CAs UNDER LENS

Source: The Hitavada      Date: 25 Jul 2017 12:43:31


AT a time when the Government is taking steps to cleanse the system of corruption, it becomes obligatory for chartered accounts (CAs) also to pitch in. Unfortunately, not many CAs appear to be helping the Government in this. On the other hand, many of them utilise their expertise in protecting the interests of their clients even if they are aware of their shady deals. But the Government has now made up its mind to punish even the CAs indulging in malpractices. Already, 26 CAs have come under the lens for allegedly helping shell companies in laundering ill-gotten money.

Prime Minister Mr. Narendra Modi had also warned the erring CAs recently. Those fudging the balance sheets of companies in order to help them evade taxes should read the writing on the wall and mend their ways. As urged by the Prime Minister, the CAs should advise their clients to come clean and adopt a path of honesty. This will help in curbing corruption to a great extent besides making funds available for the development of the country.

INDIGENISATION

WITH geopolitical relationships getting increasingly complex, indigenisation of meeting various national needs, especially defence production and supplies, becomes imperative. Self-sufficiency is the need of the hour for a huge country like India, which has often been in a situation of eyeball-to-eyeball with two of its neighbours. Self-sufficiency in defence production and supplies for the armed forces has not been adequately addressed by the successive regimes in the country in the past, leading to India remaining heavily dependent on foreign suppliers.

However, the National Democratic Alliance (NDA) Government has placed much stress on this issue in the last three years with emphasis being laid on forging joint ventures with foreign defence goods manufacturers for producing defence material within the country. Such an approach has multifarious advantages apart from reducing the dependence of the country on foreign suppliers. That is a welcome departure from the past.