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CA Final and CA IPC November 2015 Exam dates.

TO BE PUBLISHED IN PART III SECTION 4 OF THE GAZETTE OF INDIA 

NOTIFICATION                                                                  21 July, 2015 

No. 13-CA (EXAM)/N/2015: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Intermediate (IPC) and Final examinations will be held on the dates given below at the following  places provided that sufficient number of candidates offer themselves to appear from each centre. 


Similarly, Examinations in Post Qualification Courses under Regulations 204, viz.: Management Accountancy Course (MAC) Part – I, Corporate Management Course (CMC) Part – I, Tax Management Course (TMC) Part – I, Insurance and Risk Management (IRM), and International Trade Laws and World Trade Organisation (ITL & WTO) examinations (which are open to the members of the Institute) will be held on the dates given below at the above places (centres in India only) provided that sufficient number of candidates offer themselves to appear from each of the above places. 

INTERMEDIATE (IPC) EXAMINATION 
[As per syllabus contained in the scheme notified by the Council under Regulation 28 E (3) of the Chartered Accountants Regulations, 1988] 

Group-I: 2nd, 4th, 6th & 8th November 2015 
Group-II: 10th, 13th & 15th November 2015 
(Afternoon Session: 2.00 PM to 5.00 PM) (IST) 

FINAL EXAMINATION
[As per syllabus contained in the scheme notified by the Council under Regulation 31 (ii) of the Chartered Accountants Regulations, 1988.] 

Group -I: 1st, 3rd, 5th & 7th November 2015 
Group -II: 9th, 12th, 14th & 16th November 2015 
(Afternoon Session: 2.00 PM to 5.00 PM) (IST) 


MANAGEMENT ACCOUNTANCY COURSE (MAC) PART - I, CORPORATE MANAGEMENT COURSE  (CMC) PART – I, TAX MANAGEMENT COURSE (TMC) PART – I EXAMINATIONS

Group-I: 9th & 12th November 2015 
Group-II: 14th & 16th November 2015 
(Afternoon Session: 2.00 PM to 5.00 PM) (IST) 

INSURANCE AND RISK MANAGEMENT (IRM) EXAMINATION

Modules I to IV 9th, 12th, 14th & 16th November 2015 
(Afternoon Session: 2.00 PM to 5.00 PM) (IST) 

INTERNATIONAL TRADE LAWS AND WORLD TRADE ORGANISATION (ITL&WTO) EXAMINATION

Group A 2nd , 4th & 6th November 2015 
Group B 8th, 10th & 13th November 2015 
(Afternoon Session: 2.00 PM to 5.00 PM) (IST) 


For More details download the official notification










The Result of the CA IPC Examination held in May, 2015 is likely to be declared on Friday, the 31st July, 2015

The result of the Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in May, 2015 is likely to be declared on Friday, the 31st July, 2015 around 4.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank on all India basis will be available on the following website: 

                                        http://www.caresults.nic.in

Arrangements have also been made for the students of Intermediate (IPC) Examination desirous of having results on their e-mail addresses to register their requests at the above website, i.e., http://www.caresults.nic.in from 27th July, 2015. All those registering their requests will be provided their results through e-mail on the e-mail addresses registered as above immediately after the declaration of the result. 

In addition to above, it may be noted that for accessing the result at the above website i.e. http://www.caresults.nic.in the candidate shall have to enter his registration no. or PIN no. alongwith his roll number. 

Further facilities have been made for candidates of Intermediate (IPC) Examination held in May, 2015 desirous of knowing their results with marks on SMS. The service will be available through India Times. 

For getting results through SMS candidates should type: 

CAINTER(Space)XXXXXX (where XXXXXX is the six digit Intermediate (IPC) Examination roll number of the candidate) 

e.g. CAINTER 302971 and send the message to 

58888 - for all mobile services - India Times

(B. MURALIDHARAN)
DEPUTY SECRETARY (EXAMS.)


tags: CA IPC, ca ipcc, Results, ca ipc may 2015 result,












Electronic Verification Code can also be applied for AY 2013-14 and Ay 2014-15

CBDT has extended the time Limit for submission of ITR-V to CPC Bengaluru for A.Y 2013-14 and 2014-15 to 31.10.2015 vide notification no. 1/2015 dated 10.07.2015. 

In this regards CBDT has issued the order under sec 119(1) for electronically validating the return filed between 01.04.2015 to 31.03.2015.

