Cost and Works Accountants Act, 1959
38. Reciprocity
(1) Where any country, specified by the
Central Government in this behalf by notification in the Official Gazette,
prevents persons of Indian domicile from becoming member of any institution
similar to the Institute established under this Act or from practicing the
profession of cost accountancy or subjects them to unfair discrimination in
that country, no subject of any such country shall be entitled to become a
member of the Institute or practice the profession of cost accountancy, in
India.
(2) Subject to the provisions of sub-section
(1), the Council may prescribe the conditions, if any, subject to which foreign
qualifications relating to cost accountancy shall be recognized for the
purposes of entry in the Register.