The Institute of Chartered Accountants of India (ICAI) has withdrawn a directive from its president M.Devaraja Reddy to members not to express any negative views on the Centre’s decision to demonetise high-value currency notes and keep the national interest in mind while advising clients.
The directive, that also informed accountants about notices being issued to four members for misconduct and indulging in acts of illegality which go against the efforts of the government in eradicating corruption and black money, had been taken off the ICAI website.
While Mr.Reddy couldn’t be reached for comment, chartered accountant Mahavir Jain, who spoke to him on Saturday, said the president informed him that the ‘advisory is being withdrawn.’
Mr. Reddy said economic growth had been given a ‘definite boost’ after the decision to demonetise high value currency notes.
Minister’s tweet
Meanwhile, in Mumbai, Union Textiles Minister Smriti Irani, addressing the regional conference of the institute’s western region chapter said that the textiles industry has been able to move to a cashless paradigm and had opened five lakh bank accounts in 15 days after demonetisation was announced on November 8. “Compliments to ICAI for taking pledge to encourage digital economy and ensuring support to digital payment revolution,” Ms.Irani said in a tweet after the event.
Punit Mehta, a member of the chapter’s IT committee, told The Hindu that the president’s message must have been a generic advice rather than a gag order.
