PM Modi at ICAI event: '3 lakh firms under scanner, registration of 1 lakh companies cancelled and 37,000 shell firms identified'

Prime Minister Narendra Modi on Saturday addressed members of the Institute of Chartered Accountants on its Foundation Day at Delhi’s Indira Gandhi Stadium on first day of the implementation of the historic Good and Services Tax (GST). PM Modi said that GST is the dawn of a new era and that he was overwhelmed to see the people's response to the new tax reform.

He also said that the government's surgical strike against black money will continue and claimed that there is a 45 per cent drop in Indian deposits in Swiss accounts, while more than 3 lakh firms are under scanner, 1 lakh companies have been closed down in just a minute and 37,000 Shell companies have been identified.

Here are the highlights of PM Modi's speech:

# People talk of the big 4 accounting firms. Sadly, there is no Indian firm there. By 2022, let us have a big 8, where 4 firms are Indian.

#Your signature carries immense faith, please do not break that trust that is placed on you.

#Like the lawyers did during the freedom struggle, I urge the CAs to take the lead in the journey towards India's economic growth.

#We will always remember how the community of professionals took a lead during the freedom struggle of India.

#On one hand, there is a Swachh Bharat Abhiyaan and there is a movement to clean the nation from the menace of corruption.

#GST to weed out black money.

#We will always remember how the community of professionals took a lead during the freedom struggle of India.

#People with black money will face more difficulties when Switzerland begins automatic information exchange with India in 2 years.

#Demonetisation greatest tool against black money.

#Those who have looted the poor will have to give back what they have looted.

#More than 3 lakh firms under scanner, 1 lakh companies have been closed down in just one minute, 37000 Shell companies have been identified.

#Overwhelmed to see your response to GST.

#Will continue surgical strike against black money.

#45% drop in Indian deposits in Swiss banks.

#On one hand, there is a Swachh Bharat Abhiyaan and there is a movement to clean the nation from the menace of corruption.

#Our Government has taken a tough stand against those who have looted the nation.

#A country where a select few loot, such a nation cannot scale new heights. These select few never want the nation to grow.

#If some people in the society have the habit of stealing, then the country can’t move ahead.

#Our Government has taken a tough stand against those who have looted the nation.

#Chartered Accountants crucial for the Indian economy.

#Country's growth is our shared goal.

#Indian Chartered Accountants known world over.

#Start of GST is a historic move

#The foundation day of ICAI also marks the beginning of a new economic chapter in India’s history

#Responsibility of Country's economic health is on Chartered Accountants.

#Congratulations to all on the Foundation Day of Institute of Chartered Accountants of India.

#WATCH PM Modi speaking on Foundation Day of Institute of Chartered Accountants of India https://t.co/UbePZkQx09

— ANI (@ANI_news) July 1, 2017