PM had sought action against erring CAs
This development comes within a few weeks of Prime Minister Narendra Modi indicating stringent measures against those involved in money laundering — including through shell companies — following demonetisation, and asking the ICAI to hasten action against CAs “helping tax evaders.”
Mr. Modi had said it was worrying that there were over 1,400 cases pending against CAs for several years, and that it took years for the ICAI to take a single decision.
Response from Institute of Chartered Accountants of India
The Institute of Chartered Accountants of India (ICAI) has said 4,445 complaints have been registered against CAs as on June 30 this year, and punishment has been awarded in 402 cases until March 2017. The CA regulator, however, said it was pushing for amendments to the norms to help expedite action against wrongdoers in the profession.
The Institute of Chartered Accountants of India (ICAI) is the national professional accounting body of India. It was established on 1 July 1949 as a statutory body to regulate the profession of Chartered Accountancy in India.
(Adapted From The Hindu)