CAs must not write or share their negative views on the currency ban on any platform, said the Institute of Chartered Accountants in India in a circular.
The Institute of Chartered Accountants in India on Friday were issued an advisory to its members to refrain from critisicing the Centre’s move to scrap Rs 500 and Rs 1,000 notes. “All members are advised to be more cautious and careful while advising their clients, sharing/writing their views on any platform regarding demonetisation,” a circular issued by the body said.
“Members are strictly advised to not indulge in any nefarious acts...and also to not share/write any negative personal views by way of an article or interview on any platform regarding demonetisation.” The advisory comes after six cases of CAs indulging in “acts of illegality” was brought to the ICAI’s notice. “The ICAI is unsparing in its efforts to discipline erring members,” the circular said. “Immediate steps” have been taken to launch an investigation against the concerned members under the Chartered Accountants Act and other laws in place.
Moreover, the national chartered accountancy regulator called the currency ban a “definitive boost to economic growth” and a “lethal blow to the parallel economy” run by black money. “This move will not only eliminate black money, but it will also choke the activities of anti-nationals from across the border financed by fake currency,” the ICAI said, adding that it had always supported the government’s “bold initiatives” to strengthen India’s economic growth and “weed out black money and corruption”.
On November 8, Prime Minister Narendra Modi had announced that the high-denomination currency notes were no longer legal tender. Since then, a slew of initiatives have been announced to promote digital transactions to bring in a “cashless economy” in India. The country has been grappling with a cash crunch, with banks and ATMs running out of money despite assurances from the government and Reserve Bank of India that there was enough money in circulation.
Courtesy: Scroll.in
“Members are strictly advised to not indulge in any nefarious acts...and also to not share/write any negative personal views by way of an article or interview on any platform regarding demonetisation.” The advisory comes after six cases of CAs indulging in “acts of illegality” was brought to the ICAI’s notice. “The ICAI is unsparing in its efforts to discipline erring members,” the circular said. “Immediate steps” have been taken to launch an investigation against the concerned members under the Chartered Accountants Act and other laws in place.
Moreover, the national chartered accountancy regulator called the currency ban a “definitive boost to economic growth” and a “lethal blow to the parallel economy” run by black money. “This move will not only eliminate black money, but it will also choke the activities of anti-nationals from across the border financed by fake currency,” the ICAI said, adding that it had always supported the government’s “bold initiatives” to strengthen India’s economic growth and “weed out black money and corruption”.
On November 8, Prime Minister Narendra Modi had announced that the high-denomination currency notes were no longer legal tender. Since then, a slew of initiatives have been announced to promote digital transactions to bring in a “cashless economy” in India. The country has been grappling with a cash crunch, with banks and ATMs running out of money despite assurances from the government and Reserve Bank of India that there was enough money in circulation.
Courtesy: Scroll.in