Mangaluru: In a bid to stand in favour of Demonetization and provide guidelines to the charted accountants in handling their clients’ money matters, Citizen’s Council Mangaluru Chapter in association with Institute of Chartered Accountants of India organized a talk on ‘Decoding Demonetization’. Charted Accountant and economic commentator, M R Venkatesh spoke about demonetization, its causes and affects at T V Raman Pai Hall on Sunday, December 4.
Addressing the gathering on the occasion, M R Venkatesh said that demonetization is similar to rebooting a computer when it fails to work well. “Banning higher denomination of currency has rooted out counterfeit note mafia and has brought in more money into the banks. In short, the poor and middle class people have deposited money in banks so that the rich can avail loans from it”, he said.
Brought a stop to unlawful activities
“Before November, Kashmir saw violence to the most as IPC 370 was in order. Anti nationals were throwing stones at our army men for money from various terrorist organizations. After the currency ban, peace has been restored to Kashmir as the stone-pelters do not get money. Maoists who are violent in nature have been surrendering themselves after the note ban”, he added.
Electronic way forward
“Demonetization has encouraged more online transactions through online banking, PayTM and others. It is possible to deposit salaries through banks which will make cashless transactions grow”, Venkatesh said speaking about electronic cash transactions.
CAs should not tamper with schemes
“Clients should not be encouraged to evade taxes. Charted accountants can help tax evaders by providing alternative routes to convert cash to black money but such suggestions should not be given by CAs to their clients. It is not only misleading but also can put CAs to risk”, he addressed the CAs present at the occasion.
