Fraud – Forging the signature / Stamp of Chartered Accountants by borrower

                Way back in July 2010, Indian Banks Association (IBA) had submitted a request to ‘The Institute of Chartered Accountants of India’, seeking a foolproof procedure for verification of attestations on financial statements submitted by borrowers, at the level of bank branches, which is simple and easy to administer.

                This is still pending and hopefully in the NaMo era, this will be taken up by ‘The Institute of Chartered Accountants of India’, to its logical conclusion.

                ICAI has introduced an optional feature to ensure the authenticity of various statements and docu­ments being certified / attested by Chartered Accountants.

This optional feature is known as Unique Document Identification Number. The details of the scheme can be read here.

                UDIN is a maximum 32 character Unique Document Identifcation Number which will be issued to every document certified/attested by a Chartered Accountant and regis­tered with the Institute of Chartered Accountants of India (ICAI).