The Institute of Cost Accountants of India
(Statutory body under an Act of Parliament)
Dear Professional Colleagues,
Greetings from the Institute…
First and foremost, I hope you and your families are safe and well. The last few days have seen unprecedented decisions by the Government for all of us.
This is to inform you that the employees of the Institute are working remotely at home until the prevalent situation improves.
It is being observed that number of members of the Institute, whether in practice or not, have raised concerns over the payment of Annual Membership Fee and Renewal of Certificate of Practice on or after 1st April 2020 in wake of COVID 19 lock down.
We wish to inform such members that:
Members not holding Certificate of Practice:
1. As per Regulation 7(3), the Membership Fee (Associate and Fellow) becomes due on 1st April each year. It is further brought to your notice that Regulation 7(6) allows payment of membership fee within six months from the date on which it becomes due. Accordingly, the members may pay their Annual Membership Fee for the year 2020-21 within 30th September, 2020.
Members holding Certificate of Practice:
1. As per Regulation 7(5)(a) of Cost and Works Accountants Regulations, 1959, the Annual Fee for Certificate of Practice becomes due on 1st April each year. It is further brought to your notice that Regulation 11(1)(d) provides for cancellation of Certificate of Practice in case of non-payment of fee till 30th June of the relevant year. It is clarified that all members holding certificate of practice till 31st March, 2020 may apply for renewal of COP for the year 2020-21 in prescribed Form M3 together with Annual Membership Fee & COP Fee for the year 2020-21 within 30th June, 2020.
2. All applications for renewal of COP received till 30th June 2020 will be processed without any break period, consequently COP will remain continued from 1st April 2020 itself. This is as per the regulation 11(1)(d) of the Cost and Works Accountants Regulations, 1959.
3. Friends, as informed, the executives of the Institute are working from home due to the Lock Down imposed by the Government as a measure to prevent the spread of COVID 19. It is being ensured that applications for Renewal of Certificate of Practice being received online are being processed within 24 hours. You may login to online membership portal at www.icmai.in for applying online.
We are looking forward to your continued support in delivering the members services smoothly in this time of calamity.
Wishing you and all your loved ones safe and secure time; Stay Indoors Stay safe;
With regards,
CMA Balwinder Singh
President
The Institute of Cost Accountants of India
Source- Pop Up Message on https://icmai.in/icmai/
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