The 69th Annual General
Meeting of the Society was held at the Garware Club, Churchgate, Mumbai on
Friday, 6th July 2018.
CA. Narayan Pasari, President of the
Society, took the Chair. Since the required quorum was present, he called the
meeting in order. All businesses as per the agenda given in the notice were
conducted including adoption of accounts and appointment of auditors.
CA. Manish Sampat, Hon. Jt.
Secretary announced the results of the election of the President, Vice
President, two Secretaries, Treasurer and eight members of the Managing
Committee for the year 2018-19. The names of members as elected unopposed for
the year 2018-19 were announced. He also announced the names of the co-opted
members for the year 2018-19.
Office
Bearers
President CA. Sunil Gabhawalla
Vice President CA. Manish Sampat
Joint
Secretary CA. Abhay
Mehta
Joint
Secretary CA. Mihir
Sheth
Treasurer CA.
Suhas Paranjpe
Committee Members
CA. Anil Doshi CA. Kinjal Shah
CA. Bhavesh
Gandhi CA. Mayur Desai.
CA. Chirag
Doshi CA. Rutvik Sanghvi
CA. Divya Jokhakar CA. Samir Kapadia
Co-opted
Members
CA. Anand
Bathiya CA. Pooja
Punjabi
CA. Ganesh Rajgopalan CA. Shreyas Shah
CA. Mandar Telang CA. Zubin Billimoria
Ex-officio
Immediate Past
President CA. Narayan Pasari
Member (Editor and CA. Raman Jokhakar
Publisher-BCAJ)
Later, the “Jal Erach Dastur
Awards” for best feature and best article appearing in BCAS Journals during
2017-18 were announced. The winners were: CA. Sunil Gabhawalla, CA. Rishabh
Singhvi and CA. Parth Shah for the best feature and CA. Akeel Master and CA.
Rupali Adhikari Sawant for the best article.
The Special Issue of July 2018
Journal along with BCAS Publications: “Thought Mailers-A Compendium-Volume 1
& 2” and “Presumptive Taxation” were released at the hands of CA. Nilesh
Shah, Managing Director, Kotak Mahindra Asset Management Company Ltd. at the 70th
Foundation day of the Society celebrated after the Annual General Meeting of
the Society.
At the end, guests including Past
Presidents of BCAS were invited on the dais to share their views and
experiences about the Society.
Outgoing President’s
Speech
NAMASKAR DOSTO !
My office bearers and friends on
dais Sunil, Manish, Suhas. Abhay, Incoming OB my dear friend Mihir, Respected
Past Presidents of the Society, Dear Managing Committee members, Vibrant Core
Group members, Members of my family and my Dear Members of BCAS.
Good Evening to All of you !
In my capacity as the President of
this lively Organisation, I speak to you for the last time.
I start by thanking the “Almighty”
for being with me always!!
Football is in the air…The FIFA
World Cup is currently the epidemic that has gripped the world. It is estimated
that around 4.5 billion people; some in the distant corners of the world are
watching football with a contagious passion.
And the influence of football, referred
by many as ‘the world’s greatest and beautiful game’ has also ‘infected’ my talk this
evening.
It has been wisely said, “In life,
as in football, you won’t go far unless you know where the goalposts are”.
Goals become the focus and the motivation that truly lead you on.
And so, at the kick-off last year
in July 2017, when I took over as President, I defined four goals to give
direction to my roadmap, for the betterment of BCAS.
TRANSFORMATION, YUVA SHAKTI,
DIGITISATION AND NETWORKING
I would like to take this
opportunity to make a few ‘passes’ about the progress in the game played so
far!
TRANSFORMATION is a goal
that all professionals need to keep scoring. With the rapid pace of change
impacting all facets and geographies of the world, it is essential that we stay
abreast of the latest trends and technologies to stay competitive.
At BCAS we tackled the challenge on
two fronts, first by widening the scope of subjects and topics and secondly, by
using various events, publications and media to disseminate this knowledge.
Here are a few examples:
1 Experts enumerated and
deliberated on contemporary topics at regular intervals throughout the year.
2 BCAJ introduced three new
features – Decoding GST, Revisiting FEMA and Statistically Speaking.
