Show cause notice to two CAs who spoke of converting black money

Institute of Chartered Accountants of India (ICAI) will launch disciplinary proceedings against the erring members and will impose penalty

GN Bureau | November 15, 2016


#Rs 500   #Rs 1000   #Cashless Economy   #Black Money   #Bank Notes   #Corruption  


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.

Comments

 

Other News

UPI completes 10 years of digital payments revolution

The Unified Payments Interface (UPI), launched on August 25, 2016 by the National Payments Corporation of India (NPCI) under the regulatory oversight of the Reserve Bank of India (RBI), has completed 10 years of transforming digital payments in India. UPI has emerged as the backbone of India’s digi

Here’s an I.D.E.A. for career growth and success

Success in today’s professional organisation is no longer solely determined by academic qualifications, technical expertise or years of experience. While these attributes do matter, organisations increasingly value individuals who demonstrate the right mindset and behavioural qualities. The ability

PM interacts with CEOs, founders of space startups

Prime minister Narendra Modi interacted with CEOs and Founders of 20 Space Startups at Seva Teerth on Friday.   CEOs of leading companies in the space sector working in diverse fields ranging from building rockets and reusable semi-cryogenic launch vehicles, avionics, satelli

From one cow to a dairy business

In 2012, Anita Dash wasn`t dreaming of building a dairy brand. She wasn`t studying business models or planning market expansion. Like countless mothers across India, her focus was on something much simpler: giving her children a better future.   At the time, her most valuable

Ethanol blending: The two sides of a story

India`s crude oil consumption is estimated to be around 88.5% imported from abroad. This one single figure is also responsible for why ethanol has become both an economic strategy and fuel policy at the same time. In an economy like India, which depends so heavily on foreign oil, any increase in internat

Food inflation: Not a macroeconomic statistic but a developmental indicator

India`s retail inflation shows a reassuring picture at first glance. According to the latest data, Consumer Price Index (CPI) inflation edged up to 4.38% in June 2026 from 3.93% in May 2026, but continued to remain within the Reserve Bank of India`s (RBI) target band of 4% (+/- 2%). However, beneath this

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter