On Friday, an advisory was issued by the ICAI for its members to abstain from writing or saying anything negative about the demonetization step taken by the Indian government.
The advisory reads,
“All members are advised to be more cautious and careful while advising their clients, sharing/writing their views on any platform regarding demonetization.”
The advisory further reads,
“Members are strictly advised to not indulge in any nefarious acts…and also to not share/write any negative personal views by way of an article or interview on any platform regarding demonetization.”
On the matter of six cases in which the CAs have been found involved in the “acts of illegality”, it says, “The ICAI is unsparing in its efforts to discipline erring members.” It also reads that steps have already been taken to begin the probe against the members who are found to be involved in illegal activities, under the Chartered Accountants Act and other concerned laws.
ICAI also supported demonetization, terming it as a “lethal blow to the parallel economy” and felt confident as it is a “definitive boost to economic growth”. It said,
“This move will not only eliminate black money, but it will also choke the activities of anti-nationals from across the border financed by fake currency.”
The ICAI further stated in the circular that it has always been a supporter of government’s “bold initiatives” which are taken to increase the economic growth of the country and “weed out black money and corruption”.
Narendra Modi, the Prime Minister of India, declared on 8th Nov that from the midnight, currency notes of Rs. 500 and Rs. 1,000 will no longer be legal tender. From that day, there have been long queues in banks and ATMs for withdrawing new currency notes while the government is also taking initiatives to promote cashless transactions.
Demonetization may be a bold move and it will help in curbing the problem of black money and cross-border terrorism but is it correct to ask the CAs not to speak negative about demonetization? What is your opinion in this connection? Do let us know in the comments section below.
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