NaMo era in Inda – Will UDIN be compulsory?

Priyanka Gandhi has agreed to pay fine to end the issue of making multiple applications for a Director Identification Number (DIN).

DIN can be compared to the number on driving licence or passport and is primarily used for identification of directorships in a company.  An individual cannot have multiple DINs for directorships in Indian companies.

Way back in 2003, National Housing Bank (NHB) vide Circular Letter No: NHB(ND)/HFC(P&D)/15.3/6065/2003 dt December 10, 2003, drew attention to the To Chief Executives of all Registered HFCs, that Common chartered accountants’ services were utilized who might have provided/fabricated some income tax returns and other methodology. The chartered accountants who had purportedly issued/verified the documents were found to be non-existent themselves.

This common thread was also noticed in documents submitted in other financial institutions.

In July 2010, 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.

After 2010, 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 known more at this link.

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

As the usage of UDIN is optional and not compulsory, there is not much awareness in the financial sector.

The 30 Characters UID Numbers so generated at the ICAIs website be indicated on the Certifications issued.

The best part by clicking on this link, it can be verified whether the certificate number so indicated is valid or Not?




Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s