02 July, 2017
As an example of the government's tough stand, he cited the all-time low of Rs 45,000 crore that Indian deposits had reached in Swiss banks - an indication that stashing of black money there was on the decline. "By 2022, let us have a Big 8, where 4 firms are Indian", Modi said while addressing the CAs on the Foundation Day of the ICAI (Institute of Chartered Accountants in India).
Government is committed to taking more tough action against firms helping in hiding blackmoney; we are not concerned about political implications. "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. A day after the launch of the new tax regime, the CA community is looking at it as a huge opportunity.
"New India" is waiting and CAs have a big responsibility as they form a key pillar of the Indian economy, Mr Modi said.
Even the media persons, who had come to cover the function to be attended by Prime Minister Narendra Modi, were stranded as they could not enter the venue.
"A country where a select few loot, such a nation can not scale new heights".
He exhorted them to take charge of bringing their clients to the path of honesty and said a wrong audit can impact lives of gullible investors as people take investment decisions on the basis of their audit reports.
While stating that there are four goals of a human being - dharma, arth, kama and moksh - Modi said that in the economy, it would not be wrong to say that chartered accountants are rishi munis (saints).
Agitated CAs even threw bottles at the venue.
He added, "Two years from now when Swiss Banks start giving real time data, people who deposited money in foreign banks will face a tough time".
The prime minister walked on the dais like it was a town hall event and his speech received thunderous applause.