Government to Crackdown on 17,000 Cos for Funneling Dirty Money

Vastavam web:The union government has decided to take serious action on around 17,000 firms which might have played key role in funneling of black money in the nation. The government will soon crackdown on about 17,000 companies including some listed investment advisory firms, real estate businesses, hotels, grain mills, jewelry traders and film production and media houses for funneling thousands of crores of undisclosed money over the last several months. Some media firms, rice mills, jewellary shops, shopping malls, mining firms, real estate, construction companies are some of the firms identified by the government. Moneycontrol.com reported that a government dossier, prepared by the government’s financial watchdog agencies, has identified 16,794 companies as the main conduits for funneling money after the demonetisation of high denomination notes last year.