROGRAMME

Chartered Accountants fulfilling the following conditions are eligible to take part in Special Placement Programme.

· having the membership of Institute as on 10th May, 2010

· who have more than one year of experience may participate as experienced chartered accountants.

· The chartered accountants who have less than one year or no experience may participate as fresh Chartered Accountant

· passed C.A. final examination on or before January, 2010

· who have not got the job through any placement services organized by the Institute, i.e., from 01.06.2009 to 1.06.2010.

For further details kindly visit http://www.cmii.icai.org/imgs/summer_placement_announcementupdated.htm .

If you are looking for a job, you may kindly consider registering yourself at the Placement Portal and avail this unique opportunity.

Regards

Committee for members in Industry

The Institute of Chartered Accountants of India, New Delhi

NEW RETURN FORMS FOR ASSESSMENT YEAR 2010-11

NEW RETURN FORMS FOR ASSESSMENT YEAR 2010-11
Form No.	Heading	Instructions
Notification
ITR-2	For Individuals and HUFs not having Income from Business or Profession	ITR-2 - Instructions
ITR-3	For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship	ITR-3 - Instructions
ITR-4	For individuals and HUFs having income from a proprietory business or profession	ITR-4 - Instructions
ITR-5	For firms, AOPs and BOIs	ITR-5 - Instructions
ITR-6	For Companies other than companies claiming exemption under section 11	ITR-6 - Instructions
ITR-7	For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)	ITR-7 - Instructions
ITR-V	Where the data of the Return of Income in Forms Saral-II (ITR-1), ITR-2, ITR-3, ITR-4, ITR-5 & ITR-6 transmitted electronically without digital signature	ITR-V – Instructions
Acknowledgment

VAT Trade Cir - 16T of 2010 - Extension of Date for Physical Submission of Acknowledgement of Audit Report in Form 704 for the dealers

TRADE CIRCULAR

Date: 10/05/2010

No. DC/704 Cell/B-759

TradeCir. No- 16 T of 2010

Sub :	Extension of Date for Physical Submission of Acknowledgement of Audit Report in Form 704 for the dealers
Ref:	(1) Government Notification No.VAT/AMD-1009/1B/Adm-6 dated 26th August 2009 2) Trade Circular 27T of 2009 No. dated 10th October 2009. 3) Trade Circular 05T of 2010 No. dated 28th January 2010. 4) Trade Circular 13T of 2010 No. dated 31st March 2010.

As per Trade Circular 13T of 2010 No. dated 31^st March 2010 Last date for filing the Audit Report in form 704 for F.Y. 2008-09 was 30th April 2010.Dealers are required to submit "the statement of submission of audit report in form e-704" along with required document on or before 10th May 2010.

This office has received representation from trade to extend the date of submission .Considering the same the date of submission of "the statement of submission of audit report in form e-704" along with required document is hereby extended up to 15th May 2010.

(Sanjay Bhatia)

Commissioner of Sales Tax,

Maharashtra State, Mumbai.

IndianCAs on FaceBook

Hi members,

IndianCAs group is now on FaceBook. if you are on faceBook, just click the link below and be part of IndianCAs on Facebook.

http://www.facebook.com/?ref=logo#!/group.php?gid=144654990478

best regards,

Ashwin Nagar FCA and SAP-FICO\SEM-BCS

Success is not permanent and failure is not final

Ph: India: +91-98330-15352 US: +1-323-325-4111

Facebook : http://www.facebook.com/ashwinnagar

Twitter : http://twitter.com/ashwinnagar

Orkut : http://www.orkut.co.in/Main#Profile?uid=18246210461112749074

Linkedin : http://in.linkedin.com/in/ashwinnagar

CBEC Clarification on Cenvat Credit

Clarification regarding availment of CENVAT credit on input services

 

Circular No. 122/03/2010-ST, dated 30-4-2010

 

 

Representations have been received by Board regarding denial of CENVAT credit on input services in certain cases. Some of the cases where doubts have been raised by field formations are given below:

 

2. As per Rule 4 (7) of the CENVAT Credit Rules, 2004, the CENVAT credit on input services is available only on or after the day on which payment of the value of input service and service tax is made. The section 67 (4) of the Finance Act, 1994, provides that gross amount charged includes payment made by issue of credit / debit notes or by entries in the books of account, where the transaction is with any associated enterprise.

