Prime Minister Narendra Modi chaired union cabinet has approved Ex-post facto approval of the Memorandum of Understanding (MOU) signed in 2008 and renewed in 2014 between the Institute of Chartered Accountants in England & Wales (ICAEW) and Institute of Chartered Accountants of India (ICAI). In addition to this, the cabinet has also
This would help encourage a number of young Indian Chartered Accountants to take up the recognition of ICAEW professional designation to further help them pursue professional opportunities in the United Kingdom (UK) as reported by Taxscan.
The objective is to work together to develop a mutually beneficial relationship which lies in the best interest of students, members and their organisations.
Furthermore, the MoU would be applicable to all appropriately qualified and experienced ICAEW and ICAl members irrespective of the syllabus they followed for their home body membership. The MoU is not intended to create a legally binding relationship, and the provisions provided by it are not designed to give rise to lawfully enforceable liabilities, rights and obligations.
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