CAs from Britain, Canada to be Allowed to Practice in India on Reciprocal Basis

New Delhi: The ICAI, the apex body of Chartered Accountants (CA) has made a proposal to the government to allow CAs from Britain and Canada to practice in India on a reciprocal basis. According to the ICAI President Ranjeet Kumar Agarwal, the proposal will be implemented strictly on the reciprocal basis. It means that chartered accountants from India will also be allowed to practice in the United Kingdom and Canada.

If this proposal is accepted by the government, then for the first time overseas chartered accountants will be allowed to practice in India. The proposal is part of India’s ongoing negotiations for Free Trade Agreements (FTAs) with the UK and Canada.

Following the implementation of the reciprocal system chartered accountants from foreign countries will have to get registered with the ICAI, which will regulate them.

According to an ICAI estimate, India will need around 30 lakh chartered accountants in the next 20-25 years.