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Time of India
03-08-2025
- Business
- Time of India
ICAI signs MoU with IAGES to strengthen accreditation in gold industry
The Institute of Chartered Accountants of India ( ICAI ) has inked an MoU with and Indian Association of Gold Excellence and Standards ( IAGES ) to implement a robust accreditation framework for value chain partners in the gold industry, which currently comprises an estimated six lakh partners across India. A Memorandum of Understanding (MoU) was exchanged between Charanjot Singh Nanda , President, ICAI and Kaushlendra Sinha, Chief Executive Officer, IAGES in the presence of Arjun Ram Meghwal , Minister of Law and Justice on July 30. Explore courses from Top Institutes in Please select course: Select a Course Category others Data Analytics Healthcare Project Management CXO PGDM Design Thinking Artificial Intelligence Operations Management healthcare Management Digital Marketing Finance Product Management Data Science Degree MBA Technology Leadership Cybersecurity Public Policy Data Science MCA Others Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT - ISB Cybersecurity for Leaders Program India Starts on undefined Get Details On this occasion, Arjun Ram Meghwal, Minister of Law and Justice, commended the collaborative efforts and underscored the importance of standardisation and excellence within the gold industry. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No annual fees for life UnionBank Credit Card Apply Now Undo He remarked, "The vision for gold standardisation in India was first conceived by Babasaheb Dr BR Ambedkar, who strongly advocated for a structured and regulated framework for gold. This collaboration marks a significant step toward realising that vision and will contribute to the accelerated growth of the Indian economy." On the collaboration, Charanjot Singh Nanda, President, ICAI, said, "The MoU represents a significant step forward in aligning industry standards with global best practices and demonstrates ICAI's commitment to contributing to nation-building through knowledge, standards, and ethics. It will facilitate a comprehensive and objective evaluation based on well-defined parameters and will also introduce a code of conduct applicable to them." Live Events This initiative is expected to create meaningful professional opportunities for members of the ICAI and contribute significantly to improving governance and standardisation of processes within the gold industry. The Professional Development Committee will create awareness amongst its members about the MoU and the opportunities that it provides to them, and shall supply a panel of Chartered Accountant firms to IAGES as per their requirement to empanel them for undertaking the work arising out of this MoU. ICAI is a statutory body set up by an Act of Parliament under the Chartered Accountants Act, 1949, for the regulation and development of the profession of Chartered Accountancy in India. The Institute functions under the administrative supervision of the Ministry of Corporate Affairs, Government of India. With over 14.5 lakh members and students, today ICAI is the largest professional accountancy body in the world. ICAI has a wide network of fine regional councils and 182 branches within India and a global presence with 54 overseas chapters and 31 representative offices spanning 85 cities across 47 countries worldwide.
Time of India
01-07-2025
- Business
- Time of India
National Chartered Accountant (CA) Day 2025: Why is it celebrated on July 1 in India?
National Chartered Accountant Day 2025: Every year on 1st July, India celebrates National Chartered Accountants Day to mark the foundation of the Institute of Chartered Accountants of India (ICAI). This special day recognises the hard work and contribution of Chartered Accountants (CAs) towards the growth of India's economy. In 2025, this day holds even greater significance as the country continues to rely on strong financial systems and professional auditors. History of National Chartered Accountants Day The history of National Chartered Accountants Day goes back to 1st July 1949, when the Indian Parliament passed the Chartered Accountants Act. This Act led to the creation of the ICAI, a body responsible for regulating the accounting profession in India. Interestingly, this happened even before India formally adopted its Constitution in 1950, making ICAI one of the country's oldest professional bodies. Today, the ICAI is the second-largest accounting and finance body in the world in terms of membership. As of 2025, it has over 2.5 lakh registered members, who proudly hold the title of Chartered Accountant. Why is 1st July Celebrated as CA Day? The reason behind celebrating 1st July as National Chartered Accountants Day is to honour the formation of ICAI on this day in 1949. Since then, this day is observed every year to appreciate the work of CAs in maintaining transparency, financial discipline, and ethical standards across industries. Being part of the ICAI is a prestigious achievement. The organisation not only grants licenses to practise as a CA but also sets the rules that are followed by authorities like the National Financial Reporting Authority (NFRA) and companies across the country. The Journey of the CA Profession in India The history of the CA profession in India started long before independence. In 1913, the British government