The Chartered Accountants of India (ICAI) has proposed to the government that CAs from the UK and Canada may practice in India on a reciprocal basis. ICAI President Ranjeet Kumar Agarwal emphasised that Indian CAs would also have the opportunity to practice in the UK and Canada. If implemented, it will mark the first time overseas CAs can practice in India.
As part of India's ongoing negotiations for Free Trade Agreements (FTAs) with the UK and Canada, the proposal has been put forward. Agarwal mentioned that a similar arrangement is being explored with Australia. Upon implementation of the reciprocal system, CAs from foreign countries will need to register with the ICAI, which will regulate them.
“It will be on a reciprocal basis and not on a 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. “It will be in our interest because our members can go there...,” he added.