The Institute of Chartered Accountants of India (ICAI) has announced the restriction of the revocation of Unique Document Identification Number (UDIN) to 48 hours on 23rd June 2023. This means, you can revoke the UDIN within 48 hours after its generation.
According to the announcement, the ICAI stated that “The Council, in its 420th meeting held on 23rd-24th March, 2023, decided that revocation of UDINs would now be possible within 48 hours from the time of its generation. This means that now onwards, the members will be able to revoke the UDINs, if they so desire, only within 48 hours from the time they have been generated.”
The purpose of this reform is to increase openness and dependability for the government, regulators, banks, and other parties participating in UDIN authenticity verification.
The ICAI has also stated that “As a result, the authorities/regulators/banks/others, who verify the authenticity of the UDINs would be provided with information that the UDIN, which is being verified, could only be revoked within 48 hours from the time it has been generated.”
The Unique Document Identification Number (UDIN) is an 18-Digits system generated unique number for every document certified/attested by Full time Practicing Chartered Accountants.
To curb the malpractices of certification by non-CAs by impersonating themselves as CAs, the ICAI has come out with an innovative concept of UDIN i.e. Unique Document Identification Number which has been implemented in a phased manner.
It will secure the certificates/reports/ documents attested/certified by practicing CAs. This will also enable the Regulators/Banks/Third parties to check the authenticity of the certificates/reports/documents.
Recently, in the case of M/s Patelpurta Agro Farm vs State of Uttarakhand & others, the Uttarakhand High Court confirmed the rejection of technical bid in the absence of Unique Document Identification Number(UDIN) on Tax Audit Reports produced to claim the technical bid.
Read More: Absence of UDIN on Tax Audit Reports: Uttarakhand HC confirms Rejection of Technical Bid
Within 48 hours, the CA members must carefully consider whether to revoke the UDIN or not. It wouldn’t be feasible to revoke the same once the period has passed.
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