New Delhi, Oct 21 (UNI) The Union Cabinet, chaired by Prime Minister, Narendra Modi, on Wednesday approved the Mutual Recognition Agreement between the Institute of Chartered Accounts of India (ICAI) and the Malaysian Institute of Certified Public Accountants (MICPA) to enable appropriately qualified CA members of either Institute to join the other Institute by receiving appropriate credit for their existing accountancy qualification, Information and Broadcasting Minister Prakash Javadekar said.

ICAI and MICPA would enter into an arrangement for the purpose of recognition of each other's qualification through specific module of papers and determining the basis upon which admission to membership of appropriately qualified members of the other body may occur.