Union Budget Analysis Meeting at RCBW

Budget of Optimism : Achha Yug Aayega

Union Budget Analysis Meeting was organized by our Club on Wednesday, 17^th July, 2014 jointly with Bombay Industries Association, Christian Chamber of Commerce & Industry and Rotary Club of Bombay Airport. The Guest Speakers were Rtn.Shalin Divatia and Shri Ameet Patel, Practicing Chartered Accountants.  Also present were senior officials from Bombay Industries Association and Christian Chamber of Commerce.

Past President Rtn.Chandramohan Saigal introduced Rtn.Shalin Divatia and President Mohan Joshi introduced Shri Ameet Patel.  Rtn.Shalin Divatia (B.Com, LL.B, FCA & ACS), a member of our Club since 1996, is a partner at M/s.S.R.Divatia & Co., Chartered Accountants which focuses on taxation, appellate matters, corporate matters including mergers & acquisitions.  Rtn.Shalin has co-authored a book on Employee Stock Options (ESOPs) which is published by Bombay Chartered Accountant Society.  He has delivered speeches on varied topics at Indian Merchants Chambers, Indian Institute of Chartered Accountants of India and Management Institutes.  He regularly contributes Articles in leading publications including The Economic Times.  Shri Ameet Patel (son of Shri Navinbhai Patel associated with publication of our weekly bulletin Flying Carpet) is Past President of Bombay Chartered Accountants Society, Member of Taxation and Accountancy Committee of Bombay Chamber of Commerce & Industries and Member of Taxation and Finance Panel of Confederation of Indian Industries.  A regular speaker at various conferences and forums, Shri Patel has specialized in Disputes and Interpretation of Tax Laws.

Rtn.Shalin Divatia gave an overview of the Union Budget presented recently by the Hon’ble Finance Minister, Shri Arun Jaitley in the Parliament.  While controlling inflation is a major challenge facing the Government, the budget estimates a GDP growth of 5.4% during 2014-15 against actual GDP Growth of 4.70% during last fiscal.  The budget also estimates a lower fiscal deficit at 4.10% against 4.60% for the last year.  What is different about this year’s budget is that it estimates the growth to occur by controlling the fiscal deficit on the one hand while focusing on revenue growth on the other.  Another significant difference in the budget is phased reduction in subsidy bill and utilizing the welfare outlays for creation of capital assets instead of just doling out the subsidies.  The budget also aims at industrial recovery and better tax administration for growth of the economy.  Among the medium to long term measures indicated in the budget document are the creation of Smart Cities along with industrial corridors, boost to infrastructure financing, improving infrastructure for  tourism and encouraging defense and electronics manufacturing for employment generation, reducing import bill and achieving self-sufficiency.  According to Rtn.Shalin, with this budget, we can look forward to Stronger Economy – Sustainable Growth, Lower Subsidies, Lower Deficits & Lower Inflation and Manageable Current Account Deficits.

Shri Ameet Patel began his talk by listing out the expectations of the people from this budget which included simplification of law, steps for reducing inflation, introduction of GST, changes in subsidies doled out, spurring economic growth, removal of retrospective amendments of past and clear signal to foreign investors to come to India.  Against these high expectations, what the budget has delivered is not too many heavy duty policy decisions, no clear indication of what is being done about inflation, no roll back on retrospective amendments, a few changes aimed at reducing litigation, quite a few changes affecting stock markets, resolve to push GST forward and a committee to review expenditure of the Government.  He then explained in detail the changes in direct and indirect tax regulations notable amongst them being increase in threshold limit of taxation for senior citizens from Rs.2.50 lakhs to Rs.3.00 lakhs and for others from Rs.2.00 lakhs to Rs.2.50 lakhs, increase in deduction of interest on Self Occupied Property from Rs.1.50 lakhs to Rs.2.00 lakhs, increase in limit of Investment under section 80C from Rs.1.00 lakh to Rs.1.50 lakhs.  Simultaneously, the Government will soon take steps to increase the limit of investment in PPF A/c from the current limit of Rs.0.70 lakh to Rs.1.00 lakh.   He further explained the changes in provisions dealing with capital gains, dividend distribution tax and how these will impact the individuals and corporates.  The budget has removed certain ambiguities related with FII investments in India which will further attract investments into India.  However, similar clarity should be available for domestic investors too to have a level playing field. 

