Chartered accountants from UK, Canada may soon be allowed to practice in India
Chartered accountants from UK, Canada may soon be allowed to practice in India
Chartered accountants from the United Kingdom and Canada may soon have the opportunity to practice in India, as the ”Institute of Chartered Accountants of India (ICAI)” has proposed a reciprocal arrangement to the government.
According to reports, ”The Indian chartered accountants will also be permitted to practice in the UK and Canada. If approved, this would mark the first time foreign chartered accountants are allowed to practice in India.”
The proposal is part of India’s ongoing Free Trade Agreement (FTA) negotiations with the UK and Canada, and similar discussions are underway with Australia.
The reciprocal system, once implemented, will require foreign chartered accountants to register with the ICAI, which will oversee and regulate their practice in India. Currently, negotiations are in progress, and ICAI President Ranjeet Kumar Agarwal stated that ”The proposal will be strictly implemented on a reciprocal basis.” This move is expected to open new avenues for collaboration and professional opportunities between chartered accountants from these countries.
The ICAI, with over 4 lakh members and 8.5 lakh students, plays a crucial role in regulating and advancing the accounting profession in India.
According to President Agarwal, ”There is a substantial demand for Indian chartered accountants globally, and this reciprocal arrangement aims to address this demand by facilitating cross-border practice.” As discussions progress, the proposal reflects India’s commitment to fostering international cooperation and strengthening economic ties with key trading partners.
