Indian Society of Management Accountants (ISMA) organized a seminar on the topic “Demonetization – Its Impacts on Business and Way Forward” on 24th December 2016 at Wave City Center, Noida. As Demonetization has brought about stronger changes in the lives of people of the country, ISMA organized a session with economists, CAs and other think tanks to understand the current and future impact of demonetization on Businesses.
CA Pramod Narula was called on the stage to address the Taxation aspects of Demonetization. While addressing, the practicing Chartered Accountant made a primary point by saying that all the cash deposited in banks till date is not definitely income, or for that matter, undisclosed income.
(Hence, such deposits which are not proved to be income attract heavy tax or fine).
CMA & CS Subhash C Agrawal, Ex. Director of Finance, Cement Corporation of India & Co-Founder of CFO4SME said “Indian economy is a cash economy and the sudden announcement of demonetization by our Hon’ble Prime Minister Shri Narendra Modi has brought both positives and negative effect on Society and Indian economy as a whole. The government had called this situation bringing “short-term pain for long-term gain.”
Dr. (CMA & CS) Sanjeev Kumar, Managing Director of BPA Advisory Ltd, Noida, shared his views by saying that “It will not be enough just to do the demonetization, it has to be paired with a better, more streamlined and integrated tax and legal system. The implementation of GST is a move in the right direction, and the government needs to move forward with implementing the next steps of that reform measure.”
CMA & CS Pankaj Jain, Founder and CEO of CFO4SME, while addressing the audience said “Startups are considered to themselves take the challenges and come up with innovative solutions; hence Demonetization is a big opportunity for them. Fintech startups have more disruptive potential under this scenario. Addressing further its impacts on real estate, he expressed that primary sale market has no big impact however investors will have wait and watch approach.”
Mr. C J Singh, Senior President of Sales & Marketing and Mr. Narayan Jee Jha General Manager of Wave City Center were also present in the seminar in spite of their busy schedule. More than fifty special invitees from industry and professional backgrounds attended the event and benefited from the program.
The event was also supported by partners like Wave City Center, Noida Chapter of ICSI, Ekprint and Channel Partners IIT-IIM Alumni, Glimray, Young Entrepreneurs Network, Indian Startups and Founders Institute.
The event was concluded by Secretary of ISMA Dr. (CMA) Amarendra Kumar with his closing remarks and Vote of Thanks.