Suspected transactions of 3 lakh firms detected after note ban: PM

Mangalore Today News Network

New Delhi,Jul 01 2017 : Government’s data mining has shown that post demonetisation over three lakh registered companies had indulged in suspected transactions, Prime Minister Narendra Modi Saturday said in a revelation made for the first time after the November 8 note-ban.

 

“The government has cancelled registration of over 1 lakh companies and more than 37,000 shell firms have been identified for strong action,” Modi said, adding the just-launched GST is aimed at weeding out such practices involving black money.

Speaking at the foundation day of chartered accountants, the Prime Minister exhorted them to encourage honest tax payers.

“Your signature carries immense faith, please do not break that trust that is placed on you. Along with Swachh Bharat, we are also cleaning India’s economy, we have taken tough stand against those who have looted the nation. We want your cooperation,” the Prime Minister said in an almost two-hour long speech, his first after the GST roll out.

He said last year some 2.18 crore people visited foreign countries as tourists. In addition, crores of Indians buy big cars every year but still only 32 lakh people declare their annual taxable income as more than Rs 10 lakh.

“Can anyone believe that in a country of 125 crore people only 32 lakh people have taxable income above Rs 10 lakh,” he said promising tough action against those financial advisers who help evasion.

Modi also asked a question to a packed gallery of chartered accountants why it was so that in the past 11 years India has been able to take action against only 25 lakh CAs.

“There is someone who is protecting many of you because many of you have protected them,” he said.

“I have heard many of the chartered accountants were on leave to foreign countries, their leaves were cancelled and they were called back soon after demonetisation was announced. You did a lot of work after November 8. Probably as much as you would never have done in your career before,” he said taking a jibe at those who tried to save their clients involved in corrupt practices.


courtesy:DHNS