Reetu | Jun 23, 2023 |
ICAI announced Restriction of Revocation of UDINs within 48 hours
The Institute of Chartered Accountants of India (ICAI) has recently made an important announcement that will alter the revocation process of Unique Document Identification Numbers (UDINs).
The ICAI Council, in its 420th meeting held on 23rd-24th March, 2023, decided that revocation of UDINs would now be possible within 48 hours from the time of its generation. This means that now onwards, the members will be able to revoke the UDINs, if they so desire, only within 48 hours from the time they have been generated.
As a result, the authorities/regulators/banks/others, who verify the authenticity of the UDINs would be provided with information that the UDIN, which is being verified, could only be revoked within 48 hours from the time it has been generated.
A Unique Document Identification Number (UDIN) is a one-of-a-kind alphanumeric identification number that chartered accountants generate for each document they certify or attest to. It acts as a digital signature and aids in the verification of financial accounts, audit reports, and other professional papers.
With the implementation of the 48-hour revocation restriction, members will need to carefully examine their choice to withdraw a UDIN. Revocation is no longer allowed after the 48-hour period has passed. This modification intends to give more openness and trustworthiness to authorities, regulators, banks, and other parties engaged in confirming the legitimacy of UDINs.
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