In pursuance of the Regulation 159 1 of the Chartered Accountants Regulations, 1988, the Council

## Report on Notification Regarding the Establishment of Bhagalpur Branch of Central India Regional Council of ICAI **1. Executive Summary:** This report analyzes a notification issued by the Institute of Chartered Accountants of India (ICAI) on June 6, 2022, regarding the establishment of a new branch of the Central India Regional Council (CIRC) in Bhagalpur, Bihar. The core purpose of this notification is to formally announce the creation of this branch and define its geographical jurisdiction. The key finding is that the new branch will serve not only Bhagalpur city but also several surrounding towns within a 50 km radius, expanding the reach and services of the ICAI in the region. **2. Introduction:** This report provides an overview and analysis of the notification published by the ICAI on June 6, 2022, concerning the establishment of the Bhagalpur Branch of the Central India Regional Council. The analysis is based solely on the provided text of the notification. **3. Policy Overview:** This is a new policy establishing a new branch, not an amendment. * **Core Objective(s):** The core objective is to formally establish a branch of the Central India Regional Council of the ICAI in Bhagalpur, Bihar, and to define the geographical area it will serve. **4. Background and Rationale:** * **New Policy Rationale (Inferred):** The establishment of a new branch in Bhagalpur likely aims to improve access to ICAI's services, resources, and regulatory oversight for Chartered Accountants and students in the Bhagalpur region. The creation of the branch suggests a growing number of Chartered Accountants or aspiring professionals in the area, warranting a local presence for better administrative support and professional development opportunities. The 50km radius expands the reach beyond Bhagalpur, servicing more communities and individuals within. **5. Key Provisions / Changes:** * **New Policy Provisions:** * The notification formally announces the establishment of the "Bhagalpur Branch of Central India Regional Council" of the ICAI, effective May 19, 2022. * The headquarters of the branch will be located in Bhagalpur, Bihar. * The jurisdiction of the branch extends to the following cities/towns within a 50 km radius of Bhagalpur: Banka, Jamalpur, Kahalgaon, Munger, and Naugachia. * The branch will function under the control, supervision, and direction of the Council through the Central India Regional Council. * The branch will carry out directions issued by the Council from time to time. **6. Target Audience and Stakeholders:** Based on the provided text, the primary target audience and stakeholders are: * Members of the ICAI residing or practicing in Bhagalpur and the surrounding areas (Banka, Jamalpur, Kahalgaon, Munger, and Naugachia). * Students pursuing Chartered Accountancy in the specified region. * The Central India Regional Council (CIRC) of ICAI. * The Council of the Institute of Chartered Accountants of India. **7. Implementation Aspects (Inferred):** * **Responsible Agency/Bodies:** The key responsible bodies are the Council of the ICAI, the Central India Regional Council, and the newly established Bhagalpur Branch itself. * **Timelines or Procedures:** The notification states that the branch is established with effect from May 19, 2022. The text doesn't specify other explicit timelines or procedures for the branch's operational setup beyond adhering to the directions issued by the Council through CIRC. **8. Expected Outcomes / Impact of Changes:** * **Expected Outcomes of the New Policy:** * Increased accessibility of ICAI services and resources for members and students in the Bhagalpur region. * Improved administrative support and facilitation for Chartered Accountants. * Enhanced professional development opportunities and networking within the local community. * Strengthened regulatory oversight and compliance in the region. * Potential growth in the number of Chartered Accountants and students in the area due to increased local support. **9. Conclusion:** The establishment of the Bhagalpur Branch of the Central India Regional Council represents a significant step towards extending the reach and impact of the ICAI in the Bihar region. By providing a local presence and defined jurisdiction, the branch is expected to enhance services for members and students, foster professional development, and strengthen regulatory oversight, ultimately contributing to the growth and advancement of the Chartered Accountancy profession in the region.

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