The Rajya Sabha passed a bill more than 200 times before it was passed on Tuesday. After a cumbersome process, a bill introduced to reform the functioning of the Institute of Chartered Accountants, Cast Accountants and Company Secretaries was finally approved on Tuesday. Some opposition MPs in the House rejected the proposal, but a majority approved it.
The bill was passed in the Lok Sabha last week. The special thing is that the discussion on the bill and the response of the Finance Minister took a total of 2 hours and 20 minutes. The House took 18 percent of the time to pass the bill. It took 30 minutes to vote on 106 provisions of the bill and amendments to the provisions.
John Brittas of the Communist Party of Marxist (CPI-M) issued 163 notices for research. While Vinay Viswam of CPI proposed for some research. All these proposals had to be approved by the House. As a result, the Rajya Sabha voted 200 times to pass the bill.
Responding to the discussion on the Bill, Sitharaman said that there is no such provision in it which would infringe on the independence of Chartered Accountants, Cost and Works Accountants and Company Secretaries. The government has no intention of interfering in the affairs of such institutions.
He further said that Chartered Accountants, Cost and Work Accountants as well as Company Secretaries work in various organizations. They operate under different laws. Good work has been done in this field in many countries of the world including USA, UK, Canada and South Africa. We want to fix transparency and accountability based on their good experiences.