In data released by the Ministry of Corporate Affairs, almost 73,000 companies have been deregistered and have made to deposit more than Rs. 24,000 crore in bank accounts post demonetisation.
The Government started its fight against black money and is working towards tracking down the flow of illicit funds and illicit assets. It has taken steps to deregister the names of around 2.26 lakh companies which have been dormant for many years. It has also come to the government’s notice that these companies in the past had also involved in illegal fund flows.
The Ministry, which has compiled the data said that more than 1.68 lakh companies out of the 2.26 lakh deregistered companies have deposited the cash in their accounts post demonetisation. Out of this, 73,000 companies deposited Rs 24,000 crore. Details of companies from various banks are under process, the ministry said in a document. In another report, the data shows that the direct tax collection post demonetisation has increased by 15.3%, which amounts to the collection of Rs. 9.80 crores of direct tax alone.
The Ministry document said that there are 68 companies are under investigation. The Serious Fraud Investigation Office (SFIO) is also probing 19 companies while the Registrars of Companies (RoC) are investigating 49 firms, it added.
It seems that the government has taken the issue of black money and illicit fund flows very seriously. Earlier, the Modi government intensified the crackdown on Benami Transactions by announcing a reward scheme to clamp down on benami properties. Under this scheme, the person who passes on any specific information about Benami transactions will be rewarded upto Rs 1 crore.
In several addresses, to the nation, PM Modi has said that he is committed to rooting out black money from the system by cracking down on benami properties. The present government has taken several steps like withdrawing of high currency values, from usage, enforcing strict measures to track illicit funds and other steps to eliminate the menace of black money from the system.