The Institute of Chartered Accountants of India sounded a stern warning to all its members against sharing their negative views on demonetisation on any platform. In a circular issued by the institute, it urged its members to refrain from criticising the demonetisation move by the Centre to scrap old Rs 500 and Rs 1,000 notes. “It has been decided that an advisory be issued to members cautioning them to watch the national interest as the upper most while advising their clients,” read the circular.
The circular also warned the members of indulging in any nefarious act to subvert the intentions of the government. “Members are strictly advised to not 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 or write any negative personal views by way of an article or an interview on any platform regarding demonetisation.”
The advisory reportedly comes after six cases of ‘illegality’ with respect to chartered accountants were brought to the ICAI’s notice. In the circular, the ICAI said it is unsparing in its efforts to discipline erring members.
Concluding the circular, the ICAI reiterated, “All members, are once again, advised to be more cautious and careful while advising their clients, sharing or writing of their views on any platform regarding demonetisation and work towards the best interests of the nation in keeping with the true spirit of the principle of ICAI- ‘Partner in Nation Building’.”
In a sudden announcement on November 8, Prime Minister Narendra Modi declared that high denomination notes of Rs 500 and Rs 1,000 were no longer legal tender. Since then, the country has been facing massive cash crunch as people continue to line up for hours outside banks and ATMs with the hope of withdrawing money in accordance to the guidelines laid down by the Reserve Bank of India. The government has announced a slew of reactionary measures to grapple with the cash shortage and pushed for digital transactions in a bid to promote a ‘cashless economy’. Despite several assurance from the government and the central bank, ATMs and banks have been running dry adding to the common man’s woes.