Page 16 - Banking Finance October 017

ROUNDUP

INDUSTRY

NEWS
NEWS
NEWS
NEWS
NEWS

Strict scrutiny over Glo- India-Swiss talks to deepen bilateral cooperation in

bal Auditors combating tax evasion and black money
Regulators tighten the scrutiny pro- On the Swiss President Doris Leuthard's visit the Prime Minister Modi thanked
cesses over the for her country's support for India's entry into the
Global auditing Nuclear Supplier's Group (NSG). "We had productive
firms to avoid talks on international, regional and bilateral issues,"
any mishaps or Modi said at a joint press event with Leuthard.
wrong doing. The two leaders noted that India and Switzerland
The move is expected to give an op- had very good cooperation on combating tax eva-
portunity to Indian audit firms and to sion and black money. The two sides also inked two pacts for cooperation in the
fill the gaps allegedly misused by the railway sector.
big four.
"First engagement for an honoured guest. EAM @SushmaSwaraj called on Presi-
Prime Minister Narendra Modi has dent Leuthard and discussed wide-ranging issues of mutual interest," External
also spoken on the need for Indian Affairs Ministry Spokesperson Raveesh Kumar tweeted.
audit firms growing to join the ranks
of global giants. There have been Leuthard, who is on a three-day visit, was also given a ceremonial welcome at
various instances where the role of the Rashtrapati Bhavan. The Swiss president was accompanied by senior gov-
global auditing firms, including ernment officials and a large business delegation of leading Swiss companies.
PricewaterhouseCoopers (PwC), was
in the regulatory crosshairs for al- Credit Guarantee Fund for Startups
leged lapses. SEBIhas been probing The Department of Industrial Policy and Promotion (DIPP)
the role of PwC for alleged negli- plans to move a cabinet note on a credit guarantee fund
gence and lapses in a nearly decade- for budding entrepreneurs. The government will use the
old corporate fraud case involving fund to stand guarantee for loans given to startups. The
Satyam Computer Services.
step is taken to ease the flow of loans to startups.
"Besides stricter norms, the govern-
ment has to play an important role Linking of PAN-Aadhar granted till Dec 31
and take measures to create such an
environment in our country so that The centre recently announced extension of
big business houses start engaging deadline to link PAN with Aadhar till Decem-
Indian CA firms," chartered accoun- ber 31. The Supreme Court is hearing petitions
tant (CA) Vijay Kumar Gupta, Central challenging the government's decision on
Council Member, ICAI, observed. Aadhaar in November.

BANKING FINANCE | OCTOBER | 2017 | 15

Sashi Publications Pvt Ltd Call 8443808873/ 8232083010