Brace for major change, traders told

The trading and business community has paid the price for continuing to ignore the warnings issued from time to time by the Central government to stop dealing in cash, said E. Phalguna Kumar, Chairman of South Indian Regional Council of Institute of Chartered Accountants of India (SIRC-ICAI).

Addressing members of the trading and business community at an awareness meeting organised by the Tirupati Chamber of Commerce (TCC) here on Sunday, he observed that the Centre was in no mood to relent on its tirade against the black money and hence would continue its offensive.

“For the last two years, the government has been advising you against doing cash transactions. After the introduction of Jan Dhan Yojana, a series of steps were introduced to bring transactions under the scanner such as imposition of restrictions on handling cash, 10 amendments were made, the income disclosure option was given and finally the demonetisation. It was waiting to happen,” he said.

Mr. Phalguna Kumar also predicted that the Centre could come up with yet another sensational announcement on January 1, the deadline imposed for the exchange of demonetised notes.

While the traders insisted that it was not ‘black money’, but the cash accepted through genuine transactions but not entered in books and not remitted in banks, Mr. Kumar advised them to pay the money into the account first. He advised them against accepting the demonetised notes of Rs. 500 and Rs. 1,000 as they were no longer legal tender.

SIRC-ICAI Chairman chides them for ignoring the Centre’s warning on cash transactions

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