- By Aditya Pratap Singh
- Wed, 21 Feb 2024 02:53 PM (IST)
- Source:PTI
Free Trade Agreements: Chartered accountants from the UK and Canada may be allowed to practice in India on a reciprocal basis, the apex body ICAI has proposed to the government.
ICAI Chairman Ranjit Kumar Agarwal on Wednesday said that the plan will be strictly implemented on a reciprocal basis and that Indian chartered accountants will also be allowed to practice in Britain and Canada as well.
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If the proposal gets node, It will be India will allow foreign chartered accountants to practice in India. The proposal is part of free trade agreements (FTAs), which is an ongoing talk between the UK and Canada. Agarwal said a similar arrangement with Australia is also being considered.
Once the reciprocity system is implemented, chartered accountants from these countries will have to register with the ICAI, which will regulate them. The Institute of Chartered Accountants of India (ICAI) has over 4 lakh members and 8.5 lakh students.
Currently, as many as 42,000 chartered accountants from India are working abroad.
"There is a huge demand for chartered accountants from India," Agarwal, who took over as the President earlier this month, said.