Below is the notification:


F.No. 2251141/2015/ITA.II

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

North Block, New Delhi,

Dated- 20th of July, 2015

Order under section 119(1) of income-tax Act. 1961



Subject: Validation of tax-returns through Electronic Verification Code-reg.-

The Central Board of Direct Taxes has vide Notification No. 41/2015 dated 15.04.2015 in cases of categories of ‘persons’ specified therein, has introduced Electronic Verification Code (‘EVC’) as one of the modes for validation of return of income which are filed electronically on or after 01.04.2015.


2. In case of returns of income pertaining to Assessment Year’s 2013-2014 and 2014- 2015 filed electronically (without digital signature certificate) between 01.04.2014 to 31.03.2015, time-limit for submission of ITR-V to the CPC Bengaluru has already been extended till 31.10.2015 vide Notification No. 1/2015 dated 10.07.2015 issued by the Pr. DGIT(Systems), CBDT. In order to facilitate the process of validation of such returns, CBDT, in exercise of the powers conferred under sub-section (1) of section 119 of the Income-tax Act, 1961, hereby directs that the taxpayer can validate such returns of income within the said extended time through EVC also.

(Rohit Garg)

Deputy Secretary to the Government of India



Chartered Financial Analyst (CFA) – When Should You Pick Up This Course

Lot of students asks me the options available to them while they are doing CA or after completing CA.  And one of the most asked question is ‘should they go for a CFA degree’.  The reason of writing this article is not to tell you how to do CFA and what’s involved in it, but more about ‘Why CFA’.  You can very easily Google the subjects and the course curriculum, something where I may not be able to add any value.  However, what I want to elaborate through this article are the larger aspects of why should you pick this course and what are the skills one should have to complete it. 

After interacting with students and young chartered accountants, I felt a majority are perhaps clueless of why should they pursue this course.  The reason of starting my blog www.nimishgoel.com was precisely this reason.  It is unfortunate students have limited means to take guidance and mentorship from someone who is capable enough to guide in the right direction.  Senior most family members, who may not have any idea about the field you want to pursue, generally provide guidance.  Because they are our elders in the family and probably more educated (irrespective of the field), they end up becoming the mentors to all the youngsters in the family. You can read one of my previous articles on this topic http://nimishgoel.com/deal-unwanted-career-advice-family-friends/

Ok, coming back to the topic – Why CFA?  It is important to understand the objective of this course and how it is structured.  If we look at CFA’s website and read the preamble of the course, it says as follows:

“The CFA Program curriculum covers concepts and skills you will use at all stages of your career, connecting academic theory with current practice and ethical and professional standards to provide a strong foundation of advanced investment analysis and real-world portfolio management skills”

If we carefully look at the underlined words, we should be able to identify the philosophy behind launching the CFA course.  It is quite evident by undergoing this course you would acquire skills that are required for investment analysis and portfolio management. 

Before I discuss a little more on the finer aspects of CFA, it would be worthwhile to see what are the jobs typically done by CFA’s.  A research by eFinancialCareers found more than 25% of CFAs work in Asset Management industry followed by 25% in Equities and Fixed Income & Research, 20% in Hedge Funds, 15% in M&As, 10-15% in Capital Markets, 10% in Private Banking and Risk Management, 10% in Trading and Commodities and roughly 7-10% in accounting and finance.    

By looking at the industries employing CFAs, it is evident the jobs are more in the field related to corporate finance, treasury, hedging, risk management and capital markets.  And this seems to be in line with the Preamble of the CFA Institute making professionals in the field of investment analysis and portfolio management.

Lets try and understand in simple layman language, what does the above terms mean and how CFA degree holders add value to these fields:

Investment Analysis

Investment analysis is basically the study of how an investment is likely to perform and how suitable it is for a given investor.  If someone wants to invest in equities or mutual funds, the investment manager is the person who identifies which sector is promising to invest, which equity has performed well in the past and basis the decisions taken in the past and historical performance, takes the decision to make an investment.

To simply put, it is like if you want to put your money in buying a house you invest time to study the area, study the background of the builder, study the market prices and also study the earning potential in case you wish to sell it in the future.  This is exactly what an investment manager does whilst deciding where to put your money whilst buying securities or mutual funds.

Portfolio Management 

Portfolio management is helping create and recommend portfolios of stocks, bonds, mutual funds, exchange-traded funds or alternative investments to meet the investment objectives of a specific investor.  Professionals who perform portfolio management are focused on meeting the needs of investors through the rate of return achieved within a portfolio and they are often responsible for rebalancing the account to remain in line with the investor's allocation preferences.


