Centre to deregister 1.2 lakh companies to curb black money

Updated: Jan 20, 2018, 07:58 IST | ANI

In a bid to curb the black money menace, the government announced its decision to strike off the names of 1.2 lakh more companies from the official records for various non-compliances

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In a bid to curb the black money menace, the government announced its decision to strike off the names of 1.2 lakh more companies from the official records for various non-compliances.

The decision comes in the backdrop of a review meeting of the action taken with respect to de-registered firms last week. As per an official release, the decision was sanctioned by Minister of State for Corporate Affairs PP Chaudhary, who directed officials to expedite action against the companies.

In November last year, the Ministry of Corporate Affairs struck off around 2.24 lakh companies post demonetisation, for remaining inactive for a period of two or more years. A preliminary inquiry from 56 banks in respect of 35,000 companies, which involve approximately 58,000 accounts, has revealed that over Rs. 17,000 crores was deposited and withdrawn post demonetisation.

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