M. Venkaiah Naidu calls upon all nations to join hands for automatic exchange of information on black money

The Vice President of India, M. Venkaiah Naidu has called upon all nations to join hands in ensuring automatic exchange of information on black money and speedy extradition of economic fugitives. Shri Naidu asserted that all countries must speak with one voice to eliminate terror and economic frauds. “As we seek to promote a more equitable and civilized world order these measures essential for healthy economies around the globe”, he added. Speaking at the Platinum Jubilee Celebrations of Institute of Chartered Accountants of India, here today, the Vice President pointed out that the role of Charted Accountants becomes crucial, especially in the context of increasing corporate frauds. The nation looks up to them not only detect and report frauds but also to find ways for avoiding recurrence of such frauds. Shri Naidu urged the CA fraternity to isolate and take action if anybody was found to have committed wrongdoing. “Few people can spoil the name of the profession”, he cautioned. Expressing confidence that the Institute and its members will live up to the expectations and set the highest ethical standards, he told the CAs that it was their patriotic duty to see that their clients pay taxes honestly and promptly.

Stating that economic reforms undertaken by the government have opened up greater opportunities for promotion of businesses in India, the Vice President stressed that professional ethics must be followed by all and not only the CAs. Anybody who violates the professional ethics must be blacklisted, he added. Observing that the Indian accountancy professional has evolved from a number-crunching statistician to a strategist to be a change agent, Shri Naidu said the profession is regarded as an ‘institution of public trust’ today and Chartered Accountants are expected to act as “conscience keepers of the economy”. Referring to the successful implementation of GST regime, the Vice President complimented CAs for their suggestions, support, and contribution.Stating that the country and the economy were at the cusp of positive and progressive change, Shri Naidu said “as we achieve steady economic growth and seek to raise the economy’s size to nearly USD 5 trillion in the coming years, we have to ensure that this economic growth is inclusive and has a positive impact on the lives of the poorest of the poor”.The Secretary, Ministry of Corporate Affairs, Shri Injeti Srinivas, the President of Institute of Chartered Accountants of India, Shri Prafulla P. Chhajed, the President of International Federation of Accountants, Dr. In-ki Joo, the Vice President of ICAI, Shri Atul Kumar Gupta and several other dignitaries were present at the event.