Here are the key highlights of his speech:

NEW DELHI: Speaking on Foundation Day of Institute of Chartered Accountants of India, Prime Minister Narendra Modi today said that the government is committed to more tough action against firms helping in hiding black money.He revealed that over 37,000 such shell firms have been already detected and registrations of more than 1 lakh others have been cancelled. Giving details of action taken post demonetisation , he said data mining shows that over 3 lakh registered companies indulged in suspected dealings. "Government has cancelled registration of over 1 lakh companies in a single stroke and more than 37,000 shell firms have been identified for strong action," he said.He called chartered accountants a "big pillar" of the Indian economy and urged them to bring technological innovations to meet global standards.Addressing CAs at an event organised by the Institute of Chartered Accountants of India (ICAI), Modi said "You (CAs) take care of the economic health of the country and you are famous world over for your knowledge and financial skills. You are a big pillar of the Indian economy."Modi said it was a good coincidence that July 1 was the foundation day of ICAI and the launch day of the Goods and Services Tax ( GST ) regime.Modi launched a new CA course at the event."I am hopeful the new course will boost the financial skills of people joining this profession. We need to develop a dynamic system in our institutions and human resources to meet the global benchmarks and requirements," Modi said."We will have to see how we can bring technology in the CA field. If chartered accountant firms think of technological innovation, new software, it will open a new market for you."* Govt has cancelled registration of over 1 lakh companies and more than 37,000 shell firms have been identified for strong action* Post- demonetisation, data mining shows that over 3 lakh registered companies indulged in suspected dealings* If you know anyone with black money, warn them that they would not be spared* People with blackmoney will face more difficulties when Switzerland begins automatic information exchange with India in 2 yrs* Your signature is more powerful than PM's and government also believes the accounts signed by you* It's a bitter truth that only 32 lakh Indians have declared over Rs 10 lakh income, despite crores being in high-end professions* Impact of our steps to check blackmoney is clear from latest figures of Swiss banks, where Indians' money has dipped to record low* Just like doctors don't want people to be ill to get more business, CAs too need to safeguard society's economic health* CAs have a big responsibility to ensure that society's #economic health remains good.