ICAI TIRUCHI BRANCH

KNOWLEDGE of EXPERIENCE:G. Ramaswamy, president, ICAI, interacting with students during the inauguration of the ICAI building in Tiruchi on Sunday.PHOTO: R.M. RAJARATHINAM

The committee constituted by Indian Institute of Chartered Accountants of India (ICAI) to suggest ways to check and bring back black money stashed away in tax havens abroad would submit its report to the Ministry of Finance soon.

Addressing the media at the inauguration of the new building here to house the Tiruchirappalli branch of the Southern India Regional Council of the ICAI, CA. G. Ramaswamy, President, ICAI, said that the committee report will be submitted within 10-15 days. 

"Every citizen of the USA and the UK has to declare his/ her incomes abroad and we have asked the government to implement a similar law to cull information about the country's black money reserves. In the report, we have also suggested that those will to declare their assets and pay the taxes be given concessions on the penalty," he said.

Talking about their new premises, he said it was part of a nation-wide program aimed at infrastructure expansion. "We want to improve the numerous small and medium level practitioners in the country. International accounting standards have been adapted to Indian market conditions and when applied, can help us face the challenges of a growing economy," he said. 

"From 2013, all educational institutions in the country will be brought under a uniform financial reporting structure and this will be carried out in different phases. In the first phase all higher education institutions registered with bodies such as the AICTE will be trained in the new format of financial reporting," he said. 

To provide an opportunity for students pursuing chartered accountancy to complete an MBA or a research program in other disciplines, the ICAI has recently signed an MoU with the University of Madras. The agreement, which is the fifth of its kind in the institute's history, will allow students to take up these programs where they will be exempted from writing certain papers. 

The ICAI has 127 branches in India and 22 international chapters with the next branch slated for inauguration in Kannur, Kerala.