New Delhi, April 27, 2017

Acts on media reports post demonetisation

The CA Institute's Board of Discipline has found four Chartered Accountants (CAs) guilty of professional misconduct.

Acting on certain media reports post the Government's November 8 demonetisation announcement of last year, the CA Institute had initiated suo-motu action in five cases for violation of the CA law. These CAs were seen to be helping clients convert their unaccounted incomes as tax paid ones.

While four CAs have been held guilty for advising clients in a manner that was in violation of the CA Act, the remaining one case would be concluded shortly once the awaited information is received, the CA Institute said in a statement on Thursday.

However, this professional body declined to disclose the names of the four CAs, citing judicial pronouncements requiring confidentiality of the names and the region they represented.

[The Hindu Business Line]