Chartered Accountants from UK, Canada might be allowed to practice in India: ICAI President
The Hindu
ICAI proposes reciprocal practice for UK and Canada CAs in India, aiming for mutual benefits and global opportunities.
Chartered accountants from the UK and Canada might be allowed to practice in India on a reciprocal basis, with the apex body ICAI making the proposal to the Government.
ICAI President Ranjeet Kumar Agarwal, on February 21, said the proposal will be implemented strictly on the reciprocal basis that chartered accountants (CAs) from India will also be allowed to practice in the United Kingdom and Canada. It will be the first time that overseas CAs will be allowed to practice in India.
The proposal is part of India's ongoing negotiations for Free Trade Agreements (FTAs) with the UK and Canada.
Mr. Agarwal also said that a similar arrangement is being looked with Australia.
Once the reciprocal system is implemented, CAs from the UK and Canada will have to be registered with the ICAI, which will be regulating them.
"It will be a reciprocal basis and not on a standalone basis. If they agree, it will be a win-win for both countries... we are very much hopeful... in the UK, there is an ageing population and most of the work has shifted from the UK to India...," Mr. Agarwal, who took over as the President of the Institute of Chartered Accountants of India (ICAI) on February 12, said.
To a query about what could be the impact of foreign CAs practising in India, he said, "It will be in our interest because our members can go there [referring to the UK, Canada and Australia]." He emphasised that there is a huge demand for Indian CAs due to their capabilities and expertise .
Rupee hits all-time low at 85.20 against USD due to strong greenback, rising crude oil prices, and weak domestic markets.
Viatris faces U.S. FDA import alert for products from Indore plant, exceptions made for certain shortages.
xAI’s Grok may soon come to an iOS app as the company announced its Series C funding round of $6 billion.
Biocon and Zentiva receive EU approval for Liraglutide, a complex formulation for diabetes and weight management.
Equity markets fluctuate as Sensex and Nifty rise initially, then fall; global markets and oil prices also discussed.
Microsoft has been working on adding internal and third-party AI models to power Microsoft 365 Copilot.
China's dominance in critical minerals poses supply chain vulnerabilities for India, US, and EU nations, requiring strategic diversification efforts.
India's controversial popcorn tax system sparks outrage and criticism, with opposition questioning the complex GST rates.
ICAI President investigates auditing lapses at Byju's, disciplinary committee probing, details undisclosed, part of ongoing investigations.
Sensex and Nifty rebound sharply after steep decline, driven by value buying, bluechip stocks, and global market rally.
AS-IT-IS Nutrition aims for ₹300 crore GMV in 2025 with ATOM range, endorsed by Ravindra Jadeja.