Govt to get tough with black money hoarders

PTIrNEW DELHIrWarning of stringent action against black money hoarders, Prime Minister Narendra Modi on Saturday said 37,000 shell companies indulging in tax evasion have been detected and more than three lakh firms are under the scanner for suspicious dealings post demonetisation. rHe emphasised it would become more difficult for people stashing illicit funds in Swiss banks once automatic tax information exchange regime begins between India and Switzerland. rModi said his government is committed to taking even tougher action against those helping hide black money and he is not at all concerned about any political implications of strong moves. rThe impact of the government’s steps on checking black money is clear from the latest figures of Swiss banks, which show that Indians’ money parked there has dipped to a record low, the prime minister added. rTaking a dig at the previous government, he said the amount had risen sharply by 42 per cent in 2013, referring to a period when the Congress-led UPA regime was in power. rIn an hour-long speech at the foundation day function of the Institute of Chartered Accountants of India (ICAI), the prime minister sought to send out a strong message against chartered accountants trying to help entities in black money dealings even as he underlined their powers and responsibility. r“The government has cancelled registration of over 1 lakh companies and more than 37,000 shell firms have been identified for strong action,” he said. rReferring to November 8, 2016 when the govt demonetised old Rs 500 and 1,000 currency notes, Modi said he had heard that after the move, the work of the CAs increased and that even many of them cancelled their Diwali holidays. r Stressing that he was going to mention about certain numbers for the first time, he said “more than three lakh registered companies” have come under the scanner for suspicious activities after demonetisation. rData mining about the money that has come into the system after demonetisation is going on, he added. rrCAs need to be responsiblerNEW DELHI: Prime Minister Narendra Modi has urged chartered accountants to safeguard society’s economic health and have a big responsibility towards it. “Your signature is more powerful than that of the prime minister and the government also believes the accounts signed by you,” he said addressing the CAs. He asked CAs that if they know anyone with black money, they should warn them that they would not be spared.