With a view to mitigate the hardships being faced by members whose names stand removed as on date due to non-payment of membership fee, the Institute of Chartered Accountants of India ( ICAI ) has decided to give an opportunity by way of Scheme for restoration of their names retrospectively. Accordingly, the ICAI, Today made an announcement regarding the introduction of the scheme.
By availing the scheme, the members will get benefit of the seniority of membership which will be reckoned for the purpose of eligibility to fellow membership. Continuation of membership entitles a member to designate himself as “CA” and also other benefits like monthly Journal of the Institute , Newsletters of Regional Councils & Branches of the Institute, participation in the conferences, seminars and other programmes organized by the Institute, Regional Council and/or Branch; regular update on programs being organized and initiatives taken for the benefit of the profession and members; emerging professional opportunities, practice area development, publications of the Institute etc.
Further, there are new emerging professions such as Insolvency Profession for which membership of the Professional Institute is a mandatory condition. This is an excellent opportunity to get name restored with retrospective effect. The benefit of the scheme may be availed by submitting the prescribed application in Form 9 on or before 31st March, 2018 in order to be eligible for inclusion of name in the List of Voters as on 1st April 2018 for the election to the Council/Regional Council to be held in December 2018. However, the retrospective restoration of membership scheme shall remain in force till 30th April 2018.
Members from whom Form 9 is received on or after 1st April 2018 but up till 30th April 2018 will get the benefit of retrospective restoration of membership but will not be eligible for inclusion of name in the List of Voters as on 1st April 2018 for the election to the Council/Regional Council to be held in December 2018. Kindly note that the Certificate of Practice will be granted from the prospective date only i.e. the date on which Form 6 is received in the Regional office of the Institute.
The Institute has also announced the scale of membership fee as applicable from time to time.
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