Cabinet approves MoU between ICAI and Qatar Financial Centre Authority

Our Bureau New Delhi | Updated on May 12, 2021

Also, it gives the nod for 'Aerial Passenger Ropeway System' between Dehradun and Mussoorie.

The Cabinet on Wednesday has approved the signing of the Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and the Qatar Financial Centre Authority (QFCA).

The MoU would enhance cooperation between the institutes to strengthen the accounting profession and entrepreneurship base in Qatar.

MoU will endeavour to increase opportunities for members of ICAI to provide professional services through setting up practice for providing professional services in the State of Qatar in the areas of assurance and auditing, advisory, taxation, financial services and allied areas, a government release said.

ICAI will also nurture and develop local Qatar professionals, entrepreneurs and students through a specialised training programme, in collaboration with QFCA, it said adding that ICAI and QFCA will work together to explore the opportunities for Indian businesses in Qatar by organising roundtables and networking events, as the case may be mutually agreed.

ICAI and QFCA will also collaborate on opportunities that may arise in the fields of corporate governance, technical research and advice, quality assurance, forensic accounting, issues for small and medium- sized practices, Islamic Finance, Continuing Professional Development and other subjects of mutual interest.

ICAI has a strong membership base of over 6,000 members in West Asia, and Qatar (Doha) Chapter is amongst the most vibrant Chapters of ICAI. ICAI members hold key positions in various private and public companies and are actively involved in the support and development of the accounting profession in Qatar.

The signing of this MoU would provide an additional impetus to prospects of the ICAI Members in the entire West Asian Region to have better recognition and work to support Indian businesses desirous of doing business in Qatar and thus supporting the growth of Qatar and India's economies, it said.

Aerial passenger ropeway

The Cabinet has also approved the transfer of 1,500 square metres of land belonging to Indo-Tibetan Border Police (ITBP) at Mussoorie to the State government of Uttarakhand for their infrastructure project, namely, 'Aerial Passenger Ropeway System' between Dehradun and Mussoorie.

The proposed ropeway is a mono-cable ropeway of 5,580 meters length under Public-Private Partnership (PPP) mode between Purkul Gaon, Dehradun (Lower Terminal Station) and Library, Mussoorie (Upper Terminal Station) being constructed at an estimated cost of ₹285 crore with a carrying capacity of 1,000 persons per hour per direction. This will considerably reduce the traffic flow on road route from Dehradun to Mussoorie.

In addition, this will generate direct employment of 350 and indirect employment of more than 1,500 people. Furthermore, once completed, the ropeway will be a huge attraction for tourists, which will boost the tourism industry in the State and create additional employment opportunities in the tourism sector.

Published on May 12, 2021

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