Those aspiring for chartered accountancy (CA) as a career option will no longer have to appear for common proficiency test (CPT) provided they score well in graduation.

The Institute of Chartered Accountants of India (ICAI) has proposed to forgo the CPT exams for commerce graduates, who pass with 55 per cent and above, and for non-commerce graduates scoring more than 60 per cent.

ICAI president Jaydeep Shah said that this will benefit a large number of CA aspirants. "The law ministry has already cleared our proposal and it is now with corporate affairs ministry. As soon as it is approved by them, the decision will come into effect," said Shah. Commerce students graduating with at least 55 per cent are expected to have a certain degree of knowledge about accountancy and hence we decided to waive off CPT exams for them," he added.

In another landmark decision, ICAI has increased the stipend of trainee students. "Considering the demand of the students in the face of increasing living costs we have decided to increase the stipend. I know that many CAs will not be happy with the move but it is for the benefit of the students," said Shah who was in the city on Friday to attend the All India CA Students' Conference. The inaugural session of the conference was addressed by Anand Gokani, great grandson of Mahatma Gandhi.

ICAI authorities further disclosed that a group has been formed to provide necessary inputs and suggestions on effectively addressing the issue of black money. (Times of India)