3 In October 2017, we
provided free access on social media to short videos on 28 topics related to
GST which got over 39,000+ views. This week we launched the 2nd
series of 9 videos on GST. This idea is the brainchild of our incoming
President CA. Sunil.
4 “BCAS at your Door
Step” is a new initiative which will be launched soon to offer tailor-made
interactive dialogues to help corporates grow and excel through greater
expertise. Incoming Vice President CA. Manish will be piloting this project.
Despite being only 19 years of age,
Senegal player Moussa Wague who never netted an international goal before,
became the hero of the hour when he netted his country’s second goal against
Japan few days ago.
Another teenage sensation, Kylian
Mbappe sealed the deal for France as they beat Argentina to sail through to the
quarter-finals of the World Cup. He is the 5th teenager to score
more than once in the world cup game.
This is the power of YUVA SHAKTI. The young
ones are the GenNext Leaders and if given a chance, they can create history by
outperforming their past achievements.
At BCAS we inducted youth in
leadership roles to generate a synergy of talent and experience. With 22% of
our core group members below 35 years, Yuva Shakti got abundant opportunities
at many of our events and a platform to express themselves.
Some of the Yuva Shakti initiatives
both new and old continue…
1 Society conducted “Success
in CA Exams” programmes on two occasions with different faculties to help young
students to prepare well in all aspects.
2 A felicitation program was
organised for newly qualified CAs – 110 new entrants participated in the
interactive and motivational session which was taken up by our own Yuva Shakti
member.
3 5th Youth
Residential Refresher Course was held with the theme – “Are you future ready?
Participants got an opportunity to brush up their knowledge and personality.
4 Tarang 2K18 – the Jal
Erach Dastur 11th edition CA Students Annual Day offered youth a
platform to showcase their talents and creativity…it was a great success with
over 550+ participants.
The digital thrust was given added
momentum so that more and more of our members can easily access the vast
knowledge base and the pool of resources BCAS possesses. With greater DIGITISATION,
knowledge can now be shared with greater convenience across geographical and
time boundaries. In this direction, here are some of the key executions during
the year…
1 BCAS E-Learning Platform –
“Course Play” was launched. This offers features that enhance
learning through greater ease without physical presence. Live learning is now
possible at your convenient time and place! This initiative was mooted during
the term of my predecessor and friend CA. Chetan Shah.
2 The power of social media
was explored with greater enthusiasm. In the course of the year we crossed
22000+ followers on our handle @bcasglobal across various social media
platforms. Successful campaigns were conducted on the Budget 2018 and now there
are ongoing campaigns on initiatives, nostalgia and BCAJ.
3 YouTube is another avenue
through which BCAS’ popularity is spreading. There are over 6000+ subscribers
who regularly tune in to our videos to catch up on the many initiatives of the
Society.
4 This year for the first
time we conducted a live Facebook event on “Understanding the Finance Act
2018”, which was a big hit.
5 Partnering with the
Government to help spread awareness about GST, we made the BCAJ July 2017 issue
– a special GST issue available to ALL on BCA E-Journal platform.
This last goal called NETWORKING
that we had focussed on, revolves around fostering and reinforcing
relationships. Our efforts are directed towards strengthening ties with ALL
with whom BCAS works. Some key initiatives in the Networking sphere, include:
1 Organizing GST training
programs with NACIN for our own members, retail traders and public at large.
2 To give an impetus to the Government’s Start
Up India campaign and network with industry, the Society organised a two-day
Start Up Conference at Bengaluru, jointly with the Karnataka State Chartered
Accountants’ Association.
3 Joint Programs were
conducted with Indore Management Association, Direct Tax Practitioners
Association-Kolkata, Jaipur Chartered Accountants Group and Chartered
Accountants Association, Ahmedabad. BCAS was also endorsed as the Knowledge
Partner for GST Summit at the Fin-bridge Expo in Mumbai.
4 Several representations were made to the
Finance Ministry / CBDT jointly with other professional bodies.
Another nostalgic programme
highlight during the year was the 53rd Lecture Meeting of the
Society on the Direct Tax Provisions of the Finance Bill 2018. The lucid
insights provided by Senior Advocate Mr. Soli E. Dastur were eagerly
viewed by over 12,000 including many in other countries as it was streamed
live. As desired by Mr. Dastur, this was his 30th and last lecture
on Finance Bill on the BCAS Platform.
