The Institute of Company Secretaries of India (ICSI) has announced a special scheme for the restoration of membership, offering exemption in entrance and restoration fees for a limited time. This scheme aims to facilitate the return of non-current or inactive members to the institute.
1. Eligibility: The scheme is open to non-current or inactive members who have not paid the annual membership fee of previous financial year(s).
2. Restoration Process: Members can avail of the scheme by submitting Form-BB along with the requisite payment through online mode only. Restoration will be effective from the date of receipt of payment and Form-BB.
3. Concessional Features: The scheme offers a one-time window for restoration with concessional amounts. Notably, neither the Entrance Fee nor the Restoration Fee is payable under this scheme.
4. Total Fee: The total fee payable includes the annual membership fee for the financial year 2024-25 and any arrears of annual membership fee from previous years.
5. GST Applicability: Applicable GST at 18% will be levied on the total amount payable for the restoration of membership.
6. Time Limit: The scheme is open for a limited duration from 1st May, 2024, to 31st May, 2024. After this period, normal entrance and restoration fees will apply.
Conclusion: The one-time Special Scheme for Restoration of Membership by ICSI presents a unique opportunity for non-current or inactive members to rejoin the institute without incurring entrance and restoration fees. By availing of this scheme, members can restore their membership status and continue their pursuit of professional excellence. However, it’s essential to act within the specified time frame as the scheme is valid only until 31st May, 2024.
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THE INSTITUTE OF
Company Secretaries of India
IN PURSUIT OF PROFESSIONAL EXCELLENCE
Statutory body under an Act of Parliament
(Under the jurisdiction of Ministry of Corporate Affairs)
One-time Special Scheme for RESTORATION OF MEMBERSHIP with exemption in Entrance and Restoration fees payable-2024
Open for limited duration only from 1st May, 2024 till 31st May, 2024
> Can be availed by all non-current / inactive members who have not paid annual membership fee of previous financial year(s).
> Restoration will be effective from the date of receipt of payment and Form-BB.
> This Scheme will provide a one-off window for restoration of membership with concessional amount without creating any reference/precedence for future.
> The salient concessional feature of the Scheme is that neither Entrance Fee of Rs. 2000/- nor Restoration fee of Rs. 250/- is payable.
> The total fee payable will include the annual membership fee of FY 2024-25 and arrears of annual membership fee of previous years (if any).
> Application for restoration in Form-BB, complete in all respects, is to be submitted along with the requisite payment through Online mode only.
> The restoration will have no retrospective effect.
> Applicable GST @18% will be levied on the total amount payable for restoration of membership.
PS- After 31st May, 2024, Entrance Fee of Rs. 2000/- and Restoration fee of Rs. 250/-will again become payable along with arrears of annual membership fee (if any) for restoration of membership.
