New Delhi [India], August 3 : 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.
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.
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."
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.
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