Cabinet clears renewal of pact between ICAI, Oman-based CBFS

Cabinet today approved renewing the Memorandum of Understanding entered into by chartered accountants' apex body ICAI and Oman's College of Banking and Financial Studies (CBFS).
The Institute of Chartered Accountants of India (ICAI) has a membership base of over 6,000 in the Middle East region. The MoU aims at providing assistance to CBFS by admitting Omani nationals to the membership of ICAI.
During its meeting today, the Union Cabinet chaired by Prime Minister Narendra Modi gave "ex-post facto approval" for the MoUs signed in 2008 and 2011 as well as for renewal of MoU between ICAI and CBFS, an official release said.

"The MoU will facilitate working together for strengthening the accounting, financial and audit knowledge base within Oman," it added.
According to the release, such activities, substantial goodwill is expected to be generated for India, Indian citizens and Indian Chartered Accountants in the Sultanate of Oman. "It is also expected to lead to enhancement of remittances by Indian nationals to India," the release said.
A government organisation, CBFS was set up by a Royal Decree of the Sultanate of Oman in 1983. The college aims to educate and train bankers as well as encourage research in banking and financial subjects.