The grounded conductor (sometimes referred to as "neutral") does indeed carry current, as should be either white or grey. If it is used as an ungrounded conductor in a switch loop or for a 240V circuit, it must be permanently marked with a color other than white, grey, green, or green with a yellow stripe.
In switch loops, it is also important to use the marked white wire as the unswitched leg of the loop, and returning the hot on the black wire.
-Virgil Residential/Commercial Inspector 5 Star Inspections Member IAEI