 

A doubt has arisen as to whether CENVAT credit can be taken by "Associate Enterprises" when debit is made in book of accounts or when book adjustments/ debit or credit in accounts is made, or if the CENVAT credit of the service tax paid on input service is available only after the actual payment of the value of input service has been made in money terms.

 

3. As per sub-rule (7) of Rule 4 of the CENVAT Credit Rules, 2004,

"Credit in respect of input service shall be allowed, on or after the day on which payment is made of the value of input service and the service tax paid or payable as is indicated in invoice, bill or as the case may be, challan referred to in Rule 9".

 

A doubt raised is as to whether the receiver of input service can take credit only after the full value that is indicated in the invoice, bill or challan raised by the service provider, and also the service tax payable thereon, has been paid. It has been represented that in many cases, after the invoice is issued by the service provider, the service receiver does not make the full payment of the invoiced amount on account of discount agreed upon after issuance of invoice; or deducts certain amount due to unsatisfactory service; or withholds some amount as security to be held during contract period. Due to these reasons the value paid may not tally with the amount indicated in the invoice, bill or challan. In such cases the department has raised objections to the taking of credit as it does not meet the requirement of the said sub-rule (7).

 

4. Thus the following issues relating to availment of CENVAT credit need clarification,-

Whether CENVAT credit can be claimed

 

(a) when payments are made through debit/credit notes and debit/credit entries in books of account or by any other mode as mentioned in section 67 Explanation (c) for transactions between associate enterprises; or

 

(b) where a service receiver does not pay the full invoice value and the service tax indicated thereon due to some reasons.

 

5. Matter has been examined and clarification in respect of each of the above mentioned issues is as under,-

 

(a) When the substantive law i.e. section 67 of the Finance Act, 1994 treats such book adjustments etc., as deemed payment, there is no reason for denying such extended meaning to the word 'payment' for availment of credit. As far as the provisions of Rule 4 (7) are concerned, it only provides that the CENVAT credit shall be allowed, on or after the date on which payment is made of the value of the input service and of service tax. The form of payment is not indicated in the same and the rule does not place restriction on payment through debit in the books of accounts. Therefore, if the service charges as well as the service tax have been paid in any prescribed manner which is entitled to be called 'gross amount charged' then credit should be allowed under said rule 4 (7). Thus, in the case of "Associate Enterprises", credit of service tax can be availed of when the payment has been made to the service provider in terms of section 67 (4) (c) of Finance Act, 1994 and the service tax has been paid to the Government Account.

 

(b) In the cases where the receiver of service reduces the amount mentioned in the invoice/bill/challan and makes discounted payment, then it should be taken as final payment towards the provision of service. The mere fact that finally settled amount is less than the amount shown in the invoice does not alter the fact that service charges have been paid and thus the service receiver is entitled to take credit provided he has also paid the amount of service tax, (whether proportionately reduced or the original amount) to the service provider. The invoice would in fact stand amended to that extent. The credit taken would be equivalent to the amount that is paid as service tax. However, in case of subsequent refund or extra payment of service tax, the credit would also be altered accordingly.

 

6. The contents of this circular may be suitably brought to the notice of the field formations. In case any difficulty is faced in implementing these instructions, the same may be brought to the notice of the undersigned.

