PM Modi said that GST is simple, transparent and will end corruption and black money in India.
In his speech he exploded 2 bombs which disturbed the black money holders
Bomb Number 1:
There has been 45 percent drop in the deposits of Indians in the Swiss bank. This was due to the tough actions taken by the Indian government. The Indians money has dipped to a record low in Switzerland banks as per the latest records. Modi said that corrupts who deposited black money in Switzerland will have more difficulties as the Swiss government will start exchanging the data of Indians in 2 years.
Those who looted India will be destroyed by the government as India will grab back all the looted money back.
As per the latest data published by central banking authority Swiss National Bank (SNB), money deposited by Indians in Switzerland’s banks nearly halved to 676 Swiss francs (about Rs 4,500 crore) in 2016. This is the biggest ever decline.
Bomb Number 2
Modi also confirmed that the government has cancelled registration of over 1 lakh companies and more than 37,000 shell firms will undergo tough actions for evading tax.
Signaling a stringent crackdown on tax evasion and black money, Prime Minister Narendra Modi said that post-demonetisation data-mining has shown that over 3 lakh registered companies indulged in suspected dealings and 1 lakh such companies were deregistered on June 29.
Other major points said by PM Modi:
- Modi urged the Chartered Accountants to cooperate with Indian government so that no one can evade tax. Modi asked the CAs to expose the black money holders.
- CAs should contribute to making India corruption free by the by the 75th year of Indian Independence in 2022.
- Modi said that he isn’t worried of the implications of his reforms.
- Along with Swachh Bharat Abhiyaan he urged to clean India from the corrupts.
- He also said that there is no Indian firms in the big 4. So by 2022 Modi wants to have 4 Indians firms in the big 8
July 1 is celebrated as Chartered Accountants day in India. Instiitute of Chartered Accountants of India unveiled a new syllabus on its 68th foundation day.