UDIN: A Shield Against Financial Frauds

ICAI President Charanjot Singh Nanda announced that the Unique Document Identification Number (UDIN) has helped prevent significant financial frauds. Introduced by ICAI in 2019, UDIN has seen over 10 crore generations, aiding in document verification and authentication. ICAI plans to limit its use for tax audits.

ICAI President Charanjot Singh Nanda highlighted the significant impact of the Unique Document Identification Number (UDIN) in combating financial discrepancies.

Implemented by the Institute of Chartered Accountants of India (ICAI) since 2019, UDIN is now a cornerstone of document verification, with over 10 crore generated since its inception.

This system is credited with thwarting potential frauds worth Rs 70,000-80,000 crore. ICAI also plans to impose restrictions on UDIN generation concerning tax audits, enhancing its robustness.

(With inputs from agencies.)