Chartered accountants (CAs) from the UK and Canada might be allowed to practise in India on a reciprocal basis, with the apex body ICAI making the proposal to the government.
ICAI President Ranjeet Kumar Agarwal said the proposal would be implemented strictly on the reciprocal basis that CAs from India will also be allowed to practise in the United Kingdom and Canada. It will be the first time that an overseas CA will be allowed to practise in India.
The proposal is part of India’s ongoing negotiations for Free Trade Agreements (FTAs) with the UK and Canada.
Agarwal also said a similar arrangement is being looked at with Australia. Once the reciprocal system is implemented, the CAs from the foreign countries will have to be registered with the ICAI, which will be regulating them.
“It will be on a reciprocal basis and not on standalone basis. If they agree, it will be a win-win for both countries… we are very much hopeful…in the UK, there is an ageing population and most of the work has shifted from the UK to India…,” Agarwal, who took over as the President of the Institute of Chartered Accountants of India (ICAI) on February 12, said.
To a query about what could be the impact of CAs from foreign countries practising in India, he said, India is a developing country and they are developed countries, referring to the UK, Canada and Australia.