Cpe hours question

CPE requirements shall not apply to a member, for the year during which he gets his membership for the first time.
- View ICAI clarification at https://bit.ly/1z2ykf9
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Hence, you are exempted for the Calendar Year 2014. For the Calendar Years 2015 & 2016 you would be required to comply with proportionate CPE hour’s requirement.
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Action against non-complying members, as per para 8 of 'Statement on CPE' (revised w.e.f. 01.01.2011): Download
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"Penal action, as decided by the Council from time to time, may be taken against the members who fail to comply with the requirements of this Statement. However any such penal action will be announced in advance for information of the members who are covered under the provisions of the Statement
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The Council may, however, take any other action in accordance with the provisions of the Chartered Accountants Act 1949 and The Chartered Accountants Regulations, 1988 and modifications made thereunder from time to time."
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[You may read the penal provisions for the block period of 3 years (01.01.2011 to 31.12.2013) at https://bit.ly/1thgcOZ. For the Calendar Year 2014, last date has been extended to 31.03.2015.]