Institute of Chartered Accountants of India (ICAI) vice-president Nilesh S Vikamsey on Thursday said the institute will take strict action against those 'putting the profession to shame'.

His statement came in the backdrop of post-demonetisation crackdown by income tax department and enforcement directorate against black money hoarders.

"We are not going to spare anyone guilty..., we will take action," Vikamsey told a packed gathering of CAs during the national conference of ICAI.

ICAI has around one lakh practising chartered accountants in the country. A small chunk is putting the entire profession to shame, he said adding "around 10, 50.., or 500 are getting into such activities. Some names are creeping up here and there... say in Pune. Efforts are on to check these aberrations."

He cited examples of Satyam scam, wherein ICAI debarred some members after finding them guilty during investigations conducted in record time.

The ICAI vice-president claimed that the erring CAs are giving bad name to the entire community and added, "I have seen on news channels, our members are now criticizing each other."

He told the CAs, "Let's not do anything foolish that will take us down."

Lauding the demonetisation initiative by Narendra Modi government, he said it will put an end to terrorism, black money and counterfeit currency.

Despite some initial short-term hiccups, disruptions in the system and related pains, national economy is set to reap long-term gains due to demonetisation of high value currency notes," he said.

The ICAI functionary later told reporters that the parallel economy was overshadowing the real one.

"There were disincentives for people on the right side of law. And those breaking it, were reaping all benefits," Vikamsey said adding the trend will stop and tax base will increase. Incentives will go to right people. #casansaar (Times of India)