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November 2026

Fiscal Fantasy

By Chandrashekhar Vaze, Chartered Accountant
Reading Time 3 mins

Once upon a time, there was a country where there was a complete indiscipline in financial matters. People manipulated the accounts, audits were done very casually, the business of arranging fictitious ‘entries’ was flourishing, businessmen declared losses to the income tax authorities; but good profits to the banks and financial institutions. Auditors used to certify both the sets of accounts as true. Corruption was at its peak in every walk of life.

It was not the case that only Government officers were corrupt; but even in private sector, there was all corrupt practices in complying with all laws. Financial institutions lent recklessly and the NPA figures were mounting.

Statistical data was manipulated. There was a system of ‘setting’ in every field – education, medicine, industry, sports - right upto judiciary. Wrongdoers were never punished.

In short, in that country nothing was genuine. The advent of AI further aggravated the situation.

The King of the country was very much worried and disturbed. Even in his army, there was corruption and there was a threat to the security of the country and King as well,

The crime had increased due to the unaccounted money in circulation. The King tried to cancel the old currency; but the impact was only temporar

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