ICAI to take strict action against two erring members

Chartered accountants' apex body ICAI today said it will initiate disciplinary proceedings against two of its members who reportedly offered to convert black money by charging hefty commissions.
The Institute of Chartered Accountants of India (ICAI) has issued showcause notices to the two members.
The move follows a Hindi television channel showing two chartered accountants talking about converting black money by charging commission.
In a release, ICAI said it would "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".

Without disclosing details about the two members, the institute said it was pained about the grave matter which is being 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 endeavour. This act by the members is unacceptable to ICAI," the release said.
According to the institute, demonetisation of Rs 500 and Rs 1,000 notes has dealt a lethal blow to the parallel economy that has casted its ugly shadow on the nation's economy for long.