Introduction: The Institute of Cost Accountants of India (ICMAI) has issued a stern notice regarding the removal of members’ names from the Register of Members for non-payment of fees. This action comes after sending notices to defaulting members with outstanding dues as of September 30, 2023.
Detailed Analysis: The notice, dated October 3, 2023, was dispatched to defaulting members via email and Registered Post, adhering to the legal provisions outlined in the Cost and Works Accountants Act, 1959, and its corresponding regulations. According to clause (c) of sub-section (1) of Section 20, defaulting members were given a grace period of forty-five days from the receipt of the notice to clear their membership dues.
As of November 30, 2023, ICMAI has declared that fees from defaulting members will not be accepted. Consequently, the names of these members will be removed from the Register. However, an avenue for restoration exists. Defaulting members can reinstate their names by following the procedures outlined in sub-section (3) of Section 20 and Regulation 17 of the Cost and Works Accountants Regulations, 1959.
To restore their membership, defaulting members must complete Form M-4 and settle the arrears of annual membership fees, entrance fees, and a restoration fee of Rs.500/- plus applicable taxes (18% GST).
Conclusion: The decision to remove names from the Register underscores ICMAI’s commitment to financial discipline among its members. Defaulting members are urged to take prompt action to avoid consequences, while the restoration option provides a pathway for those seeking to rectify their membership status. The role of CMA Dr. Kaushik Banerjee as the Secretary in this process adds an authoritative touch to ICMAI’s adherence to regulatory norms. This development signals the Institute’s dedication to maintaining the integrity of its membership and financial obligations.
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THE INSTITUTE OF
COST ACCOUNTANTS OF INDIA
(STATUTORY BODY UNDER AN ACT OF PARLIAMENT)
12, SUDDER STREET, KOLKATA – 700 016.
Telephones :
+91-33- 2252-1031/1034/1035
+ 91-33-2252-1602/1492/1619
+ 91-33- 2252-7143/7373/2204
Fax :
+91-33-2252-7993
+91-33-2252-1026
Website : www.icmai.in
Ref: G/128/11/2023
November 30, 2023
NOTICE
Notice dated 3rd October, 2023 was sent to all defaulting members who had dues as on 30th September, 2023, by email as well as Registered Post in terms of clause (c) of sub-section (1) of Section 20 of the Cost and Works Accountants Act, 1959, as amended, read with Regulation 7(6) and 7(7) of the Cost and Works Accountants Regulations, 1959, as amended, to clear their membership dues within forty-five days of receipt of the Notice.
This is for information of all concerned that the fees paid by these defaulting members shall not be accepted after 30th November, 2023 and their names will be removed from the Register of Members for non-payment of fees.
However, defaulting members whose names are removed for non-payment membership fees can restore their names in terms of sub-section (3) of Section 20 of the Cost and Works Accountants Act, 1959, as amended, read with Regulation 17 of the Cost and Works Accountants Regulations, 1959, as amended, by filling up form M-4 and paying the arrears of annual membership fee, entrance fee and restoration fee of Rs.500/- plus applicable taxes (18% GST).
Sd /-
(CMA Dr. Kaushik Banerjee)
Secretary
