New Delhi, [India], Feb. 14, (ANI): Following discovery of several cases where the services of Chartered Accountants (CA's) have been used in order to evade taxes and practice corruption, the Institute of Chartered Accountants of India (ICAI) has demanded that power of suspension against tainted CA's be granted to it.
The preparation of a proposal that seeks such power is under process.
"We are making a proposal for a temporary suspension power. We will discuss it in our council and seek temporary suspension power from the government," ICAI President Nilesh S. Vikamsey told ANI.
He further said that after a final discussion within the council ICIA will approach the Ministry of Corporate Affairs.
Currently, according to the Chartered Accountants Act (1949), the ICAI can only send a show-cause notice to a CA who is allegedly involved in malpractice, to which the concerned is expected to respond in fifteen days. (ANI)