We would like to acknowledge Mr.
Dastur’s efforts and affection for BCAS for all these years and sincerely thank
him. We will miss him in future.
I would also like to draw your
attention to the BCAS Foundation which was set up sixteen years ago. It has
been the Society’s social outreach initiative that has been silently giving
back to the less privileged.
During the past year…
1 Donations were made for
the “Needy Child Project” and for purchase of diagnostic equipment at
the Tata Memorial Hospital.
2 A Blood Donation Drive
and Health Check-up was organised for the second year in a row.
3 Significant contributions
were made for the various needs at Dharampur, which included Tree Plantations,
Eye Checking Camps, Cataract Operations and other welfare activities for the
tribals.
4 We jointly organised the 2nd
Narayan Varma Memorial Lecture on the “The Role of Giving in Responsible
Citizenry” with DBM and PCGT.
The secret of
change is to focus all your energy, not on fighting the old but on building the
new. I realise that though we’ve come a long way, we still have a long way to
go.
Ideas are no
one’s monopoly; Think New & Think Ahead.., was our mantra for the
year. The power to think is colossal and perpetual, so is the journey for any
organisation.
What’s trending in the morning
possibly is an old story by evening. It is essential to have a futuristic
outlook and think ahead of time.
Seniors currently in most
organisations have started to act as mentors to the New Yuva and empowering
them to take up leadership roles of the organisation that’s the real wisdom
which will ensure vibrancy and continuity of the respective organisations!
With this, I now pass the mantle to
CA. Sunil Gabhawalla, the new President of BCAS and his team of very able
office bearers. I promise to be easily accessible to encourage and render
whatever small assistance I can, to the new team as they continue to keep the
BCAS flag flying high.
And now it’s time to thank and
congratulate the teams and winners that have toiled tirelessly to make the past
year so enriching and eventful.
For the “Golden Ball” award
which goes to the most outstanding player, we have an entire team that truly
deserves it. Ladies and gentlemen, please put your hands together for the team
that comprises the PAST PRESIDENTS, CHAIRMEN, CO-CHAIRMAN and ALL the MEMBERS
of the NINE SUB COMMITTEES that have truly made BCAS an outstanding and
exciting hub of activity and knowledge.
And for the much sought-after award
the “Golden Boot” which goes to the
highest scorer, here again it goes to a highly distinguished team, comprising
of all my OFFICE BEARERS Sunil, Manish, Suhas and Abhay who worked diligently
with me to steer BCAS on the way to success throughout the year; along with the
CONVENORS, COORDINATORS, CONTRIBUTORS, SPEAKERS and OTHERS who have scored high
in raising the standards for which BCAS is known for. Please join me in
congratulating them all with a round of applause!
Then there’s the “Golden Glove”
award, which goes to our very own BCAS Office Team consisting of the Head
of Departments of the teams heading the Events, Accounts, Knowledge,
Communications, IT and Marketing Teams and their respective members along with
the Office Boys who through their hard work and team spirit have always supported
and helped us all to be good ‘goalkeepers’. Let us applaud them in appreciation
for all their dedicated efforts. They are called the Back Office, but they are
the real Back Bone of the organisation!
Before I talk about the “Golden
Trophy” let me thank my family.
First, my father Late CA. R. G.
Pasari who though not with me, always guided me with his “Invisible Hand”. Then
my mother who throughout the year asked me how my tenure with BCAS is faring.
Pranam Mummy ! Then – I thank my better half Seema & my sons Chetan and
Meet and the new addition in our family Shailja who were always supportive of
all my activities during the year. Eye for detail is in our genes, I borrowed
it from my father
and my son Chetan from me. He helped me with his inputs on many of my contents.
Thanks Chetan !
In this era of digitisation, I
should profoundly thank my ‘iPhone’ & ‘My Surface Pro’ the
2 very active partners during my term.
And finally, there’s the glittering
6.1 kg trophy of 24 carat gold, standing over 14 inches high which is being
awarded to ALL of YOU…and all the over 9,000 BCAS FAMILY MEMBERS
who through your unwavering support and participation have made BCAS such a
recognised and well-respected SOCIETY.
Thank You and Jai Hind!
