On May 25, 2021, the Union Cabinet chaired by Prime Minister Narendra Modi granted approval to several key initiatives.
- MoU signed by ICoAI and ICSI with Foreign Countries/Organisations
- Creation of the post of Director in Senior Administrative Grade (SAG), at National Disaster Response Force (NDRF) Academy in Nagpur, Maharashtra.
- Opening of a New Consulate General of India in Addu City, Maldives in 2021. It is India’s 1st Consulate in Maldives.
MoU signed by ICoAI & ICSI with Foreign Countries/Organisations
The Two Institutes namely Institute of Cost Accountants of India (ICoAI) & Institute of Company Secretaries of India (ICSI) had signed Memorandum of Understanding (MoUs) with various Foreign Countries/Organisations.
i.ICoAI & ICSI have entered into agreements with
- Institute of Public Accountants (IPA), Australia,
- Chartered Institute for Securities and Investment (CISI), United Kingdom (UK)
- Chartered Institute of Public Finance and Accountancy (CIPFA), UK
- Institute of Certified Management Accountants, Sri Lanka
- Institute of Chartered Secretaries and Administrators (ICSA), UK
ii.Objective – To facilitate mutual recognition of qualifications and collaborative activities for exchange of knowledge, experience sharing & technical cooperation.
- It was agreed to hold annual conferences/training programmes/workshops, seminars and joint research projects for meeting the objectives.
- The agreement will help in advancement of the goals on equity, public accountability and innovation among the beneficiary countries.
i.ICoAI is a Statutory professional body for the regulation of the profession of Cost Accountancy.
- It is the only recognised statutory professional organisation in India specialising exclusively in Cost Accountancy.
- It was established by a Special Act of Parliament namely – Cost and Works Accountants Act, 1959.
ii.ICSI is a statutory body established to regulate the profession of Company Secretaries in India.
- It was established by an Act of Parliament of India – The Company Secretaries Act, 1980.
Creation of the post of Director at NDRF Academy, Nagpur
The cabinet has approved the proposal of the Ministry of Home Affairs for creation of One post of Director in Senior Administrative Grade (SAG), at NDRF Academy in Nagpur, Maharashtra.
- The post will help the institution achieve its intended objectives.
- Established in 2018, the academy imparts skill based practical training to over 5000 personnel annually from NDRF, State Disaster Response Force (SDRF).
- It is also set to provide specialised training to disaster response personnel of SAARC (South Asian Association for Regional Cooperation) and other countries.
Opening of new Consulate General of India in Addu City, Maldives
The cabinet has approved the opening of a new Consulate General of India in Addu City, Maldives in 2021. It is India’s 1st Consulate in Maldives and will help in building India’s diplomatic presence in Maldives.
- Increased diplomatic presence will provide market access for Indian companies and boost exports of Indian goods and services, under the vision of ‘Atma Nirbhar Bharat’
- Maldives occupies an important place in the ‘Neighbourhood First Policy’ and the ‘SAGAR’ (Security and Growth for All in the Region) vision of the Government of India.
- India is developing projects worth USD 2 Billion in Maldives in areas like ports, roads, bridges, water and sanitation systems as well as socio-economic development.
Recent Related News:
i.April 21, 2021, Cabinet approved the Mutual Recognition Agreement (MRA) between the Institute of Chartered Accountants of India (ICAI) & Certified Practising Accountant (CPA), Australia.
ii.March 17, 2021, Cabinet approved the MoU between the Ministry of Youth Affairs & Sports of India & the Ministry of Youth, Sports and Community Empowerment of the Maldives for cooperation in Sports & Youth Affairs.
About Institute of Cost Accountants of India (ICoAI)
President – Biswarup Basu
Head Office – Kolkata, West Bengal
Administrative control – Ministry of Corporate Affairs
ICoAI is the 2nd largest Cost & Management Accounting body in the World and the largest in Asia
About Institute of Company Secretaries of India (ICSI)
President – Nagendra D Rao
Head Office – New Delhi
President – Ibrahim Mohamed Solih
Capital – Male
Currency – Maldivian Rufiyaa