ICAI to submit report on black money in 3-4 months

Kolkata: The Institute of Chartered Accountants of India (ICAI) today said it would submit a report on curbing black money in the country in the next three to four months.

“The committee formed by ICAI on black money is at an advanced stage of deliberations and we expect the report will be submitted to the government in the next three to four months,” ICAI president Jaydeep N Shah said here.

[caption id=“attachment_304268” align=“alignleft” width=“380” caption=“Reuters”]  [/caption]

The committee, he said, would try to find the causes of generation of black money, loopholes in international agreements with foreign countries and suggest protective measures to the government.

More from Economy

Narendra Modi gets a stellar economic advisory panel but will he listen to it in an election year? Demonetisation: RBI will take time to count scrapped currency note deposits, says Arun Jaitley

The ICAI report would be given to the government as a voluntary effort from the institute given the importance of the issue.

Meanwhile, Shah said in the next 2 to 3 months ICAI would reintroduce direct entry into the CA course from articleship for graduate students that was discontinued from 2006.

“Commerce graduates with 55 percent and non-commerce with 60 percent marks can get into articleship after the preliminary test called CPT,” Vice-President SK Agarwal said.

ICAI is in the last leg of carrying out the formalities at a council meeting. A formal approval from the Ministry of Corporate Affairs would be taken thereafter.

PTI