The Institute of Chartered Accountants of India (ICAI) has slapped notices on four CAs for their "alleged acts of professional misconduct" following demonetisation of Rs 500 and 1,000 notes, a top official said on Saturday.
ICAI president M.Devaraja Reddy said that the CAs -- whose identities were not revealed -- have been served notice under the Chartered Accountants Act, 1949 and Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules 2007.
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ICAI also advised its members not to criticise the demonetisation move in their writings.
Two more cases are in progress, Reddy said.
In one case, the ICAI has sought information from Principal Commissioner of the Income Tax Department in Pune. In another case, the details have been solicited from the Income Tax Department in Ahmedabad. The ICAI has also sought information from a private television channel for a third case.
"It is a matter of grave concern and distress when certain news reports/video clippings come in the public eye, depicting certain CAs indulging in such acts of illegality which go against the efforts of the government in eradicating corruption and black money from business and commercial transactions," Reddy said in a sharply worded advisory to the ICAI members.
Issuing a virtual gag order on the ICAI website, Reddy said that all members were cautioned "to keep national interest foremost while advising their clients".
"The members are strictly advised not to indulge in any nefarious act to subvert the intentions of the government in any remote possible way. The members are also advised not to share/write any negative personal views by way of an article or interview on any platform regarding demonetisation," he said.
Reddy urged the CAs to work towards the best interest of the nation in keeping with true spirit of the principle of ICAI i.e. 'Partner in Nation Building'.
ICAI, a statutory body set up by an act of parliament, has over 250,000 members as fellows or associates with more than half in full time practice.
Most of their members hail from western India, while eastern India accounts for the lowest ICAI membership.
