Govt cracks whip on 17,000 Firms

New Delhi Aug 29: Some major steps will be taken by Government soon.
The Union Government has accelerated the pace of Crack down of Black Money after demonetization. A data report was prepared

* 17000 companies which have helped people to convert black money into white.
* The companies belong to following categories

# stock market listed investment advisory firms (thousands)
# real estate ,construction and infrastructure companies (860)
# hotels
# rice mills (9)
# gems and jewellery traders (dozens)
# few film production units
# news media organisations (2)
# food companies (43)
# flour mills (5)
# oil traders(17)
# steel and metal firms (150)
# advertising and mutli-media firms (40)
# broadcast houses (2)

* The following government agencies combinedly prepared the report
# Serious Frauds Investigation Office (SFIO)
# Income tax department (ITD)
# Central Bureau of Investigation (CBI)
# Enforcement Directorate (ED)

* The report was prepared on following data collected after demonetization
# payment records
# tax returns
# intelligence bureau inputs
# foreign exchange deals
# banks suspicious transactions reports (STRs).
# banks statements such as corporate account credit cards
# mutual funds, stock market, and property registrars information

* 14,247 companies have disclosed income in their tax returns far lower than
what their bank records and spending patterns.

* 50 companies have salted away funds to foreign accounts flouting rules.

* 482 companies companies have commited Financial crimes.

* 2015 companies directors and promoters have been found to be directly
involved in tax evasion and financial swindle.

* 1710 companies did not disclose their PAN number in many transactions.

* Cash deposits of more than Rs 25 lakh were made in about of 4.62 lakh bank accounts during November 8 to December 30, 2016.

* Cash deposits of more than Rs 5 lakh were made in 23.87 lakh accounts during these 50 days.

Recently the government has cracked down the whip on shell companies and 1.5 lakh companies have been closed.