|ICAI, Guwahati branch to conduct study on effects of demonetisation |
GUWAHATI, Nov 25 - The Guwahati branch of Institute of Chartered Accountants of India (ICAI) will soon conduct a study on the effects of demonetisation in Assam.
At a press conference held here today on the inaugural day of the National Conference of Chartered Accountants under the aegis of Direct Taxes Committee, M Devaraja Reddy, national president of ICAI said that it would soon work on this aspect as Assam is a smaller economy compared to many other States and as such the implications may vary.
Reddy, however, termed the demonitisation move by the Centre as a landmark one and went on to say that November 8, 2016, the date on which the policy came into being, would go down in the history books as ‘economic independence day’ of India. He said, “Besides curbing the menace of ill-gotten money, it will augur investments in small and medium industries and a result of which there will be a marked improvement in employment generation.”
“It will result in dip in the prices of essential commodities,” he opined, adding, “The positive results will be there to see only after a certain period of time.”
Earlier, Chief Minister Sarbananda Sonowal while inaugurating the conference said that the ICAI had received international recognition for maintaining high ethical standards of education and professional development in the field of accounting and auditing.
“Transparency and accountability in the field of financial transactions and support to policy making system of the country were mentioned as remarkable role of the chartered accountants especially in respect of PSUs and collection and administering of taxes for resource mobilisation of revenue of the Government,” the Chief Minister said. “Chartered Accountants play an invaluable role as business and management consultants with greater transparency and called upon them to make aware all business houses and agencies and stimulate inclusive growth and transparency in financial transactions for a corruption free holistic economy in India,” he pointed out.
Nishi Singh, Member CBDT, Principal CIT Denzongpa and Naveen ND Gupta, Chairman, Direct Taxes Committee of ICAI, Madhukar Hirangange, chairman, Indirect Taxes Committee of ICAI and Dr Debashis Mitra, vice chairman, research committee, IACAI, were also present on the occasion.
Raginee Goyal, chairperson of the Media and Publicity Committee for the event informed that the conference shall continue till November 26 to further deliberate on important topics relating to Income Tax, forensic audit and technology for professionals.