AFTER GST LAUNCH, MODI ALL SET TO PURGE OUT BLACK MONEY

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Prime Minister Narendra Modi warned of the rigorous actions to be taken against the black money hoarders while addressing the CA’s at an event organized by The Institute of Chartered Accountants of India (ICAI) on 2nd of July, Saturday to mark the Chartered Accountants Day.

He stated that post demonetisation, 37000 companies have been detected to be indulging in tax evasion and over three lakh firms are under the scanner for suspicious dealings. “With stricter norms and legal actions the current government has been successful in deregistering over 1 lakh firms,” he said.

He also highlighted the fact that it would become tougher day after day for the people who are stashing illicit funds in the Swiss Bank, once automatic tax information exchange regime commences between India and Switzerland. He also emphasised on how the government has changed the older laws and strengthened the new ones against corruption and black money. “GST will weed out black money” said Modi. During the launch of the new curriculum, PM tried to link the new provisions of GST to the enhanced role of CAS in our country.

Highlighting the role of CA’s, he encouraged them to bring their clients on the path of integrity and honesty and how the development of a country can be hindered due to their indulgence in unfair practices. “Your signature is more powerful than that of the prime minister and the government also believes the accounts signed by you,” he said addressing the CAs. Further, he asked CAs that if they know anyone with black money, they should warn them that they would not be spared.

The Prime Minister stressed, besides the Swachh Bharat Abhiyan, the country is also cleaning its economy and has taken a tough stand against those who have looted the nation. He believes that it is the responsibility of CA’s to safeguard society’s economic health. He motivated them to never let any opportunities slip out and start preparing a roadmap for 2024 – when the institute would be completing 75 years.

Finance Minister Arun Jaitley, other ministers as well as bureaucrats were present at the function which was also telecast at various city capitals.

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