Training
Session on “Practical Aspects of Bank Audit from Article’s Perspective” held on
22nd March 2019 at BCAS Conference Hall
The Students’ Forum under
the auspices of the HRD Committee organised a training session on the
above-mentioned topic on 22nd March, 2019 in the BCAS Conference
Hall which was led by CA. Pankaj Tiwari, a proficient speaker on the subject.
Ms. Divya Jadav, the student co-ordinator, introduced him to the participants.
She was followed by CA. Jigar Shah, HRD Committee member, who also addressed
the students.
CA Pankaj Tiwari spoke
about the current banking scenario and briefed the students on various recent circulars
issued by the RBI. He covered several issues and aspects which needed to be
looked into by the article students while conducting a bank audit. He
meticulously explained the issues involved through case studies and practical
examples; he gave useful tips to the article students on how to effectively
conduct Bank Audit and provided a checklist of the critical areas to be focused
upon.
The
training session ended with Mr. Jason Joseph, student co-ordinator, proposing
the vote of thanks to the speaker for sparing his valuable time and the
audience for participating in huge numbers. With the “Bank Audit season” round
the corner, the topic had its own importance which could be easily seen by the
tremendous response received from the students. Overall, the session was very
informative and the participants benefited a lot from it.
ITF STUDY CIRCLE
Study Circle on “Agency PE – Analysis of
Amendment under the Act and MLI” held on 25th March, 2019 at BCAS
Conference Hall
The ITF Study Circle
organised a meeting on Agency PE – Analysis of Amendment under the Act
and MLI on 25th March, 2019 in the BCAS Conference Hall. It
was led by the Group Leader, CA. Kartik Badiani who took the members through
the various provisions of Article 12 of the Multilateral Instrument relating to
the measures for preventing avoidance of a permanent establishment. He
explained the commissionaire arrangement and why it is not very relevant in the
Indian context.
CA. Kartik Badiani also
described the expanded scope of the agency PE arising out of the new
provisions, especially regarding activities of dependent agents in respect of
contracts for the transfer of the ownership of, or for the granting of the
right to use property owned by that enterprise, or that the enterprise has the
right to use for the provision of services by that enterprise.
He then compared the MLI
provisions with the newly-substituted Explanation 2(a) to section 9(1)(i) of
the Income-tax Act. The scope of the substituted explanation and its
applicability to purchasing activities for export or otherwise was also
discussed.
The meeting was very
interactive and presented a huge takeaway for the participants.
Lecture Meeting on “The Banning of
Unregulated Deposit Schemes Ordinance, 2019” held on 28th March,
2019 at BCAS Conference Hall
The Bombay Chartered
Accountants’ Society organised a lecture meeting on ‘The Banning of
Unregulated Deposit Schemes Ordinance, 2019’ on 28th March,
2019 in the BCAS Conference Hall which was addressed by CA. Sandeep Shah.
CA. Sandeep discussed the
background of the Ordinance and its applicability and then covered key
definitions, the genesis, salient features, administration and challenges and
confusion, as also the offences under it. He touched upon the Reserve Bank of
India Act, 1934 and the Maharashtra Protection of Interest of Depositors (in
Financial Establishments) Act, 1999 to put forth his views. He also talked
about the types of schemes such as “Ponzy” and “Pyramid Schemes” and explained
the applicability and the exemptions under the Ordinance. He described the
characteristics of regulated and unregulated deposit schemes and the offences
covered by the Ordinance, i.e., inducement and punishment, etc., thereof.
Thereafter, the speaker
described the challenges and confusions faced in implementing the Ordinance and
the administrative aspects and penalties imposed for indulging in contravention
of the Ordinance, including imprisonment, fines, etc. He also outlined and
emphasised the role of an auditor in stricter compliance of the Ordinance and
the consequences of non-compliance with laws and regulations of the Ordinance.
The lecture was followed by
a Q&A session in which the participants raised queries which were
emphatically answered by the learned speaker. The participants were enlightened
with the interesting and important developments in the financial domain which
were effectively explained by the speaker, CA. Sandeep Shah.
