Demonetization-Its Impacts on Business and Way Forward (Event 24.12.16 Press Release)

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Indian Society of Management Accountants (ISMA) in association with CFO4SME organized an evening talk on the topic “Demonetization – Its Impacts on Business and Way Forward on 24th Dec at Wave City Center, Sector 25A Noida. As Demonetization has brought about stronger changes in the lives of all people of the country, ISMA in association with CFO4SME has organized this seminar in order to understand the current and future impact of demonetization on Business.

CA Pramod Narula , a practicing Chartered Accountant   while addressing the topic he emphasized the Taxation aspects of Demonetization, The primary point he noted that all cash that is deposited is not definitely income, or for that matter, undisclosed income.

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 sudden announcement of demonetization by our Hon’ble Prime Minister Shri Narendra Modi brought both (positives and negative) impacts on Social and Indian economy as a whole. The government had called this situation brining “short-term pain for long-term gain”.

Dr. (CMA & CS) Sanjeev Kumar, Managing Director of BPA Advisory Ltd, Noida, shared his views “It will not be enough just to do this [demonetization],” he says. “It has to be matched with a better, more streamlined and integrated tax and legal system. The upcoming move to GST is a measure 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 said “Startups by nature are poised to provide solutions for problems; hence Demonetization is 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 customers must have wait and watch approach.”

The very presence of Mr. C J Singh, Senior President of Sales & Marketing and Mr. Narayan Jee Jha General Manager of WAVE City Center in program in spite of their busy schedule was a reflection of industry importance of this evening talk.

More than fifty participants from professionals’ background and industry representatives attended the event and benefited from the program.  The event was also supported by partners with their representatives like Lead Partners, Wave City Center, Noida chapter of ICSI, Ekprint and Channel Partners IIT-IIM Alumni, Glimray, Young Entrepreneurs Network, Indian Startups and Founders Institute.

Lastly, event was concluded by Secretary of ISMA Dr. (CMA) Amarendra Kumar with his closing remarks and Vote of Thanks.

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