Government constitutes inter-departmental task force to crack down on benami firms
Posted on:11 Feb 2017 18:11:08
Free Current Affairs to Your Email
11 February 2017 Current Affairs: The Union Government has constituted inter-departmental task force comprising members of various regulatory Ministries and enforcement agencies to crack down on benami firms. It is first major post-demonetisation move undertaken by Government for unearthing black money from shell companies used for large-scale money laundering and tax evasion.
The task force will be headed by Revenue Secretary and Corporate Affairs Secretary to monitor the actions taken by various agencies. The involved agencies will invoke the stringent Benami Transactions (Prohibition) Amendment Act, 2016 against the shell companies and freeze their accounts and strike off the names of dormant companies. It will also initiate disciplinary action against professionals abetting the companies and entry operators, who are used to launder unaccounted-for incomes into the banking system for projecting them as white money.
There are about 15 lakh registered companies in India, but only 6 lakh of them file their annual returns. It has raised suspicion that a large number of these companies are indulging in financial irregularities. During a small sample analysis of such companies conducted by Government has found that Rs.1,238 crore in cash was deposited in these entities during the November-December 2016 period, after demonetisation. It also has been found that 560 beneficiaries have laundered money to the extent of Rs. 3,900 crore with the help of 54 professionals, who have been identified by the Government.
FreshersLive - No.1 Job site in India. Here you can find latest 2018 government as well as private job recruitment notifications for different posts vacancies in India. Get top company jobs for both fresher and experienced. Job Seekers can get useful interview tips, resume services & interview Question and answer. Practice online test free which is helpful for interview preparation. Register with us to get latest employment news/rojgar samachar notifications. Also get latest free govt and other sarkari naukri job alerts daily through E-mail.