Govt has cancelled registration of over one lakh companies: PM

01 July, New Delhi

Prime Minister Narendra Modi on Saturday said three lakh companies have come under scanner post demonetisation and more than one lakh companies have been de-registered by the Registrar of Companies. Speaking at the foundation day function of Institute of Chartered Accountants of India in New Delhi on Saturday evening, he said large number of shell companies have been identified against whom action is being initiated.

The Prime Minister said it is surprising that in a huge country like India, there are only 32 lakh people who claim to have income above ten lakh rupees per annum. He said his government has taken several measures to curb corruption and proportion of black money of Indians in Swiss banks have declined considerably during the last three years. Mr. Modi said his Government is committed to more tough action against firms helping in hiding black money without being concerned about its political implications.

Mr Modi urged the CAs to take the lead in the journey towards India’s economic growth. He called upon Chartered Accountants to advice their clients to pay their taxes honestly.
The Prime Minister said the money which government receives as taxes are spent on public welfare and development of the country. He said the foundation day of the ICAI coincides with the launch of GST which intends to weed out black money from the system.

He said the CAs will have to play a major role following implementation of Insolvency and Bankrupcy Code. He termed the CAs as Charter of Accuracy and Compliance of Authenticity.

Earlier, addressing the gathering, Finance Minister Arun Jaitley said government has rationalised the taxation system and made it online. He said India has become most favored destination for FDI and 90 percent FDI is coming through automatic route. He said now subsidies are going directly to bank accounts of beneficiaries through financial inclusion.

Mr Jaitley said government tried to make the country’s economy formalised and digital through demonetisation. The Finance Minister also said there is no need to worry about GST as it is joint decision of Centre and state governments.

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