Demonetisation: ICAI shares advisory asking members to be careful while sharing views on the issue, later withdraws

By: | Updated: December 10, 2016 6:43 PM

The Institute of Chartered Accountants of India (ICAI) has withdrawn an advisory today asking its members to not give negative views on demonetisation.

Institute of Chartered Accountants in India had issued an advisory to its members asking them avoid critisicing the demonetisation step.(Reuters)Institute of Chartered Accountants in India had issued an advisory to its members asking them avoid critisicing the demonetisation step.(Reuters)

The Institute of Chartered Accountants of India (ICAI) has withdrawn an advisory today asking its members to not give negative views on demonetisation, saying it was an “inadvertent mistake, ‘news.18.com’ report has said.” Earlier, the Institute of Chartered Accountants in India had issued an advisory to its members, asking them to avoid critisicing the demonetisation step of the government, in which Rs 500 and Rs 1,000 notes were banned. A circular issued by the body said, “All members are advised to be more cautious and careful while advising their clients, sharing/writing their views on any platform regarding demonetisation.”

“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 advice comes after six cases of CAs involved in illegalities was brought to its notice. The circular also said that the ICAI is making all efforts to discipline erring members. It further added that immediate steps have been taken to launch probe against the concerned members under the Chartered Accountants Act and other laws in the country.

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Apart from this, the national chartered accountancy regulator called the ban of high-valued notes a boost to economic growth of the country and a huge blow to the parallel economy run by black money. It said that the move will not only eliminate black money, but it will also reduce activities of anti-nationals from cross-border financed by fake currency, adding that it had always supported Centres bold steps to strengthen India’s economic growth and flush out black money and corruption.

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Last month, Prime Minister Narendra Modi had announced that the ban of high-valued notes. After the decision, few steps were announced to promote digital transactions to bring in “cashless economy” in the country. As per ‘Scroll.in’, the nation as been facing cash crunch, with banks and ATMs running out of money even after assurances from the government and Reserve Bank of India that there was enough money in circulation.

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