The Institute of Chartered Accountants of India (ICAI) has credited the Unique Document Identification Number (UDIN) system with helping prevent potential financial frauds estimated between Rs 70,000 and 80,000 crore.

Speaking at a media briefing, ICAI President Charanjot Singh Nanda highlighted that UDIN, introduced in 2019, is generated for every document certified by a chartered accountant. “Since its launch, over 10 crore UDINs have been issued, significantly enhancing transparency and authenticity of financial documents,” he said.

UDIN serves as a verification tool, enabling stakeholders to authenticate documents issued by chartered accountants, thereby curbing misuse and fraudulent activities.

Nanda also shared that the ICAI is planning to introduce restrictions on UDIN generation specifically for tax audits to further strengthen the system and prevent duplication or misuse.

He emphasized that UDIN has become a critical instrument in reinforcing accountability in accounting practices, providing confidence to regulators, businesses, and investors alike.