 

 

--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
          +91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
          vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx

MEF Hosted for 2010-11

Multipurpose Empanelment Form for the year 2010-11 - (04-05-2010)

Multipurpose Empanelment Application Form for the year 2010-11 would be hosted on www.meficai.org as per following schedule: Hosting of on line MEF application form for the year 2010-11 on the website www.meficai.org 1st May, 2010 Last date of submission of the MEF form for the year 2010-11 15th June, 2010 (05.30 PM) Last date of receipt of duly signed declaration 30th June, 2010 A hard copy of the Declaration duly signed by all partners/ proprietor/ member practising in individual name accompanied by a print of the e-mail acknowledging submission of MEF must be sent to ICAI by courier/speed post/hand delivery at ICAI Bhawan, Indraprastha Marg, New Delhi – 110 002 in an envelope superscribed with the words "DECLARATION FOR MEF 2010-11" so as to reach on or before 30th June, 2010. Further, we may inform that this year, up to 10% of the applicants (selected randomly from the list of applicants of MEF 2010-11) would be called for to submit following documents: (Latest) Financial Statements of the firm Partnership deed in vogue and as on 1st January,2010 Copy of acknowledgement of (latest) Income Tax Returns of the firm and partners Copy of computation of income of the of the firm and partners (latest) Copy of (latest) Assessment Order of the of the firm and partners

--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
          +91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
          vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx

Amendments to Finance Bill,2010 [1 Attachment]

[Attachment(s) from Ashwin Nagar included below]

FM's Oopening Speech at Consideration Stage of Finance Bill,2010- see attachment

Finance Bill ,2010 passed in Lok Sabha On 29.04.2010.Few New Tax relief has been proposed during the discussion and same has been incorporated in the Bill while passing by the Lok Sabha. Amendments are given below.

AMENDMENTS TO FINANCE BILL, 2010

Sl. No.		Clause No.
1.	Page 5, line 46, Omit 'and";'
2.	Page, after line 46, insert – '(ab) on or after the 1st day of April, 2010, where the specified business is in the nature of building and operating a new hospital with at least one hundred beds of patients; (ac) on or after the 1st day of April, 2010, where the specified business is in the nature of developing and building a housing . project under a scheme for slum redevelopment or rehabilitation framed by the Central Government or a State Government, as the case may be, and which is notified by the Board in this behalf in accordance with guidelines as may be prescribed; and";	10 10
3.	Page 5, line 48,— for "and clause (aa)" substitute "clause (aa), clause (ab) and clause (ac)'"	10
4.	Page 5, after line 52, insert— '(v) building and operating, anywhere in India, a new hospital with at least one hundred beds for patients; (vi) developing and building a housing project under a scheme for slum redevelopment or rehabilitation framed by the Central Government or a State Government, as the case may be, and notified by the Board in this behalf in accordance with the guidelines as may be prescribed;'.	10
5.	Page 6, line 47,— after "to a limited liability partnership" insert "or any transfer of a share or shares held in the company by a shareholder".	18
6.	Page 7, for lines 24 and 25, substitute— "asset or share or shares not charged under section 45 by virtue of conditions laid down in the said proviso shall be deemed to be the profits and gains chargeable to tax of the successor limited liability partnership or the shareholder of the predecessor company, as the case may be, for".	19
7.	Page 7, after Iine 30, insert— '(aa) after sub-section (2A A), the following sub-section shall be inserted with effect from the 1st day of April, 2011, namely:— "(2AAA) Where the capital asset being rights of a partner referred to in section 42 of the Limited Liability PartnershipAct, 2008 (6 of 2009) became the property of the assessee on conversion as referred to in clause (xiiib) of section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the share or shares in the company immediately before its conversion.";'	20
8.	Page 14, after line 7, insert— Amendment of the Second Schedule. '62A. In the Second Schedule to the Customs Tariff Act, against heading No. 16, in column (3), for the entry "Rs. 2500 per tonne", the entry "Rs. 10000 per tone" shall be substituted.'.	62A (New)
9.	Page 17, after line 49, insert— '(3A) for clause (77c), the following clause shall be substituted, namely:— '(77c) "passenger" means any person boarding an aircraft in India for performing domestic journey or international journey.';'.	75
10.	Page 39, line 9, in column (3), after "on inputs" insert "or input services".	The Eighth Schedule

Pranab hands out tax concessions to India Inc

Opposition unhappy, says nothing for the common man.

