Government is committed to more tough actions against firms helping in hiding black money, announced Prime Minister Narendra Modi today.
PM Modi called chartered accountants a "big pillar" of the Indian economy and urged them to bring technological innovations to meet global standards.
Addressing Chartered Accountants at an event organised by the Institute of Chartered Accountants of India (ICAI), PM Modi said "You (CAs) take care of the economic health of the country and you are famous world over for your knowledge and financial skills. You are a big pillar of the Indian economy."
Apart from PM Modi, the event was attended by Finance Minister Arun Jaitley and Revenue Secretary Hasmukh Adhia.
Here are the highlights of PM speech:
• ICAI foundation day and India's new economic phase of GST both fall on the same day
• That is why it is such a big opportunity to be among you
• The CA community looks after the economic health of society
• You are a pillar of India's economy
• Health of the economic practices of India is looked after by you all
• GST has given you the right to differentiate between right and wrong, the Parliament has given that right to all of you yesterday
• Today I have the chance to start a new course for Chartered accountants
• A country where a select few loot, such a nation cannot scale new heights. These select few never want the nation to grow
• Our Government has taken a tough stand against those who have looted the nation
• Indian deposits at Swiss bank at record low. There has been a 45 per cent drop in Indians' deposits In Swiss banks
• Indian Chartered Accountants are recognised worldwide
• In 2 months time when we start receiving data from Swiss banks, it is going to be all the more difficult for the corrupt
• Demonetization the biggest step to counter corruption and black money
• Data is being collected to access the money that has come into banks post demonetisation
• We are checking the data on money deposited in banks. Where did the money come from, where did they go, what all happened after November 8
• Those who have looted the poor will have to give back what they have looted
• If you know anyone with black money, warn them that they would not be spared
• Post-demonetisation, data mining shows that over 3 lakh registered companies indulged in suspected dealings
• Government has cancelled registration of over 1 lakh companies and more than 37,000 shell firms have been identified for.
• The ability to shut down 1 lakh shell companies comes from the strength of being a patriotic Indian. Companies who break the law will be acted against more severely in the future
• People who do politics cannot take such decisions, only people who live for the nation can take such decisions. Some or the other person has to live for the nation
• Isn't it the need of the hour for you all to recognise and weed out those who helped such people/companies
• I want to ask you all, post demonetisation there must be someone who has helped these law breakers/companies
• Do you really think there are just 32 lakh whose income is above 10 lakh?
• There are over one crore engineers and management professionals, and over 8 lakh doctors in India. Which means we have many people who are in professions that are known to be respectable. But only 32 lakh people say their income is more than 10 lakh. How is this possible?
• What is reason that in our country there are only 32 lakh people who say that their income is over 10 lakh?
• Any tax payer will pay tax when the conditions are favourable to pay tax. But if a tax payer is surrounded by people who are advising him for all the wrong reason, then the tax payer will definitely shy away from paying taxes
• Do you think that no more than 25 CA's would have indulged in corruption? What is the reason that in the past 11 years there has been action against only 25 CA's?
• Like lawyers did during the freedom struggle, I urge chartered accountants to take lead in the journey towards India's economic growth
• Your signature carries immense faith, please do not break that trust that is placed on you
• People indulge in corruption only when they know they have someone backing their corruption
• If the Chartered Accountant become decisive then no one will be able to indulge in corruption
• Only that Tax that can be used for the benefit if the nation can be termed as 'tax return'