UDIN: ICAI defers the deadline

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UDIN: ICAI defers the deadline

Today, ICAI announced that the mandatory use of UDIN has been deferred to 1st Feb 2019. The earlier date was 1st Jan 2019.  ICAI has mentioned that it has engaged TCS for automating the members’ database and life cycle details. The huge data migration and data audit will take around 30 days before the UDIN Platform becomes mandatory. Hence, Central Council of ICAI has decided to mandate UDIN w.e.f 1st February, 2019 in a phased manner as against the earlier announced date of 1st January 2019.

What is UDIN?

UDIN or Unique Document Identification Number is a unique number that will be generated on the UDIN portal for every certificate and other such documents that have been attested by a Chartered Accountant. Every Chartered Accountant (practicing CA) has been mandatorily required to register themselves on the ICAI portal. After that, they need to generate a unique id for every document that is to be attested by them.

UDIN can be generated by the Chartered Accountants only via the UDIN portal and the validity of the attested document can be checked by the authorities.

Why UDIN?

UDIN is an initiative taken by ICAI to curb misrepresentation.  Some people pose as Chartered Accountants and forge signatures on documents to mislead authorities. With the use of UDIN;  banks, RBI, Income Tax Department, etc. can check the validity of the documents issued by the Chartered Accountant.  The authorities can quote the unique identification number and verify the Firm Registration Number (FRN), Client Reference Code, Date of Document, etc. through the UDIN portal. This will confirm the authenticity of the documents attested.

How to generate UDIN?

In order to generate UDIN, the members need to first register themselves on https://udin.icai.org. To register or Sign-up, they need six-digit
Membership No., Date of Birth and Date of Enrollment. The sign-up process is authenticated with OTP that will be received on the mobile number and e-mail address registered with ICAI.

After successful login, the member should click “Generate UDIN”.  The member is required to fill in details like Membership Registration Number, Name, E-mail ID, Firm Registration Number, Firm Name, Client Reference Code / Number, Document Description, Date of Document, Keywords, and values, etc. This process will also be authenticated by an OTP. Members should note that once the data is submitted for generation of UDIN, it cannot be deleted or modified. Therefore, all the entered details should be carefully checked before submission.

Some unique features of UDIN

⇒ UDIN that have been generated would be displayed as watermarked on documents else the UDIN can be mentioned on the documents using a pen. (Check “List UDIN” menu to print the UDIN.)

⇒ UDIN that have been generated can be searched using various criteria. For eg: UDIN, FRN, Client Reference Code, Document Issued Under, Date of Document and Document Status. (Check “Search” menu to search the UDIN).

⇒ UDIN once generated can be withdrawn or cancelled with narration. On search of such revoked UDIN, appropriate narration mentioned by the member along with the date of revoking the UDIN, will be displayed for reference. (Check“List UDIN” menu to revoke the UDIN.)

Which certificates need UDIN in this phase?

As mentioned above, all the certificates that provide an attestation by a CA. An illustrative list of certificates has been published below.

(i) Certificates issued on the basis of Financial books of accounts and annual financial statements-Capital Contribution Certificate/net worth certificate
(ii) Certificates issued on the basis of Financial books of accounts and annual financial statements – Turnover Certificate
(iii) Certificates issued on the basis of Financial books of accounts and annual financial statements -Working Capital Certificate/Net Working Capital Certificate
(iv) Certificates issued on the basis of Statutory records being maintained under Indian Companies Act, 2013 and applicable provisions
(v) Certification of Fair Values of Shares of Company for the scope of merger / de-merger, Buy Back, Allotment of further shares and transfer of shares from resident to non-resident.
(vi) Certificates for Foreign Remittance outside India in form 15CB.
(vii) Net worth Certificates for Bank finances
(viii) Net worth Certificates for Bank Guarantee
(ix) Net worth Certificates for Student Study Loan
(x) Net worth Certificates for Issuance of Visa by Foreign Embassy
(xi) Certificate in respect of Liquid Asset under Section 45-IB of RBI Act, 1945
(xii) Certification of arms length price u/s 92 of the income Tax Act, 1961.
(xiii) Certificates for  funds/ Grants utilisation  for NGO’s
(xiv) Certificates for  funds/ Grants utilisation  for Statutory Authority
(xv) Certificates for  funds/ Grants utilisation
Under FERA/FEMA/other Laws
(xvi) Certificates for  funds/ Grants utilisation
Charitable trust/institution
(xvii) Certification under the Income-Tax laws for various Deductions, etc.
(xviii) Certification for claim of refund under GST Act and other Indirect Taxes.
(xix) Certification under Exchange Control legislation for imports, remittances, ECB,DGFT,EOU, etc
(xx) Certificates in relation to initial Public Issue/compliances under ICDR and LODR.
(xxi) Certificate issued by Statutory Auditors of Banks
(xxii) Certificate issued by Statutory Auditors of Insurance Companies
(xxiii) Additional Certification  by Concurrent Auditors of Banks not forming part  of the concurrent audit assignment
(xxiv) Certificate of Short Sale of securities issued by Concurrent Auditors of Treasury Department of Banks
(xxv) Certificate of physical verification of securities issued by Concurrent Auditors of Treasury Department of Banks
(xxiv) Certificate issued for KYC purpose to banks confirming sole proprietorship
(xxv) Certificate Regarding  Sources of Income
(xxvi) Certificates for Claiming Deductions and Exemptions under various Rules and Regulations
(xxvii) Certificates issued under LLP Act
(xxviii) RBI Statutory Auditor Certificate for NBFCs
(xxix) Certificate issued under RERA
(xxx) Others

Source: UDIN process flow of ICAI.

(Click here to read more about the non-applicability of UDIN in phase 1 )

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About CA Ankita Khetan 165 Articles
Ankita is a Chartered Accountant in practice and holds a Diploma in IFRS (from ACCA, UK). She is also a Commerce PG and Certified Independent Director (from IICA). She holds a certification in Forex and Treasury Management. Her area of expertise is GST and Income tax. She is passionate about reading, writing, and sharing knowledge on areas related to finance and taxation.

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