ICAI and IAGES Join Hands to Shine in India’s Gold Industry
The Institute of Chartered Accountants of India (ICAI) signed a landmark Memorandum of Understanding (MoU) with the Indian Association of Gold Excellence and Standards (IAGES) to implement a strong accreditation framework for the vast gold industry value chain in India. The sector includes an estimated six lakh partners. On July 30, Charanjot Singh Nanda, ICAI President, and Kaushlendra Sinha, CEO of IAGES, formalized the agreement in the presence of Union Minister of Law and Justice, Arjun Ram Meghwal. This collaboration aims to enhance governance, standardization, and ethical practices throughout the gold sector while creating new professional avenues for ICAI members.
Gold Standard Vision And Collaborative Effort Highlighted By Minister
Minister Arjun Ram Meghwal praised the joint effort, highlighting the importance of standardization in the gold industry. He recalled, “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.” His remarks set the tone for the partnership’s potential to shape the future of gold standards in India.
ICAI’s Commitment To Excellence And Industry Reform
Charanjot Singh Nanda, ICAI President, emphasized the MoU’s role in aligning Indian gold industry standards with global best practices. He stated, “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.” ICAI will also engage its Professional Development Committee to raise awareness and support empanelment of CA firms for the gold sector work.
ICAI’s Role And Reach In Professional Development
ICAI, established by the Chartered Accountants Act of 1949, regulates the CA profession in India. It operates under the Ministry of Corporate Affairs, with over 14.5 lakh members and students, making it the world’s largest professional accountancy body. ICAI maintains 182 branches within India, supported by a global network of 54 overseas chapters and 31 representative offices in 47 countries. This vast network positions ICAI to play a key role in upgrading governance and professional standards in India’s gold industry through this MoU.
Key MoU Highlights
- ICAI and IAGES to accredit 6 lakh gold value chain partners
- Ministry of Law and Justice supports collaboration
- Framework aligns gold sector with global standards
- ICAI to offer professional opportunities to members
- Awareness campaigns and empanelment via ICAI Professional Development Committee
(With Inputs From ANI)
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