<p>New Delhi: The Unique Document Identification Number (UDIN), which was introduced in 2019, has helped prevent potential financial frauds of Rs 70,000-80,000 crore, ICAI President Charanjot Singh Nanda said on Thursday.</p><p>He said the number of verification done through the UDIN platform has crossed 10 crore. The Institute of Chartered Accountants of India (ICAI) rolled out the UDIN system in early 2019 in a phased manner. Since July 1, 2019 it has been made mandatory for all audit and assurance functions carried out by practising Chartered Accountants in the country.</p><p>Nanda claimed that the initiative has helped prevent frauds at different levels.</p><p>“As of December 2, over 1.58 lakh members are registered on the UDIN portal. They have generated over 10 crore UDINs,” Nanda told reporters.</p><p>Over half of the total UDINs registered so far is related to the issue of financial certificates. According to the ICAI president, the UDINs have eliminated the risk of fraudulent certifications.</p><p>Under the UDIN system, a unique 18-digit number is assigned to every document certified by CAs. The number enables different stakeholders like regulators, banks and third parties to check the authenticity of the certificates, reports and other documents.</p><p>The ICAI has tied up with different regulators and ministries including the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) and the ministries of defence, electronics and IT to push the use of UDIN.</p>.Cognizant opens Artificial Intelligence Lab in Bengaluru.<p>The UDIN system has been introduced for the vendor registration process of the Indian Army. Last month the ICAI signed a MoU with the Army Purchase Organisation to integrate the UDIN. The initiative is aimed to cut frauds in defence procurements.</p><p>Nanda said accountancy bodies of different countries including Kenya, Nigeria and Tanzania have expressed interest in the use of the UDIN system.</p><p>He said as part of the pre-budget consultations the ICAI has suggested several reforms to make doing business easier and provide relief to the common people.</p><p>The ICAI has pitched for introduction of a year-wise e-Ledger system for crediting TDS/TCS and advance tax payments which can be adjusted against the Income-Tax dues.</p><p>The accountancy body’s suggestions also include exclusion of F&O (Futures & Options) trading and speculation business from the scope of presumptive income and introduction of optional joint taxation of married couples.</p><p>Nanda informed that the ICAI would soon come out with a new edition of its Code of Ethics that would allow practicing CAs to advertise their business. The revised code of ethics will become effective from the beginning of the next financial year. </p>
<p>New Delhi: The Unique Document Identification Number (UDIN), which was introduced in 2019, has helped prevent potential financial frauds of Rs 70,000-80,000 crore, ICAI President Charanjot Singh Nanda said on Thursday.</p><p>He said the number of verification done through the UDIN platform has crossed 10 crore. The Institute of Chartered Accountants of India (ICAI) rolled out the UDIN system in early 2019 in a phased manner. Since July 1, 2019 it has been made mandatory for all audit and assurance functions carried out by practising Chartered Accountants in the country.</p><p>Nanda claimed that the initiative has helped prevent frauds at different levels.</p><p>“As of December 2, over 1.58 lakh members are registered on the UDIN portal. They have generated over 10 crore UDINs,” Nanda told reporters.</p><p>Over half of the total UDINs registered so far is related to the issue of financial certificates. According to the ICAI president, the UDINs have eliminated the risk of fraudulent certifications.</p><p>Under the UDIN system, a unique 18-digit number is assigned to every document certified by CAs. The number enables different stakeholders like regulators, banks and third parties to check the authenticity of the certificates, reports and other documents.</p><p>The ICAI has tied up with different regulators and ministries including the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) and the ministries of defence, electronics and IT to push the use of UDIN.</p>.Cognizant opens Artificial Intelligence Lab in Bengaluru.<p>The UDIN system has been introduced for the vendor registration process of the Indian Army. Last month the ICAI signed a MoU with the Army Purchase Organisation to integrate the UDIN. The initiative is aimed to cut frauds in defence procurements.</p><p>Nanda said accountancy bodies of different countries including Kenya, Nigeria and Tanzania have expressed interest in the use of the UDIN system.</p><p>He said as part of the pre-budget consultations the ICAI has suggested several reforms to make doing business easier and provide relief to the common people.</p><p>The ICAI has pitched for introduction of a year-wise e-Ledger system for crediting TDS/TCS and advance tax payments which can be adjusted against the Income-Tax dues.</p><p>The accountancy body’s suggestions also include exclusion of F&O (Futures & Options) trading and speculation business from the scope of presumptive income and introduction of optional joint taxation of married couples.</p><p>Nanda informed that the ICAI would soon come out with a new edition of its Code of Ethics that would allow practicing CAs to advertise their business. The revised code of ethics will become effective from the beginning of the next financial year. </p>