Cost and Works Accountants Bill should be dropped: BJP
New Delhi, Dec 19 (PTI) BJP today unofficially conveyed to the government that certain terms used in Cost and Works Accountants (Amendment) Bill, 2011 - which was passed amid the din in Lok Sabha - were in violation of the agreed norms and should be dropped.
Corporate Affairs Minister M Veerappa Moily moved the Bill to amend Cost and Works Accountants Act, 1959 for consideration and passage. It was passed in the din in Lok Sabha along with three other Bills, denying the members an opportunity to debate the details of the legislation.
Later, some BJP members from the Lower House met Moily and pointed out that the Bill used the term "management" in a few clauses, which was not acceptable.
"In Clause 4, section 5 of the Bill, in place of AICA (Association of Institute of Cost Accountants), the Bill says ACMA (Association of Cost and Management Accountants).
Similarly, instead of FICA (Fellow of Institute of Cost Accountants) the Bill says FCMA (Fellow of Cost and Management Accountants)," a BJP MP said.
Except for Bangladesh and Singapore, no other country uses the term "management" as part of nomenclature for Cost and Work Accountants, chartered accountants, et al.
Clause 8 of the Bill states "Institute of Cost Accountants of India" as both the amended and the original terms. The Bill was aimed at removing Works from the original Bill which said, "Institute of Cost and Works Accountants of India".
Sources said the government is likely to take the plea in Parliament that these were "drafting errors" and shall be corrected. They said the government officials also maintained that the term management was being used as it was a request from the professionals concerned.
Opposition can press for fresh passage of the Bill with the necessary changes, they said.
The Rajya Sabha has already passed the Bill with these anomalies.
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Regarding CMA name I want to share Technical opinion that once the bill cleared from RS & LS . it can’nt be changed without assent of parliament saying that it was typographical error . bill can change only after fresh approval for RS &LS.
One of BJP MP try to protects against the CWA bill but unable to succeed bec’se one on Samajwadi party member pulled his leg & BJP MP was very angry. Now CA institute will demand refund of money from BJP MLA.
CA institute members are also opposing same designation of CA for both the institute . CA ins. Developing CA Name since last 60 years & ICWA can’t take the name from CA inst.
Govt. also want that name should ICMA from institute of cost accountants of India & no one can make govt. fool. All big positions in govt. held by Lawyers. & govt. can do that they want directly or indirectly.
After approval from President it will convert to CMA act & member can use ACMA & FCMA
Lets enjoy now onwards we are CMA’s
CAclubindia
