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Chartered accountants told to update knowledge

Special Correspondent

Bangalore: The inflow of foreign direct investment (FDI) into India reached $ 15.7 billion during 2006-07, and the first quarter of this year has seen $ 5 billion.

The Foreign Exchange Management Act (1999) that removed most curbs on foreign investment has helped in witnessing a boom in certain sectors such as information technology-enabled services in Bangalore and chartered accountants need to go beyond their areas of “traditional practice”, Mahesh P. Sarda, Chairman, Committee on International Trade Laws and WTO, of Institute of Chartered Accountants of India (ICAI), said here on Saturday.

Inaugurating a seminar on FDI and related laws, Mr. Sarda said that the widely publicised course started by ICAI on WTO and International Trade Laws saw only 220 people enrolling while the need for those with expertise was increasing. Chartered accountants employed by corporates and those practising independently had to update their knowledge, he added.

Seminar director K. Raghu said, “Bangalore can also become an off-shoring destination for accountants familiar with international regulations.”

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