Our Bureau

New Delhi, Apr 29

The Finance Minister, Mr Pranab Mukherjee, today made a number of amendments to the Finance Bill including raising the export duty on iron ore lumps and increasing the standard rate on raw cotton exports.

Simultaneously, he reduced the import duty on melting scrap for stainless steel, and the service tax burden on construction services and air travel. Mr Mukherjee also offered a debt relief package for coffee growers.

The main Opposition party, Bhartiya Janata Party (BJP), walked out saying that there was no relief for the common man and farmers. The Left parties too staged a walkout. The Finance Bill was later passed by the Lok Sabha.

As part of the reply to the discussions on the Finance Bill, 2010, the Finance Minister announced a debt relief package to the small growers of coffee. He also provided relief to medium and large growers by allowing re-scheduling of loans. The total financial implication for the Centre would be Rs 241.33 crore, while the benefit to coffee growers will be about Rs 362.82 crore.

Tax Deduction

On the income-tax front, Mr Mukherjee announced that new hospitals with at least 100 beds and constructed anywhere in India would now be entitled for investment-linked deduction.

Also, housing projects developed for slum redevelopment and rehabilitation under Rajiv Awas Yojana (RAY) will be eligible for investment-linked deduction for income-tax purposes.

Another relief for the housing sector came by way of reduced service tax burden on construction services.

"Several suggestions have been made by trade associations. Considering all inputs, I propose to provide tax relief to this sector by enhancing the rate of abatement from 67 per cent to 75 per cent of the gross value where such value includes value of land constructed upon," Mr Mukherjee said.

However, the real-estate industry felt that the measures for housing were a mixed bag. "Although the service tax outgo will now be calculated on 25 per cent and not 33 per cent of the value of the house, it still falls short of expectations. The industry was hoping that land value will be completely excluded from such calculation, which has not happened. Also, the abatement is lower than what the industry had sought (90 per cent)," said Mr Pratik Jain, Executive Director of KPMG.

Real-estate company Parsvnath Developers Chairman, Mr Pradeep Jain, said the Government's move to exempt service tax on constructions under JNNURM and RAY was a welcome step.

Meanwhile, on the aviation sector, the Finance Minister clarified that Rs 100 will be the maximum service tax a domestic air traveller will pay for each journey, while travel to and from the North-East will be totally exempt. Mr Mukherjee added that Rs 500 will be the maximum that an economy class international air traveller will have to pay as service tax.

The Finance Minister also announced an increase in the export duty on iron ore lumps from 10 per cent to 15 per cent. This move was hailed by the steel-makers, stating that this has been a long-standing demand of the steel industry.

"This is certainly a positive move for the steel industry as domestic availability of iron ore will increase which will help steel makers," said Mr Sushil Maroo, Director, Jindal Steel and Power Ltd.

Limited Liability Partnership

On limited liability partnership (LLP), the Finance Minister announced that transfer of shares by the shareholders of the company would be tax exempt. This move was in consequence of the decision to allow tax neutrality for conversion of a company into LLP.

"The one important and very positive change is the exemption from levy of capital gains tax in the hands of shareholders upon the conversion of a company into a limited liability partnership. Arguably, such a conversion is a tax neutral event as it is, but the clarification is a step in the right direction.

"One had hoped that the conditions which permit only small companies to convert tax neutral would have been removed," Mr Dinesh Kanabar, Deputy CEO and Chairman Tax, KPMG in India told Business Line.

Drugs cheaper

The Finance Minister also announced reduction in basic customs duty on 11 specified drugs including two anti-cancer and one for the treatment of AIDS to 5 per cent.

