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New Delhi, 21 February (HS). Chartered Accountants (CAs) from the UK and Canada may be allowed to practice in India on a reciprocal basis. ICAI has given this proposal to the Central Government. The Institute of Chartered Accountants of India (ICAI) will give suggestions to the government on green finance along with increasing the tax to gross domestic product (GDP) ratio.
CA Ranjit Kumar Aggarwal, newly elected president of ICAI, the apex body of chartered accountants in the country, said this in a press conference held here on Wednesday. He said the tax-GDP ratio should improve for the country to become a developed economy by 2047. He said that chartered accountants from Britain and Canada can be allowed to practice in India on a reciprocal basis.
Ranjit Kumar Agarwal, newly elected president of the Institute of Chartered Accountants of India, said that this would be the first time that a chartered accountant from any country would be allowed to practice in India. Actually, this proposal is part of India's ongoing negotiations for a Free Trade Agreement (FTA) with Britain and Canada.
The newly elected Chairman, in his address, while explaining the meaning of Vision (DRISHTI) said that the 'Vision' which will guide the institute is Digitalization (D), Research (R), Integrity (I), Skills (S), Handholding (H), Transparency (T). ), and will lead to unprecedented progress in the field of freedom (I). He said that the CA profession, established on the foundation of ethics, integrity and independence, will work towards taking India forward and becoming an economic superpower of the world by 2047.
The President of the Institute of Chartered Accountants of India said that Artificial Intelligence (AI) will help in accounting work. This will give the chartered accountant plenty of time to focus on analytical work. He also said that there is a lot of demand for chartered accountants in the country. Aggarwal said that ICAI estimates that around 30 lakh CAs will be required in the next 20 to 25 years. He said that last year about 22 thousand students passed the Chartered Accountant examination.
The Institute of Chartered Accountants of India has elected CA Ranjit Kumar Aggarwal as President and CA Charanjot Singh Nanda as Vice President. CA Ranjit Kumar Aggarwal will hold the post as the 72nd President of the institute till the year 2024-25. ICAI is the largest accountancy institute with over 4 lakh members and over 8.5 lakh students across the country.
It is noteworthy that the headquarters of ICAI, established in the year 1949, is located in the national capital New Delhi. Its five regional offices are located in Mumbai, Chennai, Kanpur, Kolkata and New Delhi. ICAI through its 175 branches is spread across the country. ICAI has 50 chapters established abroad outside India. Apart from this, it also has an office in Dubai.