The terms ‘investment analysis’ and ‘portfolio management’ are kind of synonymous, both of them leading the objective of ensuring investor’s objectives aligned with the type of investments they invest in.

The other areas where CFAs generally work include the following:

1.             Working as a Buy-side analyst.  The Buy-side of a stock exchange comprises the mutual funds, pension funds, insurance companies that buys a large proportion of securities (shares, bonds etc) for money-management purposes.

A buy side analyst is a person who works internally for company’s investment analysts and provides information and does research for the company’s internal consumption.  The buy-side analyst’s work is not shared with in the public domain.

2.             Working as a Sell-side analyst.  A Sell-side analyst is a person whose work is shared in the public domain and he/she generally works in a brokerage firm and provides recommendations for purchase, sale, prices and opinions to the public market.

3.             Working as a Financial Planner.  The other areas where CFAs are found quite useful is the field of financial planning.  Financial planners help companies and individuals plan their finances keeping the short term and log term goals in mind including retirement benefits, children’s education and marriage etc.  They are the people who have skills to foresee which investment is fruitful keeping the objectives in mind.   

4.             Working as Economists.  CFAs are also quite good in the field of economics and that’s because as part of the curriculum they are taught the concepts of statistics, probability theory, time value of money, micro and macroeconomics, international economics etc.   

How Does CFA differ From CA?

I think by now you yourself would have identified what a CFA does and the kind of industries they work in.  If we look at a macro level, CFA degree helps you get expertise in areas of investment analysis, portfolio management, economic theory, financial reporting, corporate finance that includes capital investment decisions, capital structure policy, dividend policy and the economic aspects of mergers and acquisitions.  A CFA is generally expected to have sound knowledge of ‘Finance’ in the broader sense.  Leveraging statistical tools and economics based tools, the CFAs provide their services. 

A Chartered Accountant, on the other hand is expected to have sound knowledge of accounting, audit, taxation (both direct as well as indirect) and law.  Though, in the CA course there are papers on financial management and a lot of CAs do practice in the field of corporate finance, in my personal opinion the quantum of financial management and economics oriented subjects in these courses vary, with CFA having much larger pie of these subjects than CA.  Similarly, even the perception of both the degrees to the outside world is different.

When Should You Do CFA?  Should you do CFA after CA?

In my opinion before deciding to choose a professional qualification, you should ask yourself the following questions:

1.             Do I have strong analytical skills;
2.             Am I good in research;
3.             Does my patience exceeds normal patience levels;
4.             Do I enjoy reading the pages in Economic Times/Financial Express/Business Line that cover reports and analysis on stock market, foreign currency and India and world economy;
5.             Do I like watching news on NDTV Profit, CNBC TV18 on issues related to economy, stock market, financial products, derivatives, equities and bonds and how are they valued etc; and
6.             Do I have the habit for an attention to details.

So, if your interest is more in capital markets, financial management, forex, derivatives, hedging and you have a knack to do research oriented work, CFA might be a good career option to you.  Students of economics wanting to make a career in corporate finance do well in CFA.  I personally think if you enjoy reading about stock exchange, derivatives, policies related to exchange money control and foreign exchange and the subject economics and world around it excites you, CFA probably would be a good bet for you to try as a career option.

But, having said that it doesn’t mean that people who don’t like reading economics or who have not been students of economics can’t do CFA, they surely can if they develop that interest.

However, if you (like me J) have more interest in reading balance sheets, picking up issues on taxation, understanding how accounting entries are passed for complex transactions, know how to interpret legal provisions and enjoy auditing the past transactions, then making a move towards CA might be a good option. 

Doing CFA after completing CA in my opinion is a good option provided you have interest in capital markets and related fields.  Your knowledge of financial management in CA exams will surely help but then don’t expect yourself doing the same kind of work that your CA friend might be doing, post qualification.

It is critical to understand in minutest of the details how each course/degree unfolds its career options and if you take a decision without being clear in the objectives, the results may be damaging and catastrophic. 

Don’t play with your career.  Do your research well and take informed decisions without anyone’s compulsions and pressure.  After all, it’s your life and only you have the right to make it right.

