Government orders closure of 1.75 lakh shell companies

 The government has deregistered more than 1.75 lakh shell companies with doctored accounts based on data mined from demonetisation, Prime Minister Narendra Modi said on Tuesda
Image used for representational purpose
Image used for representational purpose

NEW DELHI : The government has deregistered more than 1.75 lakh shell companies with doctored accounts based on data mined from demonetisation, Prime Minister Narendra Modi said on Tuesday, gesturing the government’s intent to go after tax dodgers.“The drive against black money has led to the discovery of many shell companies. Following demonetisation, over three lakh companies have been found, which are nothing but shell companies,” Modi said in his Independence Day speech.


“Of these, the registrations of 175,000 firms have been cancelled,” he said. These firms were used to funnel black money by obscuring the source of slush funds. As many as 400 firms were found to be operating from a single address.More than 18 lakh people have so far been found whose income disclosed in tax returns are lower than their actual earnings. 

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