NEW DELHI: Close to nine lakh registered companies are not filing annual returns with the Ministry of Corporate Affairs (MCA) and are a potential source of money laundering, said Revenue Secretary Hasmukh Adhia. Speaking at the Enforcement Day event on Saturday, Adhia said the task force set up by the PMO is monitoring these companies every 15 days.
“There are 15 lakh registered companies... as many as 8-9 lakh are not filing annual returns with the Corporate Affairs Ministry. They have become a potential threat for money laundering,” he said.
As per the income tax department records, out of the 15 lakh companies registered in India, only 6 lakh file returns. Out of these 6 lakh, about 3 lakh show nil income.
“We have given notices to some of them,” he said, adding that the task force co-chaired by him and the MCA Secretary is keeping a close watch on them. According to Adhia, trade-based money laundering is also getting prominent these days as was seen in the Rs 6,000-crore Bank of Baroda case.
In a major crackdown on domestic shell companies, the government in February had decided to take “harsh punitive” action, including freezing of their bank accounts used to launder money or evade taxes.