Good luck and stay blessed…

------------------------------------------------------------------------------------------------
Authored by Nimish Goel who by profession is a qualified chartered accountant but by passion, is an active blogger.  Nimish has worked with EY and PwC in India and has also worked with KPMG in Europe.  He now runs his own consulting company (International Business Advisors) and manages his blog www.nimishgoel.com.

Saying Sorry Is Difficult. But If Done, Makes You Feel Awesome!!

This article is very special as it doesn’t relate to any career guidance or mentoring I generally do through my blog www.nimishgoel.com.  This article is inspired from a real life incident that happened with me couple of weeks back when I acted in a way I shouldn’t have and later how I made it good by a simple apology.

It was Friday morning around 11.30AM when I was in the middle of a meeting.  Since past few weeks the work pressure had taken a toll on each member of our team and everyone was gasping for some free time.  The work was increasing and unfortunately two of our team members had left the organization.  I was sitting with a colleague discussing a business plan for our new venture and the discussions were quite intense.

Right at the middle, my cell phone rings and I saw the name of a client who had called me the day before also but I wasn’t able to pick his call because of some prior commitments.  So, I picked up the call and expressed sorry for not being able to talk to him the day before.  Things were absolutely fine for next 2-3 minutes when we were discussing the work.  We were supposed to get back to the client with some information and I had told him because the team was very busy, we may not be able to manage time for the next few days, but thereafter work would surely get finished.  I had committed to the deadlines we had discussed.

Suddenly in the middle of the conversation he started raising his tone enquiring why we are taking time to respond.  I politely said – “Sir, few of our team members have left but I am sincerely on the job and we would be able to finish the job”.  I told him the deadline to finish the work is still 4 months away and we are confident enough to finish much before that.  However, some verbal scuffle started and I just lost my temper.  Raising my voice I told him to mind his words because what he was saying was inappropriate and there was no reason to shout.  I think my voice tone was quite high. 

However, during that call itself I immediately realized this was not good and I shouldn’t have spoken in such a high tone.  However, things gradually cooled down and we ended the call.  For the next 10 minutes my life was suddenly upside down because in my professional career of 14 years I had never spoken to a client like that and it was absolutely not professional, even if I thought it wasn’t my mistake.  I shouldn’t have spoken like that.

Feeling very bad about my behaviour, I went out of the office for a walk and introspected what went wrong.  I visualized the entire scene in my mind and I realized my response to an event was abrupt and emotional and therefore, the outcome was negative.  The day was absolutely fine, I was in a good mood discussing the business plan of our new venture, excitement about the new venture was palpable but suddenly this call comes, I exchange some heated words and things take normalcy again. 

I mean what happened, why did I suddenly lose my temper and why did I react that way to an incident that could have been handled with care.

This reminded me of a very relevant formula that I had read sometime back, which goes as follows:

E          +          R          =          O

E = Events
R = Response
O= Outcomes

The outcomes in our life are the result of our response to events that take place in our lives.  If our response is positive, constructive and filled with joy, the outcome shall surely be productive.  But, where the response goes negative, filled with anger, jealousy or superficiality, the outcome has to be something that happened with me… unfortunate.

Extremely critical it is therefore, to watch our words and actions and determine outcomes we wish to get rather than outcomes that make us feel low and guilty.  My response to the client’s behavior wasn’t professional and as a result the outcome was filled with guilt.  And there is no one other than me to take responsibility of what happened.  I cannot blame the client for being rude to me, because I couldn’t have stopped him from behaving that way.  If he had to behave that way, that’s his problem.  But what I could have surely done was watched my response to an untoward event and perhaps, got an outcome that wasn’t so unprofessional.

However, as our elders have told us, let bygones be bygones. Simply move on.  On that note, I came back to my seat and immediately wrote an email to him apologizing for what happened and the way I reacted to the situation.  I told him I would surely try to mend this act by taking him out for dinner.  I purposely did not call him because the incident would have taken him aback as well and I did not want to create any unpleasant situation again.   

In the evening I was sitting in the changing room of my gym remembering the morning incidence when I thought that I should call him and apologize personally.  Though email was sent, calling him would surely be the right way to mend the damage and I was sure he would also understand what happened and there was no reason to panic.  So, mustering some courage I called him and spoke for 5 minutes without any problem.  He said – “Nimish it wasn’t anyone’s fault.  Even I was under tremendous pressure from my seniors to take the update from you and since I was under pressure, my pitch went up and I did not want to talk like that”.  It was an absolutely perfect conversation as if nothing had happened. 

