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May 2017

Demonetisation Policy announced by Government of India – An Advisory for Members

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ANNOUNCEMENT
For attention of Members

Demonetisation Policy announced by Government of India- An Advisory for Members

As you may be aware, the ICAI has always been supportive of the bold initiatives taken by the Government in strengthening the economic growth of our country and also in its efforts to weed out black money and corruption from our country. The recent move of Government of India to demonetize the high value denomination currency as announced by the Hon’ble Prime Minister Shri Narendra Modi is a welcome step which has given a definitive boost to the economic growth. This move, it is believed, will not only eliminate black money, but will also choke the activities of anti-nationals from across the border financed by fake currency, ensuring inclusive growth and national security in one go.

However, it is a matter of grave concern and distress to our profession when certain news reports/video clippings have come in the public eye depicting few Chartered Accountants indulging in some acts of illegality which goes against the efforts of the Government in eradicating corruption and black money. Needless to mention, ICAI is unsparing in its efforts to discipline members found erring. Immediate steps have been taken to cause an investigation against such members in terms of the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007 framed thereunder.

ICAI in its quick efforts to discourage and condemn such alleged misconduct by some of its members, is acting in the best proactive manner. So far 6 (six) cases have come to the notice of ICAI. Under the provisions of its robust disciplinary mechanism, ICAI has issued notices to its 4 (four) members calling upon them to submit their written statement under The Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007 framed thereunder. In 1 (one) case the information has been sought from the Principal Commissioner Income Tax, Pune while in the other cases information has been sought from Income Tax Department, Ahmedabad.

Members are requested not to indulge into any type of questionable practices which may bring disrepute to the profession and are specifically advised to render professional services within framework of the applicable laws and ICAI Code of Conduct, upholding and elevating the high standards enjoyed by the profession and keeping overall national interests in mind with true spirit of the principle of ICAI – “Partner in Nation Building”.

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