Disciplinary proceedings against stung CAs
WHILE welcoming the historic decision of Government of India (of demonetisation of old Rs.500 and Rs.1000 notes) to fight against Corruption, Black Money, Terrorism and counterfeit Currency, The Institute of Chartered Accountants of India (ICAI) has issued a Press Release in the matter of a Sting Operation carried out by "Aaj Tak" News channel wherein two members of ICAI are shown talking about converting black money by charging a commission of 30% to 40%.
The Institute says -
- 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.