The Institute of Chartered Accountants of India (ICAI) welcomes the historic decision of Government of India to fight against Corruption, Black Money, Terrorism and counterfeit Currency. This is a giant leap towards creating a clean and corruption-free economy. The Demonetisation drive declared by the Hon’ble Prime Minister, Shri Narendra Modi has dealt a lethal blow to the parallel economy that has casted its ugly shadow on the nation’s economy for long.

The CA fraternity of over 2.50 lakh members equipped with its incisive knowledge in the area of accounting and finance is best equipped to guide the nation through this journey. CA. M. Devaraja Reddy, President, ICAI has appealed to all ICAI members to be a part of this bold move which 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.

It is learnt that a Sting Operation was carried out by “AajTak” News channel wherein two members of ICAI are shown talking about converting black money by charging a commission of 30% to 40%. This interview has caused immense distress amongst the CA fraternity and the same has been treated as a serious misconduct causing disrepute to the profession. This professional misconduct by the CA members also contradicts the stand of ICAI in eradicating black money and lending support to the Government of India in this endeavor. This act by the members is unacceptable to ICAI.

ICAI, as the premier accounting body of the country is pained and concerned about this grave matter and in terms of the provisions of the Chartered Accountants Act, 1949 and the Rules framed thereunder, has issued show cause notice to the two Chartered Accountants.

The ICAI will launch Disciplinary proceedings against the erring members and will impose penalty by following due process as per the Disciplinary provisions of the Chartered Accountants Act, 1949 and the Rules framed thereunder.