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Government cancels registration of 1 lakh companies, identifies 37,000 shell firms

Addressing a gathering of Chartered Accountants organized by the Institute of Chartered Accountants of India (ICAI), Prime Minister Narendra Modi said that the government has taken tough action against people and entities involved in hoarding black money. Modi said that registrations of 1 lakh companies have already been cancelled and another 37,000 shell companies have been identified. Strict action will be taken against these shell companies if they are found guilty of hoarding black money, Modi said. Modi also pointed out to the recent agreement with Switzerland, wherein Swiss banks will now share details of account holders with the Indian government.

PM Modi pointed out to the huge problem of tax evasion in India. He said that only 32 lakh professionals have declared income above Rs 10 lakh, even when its common knowledge that there are crores of professionals that earn more than Rs 10 lakh. PM Modi also warned black money hoarders that they would not be spared. He said that the government is using advanced data mining techniques to track black money hoarders. Modi also thanked the Chartered Accountants, saying that CAs are vital for their contribution to the economic health of the country. He said that CAs are the pillars of the Indian economy.

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