Black money holder, company owners to face 10 years jail

Black money hoarders and shell company owners to face 10 years of jail.Around 2.1 lakh companies registration was cancelled suspecting black money.

The government has announced that in case the director or the authorised signatory of any "struck off" company tries to siphon off money without authorisation from its bank account, he/she may attract imprisonment of six months to 10 years.

The fraud involving public interest, will have a punishment of not less than 3 years and a fine.the fine could be multiple of three to the amount of fraud done.

Not only jail and fine I they get punished their licence will be cancelled and they cannot hold similar office in future. This also mean approximate 2-3 lakh shell companies will get closed.