Rs.17000 Crores Deposited in 58000 accounts and withdrawn post dmonetisation – investigation is on

The Ministry of Corporate Affairs has said that its investigation has found thousands of dubious banking transactions in the aftermath of note ban on November 8, 2016.

The Ministry of Corporate Affairs in a statement said that about Rs 17,000 crore was deposited in 58,000 accounts and withdrawn from the same and some of the bank accounts had a negative opening balance on November 8, 2016.

“Preliminary enquiry on the basis of information received from 56 banks in respect of 35,000 companies involving 58,000 accounts has revealed that an amount of over Rs 17,000 crore was deposited and withdrawn post demonetisation,” the statement read.

“In one case, a company which had a negative opening balance on 8th November, 2016, deposited and withdrew Rs 2,484 crore post-demonetisation,” it added.

On the basis of its investigation “around 2.24 lakh companies have been struck off till date for remaining inactive for a period of two years or more.” Following the massive drive to strike off the defaulting companies, restrictions have been imposed on operation of their bank accounts.


These companies have been barred from “sale and transfer of moveable and immoveable properties”. The Centre has shared information about defaulting companies with the respective governments depending on the location of the firm.

Enforcement authorities including Central Board of Direct Taxes, Financial Intelligence Unit, Department of Financial Services and the Reserve Bank of India have also been advised to take further action based on the preliminary enquiry.

“The Prime Minister’s Office has constituted a Special Task Force under Joint Chairmanship of Revenue Secretary and Secretary, Corporate Affairs, to oversee the drive against such defaulting companies with the help of various enforcement agencies,” the statement issued by the Ministry of Corporate Affairs said.

“The Special Task Force has so far met five times and action has been initiated against several defaulting companies, which is expected to help in the drive against black money,” it added.