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Nearly seven lakh shell companies suspected; might be blocked by govt

By Newsd
Updated on :
Source: hindustantimes

In another move against black money, the government is looking to restrain institutional money laundering by closing down “dormant” firms, alleged to be anywhere between 6 to 7 lakh. A number of these companies was involved in heavy transactions and deposited hefty amounts of cash in banks after demonetisation.

The suspected entities comprise over 40 per cent of the entire registered firms in India. The government has cleared the list of 15 lakh registered companies in a huge task. It has drawn in numerous agencies with the Central Board of Direct Taxes (CBDT) playing a significant role for the task.

As per a report in TOI, a senior CBDT official said, the I-T department has collected data on shell companies that made huge deposits in the two-month periods post-demonetization. During this period, the corporations and individuals were permitted to deposit banned notes of Rs 500 and Rs 1,000 in banks.

I-T department also amassed a wealth of information on these “dormant” firms that has managed to stay under the veil by not filing annual returns with the Registrar of Companies (RoC). Now, the government has involved all chief revenue intelligence agencies in the task, except the Security and Exchange Board of India, the RBI, the Intelligence Bureau and the corporate affairs ministry.

The CBDT may have convinced the administration that once this 6-7 lakh inactive firms are deregistered, it could end “institutional money laundering” in the nation. Shell companies have no real business operation or assets and they are used by “entry operators” only to filter money for clients.

CBDT has equipped an incorporated databank of supposed shell companies and entry operators. It is in the course of matching fresh banking dealings with another suspect “dormant” companies.  These data also comprise info collected from property registration, distrustful deal reports shared by the Financial Intelligence Unit and foreign bank financial records.

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