Breaking: UDINs crossed mark of 5 Crores

The Institute of Chartered Accountants of India(ICAI) has shared this news that UDINs crossed the mark of 5 Crores.

On the UDIN Portal ICAI stated that, “they are proud to inform that UDINs generated by ICAI members cross the mark of 5 crores.”

Chartered Accountants play an essential role in the country’s economic growth, and the Institute of Chartered Accountants (ICAI), as the governing organisation, plays a vital role as a participant in the nation-building process. Prior to the introduction of the Unique Document Identification Number (UDIN) in 2019, there was a high demand from the Indian Banker’s Association (IBA) and bankers for the verification of the legitimacy of Chartered Accountants’ (CA) signatures. The ICAI has noted an increase in incidents of non-CAs misrepresenting CA services and forging CA signatures.

To meet this need and prevent such malpractices, the ICAI devised an online real-time processing system via which any of its members’ credentials may be validated. As a result, UDIN was born from the germ of an idea. UDIN is one of the most effective improvements implemented by the ICAI in recent years. As a result, ICAI has established a policy that every signature of the CA must be accompanied by a UDIN in order to demonstrate ownership of that specific document. The introduction of UDIN has contributed to the establishment of an environment of trust, accountability, and openness among stakeholders towards ICAI and its members.