ICAI President: CAs from the UK and Canada may be permitted to practice in India. The government may consider allowing chartered accountants from the United Kingdom and Canada to practice in India on a reciprocal basis, as suggested by the Indian Institute of Certified Accountants (ICAI).
The plan will be strictly enforced on a reciprocal basis, meaning that chartered accountants from India will also be permitted to practice in the UK and Canada, according to ICAI President Ranjeet Kumar Agarwal, who made this announcement on Wednesday.
An international chartered accountant will be permitted to practice in India for the first time. The idea is a component of the ongoing FTA negotiations between India and the UK and Canada.
Agarwal added that Australia is looking into a similar setup. Foreign chartered accountants will need to register with the ICAI, which will regulate them, once the reciprocal system is put into place.
It won’t be on a stand-alone basis; rather, it will be reciprocal. The majority of employment has moved from the UK to India due to an aging population, so if they agree, it will benefit both nations.
We are extremely optimistic,” Agarwal, who assumed office as President of the Institute of Chartered Accountants of India (ICAI) on February 12, stated.
In response to a question concerning the potential effects of foreign chartered accountants working in India, he stated, “They are developed countries, and India is a developing country,” alluding to the UK, Canada, and Australia. “It will be in our interest because our members can go there…,” he stated.
According to ICAI estimates, during the next 20 to 25 years, there would probably be a need for about 30 lakh chartered accountants. Over 4 lakh members and 8.5 lakh pupils attend the institute. Approximately 42,000 Indian chartered accountants are employed abroad at the moment.