These drugs are also being exempted from countervailing duty by way of excise duty exemption.

Meanwhile, Fortis Healthcare Ltd welcomed the measures announced for the health care industry. "It will contribute to the creation of much needed infrastructure in the country. This is symbolic of the Government's efforts to provide the support required by the sector," the company said in a statement.

__._,_.___

Attachment(s) 1 of 1 File(s)

FINANCE

CFE APPLICATION

Certified Facilitation Centres under ACES Project of the CBEC - (13-04-2010)

Chartered Accountants in practice for one year or more Become Certified Facilitation Centre (CFC) for providing facilities to Central Excise and Service Tax assessees to file returns and other documents electronically under Automation of Central Excise and Service Tax (ACES) Project of the CBEC. The Institute of Chartered Accountants of India (ICAI) is pleased to announce signing of Memorandum of Understanding with the Central Board of Excise and Customs, Department of Revenue, Ministry of Finance, Government of India to facilitate setting up of Certified Facilitation Centres (CFCs) under ACES Project by Chartered Accountants in practice / proprietary concerns of Chartered Accountants / firms of Chartered Accountants. Any member/proprietor of a proprietorship firm/any partner of a partnership firm desirous of operating a CFC in his/firm's name is required to make an application to the ICAI together with the requisite information, whereupon the ICAI will issue a Certificate to operate Facilitation Centre under ACES Project of the CBEC. CBEC will issue a user name and password to the CFC on the basis of which, the CFC will be able to upload returns and other documents for Central Excise and Service Tax assessees . The names of the CFCs along with their contact details as provided by the CFCs will be put up on the website of the ICAI and the CBEC. The eligibility criteria, fee schedule and obligations of CFCs are set out in the Memorandum of Understanding and in the FAQs on the subject. Submit your Scanned Application Forms at : cbectech@icai.org. Queries relating to setting up of Certified Facilitation Centers may be sent at cfcaces@icai.org. Please click here for Memorandum of Understanding Please click here for FAQs Please click here for Application Form for CFC under ACES Project

IPL from a Finance perspective [1 Attachment]

About IPL, What's going on in BCCI could be of Businessman's interest, what's going on in Parliament is of Politician's interest, but what is going on in IPL as a Financial Project, is certainly of Chartered Accountants's interest.

So, please find attached a powerpoint presentation giving insights of IPL from a Finance perspective.

__._,_.___

Attachment(s) from Ashwin Nagar

1 of 1 File(s)

IES_IPL_in_a_Finance_perspective.ppt

New Income Tax Return Form SARAL II for Assessment Year 2010-11 [2 Attachments]

New Income Tax Return Form SARAL II for Assessment Year 2010-11.

CBDT notifies New Income Tax Return Form SARAL II (ITR 1) for Assessment Year 2010-11 for Individuals having income from Salary/Pension/Income from One House Property (Excluding loss brought forward from previous years) / Income from Other Sources (Excluding winning from Lottery and Income from Race Horses). CBDT also notifies Income Tax Return Verification Form ITR-V for Assessment Year 2010-11 for SARAL II (ITR-1) ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-8 transmitted electronically without digital signature.

__._,_.___

Attachment(s) from Ashwin Nagar

2 of 2 File(s)

HtmlFileProcess.pdf

SARAL-II-ITR-1.pdf

Implementation of Section 51A of Unlawful Activities (Prevention) Act, 1967

Implementation of Section 51A of Unlawful Activities (Prevention) Act, 1967

The provisions of the Unlawful Activities (Prevention) Act,1967 were amended in 2008, by inserting Section 51A which was notified on 31.12.2008 by the Govt. of India. Section 51A reads as under :-

"51A. For the prevention of, and for coping with terrorist activities, the Central Government shall have power to -

(a) freeze, seize or attach funds and other financial assets or economic resources held by, on behalf of or at the direction of the individuals or entities Listed in the Schedule to the Order, or any other person engaged in or suspected to be engaged in terrorism;

(b) prohibit any individual or entity from making any funds, financial assets or economic resources or related services available for the benefit of the individuals or entities Listed in the Schedule to the Order or any other person engaged in or suspected to be engaged in terrorism;

(c) prevent the entry into or the transit through India of individuals Listed in the Schedule to the Order or any person engaged in or suspected to be engaged in terrorism."

