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

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SAN FRANCISCO:

The Institute of Chartered Accountants of India (ICAI) on Wednesday 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.

 

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.

 

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 per cent and non-commerce with 60 per cent marks can get into articleship after the preliminary test called CPT," Vice-President S K 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.

Story first published on: May 09, 2012 18:20 (IST)

Tags: Black Money

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