Venkaiah Naidu Asks CAs To Bring Back Black Money

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 Chartered Accountants to shoulder responsibility to curb the growing menace of unaccounted money in the nation.

Inaugurating an international conference of ICAI's Chartered Accountants christened "Gyana Yagna" on Saturday, Naidu exhorted the young accounting professionals to make efforts to hold businessmen, industrialists and professionals accountable and see to it that they did not evade taxes. When lawyers fight for their clients, the CAs should think out of the box and see that their clients do pay taxes on time, he said.

Praising the CAs for playing a key role in the surging economic growth of the nation, the Union Minister suggested that they could do a bit beyond checking the malady of undocumented accounts that were leading to growing black money stash.

"The recent Income Disclosure Scheme has yielded a total income of over Rs. 65,000 crores. The Narendra Modi government is making continual efforts to bring our wealth back and put a cap on 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."

"I am glad to know that ICAI has been relentlessly striving to align our accounting practices with International Financial Reporting standards so that whatever reports you come up with are more than acceptable. Besides adopting global standards of accounting practices, CAs should prepare to take on global challenges to curb black money and help the government check the unreported accounts," he said.