Incoming
President’s Speech
Thank you Narayan for a wonderful
BCAS year 2017-18 with lots of learnings and fun. Your DP says it all – “Life
is BCAS now”. Organisational policies mandate a periodic change of guard but
emotions know no such delineations. Looking at your emotional involvement with
the institution, I am confident that your DP message will continue to remain
the same.
Respected Past Presidents, Office
Bearers Manish, Suhas, Abhay and Mihir, my fellow colleagues in the Managing
Committee, Seniors in the Profession and my dear friends.
It is indeed an honour to lead this
august institution as it relentlessly marches towards seven decades of
harnessing talent and providing quality service. My personal journey to this
echelon ever since I entered the Core Group in the year 2003, to say the least,
has been very memorable. Starting with the role as contributor to the Computer
Interface Feature and thereafter moving into varying roles and responsibilities
in the Indirect Tax Committee, followed by being a member of the Managing
Committee and ultimately reaching the current position, my persona evolved over
a period of time and I am grateful to BCAS and all its volunteers who
facilitated this journey. While accepting this privilege, I seek the divine
blessings of my late parents. I also acknowledge the role of my uncle who
doubled up as an excellent principal and to whom I owe my practical training.
We all fondly call him CMG. Without the special support and contribution of my
better half Jayshri and my wonderful kids Prakruti and Hriday, I could not have
commenced this journey at all. As I enter this crucial phase of my BCAS Career,
I am confident that all the friends of BCAS will continue to support me in the
initiatives that I plan to undertake.
Formed only six days after the ICAI
was established, the Society has grown to be the largest non-government
association of accounting professionals in India. This itself suggests that the
Society has done something fabulous. However, it is not the ethos of the
Society to rest on its past laurels but to look forward. Therefore, respecting
this ethos of the Society, while acknowledging the whole hearted efforts put in
the past, I would like to focus on the initiatives that I wish to undertake in
the near future and more specifically during my term.
Inspired by some success stories of
the common man in the last decade and by the clarion call of the Hon’ble Prime
Minister to develop Big 8 Indian Accounting Firms, I choose to adopt the theme
of “Common Man” for this year. My talk today is in the narrative of what a
common man (general practising-chartered accountant, in the context of BCAS)
expects from such an august institution and my endeavour would be to prioritise
BCAS activities to align with such member expectations.
The general practising chartered
accountant has done reasonably well over the past seven decades. The intensity
of the CA Curriculum provided a strong intellectual foundation with an ability
to put in sincere hard work. Equipped with the armoury of knowledge,
understanding of the processes and the relationships built by him with various
stakeholders, the common man achieved reasonable economic and social success.
However, times are changing. Knowledge is available for free at the drop of the
hat on various social media. It is not uncommon for clients to know about a
relevant judgement before the CA knows about it. One finds technology and robots
much more capable of handling routine processes like TDS, income tax returns
and GST Returns than human beings. In an increasingly transactional world,
relationships may no longer remain a key driver of success. In such changing
times, the expectation of the common man from the Society is:
Can the Society help me Re-engineer
my Profession?
The Society regularly holds events
like lecture meetings, workshops, seminars, short and long duration courses,
residential courses and the like. These events epitomise an ocean of knowledge
and help the common man to keep pace with the latest developments in the
profession. The Technical Committees at BCAS have been doing a wonderful job
and will continue to do so.
With discussions around the new
Direct Tax Code gathering momentum and many changes in the direct tax law
towards a more stricter compliance regime, the ‘bread and butter’ practice of
the common man needs to evolve. The Taxation Committee led by Ameet Patel will
focus on events around this domain.
GST is the flavour of the century.
The Indirect Tax Committee under the leadership of Deepak Shah has its’ task
fairly cut out. Focus on GST and nothing else. Be it long duration courses,
residential study courses, study circles or lecture meetings, leave no stone
unturned. Over and above the routine, a special focus on GST Audit along with a
publication thereon will be the priorities of this Committee. In fact, a long
duration course on GST covering the entire law through a series of 36 sessions
is already planned in the month of October and the announcements will be made
next week. I would request members to enrol at the earliest to avoid
disappointment.
