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SIT on black money recommends taking steps to detect shell companies

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Photo: www.dnaindia.com

New Delhi: The Special Investigation Team on black money has recommended that law enforcement agencies take steps to detect shell companies after it was found that there were 2,627 people who were directors on the board of over 20 companies in violation of the Companies Act.

The finance ministry said in a statement here on Tuesday that the SIT findings showed the total number of companies sharing their address with at least 19 other companies are 13,581 in number.

“The SIT has requested the Ministry of Corporate affairs to take necessary action with respect to the violation of the Companies Act noted above. The SIT has further requested CBDT, CBEC, and Enforcement Directorate to undertake due diligence on the Company data referred to above,” the statement said.

“While there is no specific Act/Rule, which debars Companies from having the same address, SIT has desired that greater vigilance is accorded by law enforcement and intelligence agencies like CBDT, CBEC, ED, and FIU while examining the operations of such Companies,” it added.

It has also asked the Serious Frauds investigation office (SFIO) under the ministry of company affairs to regularly mine the MCA database for such shell companies.

Shell companies are the entities that are incorporated as companies, and are used only for routing funds, without undertaking any real business activity.

SIT looked into the matter after a panel headed by CBDT chairman in 2012 had said that the use of shell companies to provide accommodation entries to launder black money was noticed in a number of high profile cases investigated.

(IANS)

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“I have saved the Country, as I had promised to do,” says PM Narendra Modi on Demonetisation

The sufferings of the masses would gradually ease, but the problems of the corrupt and the black money hoarders will increase, said Modi

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Modi on note ban
Prime Minister Narendra Modi. VOA

Pune, December 25, 2016: Prime Minister Narendra Modi on Saturday said that if the evils of corruption and black money had been tackled by the previous governments, he would not have been forced to take a tough decision like demonetisation.

“If the ills of the country had been tackled on time in the past 40 years, I would not have resorted to such a harsh decision.

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“Those who failed to take the decision have pushed the country to grave peril — I have saved the country, as I had promised to do,” Modi said at a public rally here after inaugurating the Rs 11,420-crore Pune Metro project.

Continuing with his defence of demonetisation, he again warned the corrupt and black money hoarders to come clean or face the consequences.

Reiterating his earlier statements in Mumbai — to continue the war against corruption, black money hoarders, terror and Maoists until achieving victory — Modi exhorted those with undeclared money to reveal their untaxed wealth and “sleep peacefully”.

“If they don’t declare, then at least I will not sleep,” he warned, vowing to give justice to the 125 crore people of the country, who have suffered over 70 years because of a handful of corrupt elements.

He said after the 50 days post-demonetisation, the sufferings of the masses would gradually ease, but the problems of the corrupt and the black money hoarders will increase. “Nobody will be spared and the poor will get justice.”

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Dwelling on the rural-urban divide, Modi said the Centre has launched a “Rurban Mission” to ensure all-round development of urban centres and the villages without the latter losing their soul.

“In rural areas, we shall improve the quality of life, employment, provide same opportunities and facilities as in urban areas, which can slow the pace of migration from the rural areas to cities,” Modi said.

He said under the changed scenario, people are not merely content with railways or highways, but demand I-ways (Information Highways) and digital grids, and besides water pipelines, they want gas pipelines and optical fibre networks.

“Urbanisation is going on at a brisk pace in India and whatever we do is not enough. If we only think of the next elections, we shall never confront the challenges facing urban areas.

“So, irrespective of the immediate political gains, we must adopt a long-term vision to tackle the challenges of development,” Modi said.

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It was also imperative to complete all projects within the deadline and if possible, think of catering to the needs of the people after 25-30 years, he urged.

Since demonetisation, he said, the value of small currencies like Rs 100-Rs 50 had gone up, the incomes of urban and rural bodies in the country had shot up by 200-300 per cent, compared to the 50-60 per cent earlier.

The additional revenues would be used for public benefit, he added. (IANS)

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Cashless People Standing in Queues lose patience, Attack Banks in Gujarat

People furious over lack of cash in banks on Monday attacked bank branches in two districts of Gujarat, the authorities said

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People queue outside a bank to exchange and deposit their old high denomination banknotes in Masuda village in the desert Indian state of Rajasthan, November 15, 2016. (Representational image)REUTERS/Himanshu Sharma

December 20, 2016: People furious over lack of cash in banks on Monday attacked bank branches in two districts of Gujarat, the authorities said.

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A mob locked up the State Bank of India and Dena Bank branches in Samadhiyala village in Amreli district in Saurashtra region after hundreds waiting in long queues were told the banks had no cash to give.

Most of the people were farmers, witnesses said.

In Surendranagar district, mobs attacked some bank branches and damaged their doors and windows after they were found to have been kept closed for the third consecutive day since Saturday.

The bank authorities said there was no meaning of opening the branches as no cash had reached the branches on Monday.

In Silvassa, capital of the union territory of Dadra and Nagar Haveli, the manager and some staff members of a nationalized bank were roughed up by people as the bank had no cash to distribute.

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The police had to intervene to rescue the bank staff.

The central government on November 8 demonetised the 500 and 1,000 rupee notes, saying the move was aimed at tackling corruption, black money, and terror funding.

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The move has led to an unprecedented cash crunch across the country. (IANS)

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Prime Minister Narendra Modi welcomes the Election Commissions Proposal to Ban Anonymity behind Donations of more than Rs 2,000 to Political Parties

EC recommended to slash the limit for accepting anonymous donations to Rs 2,000 from the current Rs 20,000

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Prime Minister Narendra Modi paid homage to the brave hearts who lost their lives in 2001 Parliament attck
Prime Minister Modi in a garden Wikimedia

Kanpur, December 19, 2016: Welcoming the Election Commissions proposal to ban anonymity behind donations of more than Rs 2,000 to political parties, Prime Minister Narendra Modi on Monday assured it of implementing measures aimed at preventing black money infiltrating the electoral process.

Addressing a party rally in this industrial city of Uttar Pradesh, Modi accused the opposition of avoiding a debate in Parliament over the issue of political donations and asked the poll panel to continue its endeavour at electoral reforms.

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“During the all-party meeting, before the winter session of Parliament, I had urged for a debate on political donations. People are full of mistrust about the donation to political parties and we must debate on the issue on how to remove this mistrust,” he said.

“People have distrust for politicians over political donations and it is our responsibility to ensure that they do not have any reason to point fingers at political parties over donations,” he added.

Modi said that he and his Bharatiya Janata Party (BJP) wholeheartedly welcome the EC’s recent recommendation to slash the limit for accepting anonymous donations to Rs 2,000 from the current Rs 20,000.

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He also advocated simultaneous conduct of the general and assembly elections and yet again flayed the opposition for running away from a debate in Parliament over the issue.

“I also had called for debates on the possibility of simultaneous conduct of general and assembly polls. Due to polls at different times not only are there opportunities of corruption but they also stall development and create tension among people.”

“But there was no debate on these two important issues because the opposition did not allow Parliament to function. They did this because they wanted to avoid any debate on this,” he said.

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Calling on the poll panel to continue its bid to cleanse polls of black money, Modi assured the panel of implementing the recommendations in the interest of the country.

“I urge the EC to take further steps in this regard, call for discussions with all the parties and whatever recommendations come out which are in the interest of the country, which are for the sake of honesty and transparency, this government will implement that,” he added. (IANS)