Marking their protest against the proposed name change of the Institute of Cost and Works Accountants of India (ICWAI), the Central Council Members, office bearers of the Regional Councils and Chapters of the Institute are sending their resignations to the President.
The ICWAI Amendment Bill, recently passed in Rajya Sabha, proposes a name change for the Institute. The Bill has proposed dropping ‘and works' from the name and shortening it to Institute of Cost Accountants of India.
In a statement issued here, the Council of ICWAI alleged that the move comes at the behest of its sister organisation, Institute of Chartered Accountants of India (ICAI) and demands the removal of ‘chartered' from its name.
“Our Institute strongly objects to the move by the sister professional body in interfering with the activities of another professional body to encourage foreign management accounting bodies to establish their presence in India to the detriment of Indian professionals,” it said in a release.