ICAI: UDINs Prevented Rs 80,000 Cr Frauds

New Delhi, Dec 11 (PTI) ICAI President Charanjot Singh Nanda on Thursday said the use of Unique Document Identification Number (UDIN) by chartered accountants has helped prevent potential financial frauds of Rs 70,000-80,000 crore.

UDIN, which is generated for each document certified by a chartered accountant, was introduced by the Institute of Chartered Accountants of India (ICAI) in 2019.

Since then, more than 10 crore UDINs have been generated, Nanda said at a media briefing in the national capital.

According to him, the use of UDIN has helped in preventing potential fraud that could have been worth Rs 70,000-80,000 crore.

UDIN helps in the verification and authentication of documents.

ICAI has plans to put in place limitations on UDIN generation for tax audits.