Summary of some of the suggestions and views given by the guests  to various querries raised by different participants on the event “ROLE OF CA’s IN CONTROLLING BLACK MONEY”.Held on fb page of  Casansaar on 11^th June 7 p.m. onwards. These can be verified from the actual conversation that took place between so Many participants  in that event , and the link of which has been given below:

 

https://www.facebook.com/event.php?eid=172880902773142

  

Views and suggestions of Mr. Rajesh Sharma (Chairman, ICAI)

 

• ICAI Cannot Do Anything in this.  Govt Lacks Intention.

• Each And Everyone is Responsible and there is more expectation from CA's

• No Report Card Of Election Candidates Is not A Problem. Educated Mass Dont Want To Enter.

• But Take A Note of the current biggest corruption of century. Running into lakhs of crore.

•  No : Direct tax code is not a  brahmastra.

• neta, babu sabhi samilit hai.

• No : Less tax rates by govt is not a solution.

• Before Blaming We Need To Rectify Ourself. As The World, civil society have lots of expectation from CA's.

• In Real Estate The money is Of Builder, Politicians, Beurocrat, Mafias and all. I Can say all upper middle & Higher class persons.everyone having more than 1 house..

• goverrment  dont hav intention to get money back

• Money Stashed Outside The Country is money of politicans, beurocrats, mafia, terrorists. And Most Of It Belong To The Politicians. Indian Government Dont Have An Intention to Bring It Back. When Datas Of Linchesten Bank was Availed By Germany Then On Thier Request why Indian Govt Denied To Take it or not asked for it.
  Why when USA can get many accounts closed as names of many were taken from Different Banks Why It Was Not Possible for India?????
  Why When Un Resolution passedin UN was signed by most of the 200 countries then why not by india.
  This Shows Wrong Intention Of Govt

• When USA & GERMANY can have it why not we. Lack of intention on govt.s part to bring back the  money.

• GST will not help  Much as will be implemented by the corrupt system.

• Most Of The Black Money Is Involved In Real Estate

• To Clean Politics We Need To Join It. There Is No Clean Person . We Need To Choose In GOOD & BAD. That never mean there will be no bad In Good Side & No Good On Bad Side.

• Govt tries to Justfy Their Huge Corruption By Blaming others with Small Faults. Like Bhusans controversial case, Ramdev's Trust and Huge donation to them.

• No as VAT didnt made much diff, same is the case with GST.

•  CAs are   not about policy makers. they dnt create law. legislaterures dnt hav intention to get back mny.black money outside country r nt of businessman coz they never invest at a place where his money dnt multiply

•  Consinse lacks from a Rikshaw puller To the PM. I can Quote A Rikshaw pullar took 50 rupees in lukhnow from me for 1 km. as i never knew the place. I agreed before hand. is it not corruption.

• Persons Personal Values Have Overshadowed The Professional, Ethical & Nationalist Values.

• Lets start suggesting our clients to Convert transaction In White channel

• To Some extent true that CAs don’t give qualified reports, but moral values differ from person to person.

• People dont trust govt so dont want to be taxed. they think their hard earned money will be shiffoned by corrupt neta & Babu.

• AIR Information Is Another Source of Corruption. On Every Infomation some bribe is asked.

•  We need To Go Step By Step. 1st Organised sector Then Unorganised.sector, But Major Chunk Of National Income Is Controlled by Organised Sector.

• UID Can Be Used And can be criteria of bank ac opening, etc

• Act & Legislation With No Flows are need of Hour and Proper implementation. The Politicians dont need that. they are more into creating and using this black money.

• Every Country & Institute Have Different Kind of nature of functioning. we too have informations  like firm certificate., CPe Hours etc only available to members and not to any other person.

•  last yr lods of scams, 2g, cwg, adarsh, food grain, lic hosing loan, radia, Rice export, CVC appointment, IPL,etc took place. Stricter Law And Proper Implementation is need of hour.

• Black money  Is Not good for country but non confidence on the Govt, Ministries & dept Leads to it. Corruption Is Linked To It. Taxpayer dont want to get their hard earned money shiffoned of by corrupt politicians

• CA's are the only professional which can make country less corrupt and can reduce the flow of black money in economy by suggesting our clients.

• All of Us Should Contibute To Take high The INTIGRITY, INDEPENDENCE of the profession high.

• Black money in India Is Against Govt , Its Policies & That stashed outside is against country.

•  FRiends its not the actual role of CA's to be bridge between the tax authorities & client. they should guide the clients on IT act and work on documentation and plead the case of client with honour.

• Ya blackmoney stashed outside Is A plunder/ or can say it is theft of country's wealth.

•  CA's need and are expected by the country to do job honestly.

 

Some Words Of Appreciation By Mr.Rajesh Sharma For The Efforts Of Casansaar To Bring This Platform When He Left The Discussion: 

 

• Akele Hi Chala Tha Jane Be Manzil Log Judte Gaye Aur Karwan Banta Gaya.

• I Am Really Thankful To CA Sansaar For This Invitation. A Good Way To Interact With Members.By

• Dear All,It Was Nice To Be With You Here.I Think The Topic Is Over Now And I Am Ready To Leave.
  I Again Want To Say That I Appreciate Casansaar Efforts To Bring All On A Single Platform For A Single Discussion.
  Good Nite To All. By Rajesh Sharma.

