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Thursday , 18 July 2019
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Government to Cancel Registration of 7 lakh Companies

In view of catch hold of black money government has started another fight; Government is about to cancel the latent companies registration. It is expected some 7 lakh companies are dormant companies which are being used for money laundering.


Many firms from this segment, made high-value transactions and deposited huge amounts of cash in banks after the demonetisation. Scrubbing the list of 15 lakh registered companies, this is big challenge as doubted companies are more than 40% of the total registered firms in India.

To expedite the work in right direction government involved manifold agencies with the Central Board of Direct Taxes who will be playing a key role. As per CBDT senior official income tax department has collected information on shell companies which went for enormous deposits in the two month period after-demonetisation.

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