Sunday, Sep 25, 2022 | Last Update : 07:36 PM IST

  Business   Economy  06 Oct 2017  Govt releases data on companies involved in money laundering after note ban

Govt releases data on companies involved in money laundering after note ban

THE ASIAN AGE.
Published : Oct 6, 2017, 1:18 pm IST
Updated : Oct 6, 2017, 1:25 pm IST

Over Rs 4,574 crore was deposited post note ban in 13,140 bank accounts of 5,800 suspected companies.

Old Rs 1,000 notes along with Rs 500 old notes were banned overnight on November 8, 2016. Photo: PTI
 Old Rs 1,000 notes along with Rs 500 old notes were banned overnight on November 8, 2016. Photo: PTI

Mumbai: The government on Friday released data on companies that had done suspicious transaction activities in the aftermath of demonetisation on November 8 last year that stipulated RBI to take back legal tender status of Rs 1,000 and Rs 500 currency notes.

According to government data made public on Friday, over Rs 4,574 crore amount of money was deposited post note ban in 13,140 bank accounts of 5,800 suspected companies.

The figures further reveal soon after the deposits were made, these companies withdrew around Rs 4,552 crore thus bringing the transactions under the crosshairs of tax authorities.

So far, 13 banks have provided detailed information on post demonetisation transactions by 5,800 suspicious companies, the government data elaborated.

Tags: demonetisation, shell companies, money laundering
Location: India, Maharashtra, Mumbai (Bombay)