I felt extremely happy and light and went for a good work out in the gym.  The feeling was purely because I spoke to him, I faced his voice, I listened to my inner voice that I should talk and that helps, I did not succumb to the feeling of ignoring it and finally I could muster courage to mend what went wrong. 

Through this article I simply want to share my feelings that life will throw ups and downs and we may not always respond the way ideally we should, as a result facing outcomes upsetting us, making us feel low, sometime frightening us with the results.  But there is always a way to mend our outcomes, simply by practicing the following:

1.            Vacate your ego chamber

Ego is one of the most dangerous possessions one can have within him/her.  Let it go immediately, the more it remains inside you the more your outcomes shall be negative.  I left my ego, called up the client and felt extremely happy.

2.            Don’t take too much time.  Apologize quickly

The moment you feel something terribly wrong happened, don’t waste even a single minute to repair it.  The repairing work has to be done immediately otherwise the damage could be irreparable.  I know it’s difficult to come out of a negative situation and immediately approach to mend the wrong.  But believe me, it has to be done quickly. Just do it and see the results.

3.            Feeling may not be mutual.  It doesn’t matter

Even if you have chosen to speak to the other person with a feeling of apology you may encounter an absolute non-reciprocal feeling and that may make you feel stupid.  You went ahead to say sorry but the other person is still in his/her ego chamber and doesn’t want to take your apology.  Or perhaps he/she has been badly hurt and therefore, not ready to accept a nice behavior immediately after that scuffle that happened between you and him/her.

Don’t worry.  As it is not easy to say sorry, let me tell you it is also not easy to accept sorry because our brain is just not ready to accept the fact that people would apologize easily and so soon.  So, it is Ok even if you have not been responded with warmth on your journey to apologize.  But I can tell you with full confidence, sooner or later that works and it works wonders.  After all we are all human beings with same feelings and beliefs. 

4.         Just Move On

Making a mistake doesn’t mean you need to keep thinking about it forever.  As humans we are expected to make mistakes, but you need to then move on in life and forget the past.  Let your mind be filled up with joy, prosperity, growth, love and kindness, rather than sorrows.  You made a mistake, felt apologetic from your heart and then moved on.  That’s how it should be.


I hope this article helps you in some way, I don’t know how but I felt like writing this and sharing my experience with you.  It is my sincere endeavor to make everyone’s life beautiful, free of stress and simply superlative.

By the way, that client went with me for dinner and we had a good time together.  He is still with us and I recently signed one more engagement letter for a new work he has given to me.  As I said…It works.  Try it.


Keep smiling and stay blessed…


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No late Fees charges for delay in credit card payment for 3 days :RBI

RBI has said that henceforth banks can levy a penalty on a credit cardholder only if they fail to receive payment for three days after the due date. The directive will benefit those whose payment or transfer gets delayed due to a bank holiday or for any other reason. 

Besides not charging penalty, RBI has said that banks should also report delayed payment to credit information companies like Cibil only when a credit card account remains 'past due' for more than three days. At present all banks state that late payment charges are applied if payment is not made by due date. The late payment charges vary between Rs 100 to Rs 700 depending on the total payment due. 

Although earlier RBI had issued a directive stating that the next statement date should be the reference date for computing penalties and reporting defaults to credit bureaus banks have continued to use the due date for imposing late fee. 


In a circular issued to all banks RBI said that in order to bring in greater credit discipline as also to provide operational flexibility to credit card issuers, 'past due' status of a credit card account for classifying bad loans would be reckoned from the payment due date mentioned in the monthly credit card statement. "Consequently, in case of banks, a credit card account will be treated as non-performing asset if the minimum amount due, as mentioned in the statement, is not paid fully within 90 days from the payment due date mentioned in the statement," RBI said. 

"However, banks shall report a credit card account as 'past due' to credit information companies (CICs) or levy penal charges, viz. late payment charges only when a credit card account remains 'past due' for more than three days. The number of 'days past due' and late payment charges shall, however, be computed from the payment due date mentioned in the credit card statement," RBI said. Earlier it was to be classified as NPA if payment was not received within 90 days of next statement date.




Complete Circular is given here under for your ready reference 

RBI/2015-16/126
DBR.No.BP.BC.30/21.04.048/2015-16

July 16, 2015

All Scheduled Commercial Banks/Non-Banking Financial Companies/Primary (Urban) Co-operative Banks

Dear Sir,

Prudential Norms on Income Recognition, Asset Classification and
Provisioning pertaining to Advances – Credit Card Accounts

Please refer to circular DBOD.No.BP.BC.78/21.04.048/2013-14 dated December 20, 2013 on the captioned subject.

