The President of Institute of Chartered Accountants of India (ICAI), Ranjeet Kumar Agarwal, has suggested to the government that chartered accountants from the UK and Canada should be allowed to practice in India under a reciprocal arrangement.
This represents a notable change as it would be the initial occasion when foreign chartered accountants would be permitted to work in India.
The proposal emphasizes the importance of allowing Indian chartered accountants to practice in the United Kingdom and Canada under comparable circumstances, according to a PTI article. This initiative is part of India's continuous discussions for Free Trade Agreements (FTAs) with the UK and Canada, signifying a wider push to strengthen economic collaboration and professional interaction, PTI added.
Australian collaboration explored
Agarwal also stated that they are considering similar agreements with Australia, demonstrating a wider international perspective in supporting professional movement and cooperation, the report said.
After being put into effect, foreign chartered accountants who want to work in India will be required to enroll with the ICAI. The ICAI will be responsible for supervising their activities and ensuring that they adhere to domestic standards and regulations, the report added.
The Institute of Chartered Accountants of India (ICAI), with more than 400,000 members and 850,000 students, has a significant impact on India's accounting and financial sector. Furthermore, around 42,000 Indian chartered accountants are presently working abroad, indicating a strong global demand for Indian accounting skills.
With inputs from agencies