The task before the International
Taxation Committee under the leadership of Mayur Nayak is also intense. Long
duration courses both at the beginner as well as advanced level on transfer
pricing, FEMA, DTAA, etc. have remained popular over so many years and no
second thought is required on their continuity. Members can also look forward
to more focussed programs on emerging topics like BEPS, GAAR, etc., with a
variety of speakers including international speakers. The flagship ITF
Conference to be held in August has received wonderful response and bookings
are nearing closure.
With sweeping changes in the regulatory
domain, introduction of various accounting and auditing standards, the
Accounting and Auditing Committee led by Himanshu Kisnadwala will organise long
duration courses on Ind-AS and some innovative sessions around valuation,
implementation of Ind-AS, etc.
I can go on and on. The knowledge
bank at BCAS is endless. However, the need of the hour is to build upon the
knowledge and talent base and convert the same into wisdom so that the common
man can provide holistic solutions to his clients.
The Journal Committee, under the
able leadership of Raman Jokhakar has precisely demonstrated that. In its 50th
year of publication, the BCAJ has donned a new look, with new interactive
features and experiences. The golden pages will be continued throughout the 50th
year. We will also look at more incisive articles on topics of relevance.
Special attempts will be made to increase the reach of the Journal.
Appreciating the need of the hour
to move to an orbit of deliverable higher than knowledge, at BCAS, events will
be made more interactive such that the participants can interact with the
faculties and grasp the concepts better. The expert chat and the panel
discussion formats will be more integrated into the mainstream events so that
experiences are communicated rather than merely rote information being
delivered. In fact, an interactive panel discussion on 14th July has
already been announced by the International Tax Committee to debate upon
various issues emanating out of ‘some recent rulings in the context of
permanent establishments’.
Last year, we tried an innovative
way to disseminate knowledge through a series of short educational videos of
GST. The said initiative was very popular. Building upon the said initiative,
the Direct Tax Committee has planned a series of monthly videos under the title
“Tax Guru Cool”. The first video by our Cool Guru Ameet Patel is already
published and will be released today.
Most of the events cater to
specific domains like accounting, direct tax, GST, international tax, etc.
However, the need of the industry is not only isolated specialised knowledge in
specific domains but also a holistic solution across multiple domains. The
Society will conduct more events which cater to specific issues or industries
spanning across a wide spectrum of domains to equip the common man to look at
the entire problem of the client more comprehensively. Effectively, this can
transform the common man from an enquiry booth to a business enabler.
As traditional domains of audit and
tax get more saturated, it is also time to develop new domains. Long duration
study courses are best equipped to address this nascent need. A special GRC sub
group under the Accounting and Auditing Committee has been created under the
leadership of Nandita Parekh to concentrate on GRC and internal audit where the
focus again will be to build a talent base of GRC professionals through long
duration courses along with certification from reputed educational
institutions. The sub group would also meet regularly to discuss various
aspects of internal audit. The first such interaction is already planned for 13
July and has received a good response.
The Corporate and Allied Laws
Committee, under the leadership of Chetan Shah will not only design programs
around the Companies Act but will also concentrate on further opportunities in
the fields of IBC, real estate law, succession planning, independent
directorships, charities and trust laws, etc.
A focus on inter-domain events,
interactive events and events on emerging domains will definitely equip the
common man to stay relevant in the changing times. However, the long term
survival of the profession, to my mind, will depend on how successfully the
profession and the common man is able to integrate technology into the service
offerings and provide a value proposition to the industry which is fairly
distinct from the deliverables offered by technology. In effect, the
competition is not within the profession (against the Big 4 or large firms) or
even outside the profession (like the legal profession or company secretaries) but the competition for the common man is against
supercomputers and organised businesses. The re-created Technology Initiatives Committee
under the able leadership of Nitin Shingala will line up a series of curtain
raiser programs and events to sensitise the common man of the challenges and
opportunities due to the technological advancements in the field.
The Society had organised a panel discussion of successful
professionals in the 51st RRC. In a candid talk, all the professionals across domains attributed “passion” as one of the most
important reasons for their success. Indeed, passion is the fulcrum of all
successful endeavours.In a crystal maze of due dates and deadlines, uncertain and non-implementable
laws and less than optimal support
infrastructure, the common man loses passion towards the profession resulting
in a compromised position of success. In these circumstances, the common man
turns to organisations like the BCAS to provide thought leadership and guide
the way back. The common man asks:Can the Society help me Re-kindle my
Passion?