2. In order to bring in greater credit discipline as also to provide operational flexibility to credit card issuers, it has been decided that, with effect from the date of this circular, ‘past due’ status of a credit card account for the purpose of asset classification would be reckoned from the payment due date mentioned in the monthly credit card statement. Consequently, in case of banks, a credit card account will be treated as non-performing asset if the minimum amount due, as mentioned in the statement, is not paid fully within 90 days from the payment due date mentioned in the statement.

3. However, banks shall report a credit card account as ‘past due’ to credit information companies (CICs) or levy penal charges, viz. late payment charges, etc., if any, only when a credit card account remains ‘past due’ for more than three days. The number of ‘days past due’ and late payment charges shall, however, be computed from the payment due date mentioned in the credit card statement.

Yours faithfully,

(Sudarshan Sen)





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CA CPT June 2015 Pass Percentage and Toppers List







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CA Final May 15 Pass percentage & Toppers list

Congratulations to all the friends who started their journey as a CA and to those who will begin their journey of becoming a CA.

ICAI Announced the Result of CA FINAL held in MAY 2015 Today.

Below are the details of the toppers of CA Final 2015.





Pass Percentage of CA Final May 2015 Examination is Given Below:








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Vacancy for ca fresher in Chennai

Urgent opening for Credit Manager – Business Banking at at Chennai ( CA fresher from Nov 2014 Batch and May 2015 Batch Only) Candidate having understanding of Tamil Language needed.
Mail your cv at cachantelle@gmail.com
Or call Chantelle 9833356586
Share this msg with all interested. Thank you.
Mention studycafe name while forwarding cv

CA May 2015 Exams Result Date has been announced finally by ICAI today

The result of the Chartered Accountants Final Examination held in May, 2015 and Common Proficiency Test (CPT) held in June, 2015 are likely to be declared on Thursday, the 16 th July, 2015 around 2.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank in the case of Final Examination and candidates securing a minimum of 60% and above marks and upto the maximum of 10th Rank in the case of Common Proficiency Test and in accordance with the decision of the Examination Committee) on all India basis will be available on the following website: 
http://www.caresults.nic.in 

Arrangements have also been made for the students of Final Examination and Common Proficiency Test (CPT) desirous of having results on their e-mail addresses to register their requests at the above website, i.e., http://www.caresults.nic.in from 10 th July, 2015. All those registering their requests will be provided their results through e-mail on the e-mail addresses registered as above immediately after the declaration of the result. 
In addition to above, it may be noted that for accessing the result at the above website i.e. http://www.caresults.nic.in the student shall have to enter his registration no. or PIN no. alongwith his roll number. 
Further, facilities have been made for students of Final Examination and Common Proficiency Test (CPT) held in May/June, 2015 desirous of knowing their results with marks on SMS. The service will be available through India Times. 
For getting results through SMS, students should type: 
i) for Final Examination result the following 
CAFNL(space)XXXXXX (Where XXXXXX is the six digit Final examination roll number of the candidate) 
e.g. CAFNL 000128 
ii) for Common Proficiency Test result the following 
CACPT(Space)XXXXXX (Where XXXXXX is the six digit Common Proficiency Test roll number of the candidate 
e.g. CACPT 000171 
and send the message to: 
58888 - for all mobile services - India Times

 (B. MURALIDHARAN) DEPUTY SECRETARY (EXAMS.)

Urgent opening for Credit Manager in Bank – Business Banking at various locations

Urgent opening for Credit Manager – Business Banking at various locations
1) Location – Chennai (MBA Finance with min 2 years of exp or CA fresher) Candidate having understanding of Tamil Language needed
2) Location – Hyderabad Required highly motivated CA fresher
3) Location – Coimbatore (MBA Finance with min 2 years of exp or CA fresher)
4) Location – Bangalore Fresh CA –Candidate having understanding of local Kannada language
5) Location – Vizag/Vijaywada MBA Finance with min 2 years of exp or CA fresher - Preferably with Vizag location background and will be deputed at Vijayawada/Vizag
6. Credit Manager- Housing Finance
Locations - Hyderabad, Vijaywada
Knowledgeable CA Fresher or MBA with around 2 years of work exp in similar field
7. Credit Manager – Working Capital
Location – Bangalore
2-4 yrs of exp post CA (preferred) or MBA. Exp in credit role with NBFC/Bank
8.Credit Manager – Personal Loans
Location –Bangalore
MBA Finance with relevant work exp with good knowledge of the market

9.Credit Manager – Personal Loans
MBA with 1-2 yrs of working knowledge of the products
Location – Kolkata
Mail your cv at cachantelle@gmail.com
Or call Chantelle 9833356586
Share this msg with all interested. Thank you.
Mention studycafe name while forwarding cv.

