Cabinet decision will benefit CA community: PM Modi on MoU between chartered accountants' bodies of India, Maldives

After the Union Cabinet approved the Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and the Chartered Accountants of Maldives, Prime Minister Narendra Modi on Wednesday said that the decision will provide several new opportunities to the CA community.

After the Union Cabinet approved the Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and the Chartered Accountants of Maldives, Prime Minister Narendra Modi on Wednesday said that the decision will provide several new opportunities to the CA community. "Today's Cabinet decision will benefit the CA community by opening several new opportunities. I urge the community to harness them and grow further," tweeted PM Modi.

"ICAI thanks the Union Cabinet chaired by PM Narendra Modi for approving MoU with CA Maldives which will provide an opportunity to ICAI members to expand their professional horizon and provide impetus to ICAI to aid in strengthening the capacity building of local nationals," tweeted ICAI. The Union Cabinet, chaired by Prime Minister Narendra Modi on Wednesday approved the signing of the Memorandum of Understanding between the Institute of Chartered Accountants of India (ICAI) and The Chartered Accountants of the Maldives (CA Maldives).

According to the official statement, ICAI and CA Maldives aim to establish mutual cooperation for the advancement of accounting knowledge, professional and intellectual development, advancing the interests of their respective members and positively contributing to the development of the accountancy profession in the Maldives and India. Besides aiding CA Maldives, this MoU will provide an additional impetus to prospects of the ICAI Members to get professional opportunities in Maldives in the short to long-term. With this MoU, ICAI would be able to help strengthen the partnership with Maldives by providing the export of services in the accountancy profession, ICAI members holding middle to top-level positions in various organisations across the countries and can influence the decision/policy-making strategies of respective organisations of a country, said the statement.

The MoU will provide an opportunity for ICAI members to expand their professional horizons and provide impetus to ICAI to aid in the strengthening the capacity building of local nationals. The MoU will foster strong working relations between India and Maldives. The agreement would increase mobility of professionals at either end and herald a new dimension for business globally. The MoU aims to strengthen cooperation between ICAI and CA Maldives in the matters of the accountancy profession through the exchange of views, information regarding professional accountancy training, professional ethics, technical research and professional development of accountants.

It is also intended to promote mutual cooperation through linkages to each others' website, seminars, conferences, students exchange programmes and other joint activities mutually beneficial to both the institutes. This MoU will also provide updates on the development of the accountancy profession in India and Maldives to promote the profession in the world, the statement said. Further, CA Maldives intends to become a member of the International Federation of Accountants (IFAC), the global voice of the accountancy profession with more than 180 members in 135 countries. ICAI will do technical due diligence for CA Maldives to make CA Maldives a member of IFAC, added the statement.

The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountants in India. (ANI)

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