The Council in its 283rd meeting considered the difficulties being faced by the members in service while complying with the requirements for admission as fellow member in terms of Regulation 5 (3) and decided that the Members who are not in practice be admitted to Fellow Membership provided the member has been an Associate Member for a continuous period of five years and submits a self-declaration to the effect that he has been in Government service or is ordinarily holding or has held for a continuous period of not less than five years any one or more posts carrying duties relating to accounts, cost accounts, audit, finance, taxation, company law, administration and / or secretarial work in:-
- an educational institution approved by the Council: or
- a private or government, industrial, commercial or trading undertaking having a minimum paid-up capital of Rs. 25 lakhs or a minimum turnover of Rs. 50 lakhs or a minimum paid-up capital of Rs. 10 lakhs and a minimum turnover of Rs. 30 lakhs or a minimum total assets of Rs. 50 lakhs.
- Employed under a statutory authority; or
- Employed under a local authority having within its jurisdiction a population of not less than 5 lakhs during each of the five years of his service.
The Council also clarified that there will be no change in the eligibility requirements so far as the Members in practice and full time paid assistants under practising Chartered Accountants or firm of Chartered Accountants are concerned.
It is further clarified that there will be no change in other conditions and requirements for admission as a Fellow member.
For format of Self declaration Form please visit to www.icai.org