The Government has approved the renewal of the Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and the College of Banking and Financial Studies (CBFS), Oman with the aim of developing a mutually beneficial relationship in the best interest of members, students and the Institutes. It is expected that through this mechanism, an opportunity will be provided to ICAI members to expand their Professional horizons and substantial goodwill be generated for India, Indian Citizens and Indian Chartered Accountants in the Sultanate of Oman leading to greater employment and enhancement of remittances by Indian nationals to India. The ICAI Oman (Muscat) Chapter contributes in developing close relationships with the local Omani Community and has enabled Omani Nationals to pursue the Indian Chartered Accountancy course.

This was stated by Shri Arjun Ram Meghwal, Minister of State for Corporate Affairs in written reply to a question in Lok Sabha.

MoU renewal for international institutional cooperation to expand accountancy training and professional mobility across borders. Renewal of a Memorandum of Understanding endorses continued institutional cooperation to develop professional and educational links, create pathways for members and students to expand professional horizons, enable host-state nationals to pursue the Indian accountancy course, and promote goodwill expected to support employment prospects and increased remittances.