Government Weighs Inclusion of CA, CS Firms in PM Internship Scheme

Professional Services firms such as Chartered Accountants, Cost Accountants and Company Secretaries may be included in the Prime Minister’s Internship Scheme (PMIS), as per news reports.  

ICAI President Prasanna Kumar D said the government is examining a way to allow these firms to take part, as the scheme is currently linked to corporate social responsibility (CSR) spending by companies. 

Eligibility Norms Under Discussion 

Under the present structure, only companies can use CSR funds to support interns. Professional firms do not fall under this framework, and the ministry is considering a separate provision.  

ICAI said it is in talks with the Ministry of Corporate Affairs to set eligibility norms and decide the number of interns each firm may take. 

Internship Payments and Coverage 

Interns under PMIS receive ₹6,000 through direct benefit transfer. They are also covered under the Pradhan Mantri Jeevan Jyoti Bima Yojana and the Pradhan Mantri Suraksha Bima Yojana. 

In addition, they receive ₹5,000 a month. Of this, ₹4,500 is funded by the government and ₹500 is contributed by the company through CSR funds. Companies may provide higher support if they choose. 

ICAI has recommended that spending on vocational training be treated as CSR expenditure. Costs incurred after an intern becomes a full-time employee should be treated as regular business expenses, in line with Section 135 and Schedule VII of the Companies Act. 

Corporate Mitra Plan 

Separately, the Institute plans to launch the Corporate Mitra programme by 31 May. The initiative will train graduates for 9 months, including 6 to 7 months of practical exposure at ICAI branches. 

After training, these graduates are expected to assist micro, small and medium enterprises with bookkeeping and compliance tasks. The programme follows the Union Budget proposal to build a network of accredited paraprofessionals, especially in Tier-II and Tier-III towns. 

System Audits and Case Reviews 

ICAI has issued guidelines for system audits covering areas such as information technology and cybersecurity processes. These are expected to be voluntary at first and may become mandatory later. 

The Institute is also reviewing around 10-15 public interest cases, including those related to Gensol Engineering and IndusInd Bank, through its Financial Reporting Review Board. 

Read More: PM Internship Scheme: MCA Proposes to Revise Age and Duration Rules! 

Conclusion  

If approved, the change would allow more training slots outside the corporate sector. The eligibility framework for professional firms is still being worked out. 

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