The flagship Residential Refresher
Course is an ideal breeding ground where participants from diverse domains,
geographies, cultures, seniority come and stay together to learn some technical
concepts and also network amongst themselves.
The reconstituted Seminar &
Membership Development Committee led by Narayan Pasari & Pradip Thanawala
will introspect and redesign the RRC so as to create an ideal balance between
the knowledge content and the passion content and make it much more relevant in
the changing times. The Human Resource Development Committee under the able
leadership of Rajesh Muni & K K Jhunjhunwala will also spend valuable time
and efforts in bringing in the passion amongst the members especially the youth
and students. More interactive sessions on practice management, career
alternatives, industry roundtables, etc., will be organised during the year to
re-kindle the passion towards the profession.
The long term survival of any
profession or career also depends on its reputation and the pride that the
existing members feel towards the profession. A few incidents in the recent
past and out of proportion media coverage of these incidents has left the
common man bruised and wounded despite no fault of his. Whether we like it or
not, the fact is that a few black sheeps have tarnished the image of the
profession. During such chaotic times, the common man asks:
Can the Society help me Re-store
my Pride?
The entire issue, to my mind, has
four distinct dimensions – (i) building a strong ethical base and nurturing the
values that enable “the right way of doing things”, (ii) building technical
capabilities , (iii) bridging the expectation gaps (iv) handling and
communicating perception.
While the Society has always
concentrated on the first two dimensions and has done reasonably well in both
those dimensions, I believe the changing times require the Society to foray
into the other two dimensions as well. More events and publications clearly
showcasing what a chartered accountant can do, what he cannot do and what he
ought not do, is the pressing need of the hour. These imperatives need to be
showcased not only to membership at large but also to all the external
stakeholders. The BCAS will strive to work hand-in-hand with the ICAI and also
conduct various joint programs with industry associations where technical
content of our members is garnished along with the ethical aspects of the
profession. BCAS will also actively engage with the media including social
media and act as a voice of the profession. Effective representations towards
bringing sane and clean laws will also help the Government appreciate the role
of the professionals in general and BCAS in particular. I am glad to share with
you that recently, the Indirect Tax Team of BCAS suggested a simplified GST
Audit Format to the Government and had the occasion to meet top revenue
officials both at the State Level as well as at the North Block to explain the
said format. The responses in both the meetings were very positive and we look
forward to some simplification in this direction.
So, the common man expects an
august institution like BCAS to help him:
- Re-Engineer my Profession
The common man knows that only an
exemplary apolitical institution like BCAS can perhaps meet these high
expectations. In that sense, the common man needs BCAS, not only for today and
the next decade, but for decades together. An institution like BCAS is built
when volunteers selflessly devote time, energy and passion to the common cause.
Seven decades of existence brings with it maturity and experience. Along with
these virtues, the association also builds in conservatism, prides and
prejudices. In this world of choices and a structural disconnect of no CPE
hours, the common man asks:
Can the Society help itself and me
to Re-juvenate my BCAS?
Excellence, it is said, is a
journey rather than destination. Without sounding judgemental, the journey
towards higher orbits of excellence for BCAS will depend on answers to many
random thoughts.
- Can we look at a Society
where despite the maturity, experience and conservatism, there are no personal
prejudices?
- Can BCAS be a forum where
everyone is important and is made to feel important?
- Can the Society bring
more focus on its initiatives and objectives and stay away from activities
which have very remote connection to its objectives?
- Can we do something to
build excitement around the events of BCAS?
- Can we assure the
volunteers a merit driven, objective career progression path at BCAS?
- Can the Society be a
magnet which attracts the best talent in the profession towards it?
If we are able to achieve this, the
ever-elusive membership mark of 10000 may be just a by-product. This is the
dream of the common man for his BCAS.
Ladies and Gentlemen, on behalf of the 5 Office
Bearers, 16 Managing Committee Members, 219 Core Group Members and 9000 members
and subscribers, I welcome you to My BCAS, our BCAS. I place the annual plan
before this august gathering and seek your full-fledged support in its
implementation. Thank you for a patient hearing.
