In a groundbreaking development, Chartered Accountants ( CA ) hailing from the United Kingdom and Canada may soon gain the opportunity to practice in India, as proposed by the Institute of Chartered Accountants of India ( ICAI ) and hinted by the newly elected ICAI President Ranjeet Kumar Agarwal.
ICAI President Ranjeet Kumar Agarwal revealed this initiative on Wednesday, emphasizing its reciprocity aspect. Under the proposed framework, Indian chartered accountants would also enjoy the privilege of practicing in the United Kingdom and Canada, marking a significant stride towards international professional collaboration.
This prospective arrangement, if realized, would mark the first instance of foreign chartered accountants practicing in India. The proposal is an integral part of India’s ongoing negotiations for Free Trade Agreements ( FTAs ) with both the United Kingdom and Canada.
Agarwal further disclosed that discussions for a similar reciprocal agreement are underway with Australia, demonstrating India’s commitment to fostering global partnerships in the field of chartered accountancy.
Once the reciprocal system is put into effect, foreign chartered accountants seeking to practice in India would need to undergo registration with the ICAI, which would subsequently regulate their professional activities. Currently, the ICAI boasts a substantial membership base, with over 4 lakh members and 8.5 lakh students.
With approximately 42,000 Indian chartered accountants already practicing abroad, Agarwal highlighted the soaring demand for their expertise on the global stage. This proposed expansion of opportunities not only aligns with the evolving dynamics of the global workforce but also reflects the ICAI’s dedication to facilitating the seamless integration of international professionals into the Indian market.
In a recent statement, Agarwal underscored the significance of this move, stating, “There is a huge demand for chartered accountants from India.” His assertion emphasizes the potential positive impact of this reciprocal arrangement, not only in enhancing professional opportunities for Indian chartered accountants abroad but also in fostering a more interconnected and collaborative global accounting community.
As negotiations progress and agreements materialize, the future landscape of chartered accountancy practice could witness unprecedented international cooperation, benefitting professionals and economies alike.
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
