The government has set up a task force to monitor the action taken against deviant shell companies by various agencies. Shell companies are those companies which do not conduct any operations and indulge in money laundering in India. <br/><br/>An official release said, the decision to constitute the task force was taken at a meeting held in the Prime Minister's Office, with senior officers of various departments, to review functioning of shell companies. AIR correspondent reports that the task force has been set-up under the co-chairmanship of Revenue Secretary and Corporate Affairs Secretary with members from various regulatory Ministries.

Government has set up a task force to monitor the action taken against deviant shell companies by various agencies. Shell companies are those companies which do not conduct any operations and indulge in money laundering in India. <br/><br/>An official release said, the decision to constitute the task force was taken at a meeting held in the Prime Minister's Office, with senior officers of various departments, to review functioning of shell companies. <br/><br/>The task force has been set-up under the co-chairmanship of Revenue Secretary and Corporate Affairs Secretary with members from various regulatory Ministries. <br/><br/>The release said, harsh punitive actions will be taken against deviant shell companies including freezing of bank accounts and striking-off names of dormant companies. Disciplinary action will also be initiated against professionals indulging in malpractices and abetting entry operators of shell companies. <br/><br/>There are about 15 lakh registered companies in India and only 6 lakh of them file their annual return. Government wants to prevent their misuse for money laundering and tax-evasion, especially in the context of unearthing black money post demonetisation. <br/><br/>In a small sample analysis of such companies, it has been found that 1,238 crore rupees cash has been deposited in these entities during November-December period.<br/>

Government has set up a task force to monitor the action taken against deviant shell companies by various agencies. Shell companies are those companies which do not conduct any operations and indulge in money laundering in India. <br/><br/>An official release said, the decision to constitute the task force was taken at a meeting held in the Prime Minister's Office, with senior officers of various departments, to review functioning of shell companies. <br/><br/>The task force has been set-up under the co-chairmanship of Revenue Secretary and Corporate Affairs Secretary with members from various regulatory Ministries. <br/><br/>The release said, harsh punitive actions will be taken against deviant shell companies including freezing of bank accounts and striking-off names of dormant companies. Disciplinary action will also be initiated against professionals indulging in malpractices and abetting entry operators of shell companies. <br/><br/>There are about 15 lakh registered companies in India and only 6 lakh of them file their annual return. Government wants to prevent their misuse for money laundering and tax-evasion, especially in the context of unearthing black money post demonetisation. <br/><br/>In a small sample analysis of such companies, it has been found that 1,238 crore rupees cash has been deposited in these entities during November-December period.<br/>

Government today set up a task force to monitor action taken against deviant shell companies by various agencies.Shell companies are those companies which do not conduct any operations and indulge in money laundering in India.The task force has been set-up under co-chairmanship of Revenue Secretary and Corporate Affairs Secretaries with members from various regulatory Ministries. An official release said, a decision in this regard was taken at a meeting held in Prime Minister's Office along with senior officers of various departments to review functioning of shell companies. It said, harsh punitive actions will be taken against deviant shell companies including freezing of bank accounts and striking-off names of dormant companies. Disciplinary action will also be initiated against professionals indulging in malpractices and abetting entry operators of shell companies. <br/> <br/><br/>Government wants to prevent their misuse for money laundering and tax-evasion, especially in the context of unearthing black money post demonetization. There are about 15 lakh registered companies in India and only 6 lakh companies file their annual return. In a small sample analysis of such companies, it has been found that 1,238 crore rupees cash has been deposited in these entities during November-December period. Serious Fraud Investigation Office has filed criminal prosecution for cheating National Exchequer after investigation of entry operators running a group of 49 Shell Companies and other proprietorship concerns.It has also been decided that appropriate red flag indicators would be used for identifying shell companies, and a data base of such companies and their Directors would be built by pulling in information from various agencies. The data base will also capture Aadhar number of individual Directors in the companies.