The Institute of Chartered Accountants of India (ICAI) has removed the names of 5535 members from its membership list due to non-payment of fees. This action was taken in accordance with Regulation 20 of the Chartered Accountants Regulations 1988, and it was authorized by Regulation 19 of the ICAI Council.
The official notification stated that the Council of the Institute of Chartered Accountants of India has, retrospectively, restored the names of certain members to the Register of members. The notification did not specify the names of the affected members but mentioned that the restoration was done with reference to certain dates.
This action underscores the importance of adhering to membership requirements and financial obligations within professional organizations like the ICAI. Members are typically required to pay their fees promptly to maintain their active status within the organization. Failure to do so can lead to the removal of their names from the membership list.
