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Cabinet approves Memorandum of Understanding between Institute of Chartered Accountants of India and The Chartered Accountants of the Maldives

Published By : Admin | May 17, 2023 | 16:00 IST

The Union Cabinet, chaired by the Hon'ble Prime Minister Shri Narendra Modi, today approved the signing of Memorandum of Understanding between Institute of Chartered Accountants of India (ICAI) and The Chartered Accountants of the Maldives (CA Maldives).

Details:

ICAI and CA Maldives aim to establish mutual co-operation for the advancement of Accounting Knowledge, Professional and Intellectual Development, Advancing the interests of their respective members and positively contributing to the development of the Accountancy Profession in the Maldives and India.

Impact:

This MoU besides aiding CA Maldives will provide an additional impetus to prospects of the ICAI Members to get professional opportunities in Maldives in short to long term future. With this MoU, ICAI would be able to help strengthen the partnership with Maldives by providing the export of services in accountancy profession, ICAI members are holding middle to top level positions in various organisations across the countries and can influence the decision/policy making strategies of respective organisations of a country

Benefits:

The MoU will provide an opportunity to ICAI members to expand their professional horizon and provide impetus to ICAI to aid in the strengthening the capacity building of local nationals. The MoU will foster strong working relations between India and Maldives. The agreement would increase mobility of professionals at either end and also would herald a
new dimension for business globally.

Implementation Strategy and Targets:

The MoU aims to strengthen cooperation between ICAI and CA Maldives in the matters of accountancy profession through exchange of views, information in respect of Professional Accountancy Training, Professional Ethics, Technical Research, Professional Development of Accountants. It is also intended to promote mutual cooperation through linkages to each others' website, seminars, conferences, students exchange programmes and other joint activities mutually beneficial to both the institutes. This MoU will also provide updates on the development of the accountancy profession in India and Maldives to promote the profession in the world. Further, CA Maldives intends to become the member of International Federation of Accountants (IFAC), the global voice of accountancy profession with more than 180 members in 135 countries. ICAI will do technical due diligence for CA Maldives to make CA Maldives the member of IFAC.

Background:

The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountants in India. ICAI has contributed immensely in the field of education, professional development, maintenance of high accounting, auditing and ethical standards in furtherance of the profession of Chartered Accountants, which is recognized globally.

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Cabinet approves increase in the Judge strength of the Supreme Court of India by Four to 37 from 33
May 05, 2026

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi today has approved the proposal for introducing The Supreme Court (Number of Judges) Amendment Bill, 2026 in Parliament to amend The Supreme Court (Number of Judges) Act, 1956 for increasing the number of Judges of the Supreme Court of India by 4 from the present 33 to 37 (excluding the Chief Justice of India).

Point-wise details:

Supreme Court (Number of Judges) Amendment Bill, 2026 provides for increasing the number of Judges of the Supreme Court by 04 i.e. from 33 to 37 (excluding the Chief Justice of India).

Major Impact:

The increase in the number of Judges will allow Supreme Court to function more efficiently and effectively ensuring speedy justice.

Expenditure:

The expenditure on salary of Judges and supporting staff and other facilities will be met from the Consolidated Fund of India.

Background:

Article 124 (1) in Constitution of India inter-alia provided “There shall be a Supreme Court of India consisting of a Chief Justice of India and, until Parliament by law prescribes a larger number, of not more than seven other Judges…”.

An act to increase the Judge strength of the Supreme Court of India was enacted in 1956 vide The Supreme Court (Number of Judges) Act 1956. Section 2 of the Act provided for the maximum number of Judges (excluding the Chief Justice of India) to be 10.

The Judge strength of the Supreme Court of India was increased to 13 by The Supreme Court (Number of Judges) Amendment Act, 1960, and to 17 by The Supreme Court (Number of Judges) Amendment Act, 1977. The working strength of the Supreme Court of India was, however, restricted to 15 Judges by the Cabinet, excluding the Chief Justice of India, till the end of 1979, when the restriction was withdrawn at the request of the Chief Justice of India.

The Supreme Court (Number of Judges) Amendment Act, 1986 further augmented the Judge strength of the Supreme Court of India, excluding the Chief Justice of India, from 17 to 25. Subsequently, The Supreme Court (Number of Judges) Amendment Act, 2008 further augmented the Judge strength of the Supreme Court of India from 25 to 30.

The Judge strength of the Supreme Court of India was last increased from 30 to 33 (excluding the Chief Justice of India) by further amending the original act vide The Supreme Court (Number of Judges) Amendment Act, 2019.