Govt will take tough action against blackmoney hoarders, not concerned about political implications: PM Modi

In a hard-hitting message to black money hoarders, the Prime Minister told the gathering that if they know anyone with black money, warn them that they would not be spared.

By: Express Web Desk | New Delhi | Updated: July 1, 2017 9:03 pm
GST, Narendra Modi, ICAI, ICAI foundation, Modi at ICAI foundation, Goods and Services Tax (GST), Arun Jaitley, PM on corruption, India on corruption, PM modi on CA, chartered accountants' apex body ICAI, indian express news Prime Minister Narendra Modi speaking on the foundation day of Institute of Chartered Accountants of India.  (Source: ANI)

A day after launching India’s biggest ever tax reform since Independence, the Goods and Services Tax (GST), Prime Minister Narendra Modi warned black money hoarders that they will face more difficulties when Switzerland begins automatic information exchange with India in two years. “Government is committed to more tough action against firms helping in hiding black money; we are not concerned about political implications,” said PM Modi. Speaking on the Foundation Day of Institute of Chartered Accountants of India, the Prime Minister sent out a clear message to CAs: “Chartered accountants have a big responsibility to ensure that society’s economic health remains good. Just like doctors don’t want people to be ill to get more business, CAs too need to safeguard society’s economic health.”

In a hard-hitting message to black money hoarders, the Prime Minister told the gathering that if they know anyone with black money, warn them that they would not be spared. He also pointed to the latest figures of Swiss banks to indicate the government’s steps to check black money. “Impact of our steps to check is clear from latest figures of Swiss banks, where Indians’ money has dipped to record low: If you know anyone with black money , warn them that they would not be spared,” said PM Modi.

Taking a strong stand against corruption in the country, PM Modi said, “A country where a select few loot, such a nation cannot scale new heights. These select few never want the nation to grow. Those who have looted the poor will have to give back what they have looted.” The Prime Minister also sought to draw focus on the government’s strict action against shell firms who indulged in dubious dealings. “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 strong action,” said PM Modi.

He also added that along with Swachh Bharat Abhiyan his government has also taken the initiative to clean India’s economy and it has taken strong action against those who have duped the nation. Hitting out at the CA community assembled for the foundation day of ICAI, the Prime Minister asked why action has only been taken against just 25 of them for irregularities, while more than 1,400 cases have been pending for many years.

Sending out a clear warning to the firms providing assistance in hiding black money, the PM said, “Government committed to more tough action against firms helping in hiding black money; we are not concerned about political implications.” The Prime Minister in his address to the CAs said,”Your signature is more powerful than that of the Prime Minister and the government also believes the accounts signed by you.” Encouraging the CAs to help in bringing their clients on the path of honesty, the PM said,”a wrong audit can impact lives of gullible investors.”

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  1. R
    Jul 2, 2017 at 12:31 pm
    In the speech PM sent clear message to the chartered accountants also that those indulging in helping evasion of taxes will not be spared. Only a PM of such stature can deliver such a speech.
    1. A
      Jul 2, 2017 at 5:28 am
      Ache Din, Make in India, Clean India, Violence free India, Sab Ka Saath, Sab Ka Vikaas, 10 Lakh to each Indian, One lakh in every Jan Dhan account, Farmer to get fair price. Not a single of them fulfilled and Feku coming up with more lies and Jumla everyday. What country got in return is EVM Scam, Notebandi Scam, Mob Lynchings, Lawless India, Looting People money through Taxation, Destroying Farmers Future. BJP and Modi may promise anything to fool and they are expert in lies but do not expect any of their promises ever fulfilled unless you are a fo ol.
      1. S
        Jul 2, 2017 at 5:11 am
        Look, who all are whining - the corrupt, tax-evaders, black money ho_arders, free-loaders, system exploiters - and simply Modi-haters. I do not blame them - these losers just cannot believe that someone in authority can take progressive action without thinking personal profits to self or close-ones. Haters have always seen their previous government "role-models" bring in only those policies that have profited themselves, so they tend to think conspiracy in everything. It's their mindset only, no blame on them. I am sure they were whining on some or the other issue in the past also, its become their nature.
        1. M
          Jul 2, 2017 at 5:06 am
          When will Government Take Action? Politicians have most Black Money in the country and many times abroad. Since deliberately no action taken against politicians with mountains of Black Money in Swiss Bank and Foreign countries. They have been given lot of time since November 8, 2016 when Demonetization targeted 125 crorse citizens living inside country while BJP politicians were informed so they secured their Black Money in advance. All politicians have moved their Black money from Swiss Bank to Hong Kong, Singapore and other countries. Lalit Modi and Vijay Mallya werte deliberately allowed by BJP Government to slip out of the country and live the life of King abroad. This Modi Government fooling everyone. Politicians who spend thousands of crores in elections only to recover it after getting in power and not a single of them is prosecuted while CBI courts giving clean chits to BJP leaders who were caught in Karnataka and Reddy who spent 500 crore on marriage of his daughter.
          1. N
            Jul 2, 2017 at 4:45 am
            Hats off to you prime minister for your initiative. I hope accounting firms and tax department understand your vision.
            1. A
              Jul 2, 2017 at 4:44 am
              Start within your own party and it's goondas first!
              1. T
                Jul 2, 2017 at 3:44 am
                Gau Goondas don't fear of you, and you are daring people with money and power. Your Jumlas don't hold any weight now a days, only bhakts praise falsehood. Yeh vyakti jo bhi bolta hy sab pani pe likha jata hy aur anjam apko pata hy hi.
                1. T
                  Jul 2, 2017 at 3:38 am
                  Ab kahe ka black money. Chudiya chug gayi khet. Tumhare saare mitro ko paise jo diye loan ke nam par. Saare loan defaulters ki property zabt karo toh manein. Un logo se wapas kyo nahi laate pehle. Kyonki achai ki shuruat gh hoti hy. Ache din kahan hy. Teen saalmey ek bhi nahi aya. Phir bhi besharmi se jumle boley jarahe hai.
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