Both the speakers were unanimous on the positive impact of the budget and expressed their optimism when they opined that people of India can expect not just better days, but a better era if the vision portrayed in the budget document is translated into reality.

Rtn.Kevin Colaco, President, Rotary Club of Bombay Airport gave a hearty vote of thanks.

Bhavishya Yaan Launched at Sane Guruji Vidyamandir, Santacruz West, Mumbai

15-July-2014: 

Rotary Club of Bombay West (RCBW) launched its second Bhavishya Yaan project at Sane Guruji Vidyamandir at Santacruz West, Mumbai - a well-managed marathi (a regional language) medium school - in association with Vidya, an NGO acclaimed for its initiatives in the field of education.

Bhavishya Yaan is an on-going project series implemented by various Rotary Clubs in India in association with Vidya at schools where the primary medium of education is the regional language.  Under this project, intensive structured coaching is imparted to students from secondary section in Conversational English, Computer and Life Skills beyond their regular school hours.  This program is designed to benefit the students from the lower economic strata by equipping them with skills required for a successful career. It believes in equal opportunity for all students. The goal is to enroll students of Class V & above and empower them with education and skills that are necessary for excellence in higher education and gainful employment.

The Literacy Committee of RCBW led by Past President Sukhdev Puri along with his spouse Past Inner Wheel President Urmil Puri supervises the progress made by the students under overall guidance of the Board of Directors of the Club.  In addition to the curriculum drafted by Vidya, RCBW arranges motivational talks, outings and hobby workshops for the overall growth and development of the students enrolled for Bhavishya Yaan.  High ranking students are also rewarded with cash prizes and scholarships by RCBW for pursuing higher education.

Rotaract Clubs Participate in Blood Donation Drive

On July 1, 2014, Rotaract Clubs all across Mumbai organized Blood Donation Camps.  The Rotaract Clubs of Mithibai College, UPG College and Andheri sponsored by our Club participated in this project under the banner Rotary Club Of Mumbai Borivali.

Active participation in registrations and admin work at the Camp by the rotaractors made the entire process smooth and effortless at M.K.School, Borivli where 79 bottles of blood were collected by the Blood Bank Team.

Rotaract Club of N.M.College participated in a Blood Donation Drive at Growels Mall, Kandivli East, Mumbai where they were successful in collecting 71 bottles of blood for the Blood Bank.

Good beginning to the New Rotary Year by Rotaractors. 

RCBW : Rotary Annapoorna Day

Rotary Annapoorna Day

1st July 2014, will be a historic day for Rotary. It is the beginning of a new Rotary year for DG  Ajay Gupta of District 3140 2014-15 for.

In District 3140 which extends from South Mumbai to Dahanu on the western side and on the eastern side Bhiwandi, Kalyan Ulhasnagar New Mumbai, we are feeding over 100000 people to highlight this acute problem of Hunger. This is part of a large initiative of Rotary Dist 3140, Project A.C.H.E. (Acting Continuously for Hunger Eradication). The aim and objective of the project is to first highlight the acute problem of malnutrition in children and hunger in adults.

We Rotary Club Of Bombay West have  Served Lunch to 52 Children of Kamalaben Jani Balwadi.  President Mohan Joshi, First Lady R/Ann.Geeta Joshi, Rtn.Samapti Patel, Giants  Fed.Vice President Naresh Marchant, Rotaractors from Rotaract Club of Sathe College, Rotaract Club of Andheri and Rotaract Club of Mithibhai College graced the occasion. 

Our Rotract Club of Andheri and Rotaract Club of Mithibai College too arranged lunch for 20 Children of Manilal Sunderji M.R Section.

The event was cooordinated by Rtn.Sampati Patel.

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- Rtn. Samapti B. Patel