An Insight to FLA Returns under Foreign Exchange Management Act, 1999

An Insight to FLA Returns under Foreign Exchange Management Act, 1999


Introduction:
The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India. It was passed in the winter session of Parliament in 1999, replacing the Foreign Exchange Regulation Act (FERA). Reserve Bank of India (‘RBI’), which is the Apex Bank, governs FEMA and Regulations made there under.

In India, Foreign Direct Investment (‘FDI’) inflows have been witnessing increase every year. Similarly, Indian companies are going global by investing abroad in the recent past.

The importance of FEMA compliances is indispensable considering the fact there are penal consequences in case of non-compliances. The purpose of this article is to inculcate basic knowledge on Annual Compliances specified under FEMA for Indian Companies having FDI and for Indian entities having investments in overseas Joint Venture (‘JV’) and/or Wholly Owned Subsidiary (‘WOS’). The said compliances are detailed hereunder:

What is Annual Return on Foreign Liabilities and Assets?
In order to capture the statistics relating to FDI in a more comprehensive manner as also to align it with international best practices, the RBI has introduced the requirement to file Annual Return on Foreign Liabilities and Assets (‘FLA Return’).

Annual return on Foreign Liabilities and Assets has been notified under FEMA 1999. Return to be filed under A.P. (DIR Series) Circular No.145 dated June 18, 2014 and submitted to the Department of Statistics and Information Management, RBI, Mumbai.

Investment made by Non Resident Indians (‘NRI’) on non-repatriation basis as per schedule 4 of the FDI Regulations is not considered as FDI and hence, the same may be considered as domestic investment in the FLA Return.

If the Indian company does not have any outstanding investment in respect of FDI and as on end of the reporting year, the Company need not submit the FLA Return. Similarly, if the Indian company has not ‘received any fresh FDI and in the latest year but the company has outstanding FDI and then that company is still required to submit the FLA Return every year by 15 July.

Partnership firms, Branches or Trustees which are having FDI as on end of the reporting year, then the same are also required to file excel based FLA Return. These persons should send a request mail to get a dummy CIN number which will enable them to file the Excel based FLA Return. If any entity has already got the dummy CIN number from the previous year, they should use the same CIN number in the subsequent years also.



Applicability:
 It is required to be submitted mandatorily by all the India resident companies which have received FDI and/ or made ODI in any of the previous year(s), including current year i.e. who holds foreign assets or liabilities in their financial statements as on 31 March.

Due Date: 
FLA Return is mandatory under FEMA 1999 and companies are required to submit the same based on audited/ unaudited account on or before July 15 every year through official email id of any authorized person of company like CFO, Director, and Company Secretary at fla@rbi.org.in

Where return is filed with unaudited/provision balance sheet than subsequently, once the accounts gets audited and there are revisions from the provisional information submitted by the Indian Company, then the Indian
Company is supposed to submit the revised FLA return based on audited accounts by end of September.

Format:
The FLA Return has to be submitted in excel based format, which has inbuilt checks and validations. The Indian company which is under an obligation to file the FLA Return needs to download Excels based utility from the RBI website. After filling in the requisite details, the Indian Company can file the FLA Return by e-mailing the same to the RBI at fla@rbi.org.in

The latest format of FLA Return is available on RBI’s web site at the following link: https://www.rbi.org.in/Scripts/BS_ViewFemaForms.aspx

Non-compliance:
Non-filing of FLA Return before due date will be treated as a violation of FEMA and penalty clause may be invoked for violation of FEMA. Hence, these compliances need to be adhered in a timely manner.

Disclaimer:


The information contained in this write up is to provide a general guidance to the intended user. The information should not be used as a substitute for specific consultations. Authors recommend that professional advice is sought before taking any action on specific issues.

This article has been shared by Harsha Ramnani. She can be reached at harsha.ramnani@sba-ca.com

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