Govt cracks whip on bogus firms, licences of over 2 lakh cancelled

The Ministry of Corporate Affairs has developed an early warning system that would make it easier to tighten the screws on bogus companies. So far, registration of 2,24,000 bogus companies have been cancelled by the ministry and their accounts have been seized. With the new system, bigger and more bogus companies are expected to be caught, Union minister of state, ministry of law and justice and ministry of corporate affairs  P.P. Choudhary told  DNA on Tuesday.

He said that Rs 15 lakh crore has been deposited in the banks after the demonatisation but after the long investigation by the Ministry of Finance and the Ministry of Corporate Affairs, black money worth Rs 4.5 lakh crore has been unearth.

Now there are 11 million 16 lakh companies in the country, all of them are being under investigation by the new system. 

He told that the directors of the big companies have made bogus companies for the use of black money.. So far only 3% companies were examined But in the next few months, the bank will get a total of Rs 7 lakh crore of black money and all the detail of such bogus companies will come out.

Will win election

Returning from Gujarat, Union minister PP Chaudhary said that  BJP got huge victory in Uttar Pradesh, and will win the Gujarat elections with a huge majority in the same way. Chaudhary said that the historical development work was done during the twenty years of BJP rule in Gujarat.