In order to implement the provisions of Sec. 51A effectively, the Ministry of Home Affairs, Govt. of India requested the Ministry of Corporate Affairs to issue an appropriate order to ICAI,ICSI and ICWAI to sensitize their members to the provisions of Section 51A of Unlawful Activities(Prevention ) Act, 1967. Accordingly the Ministry of Corporate Affairs vide its letter dated 22.03.2010 (copy enclosed) asked the ICAI to advise its members to act as per mandate of the Ministry of Home Affairs.

Accordingly, all members of ICAI are informed that as and when any member come across any such fact which is connected with the violation(s) of provision(s) of the Unlawful Activities (Prevention) Act, 1967, he must take action forthwith for the implementation of Sec 51A as per procedure laid down in the Office Memorandum dated 22/02/2010 issued by Ministry of Home Affairs, Government of India (copy of the Office Memorandum dated 22/02/10 is enclosed ).

In other words, the members of ICAI must ensure that in case any of their client match with the particulars of designated individual / entity, as per Order dated 08/07/2009,wherin the list of such designated individuals / entities have been given (copy of the said order dated 08/07/09 enclosed), they shall immediately, not later than 24 hours from the time of finding out such client, inform full particulars to the Joint Secretary (IS.I), Ministry of Home Affairs, at Fax No. 011- 23092569 and also convey over telephone on 011-23092736. The particulars apart from being sent by post should necessary be conveyed on e-mail id: isis@nic.in.

It is pertinent to mention that, besides the aforesaid, the Ministry of Home Affairs has separately issued an order dated 27/08/2009 to the regulators of the financial sectors, and to all the State Governments and UT Administrations, with regards to immovable property (copy of the order dated 27/08/09 enclosed).

[Note : Members may refer the Website of the Institute (www.icai.org) for the contents of the enclosures]

IMP UPDATE : RBI Guidelines [1 Attachment]

[Attachment(s) from Ashwin Nagar included below]

Dear All,

Please go through the attached Notice/ Circular issued by HDFC Bank post the communication from RBI for Banks on Guidelines to follow in case of alterations on cheques. This will get implemented from July 01, 2010.

As per RBI Circular - DPSS.CO.CHD.No. 1832/01.07.05/2009-10 dated 22nd February 2010

Prohibiting alterations / corrections on cheques :

No changes / corrections should be carried out on the cheques (other than for date validation purposes, if required). For any change in the payee's name, courtesy amount (amount in figures) or legal amount (amount in words), etc., fresh cheque forms should be used by customers. This would help banks to identify and control fraudulent alterations.

In view of the above guidelines, with effect from July 01, 2010 no alterations in cheque will be allowed (even if signature is made at the place of alteration on cheque). These kinds of altered cheques will not be honored by Bank.

__._,_.___

Attachment(s) from Ashwin Nagar

1 of 1 File(s)

Notice

ICAI MOU with CBEC- CFCs'