 

Views and suggestions of Mr. Amarjeet Chopra (Ex President, ICAI)

 

• in absence of documentry evidence,it will b very dificlt for a CA to play an effective role to prevent the black money. however if there is circumstantial evidence which creates suspicion,the CA may play d role of whistle blower.

• any1 can send suggestion wid regard to unearthing of black money and also how the money abroad can b brought back

• the recent year,the regulatory framework for CA's have  already undergone a change. presently,we have peer review concept, financial review report board, quality review board and on the top of the disciplinary mechanism.all dis has been done wid a view to play creditibilty of the profession.

• the 2g scam was not related to audit work

• tax planning and tax evasion r two diffrnt things,where tax planning is legitimate tax evasion is illelegal. as a professional 1 can render competence on tax planning.it is within the 4 corners of d legal frameework..but there is no way that any1 of us can b party to the tax evasion

• The council has already decided to create a concept paper as to how the services of CA's can b utilised by d government  to improve the fiscal discipline of the country.

• as stated earlier, accounting  standards whether indian or IFRS dont create or prevent black money.The  people who implement them  matter. also the fear of being acted against swiftly can b real deterrent

• fixing The fees can never b left to institute.it is the value of individual professional services in the eyes of the client that fixes d professional fees.

• wherevr the complaints hav been lodged against d membrs or wherevr there has been information in public domain,d institute has proceded wid d actionagainst those guilty members.

• accounting standrds can neithr b responsible for preventing nor creating black money. Accounting  standards r meant to lay down principles of recognition and measurement and greater disclosure practices.it is the non-implementation of accounting  standards by the management in real spirit which creates problem. there is a need to ensure more strict implementations of A/C stds announced.

•  honest taxpayer can be  rewarded. howsoever  u allow it to happen, it wud really create well for the country and also b'cm d productive capital and will craete employment oppurtunities.also it cud b used for improving the infrastructure and alleviation of poverty.

• every citizen whether a beuracrat or politician or professional shud act practically.major blame lie on political system which is totally corrupt and is not accountable to in real sense.barring the last few mnths,1 has nt come accrosed any case in which a politician has been acted against by d law enforcing agancies

•  the institute and d governmen shall hav to act in harmony or in tandem to create a major decorum wherevr such cases r detected.

• i think d articles shud participate in studies and den ensure dat dey dnt fall prey to easy money.i alwayz believed dat if u attain reputation,money automatically follows u

• Exactly, all a chartered accountant can do is 'control' the generation of black money nd cannot eradicate it all together.

•  it is a human phenomenon dat 1 wud like to earn easy money whereevr possible.accordingly , efforts has to b to control d generation of that many, eradication seems to b a non-existing possibilty. it is not dat d corruption is only in india.it is equally prevelent in developed countries like usa etc..

• The government  shud experiment wid d concept of rotation of auditors which has worked very well in government  audits

• to my mind a CA will hav to work seriously to change the preception of the public

• The root cause of corruption is the law of inheritence. if a person knows that legal heirs are not going to inherit d property dat he /she has built by corrupt means ,d corruption will evaporate.I know it is difficult preposition.it wud not b out of place to mention dat every citizen of country  shud start realising their obligations to become rather den marely asking for rights.CA's has a vry imp role to play in this matter ,both who r in practice as well as those who r in employment. let us take a oath  dat we will not b in corrupt practices. rather,in most of d circumstances we shud try to act as whistle blowers

 

 

Some Words Of Appreciation By Mr.Amarjeet Chopra  For The Efforts Of Casansaar To Bring This Platform When He Left The Discussion: 

 

I appreciate casansaar for such wonderful effort.
good nite.regards..

 

 

Views and suggestions of Mr. Charan Jot Singh Nanda (CC Member, ICAI)

 

•  CA needs to have a distinct entity.We are professionals with a totally independent state of mind and operations

• CAs have total control on the financial affairs of an entity. The willingness to eradicate corruption coupled with creating awareness on their ill-effects will always produce desired results.

• The question of CAs being a partner in generation of black money is uncalled for. We need to take clues from the bright illuminaries and not certain black sheeps.

• There are legal means of retrieving the overseas money. We are governed by international protocols which we need to exercise.

• The black money generated should be used for building up our great nation which we intend to see at unprecedented heights.

• Nobody can stop a CA from upkeeping his high morale and ethics.. "Wo patte nahin hain hum jo shaakhon se toot jaayein, Aandhiyon ko kaho aukaat mein rahein...!!"

• IFRS is a reporting standard. The quality of report speaks of what it wishes to reveal and what it wishes to conceal..

• every task has to be accomplished by legal means. We need to understand the problem at its roots and then search for an ultimate solution.

• any audit if undertaken with sincerity and under the SAs would ensure that proper observations are derived.

• upkeeping ethics is a personal perspective which depends on the inner resolve which one has

 

 

 

Some Words Of Appreciation By Mr. Charan Jot Singh Nanda  For The Efforts Of Casansaar To Bring This Platform When He Left The Discussion: 

 

• Dear colleagues it was really a very fruitful discussion. I have a pressing engagement so i need to sign out. Thanks for your indulgence.