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35,000 firms under scanner after notes ban

demonetisation

New Delhi: Cash deposits worth over Rs 17,000 crore were made and later withdrawn post demonetisation by as many as 35,000 companies, which are now de-registered, the government said on Sunday.

As it steps up the fight against illicit fund flows, so far names of around 2.24 lakh companies that have been inactive for long have been struck off from the official records and 3.09 lakh directors have been disqualified.

Around 2.24 lakh companies have been struck off till date for remaining inactive for two years or more, an official release said restrictions have been imposed on the operation of their bank accounts as well as on sale and transfer of their properties.

“Preliminary enquiry on the basis of information received from 56 banks in respect of 35,000 companies involving 58,000 accounts has revealed that an amount of over Rs 17,000 crore was deposited and withdrawn post demonetisation,” the release said.

In one case, a company which had a negative opening balance on November 8, 2016, deposited and withdrew Rs 2,484 crore post demonetisation, it added.

Last November, the government cancelled old Rs 500 and Rs 1,000 currency notes as legal tenders as part of larger efforts to fight the black money problem and corruption.

According to the government, one company was having as many as 2,134 accounts.

The information regarding such firms has been shared with enforcement authorities for further action.

The Prime Minister’s Office has also constituted a Special Task Force under the joint chairmanship of revenue secretary and corporate affairs secretary to oversee the drive against such defaulting companies. The task force has met five times so far, the release said.

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