Institute of Chartered Accountants of India preparing report on Indian black money in foreign banks

RAJKOT: The Institute of Chartered Accountants of India ( ICAI) today said it was preparing a detailed report on the Indian black money stashed away illegally in foreign banks.

"ICAI is preparing a report on those who have stashed black money in foreign accounts and will soon submit it to the Ministry of Finance for further action," ICAI president G Ramaswamy told reporters.

He was speaking on the sidelines of the foundation stone laying ceremony of the ICAI's proposed building at 150 ft. Ring Road here.

Observing that the country is facing a huge crunch of chartered accountants to meet global challenges, Ramaswamy said, "India's economy is growing up and we have around 1.75 lakh chartered accountants which is not enough to meet the growing demand".

The US is facing economic slowdown and India is the only country which can compete with China. And in such circumstances the country needs more and more chartered accountants, he said.

Observing that Gujarat's economy is growing at a rapid pace, the ICAI chief said the regulator's objective was to provide state-of-the-art coaching to students willing to become chartered accountant.

"Gujarat's economy is growing at rapid pace and Rajkot is an important city and we want to have infrastructure to provide coaching as we have large number of chartered accountancy students from the city," he added.