The Institute of Chartered Accountants of India ( ICAI ), the apex body of Chartered Accountants has initiated disciplinary actions against its four members for ‘misconduct’ with respect to offering advice on exchanging old currency notes for new ones post demonetization period.
The Government on November 8, 2017 had scrapped Rs. 1000 and Rs. 500 notes with a view to curb black money in the Indian economy. From November 8 till December 30, 2016, entities, including individuals, were allowed to deposit the invalid notes with banks. For a specific period, exchange of junked notes was also permitted.
The apex body initiated suo-moto actions against the members following media reports that post demonetization, they were providing advice in a manner that was in violation of Chartered Accountants Act and Rules framed thereunder. Reportedly, the cases related to these Chartered Accountants were taken up on a fast-track mode.
The press release dated 27.04.2017 said that “after following due process, the Board of Discipline of ICAI has found 4 Chartered Accountants guilty of misconduct under the provisions of the Chartered Accountants Act. The remaining one case where further information is awaited shall also be concluded shortly.”
