Taxpoint: One time condonation Scheme to regularize Generation of UDIN by ICAI

One time condonation Scheme to regularize Generation of UDIN by ICAI

As a One-time condonation scheme, to regularize the non-generation of UDIN, it has been decided that Members will be allowed to generate the earlier missed UDINs for the documents signed between 1st February 2019 to 31st December 2020. The scheme will be made available from 1st January 2021 till 31st January 2021.

The ICAI press release reads as follows:

DECISIONS taken in Council Meeting:

1. As a One-time condonation scheme, to regularize the non-generation of UDIN, it has been decided that Members will be allowed to generate the earlier missed UDINs for the documents signed between 1st February 2019 to 31st December, 2020. The scheme will be made available from 1st January, 2021 till 31st January, 2021.

2. With this announcement, all delays in generation of UDINs by the members of ICAI for UDINs generated during 1st February 2019 till 31st December 2020 as a one-time measure stand condoned.

3. Members may please note that the above one-time condonation scheme would not be applicable for the documents / forms where the respective Regulators or other stakeholders require UDIN on real-time or as per their specified requirement.

4. Further, UDIN so generated has to be communicated to “Management” or “Those Charged with Governance” for disseminating it to the stakeholders from their end.

5. UDIN generated under this scheme would be treated as UDIN generated without any violation of the Gazette dated 2nd August 2019 read with 15 days window allowed for exceptional circumstances.