ICAI suspends 4 members for lapses during demonetisation

Chartered accountants' apex body ICAI has penalised and suspended the membership of four for providing advice that encouraged money laundering during the demonetisation period.
Each of the four members have been slapped with a fine of Rs 1 lakh.
In a statement today, ICAI said the four members have been found guilty of "having brought disrepute to the profession thereby violating the applicable provisions of the Chartered Accountants Act".
The Institute of Chartered Accountants of India (ICAI) Board of Discipline has imposed the maximum penalty upon all four erring members.
The four chartered accountants' membership has been suspended for three months apart from imposing penalties on each of them under Schedule I of the Chartered Accountants Act.

According to the statement, the institute was seized of five cases against chartered accountants "who have been found advising/guiding in a manner encouraging money laundering during the currency demonetisation period".
As part of efforts to tackle the black money menace as well as curb corruption, the government had cancelled old Rs 500 and 1,000 currencies as legal tenders last November.
The institute also said that keeping in view the severity of the allegations, the proceedings against the members concerned were completed in the shortest possible time.