BIG! Union cabinet APPROVES ICAI-IPAR AIMS MoU to attract FOREIGN INVESTMENT; Know Objective, benefits and MORE

In a major development, the Narendra Modi led government has approved the signing Memorandum of Understanding between Institute of Chartered Accountants of India (ICAI) and Institute of Professional Accountants of Russia (IPAR). This MoU will help the ICAI to adopt the best practices being followed by the foreign countries to attract foreign investment and to establish their setup in India.

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The Union cabinet chaired by Prime Minister Narendra Modi has approved this MoU. The Ministry of Information and Broadcasting (MIB) has tweeted this information from its official Twitter handle. The tweet said, "#Cabinet approves Memorandum of Understanding between Institute of Chartered Accountants of India (@theicai) and Institute of Professional Accountants of Russia (IPAR)."

#Cabinet approves Memorandum of Understanding between Institute of Chartered Accountants of India (@theicai) and Institute of Professional Accountants of Russia (IPAR)

Details: https://t.co/Ya8A6Ghhz2#CabinetDecisions pic.twitter.com/PLy5b9v9fH

— MIB India #AmritMahotsav (@MIB_India) August 25, 2021

How will it help?

The approval of the MoU aims to strengthen cooperation in matters of accountancy profession through exchange of views, information in respect of Professional Accountancy Training, Professional Ethics, Technical Research, Professional Development of Accountants. It is also intended to promote mutual cooperation through seminars, conferences and joint activities mutually beneficial to both the parties and provide updates on the development of the accountancy profession in India and Russia to promote the profession in the world. The parties will also create a linkage to each other's websites as a means of information support.

Benefits

The benefits of this MoU are as follows:

1) ICAI members are holding middle to top level positions in various organisations across the countries and can influence the decision/policy making strategies of respective organisations of a country.

2) ICAI through its vast network of chapters and representative offices in 68 cities of 45 countries of the world is committed to play an important role by sharing the prevalent practices in their respective countries so that the Indian government can adopt the best practices being followed by them to attract foreign investment and to encourage them to establish their setup in India.

Impact

With the MoU between ICAI and IPAR, Russia, is expected to provide an additional impetus to prospects of the ICAI Members to get professional opportunities in Russia in short to long term future. The aim of MoU is to work together to develop a mutually beneficial relationship for the best interest of ICAI members and the two respective organizations. With MoU, ICAI would be able to help strengthen the partnership with Russia by providing the Export of Services in Accountancy profession.