The Institute of Chartered Accountants of India on Friday found four persons guilty of advising individuals for encouraging money laundering during the demonetisation drive.

In lieu of this, the ICAI facilitated a three-month suspension, along with a fine of Rs. one lakh each under the Chartered Accountants Act.

The Board of Discipline (BOD) of the ICAI conducted an inquiry into five cases, whereby it was revealed that the accused persons brought disrepute to the profession.

To this regard, a penalty was imposed on all four CAs for violating the provisions envisaged under the aforementioned Act.

On November 8 last year, the Centre, led by Prime Minister Narendra Modi, launched the 'notebandi' initiative that banned the circulation and exchange of Rs. 500 and Rs. 1, 000 currency notes, in an attempt to curb black money in the economy.

Keeping in mind the severity of the allegations, the BOD completed the proceedings in the shortest possible time. #casansaar (Source - ANI - Yahoo News)