introduced the Indian Companies Act, which required businesses to maintain certain books of accounts and appoint auditors. To meet this demand, in 1918, a Government Diploma in Accountancy course was launched in Bombay (now Mumbai). The course structure was quite similar to today's CA programme, including a three-year training period. In 1930, a register of accountants was introduced, and those listed were called Registered Accountants. However, the profession still lacked proper regulation until 1948, when an expert committee recommended forming an independent body to oversee accounting standards and practices. How 'Chartered Accountant' Became the Official Title Before ICAI was set up, many Indian professionals had already qualified as members of the Institute of Chartered Accountants in England and Wales (ICAEW). These professionals used the term Chartered Accountant. Even though there was some debate about using this British-origin term in India, it continued due to its popularity and global recognition. So, when the Chartered Accountants Act of 1949 was passed, the title Chartered Accountant officially replaced the older term Registered Accountant. This marked a significant step in establishing the CA profession in India. Interesting Fact About the Word 'Chartered' In India, the term 'Chartered' in Chartered Accountant has nothing to do with the British royal charter. Unlike countries like the UK, India is a republic. So, the word is simply carried over for professional recognition and does not imply any royal backing. National Chartered Accountants Day 2025 is a time to reflect on the history and importance of the CA profession in India. It's a tribute to those who ensure financial accuracy, tax compliance, and transparency in the economy. Celebrated every year on 1st July, this day reminds us of how vital Chartered Accountants are to the financial backbone of the nation. For more informative articles on historical and upcoming events from around the world, please visit Indiatimes Events.
India Gazette
10-05-2025
- Business
- India Gazette
ICAI asks over 14 lakh members to stand in solidarity with armed forces and nation
New Delhi [India], May 10 (ANI): The Institute of Chartered Accountants of India (ICAI), the world's largest accounting body, set up by an Act of Parliament under the Chartered Accountants Act, 1949 for the regulation and development of the profession of Chartered Accountancy in India, has extended its support to the Government and Indian Army for the recent action against terrorist hideouts in Pakistan and Pakistan occupied Kashmir. With a vast network comprising over 1.4 million members and students spread across 5 Regional Councils, 177 Branches in India, as well as more than 40,000 members in 52 Overseas Chapters and 33 Representative Offices across 47 countries, ICAI is uniquely positioned to make a significant impact in humanitarian efforts. In this time of heightened tension, the Institute reaffirms its steadfast commitment to national solidarity and stands ready to support the country and its people. ICAI has a widespread presence across nearly 17,000 pin codes in India, including over 13 branches located near the India-Pakistan border. Chartered Accountants in these bordering regions are well-positioned to go beyond symbolic support by actively volunteering their time, expertise and resources to assist local communities and authorities wherever required. Through ICAI robust local networks, members and student volunteers can collaborate with government agencies, NGOs and relief organizations to deliver timely and effective aid to those in need. Charanjot Singh Nanda, President, ICAI, lauded the heroic efforts of the Indian Armed Forces and made a clarion call to the entire CA fraternity across the nation to stand with our armed forces, he emphasized that the over 14 Lakh financial soldiers of ICAI are committed not just in words but also in meaningful action. During his address to the CA Fraternity, he said, 'Operation 'SINDOOR' is a powerful message from a New Bharat, one that asserts there will be no compromise when it comes to protecting India's sovereignty. ICAI has always lived by the principle of 'Nation First'. In every storm that has shaken our country, we have stood strong as a pillar of support to our motherland,'. The President further urged all ICAI members and students to rise to the occasion, remain alert and uphold the highest ideals of service by protecting the integrity and security of the nation. 'Let us come together in this critical hour. Let the CA fraternity lead by example, proving that we are not only financial stewards but also pillars of strength, compassion and resilience for our nation,' he added. Prasanna Kumar D, Vice-President, ICAI, said 'We are financial soldiers of our motherland. In every hour of national need, we stand ready to serve our country,' ICAI has a proud legacy of contributing to national causes and supporting citizens during times of crisis. During the 1971 Indo-Pak War, ICAI members provided pro-bono services to the families of martyrs. In the darkest days of the COVID-19 pandemic, ICAI extended support to grieving families, offered scholarships to students who lost parents and waived fees so the dreams could continue. Members of the Institute also organized food drives, blood and plasma donation camps and vaccination camps not only for our members but public at large. (ANI)
