THE CABINET HAS APPROVED AN MOU BETWEEN THE ICAI AND THE RUSSIAN INSTITUTE OF PROFESSIONAL ACCOUNTANTS
The signing of a Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and the Institute of Professional Accountants of Russia is approved by the Union Cabinet, which is chaired by Prime Minister Narendra Modi. Approval for the signing of a Memorandum of Understanding between the ICAI and the IPAR would aid mutual cooperation in the areas of professional accounting training, professional ethics, technical research, accounting knowledge advancement, and professional and intellectual development.
The Memorandum of Understanding between ICAI and IPAR, Russia, is expected to give ICAI Members a boost in their desire for professional possibilities in Russia in the near to long term. The goal of the MoU is to collaborate in order to build a mutually beneficial relationship that benefits both ICAI members and the two organizations. With the MoU, the ICAI will be able to contribute to the strengthening of the partnership with Russia by facilitating the export of accounting services.
UNDER THE SARFAESI ACT, THE RBI ESTABLISHES CRITERIA FOR NOTIFYING “FINANCIAL INSTITUTIONS”
The Reserve Bank of India (RBI) has provided criteria for notifying a ‘Financial Institution’ in a notification dated August 25, 2021. HFCs that are registered under Section 29A(5) of the National Housing Bank Act, 1987 and have assets of Rs.100 crore or more are required to be notified as ‘Financial Institutions’ under Section 2(1)(m)(iv) of the SARFAESI Act, 2002.
The criteria stipulated under paragraph 105 of the Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021 shall be withdrawn with immediate effect in light of the change of the criteria for notification as a ‘Financial Institution.’ The Master Direction on Non-Banking Financial Company-Housing Finance Company (Reserve Bank) Directions, 2021, will be amended as a result.