Lok Sabha Passes the CA, CWA and CS(Amendment) Bill 2021

Lok Sabha in Parliament today passes the Chartered Accountant, Cost and Work Accountant and Company Secretaries Amendment Bill 2021. The Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2021.’ passed in Lok Sabha.

It was stated earlier that the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2021 has been taken up for consideration and would be passed in Lok Sabha.

Explaining the Chartered Accountants, Cost and Works Accountants and Company Secretaries (Amendment) Bill, Finance and Corporate Affairs Minister Nirmala Sitharaman said the amendments will not infringe upon the autonomy of the three institutes. Finance Minister Further said that changes will make the institutes more responsible and accountable and align them with global best practices. she said while replying to a discussion on the bill.

The government has proposed that the disciplinary committee of each of the three apex institutes should have three nominated members who are not a part of the particular institute concerned.

The Government also Proposed that The Institute of Chartered Accountant’s Committee Member’s Tenure will be of 4 years each instead of the current tenure of 3 years. Also, the Maximum tenure will of 8 consecutive years instead of 9 consecutive years in line with the Tenure of ICSI and ICWA.

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CA, CWA, AND CS (AMENDMENT) BILL TAKEN UP FOR CONSIDERATION AND PASSING IN LOK SABHA [VIEW LIVE UPDATES]