The Hindu Business Line : CA amendment Bill: GoM relief for council members

THE Group of Ministers (GoM) that went into the Chartered Accountants Amendment Bill has given some relief to the members of the CA institute in respect of the number of consecutive years for which they could hold office as central council members.

It has modified a proposal in the Bill that sought to limit the maximum consecutive term for a CA as a central council member to eight years (two terms of four years each). Instead, the GoM has recommended that this be raised to three terms of three years each.

If the recommendation were to be enacted as law, then a central council member of the ICAI can hold office for a consecutive period of nine years. Currently, there is no cap on the term of a council member, implying that members can get elected any number of times.

Further, the GoM has also said that foreign travel undertaken by members of the central council need not come under the regulatory scanner of the Central Government. It has recommended that approval of foreign travel be left to the council of the institute. The GoM has also concluded that regulations on foreign travel were not warranted.

A similar set of recommendations has also been made in respect of the Institute of Cost and Works Accountants of India and the Institute of Company Secretaries of India.

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