Registration of 1 lakh cos cancelled, 37,000 shell firms identified: Modi

Prime Minister Narendra Modi today said that the government is committed to more tough action against firms helping in hiding black money and added that registration of 1 lakh companies have been cancelled while 37,000 shell firms have been identified for strong action.  He also pointed to the latest figures of Swiss banks to indicate the government’s steps to check black money.

Speaking about tax evasion that has taken a huge toll on the economy, PM Modi said that it was a bitter truth that only 32 lakh Indians have declared over Rs 10 lakh income, despite crores in high-end professions.

 

"Data mining to track the black money began on November 8, when demonetisation was announced. We haven't made this data public or questioned anyone yet. But we found as many as 3 lakh registered companies whose activities came under suspicion," he said.
 

Addressing CAs at an event organised by the Institute of Chartered Accountants of India (ICAI), Modi said "You (CAs) take care of the economic health of the country and you are famous world over for your knowledge and financial skills. You are a big pillar of the Indian economy."

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.

Modi said it was a good coinci ence that July 1 was the foundation day of ICAI and the launch day of the Goods and Services Tax (GST) regime.

Modi launched a new CA course at the event.

"I am hopeful the new course will boost the financial skills of people joining this profession. We need to develop a dynamic system in our institutions and human resources to meet the global benchmarks and requirements," Modi said.

"We will have to see how we can bring technology in the CA field. If chartered accountant firms think of technological innovation, new software, it will open a new market for you."