February 11 2017
The government on Friday announced a crackdown on shell companies that were used to launder money in the aftermath of the 8 November invalidation of high-value currency notes.
Names of dormant companies will be struck off and steps taken to build a comprehensive database of such companies and their directors, whose Aadhaar numbers will also be captured, said the statement.
According to data with the tax department, of the 1.5 million companies registered in India, only around 600,000 file their annual tax returns, leading to the inference that a large number of these non-filers “may be indulging in financial irregularities”.