Tuesday, April 13, 2010
	Ministry of Minority Affairs
	ICAI TO BE A FACILITATOR OF FINANCE MINISTRY'S E-INITIATIVE SIGNS MOU WITH THE CENTRAL BOARD OF EXCISE AND CUSTOMS
	18:13 IST
	The Institute of Chartered Accountants of India (ICAI has signed a Memorandum of Understanding (MOU) with the Central Board of Excise and Customs (CBEC). Giving this information here today the President of ICAI, Shri Amarjit Chopra, said that under it the practicing members of ICAI will provide facility of e-filing of returns and documents to Central Excise and Service Tax assessees through Certified Facilitation Centres (CFCs). A CFC is a facility, other than the physical front offices or Facilitation centres of CBEC, which will be set up and operated by practicing Chartered Accountants in individual capacity or as proprietor or firm. With this the ICAI has become a facilitator of Finance Ministry's e-initiative. CBEC had introduced 'Automation of Central Excise and Service Tax' (ACES) programme to improve tax-payer services. ACES is a centralized web based application which enables the assessees to electronically interface with the department. It aims to reduce paperwork, transaction costs and increase accountability, efficiency and transparency. This initiative will immensely help all those assessees who may not have the requisite IT infrastructure / resources, to use ACES. An assessee is required to pay nominal fixed fees (maximum Rs 600/- for entering return data and Rs.200/-per return for uploading returns with ACES) for availing services of CFCs. With this MOU, the members can not only provide services as envisaged, but would also provide other services on request of the assesses. It opens a new professional avenue for the Members as they can now provide services to the assessees of Central Excise and Service Tax in filing their returns and other documents electronically under ACES. The Institute of Chartered Accountants of India), functioning under the aegis of the Ministry of Corporate Affairs, is in the process of setting up utility for online filing of application by members to obtain certificate under the scheme whereupon CBEC will provide user name and password to members to activate the facility. Members of the ICAI are spread across the country and this initiative will facilitate e-filing of returns and documents by assessees in every part of the country. -----------------------------------KKP/ska

Compliance Calender 2010 [1 Attachment]

[Attachment(s) from Ashwin Nagar included below]

Please find 2010 Compliance Calander for your ready reference. Forwarded to me by Mahavir Jain.

1 of 1 File(s)

Compliance

Is current Bank Audit Allotment Procedure Just, Fair and Transparent?

Are you disappointed with current Bank Audit allotment process? Let us discuss. Write your comments, compliants and suggestions on this wall.

Consolidated FDI Policy [1 Attachment]

Consolidated FDI Policy effective from 1st APril,2010- see attachment

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Attachment(s) from Ashwin Nagar

1 of 1 File(s)

fdi_circular_1_2010.pdf

Bank Branch Auditors List- RBI

List of Branch Statutory Auditors recommended for appointment by RBI for the year 2009-10. - (31-03-2010)

Members are hereby advised (i) not to make telephonic/e-mail enquiries at the offices of Reserve Bank of India and (ii) in case any error creeps in during data transfer or otherwise, the records available with Reserve Bank of India would be final. Further, as informed by RBI, "during the year 2009-10, the following 15 PSBs have exercised managerial autonomy in regard to selection and appointment of SBAs, viz. State Bank of India, Allahabad Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Punjab National Bank, Syndicate Bank, UCO Bank , Union Bank of India, Punjab & Sind Bank and Andhra Bank. The names of audit firms recommended by these 15 banks and approved by RBI and the names of auditors forwarded by RBI to the 11 PSBs which have not opted for managerial autonomy for the year 2009-10 are also displayed in the list. The information in regard to branches allotted to these audit firms will be hosted by RBI on the web-site, after receipt of the information from the respective banks. RBI has advised Banks furnish the information regarding allocation of branches latest by April 30, 2010. While forwarding names of audit firms, banks have been advised that not more than three branches may be allotted per audit firm and that they should allot branches, to the extent possible, to the audit firms taking into consideration their category and audit experience in such a way that bigger branches are audited by larger/experienced audit firms. It is not necessary that all the audit firms whose names are forwarded by RBI to various banks are allotted branch audit by the respective banks, as sufficiently higher number of audit firms are forwarded to banks in order to enable them to allot audit assignments as per their logistic requirements. It also often happens that some of the audit firms whose names are forwarded are either not allotted any audit assignment or are allotted assignment by some other bank, after their names are returned back to RBI due to various reasons and re-allotted/ considered for re-allotment, if any, required by some other bank. " For the list, please click here