bring back black money stashed in foreign banks:Venkaiah Naidu

Stating that the Centre was trying its best to bring back black money stashed in foreign banks, Union Information and Broadcasting Minister M Venkaiah Naidu today exhorted the chartered accountants to shoulder responsibility to curb the growing menace of unaccounted money in the country.

Inaugurating an international conference of ICAI’s Chartered Accountants christened “Jnana Yagna” here on Saturday, Venkaiah Naidu appealed to the young accounting professionals to ponder upon if they can make efforts to see that the businessmen, industrialists and professionals not evade the tax regime. When the lawyers fight for their clients, the CAs should think out of box and see that their clients do pay taxes on time, he said. Praising the CAs for playing a key role in national economic growth, the Union minister suggested that they can do a bit beyond to check the malady of unaccounted and unreported accounts leading to growing black money problem.

“One of the major concerns of our economic management is the unaccounted and unreported incomes which are widely known as ‘black economy’. The recent Income Disclosure Scheme has yielded such an income of over Rs.65,000 crore. The Narendra Modi Government was making efforts to get back the black money and put a tab to prevent it. It is necessary to understand the reasons for the same and its implications for our country. As professionals, you would know better how such huge incomes go unreported. You need to ponder if Chartered Accountants could play a role in addressing such practices and curb the growth of black economy”.