Don't break the trust your signature holds: PM Modi to CAs

Hailing the Chartered Accountant (CA) community as the 'Rishimuni of the economic strata', Prime Minister Narendra Modi said the community can be seen as the doctor who takes care of the nation's economic health'.

Addressing the gathering at the inauguration of the 68th Chartered Accountant's Day at the Institute of Chartered Accountants of India (ICAI) here, Prime Minister Modi while lauding the CA community, said only they have the authority to assess what is right or wrong, adding that they are of impeccable value to the country's progress.

"Only a CA has the power to audit; to tell us what is right or wrong. Like doctors take care of us when we fall ill, the CA community is responsible for India's economic health," he said.

"We will always remember how the community of professionals took a lead during the freedom struggle of India. I urge the CAs to take the lead in the journey towards India's economic growth," Prime Minister Modi added.

Responding to the report released by the Swiss Bank with regards to the proportion of deposits contained from various countries, Prime Minister Modi revealed that the report has highlighted a significant drop in the money deposited by Indian account holders.

"Swiss Bank in its report has stated that there has been a 45 percent drop in the deposit by Indians, the lowest ever witnessed in years," said Prime Minister Modi.

He further informed that two years from now, the Swiss Bank in its report will be presenting a consolidated version of real-time data, which will pose a serious issue for those who have been depositing money in accounts abroad.

"Over three lakh registered companies are now under the scanner after the demonetisation drive. In the last 48 hours, one lakh more bogus companies have been sealed, merely by the stroke of a pen", he said adding that this is a result of prioritising patriotism over politics.

With regards to the 'havala trade', Prime Minister Modi also revealed that over 37,000 shell companies have been identified, adding that strict action will be taken against those indulging in money laundering and other such activities.

Speaking of his vision 2022, Prime Minister Modi asserted that the 75th year of Independence should be celebrated by completely eradicating tax payment default and corruption.

"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. Let's contribute towards India in making it what we want it to be, by the 75th year of independence in 2022," urged Prime Minister Modi.

Urging the CA community to take charge of bringing their clients on the right track, he also questioned why action was only taken against 25 defaulters for irregularities, while over 1,400 cases are still pending, adding that action will be taken against financial advisers who help evasion of taxes as well.

"Your signature carries immense faith; please do not break that trust that is placed on you," he said while appealing to the community.

Speaking of the Goods and Services Tax (GST) that was rolled out at the stroke of midnight on June 30, Prime Minister Modi hailed it to be one that will create a separate niche for the Indian economy on a global level.

"Not only will the GST create a fresh path for our economy, but it will also help eradicate corruption and black money," he said.