ICAI has issued show cause notice to two Chartered Accountants, who were caught on tape talking about converting black money by charging a commission of 30% to 40%.

The premier accounting body of the country said that it is pained and concerned about this grave matter.

The ICAI will launch disciplinary proceedings against the erring members and will impose penalty by following due process, said a press release.

The sting operation was carried out by Aaj Tak news channel.

ICAI said that it welcomes the historic decision of government to scrap currency notes of Rs 500 and Rs 1,000 denomination to fight corruption, black money, terrorism and counterfeit currency.

It described the move as a giant leap towards creating a clean and corruption-free economy.

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.