In the second phase of weaning out black money from the economy, the Centre has informed that it has struck down registrations of nearly 2 lakh companies suspected of being ‘shell companies’.
The Centre has received information from 13 banks regarding bank account operations, and post-demonetisation transactions of some 2 lakh odd ‘suspicious companies’. The registration of such companies has been struck down by Registrar of Companies.
The government and the banks had been closely monitoring the deposits in the accounts of these specific companies post and pre demonetization. Necessary action was taken after it was found that there was a sudden spike in deposits made into these accounts post demonetization. Ever since reports of negative perception about the state of the Indian economy surfaced, the government has been taking several measures to address the issues.
Referring to the government’s policy on black money since coming to power in 2014, the PM had earlier said that they had enforced a strict black money rule, making ‘hoarding of black money a difficult task’.
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