ICAI Announcement
Explanatory Note to the draft amendments in Regulations 4 and 19 of the Chartered Accountants Regulations, 1988 – Published vide Notification No.1-CA(7)/195/2020 in the Gazette of India dated 14th September, 2020, seeking objections/suggestions from public.
| The following is the explanatory note on the proposed draft amendments in Regulations 4 and 19 – seeking regulatory powers with the Council for deciding the manner of assessment in which the current level of knowledge of a person seeking membership of the Institute or applying for restoration of his name after three years from the date of his being eligible for membership of Institute will be assessed:- The Council at its 392nd meeting held on 22nd April, 2020 approved the proposal for introducing an Assessment/Refresher Course Scheme for the students who have not taken membership of the Institute for more than 3 years after qualifying the Final Examination as well as for ex-members who have not applied for restoration of membership for more than three years after removal of name due to non-payment of Membership fee or any other reason. Based on the decision of the Council, the draft amendments in the Chartered Accountants Regulations, 1988 were submitted to the Central Government for its consideration and approval. The Central Government has accorded its in-principle approval to the proposed amendments and has asked the Institute to notify them in the Gazette of India for public comments and re-submit the proposal for final approval of the Ministry after considering the comments received by the Council of the Institute. Accordingly, the draft amendments have been notified in the Gazette of India dated 14th September, 2020 seeking objections/suggestions from the public. A copy of the Gazette Notification has also been hosted on the website of the Institute at https://www.icai.org/resource/61210gazette-notification-dated14092020.pdf for information and seeking suggestions/objections from the members, students of the Institute and other stakeholders within a period of 45 days. The suggestions/objections so received will be considered by the Council of the Institute on or after 29th October, 2020. It may be mentioned that the Council at its meeting held in August, 2020 has decided that instead of assessment it should be a refresher course. As per decision taken by the Council and based on the comments that will be received, the proposal will be modified by the Council at the time of consideration of the comments and the revised proposal will again be submitted to the Government for its final approval. The purpose behind these draft amendments is to have empowerment with the Council for the manner in which such refresher course will be done. It may also be mentioned that once the Ministry gives its final approval to the proposed amendments and the amendments in regulations are finally notified in the Gazette of India, the matter will again be brought back before the Council for deciding the modalities in which such refresher course will be done and the date from which it will be effective. It may be clarified that once these amendments are brought into force and with effect from such date as may be decided by the Council, such students and ex-members shall be required to comply with such requirements as may be decided by the Council of the Institute, for obtaining the membership of the Institute. Therefore, students who have passed the Final Examination of the Institute and have also complied with other requirements of the Regulations and those ex-members, whose names have been removed from the Register of Members on account of non-payment of fee or for other reason, but have not applied for membership of the Institute or restoration of their names in the Register of Members for more than 3 years, may apply for membership or restoration of name as the case may be at the earliest. |
Comments/suggestions if any may be sent to email id [email protected]
