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.”