The government Thursday gave approval to the pact between the (ICAI) and the Institute of Chartered Accountants in England & Wales (ICAEW).

The Union Cabinet, chaired by Prime Minister Narendra Modi, gave ex-post facto approval of the memorandum of understanding signed in 2008 and renewed in 2014 between ICAI and ICAEW, said an official statement.

The pact will encourage more Indian chartered accountants to take up the recognition of ICAEW professional designation to further help them pursue professional opportunities in the UK, the statement added.

Besides, it will help in developing a mutually beneficial relationship in the best interest of members, students and their organisations.

The MoU apply to all qualified and experienced ICAEW and ICAl members irrespective of the syllabus they followed for their home body membership, the statement said.

The ICAI is a statutory body established by an Act of Parliament of India.

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