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Registration of 100,000 companies canceled in India

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Staff Writer | July 2, 2017
India has canceled the registration of more than 100,000 companies which were "in violation of laws", Prime Minister Narendra Modi said, in the latest effort by the government against "black money" and tax evasion.
Narendra Modi
Asia   Prime Minister Narendra Modi:
The decision was taken based on an extensive data analysis conducted by the government after Modi in November announced a sudden ban on high-value currency banknotes.

More than 300,000 firms had come under scanner for irregular transactions following the banknote ban, while licenses of more than 100,000 firms had been canceled, Modi said, without naming any company.

"This is not an ordinary decision," Modi said late on Saturday while addressing a gathering of accountants, hours after launching the country's landmark sales tax reform.

"Further stern measures will be taken in the coming days against companies which are violating the law."