Prime Minister Narendra Modi, a day after the historical launch of the Goods and Service Tax (GST), on Saturday launched the new Chartered Accountancy syllabus at the 68th Chartered Accountants Day celebration event organised by the Institute of Chartered Accountants of India (ICAI) at the Indira Gandhi Indoor Stadium, New Delhi. While addressing the gathering, he said, “The CA community looks after the economic health of society.” He further said, “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….On one hand, there is a Swachh Bharat Abhiyaan and there is a movement to clean the nation from the menace of corruption.”
PM Modi further talked about corruption and said, “Those who have looted the poor will have to give back what they have looted.” He said that CAs have a great role in making laws like bankruptcy code and insolvency, successful. Then while talking about people who commit fraud he said, “Those who give financial advice to people for hoarding money should be punished.” He further added, “Government has cancelled the registration of over 1 lakh companies and more than 37,000 shell firms have been identified for strong action.” Further he said, “But it’s surprising that only 25 chartered accountants have been convicted in last 11 years.” He questioned the CAs gathering for the event by asking them why action has been taken against only 25 of them for irregularities, while over 1,400 cases are pending for many years.
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While talking about the country’s money in Swizz Bank, PM Modi said, “Swiss Bank has stated that there has been a 45% drop in the deposit by Indians, the lowest ever in years.” He added, “2 years from now when Swiss Banks start giving real time data, people who deposited money in foreign banks will face tough time.” If you know anyone with black money, warn them that they would not be spared, PM Narendra Modi told the Chartered Accountants gathered to celebrate the event. He further said, “Impact of our steps to check black money is clear from latest figures of Swiss banks, where Indians’ money has dipped to a record low.”
Further while praising the Chartered Accountants, PM Modi said, “We will always remember how the community of professionals took a lead during the freedom struggle of India.” He added, “Like the lawyers did during the freedom struggle, I urge the CAs to take the lead in the journey towards India’s economic growth.” He further told the CAs, “Your signature carries immense faith, please do not break that trust that is placed on you.”
People talk of the big 4 accounting firms. Sadly, there is no Indian firm there. By 2022, let us have a big 8, where 4 firms are Indian, said PM Modi.