Govt allows ICWAI to change its name to ICMAI

We are all busy to follow and hear the activities of Anna Hazare and Lokpal bill. He is only man fighting along with his supporters for bringing the Black Money back and eliminating the fraudulent practices of the Indian economy.

According to the data provided by the Swiss bank, India has more black money than rest of the world combined. India topping the list with almost $1500 Billion black money in Swiss banks. Converting this figure in Indian currency it stands out to be around Rs.20 lacs crore. Very hard number to guess and predicate and  are all blaming the industrialist, bureaucrats, cash rich people for hiding the amount from Indian government taxes and keeping it in Swiss bank accounts . But did we all ever spend time to think about how this money was kept aside. Who were responsible apart from the money owners to design the process of shifting the money from? Well it can never be blamed that a single person has executed the above mentioned activities deprived the citizens of India and Government of India. Tax evasion and malpractices in preparing accounts where profits and individual incomes are shown less are the prominent ways of reducing and evasion of taxable income.

Evasion Tax takes place when the people report dishonest tax that includes declaring less gains, profits, or income than what has been actually earned and they even go for overstating deductions. The Evasion of Tax level depends on certain factors such as fiscal equation which means that people's tendency to pay less tax declines when the payment due from taxes becomes obvious. The level of Tax Evasion is also dependent on the tax administration's efficiency and corruption levels. The level of Evasion Tax and window dressing' also depends on the chartered accountants who help companies, firms, and individuals evade paying taxes. Tax Evasion is a crime in all major countries and the guilty parties are subjected to imprisonment and fines.

The total membership of the Institute is about 115, 000 and over 250, 000 students are pursuing the Chartered Accountancy course. They are ruling the Indian economy and are the prime leaders of window dressing and the prime technical know how providers of transferring the money through various avenues to Swiss Bank Accounts.

In a very recent note G Ramaswamy the President of ICAI stated that strong growth in the Indian economy is unleashing a plethora of opportunities for chartered accounts. The new head of the Institute of Chartered Accountant of India (ICAI), G Ramaswamy has set in motion a host of initiatives so that CAs are better equipped to seize opportunities. My first and sole question to him how much more money will be transferred to Swiss bank taking the advantage of Indian economic growth. Does he wants to depict that another Rs.20lac or Rs.40 lac corer will be taken out from the country in the next 20 years of Indian economic growth. ICAI claims that ICAI occupy a stellar role in national economy, Being amongst the largest accounting bodies in the world; and represented at major international forums on accountancy, the ICAI is endeavoring to position brand Indian Chartered Accountancy globally.

The evolved role of the Chartered Accountants has seen him performing multi-tasking roles much beyond their core domain of accounting and auditing. And Chartered Accountants fraternity performing their roles professionally has acted a major feature in India’s progressive Economic Growth and its stability during recession period. Hence standing today it can be felt that all these performance and hard works of the Chartered Accountant community were for tax evasion and skipping the Indian government, fooling the Indian citizens, stock market investors and finally shifting the money to Swiss Bank.

A Chartered accountant is one who is specialized in accounting, auditing and taxation. He also serves as a management and corporate caretaker. At the same time they also took hefty fees for providing the various strategies and technical accounting opines for shifting the money to Swiss Bank.  In other words they are expertise in tax evasion and providing technical know how of money laundering.  We cannot blame the government officials, industrialist, bureaucrats and other cash rich people for tax evasion and transferring the money to Swiss Accounts.

As I told in the beginning no individual will be able to carry out the process of tax evasion and transferring the fund sin Swiss Accounts. We are giving the pressure on the government to crack down on black money, and the proposal is back on the table through Anna Hazare and Lokpal bill. But what is the use of all these when Institutes like ICAI who claims that they are the leaders of Indian Financial system provides technical expertise to the keep Indian more poor and remain poor. ICAI will dominate other Institutes and other fraternities who belongs to the profession of accounts ad finance so that they can keep enjoying the Interest earned from the Black money kept is Swiss Banks.

I know many of my riders who belongs to ICAI will curse me and blame me .But think for a moment cutting the Name of CA from YOUR TITLE and think as an individual Indian.