According to government sources, 13 banks have submitted their first instalment of data post demonetisation. According to government sources, 13 banks have submitted their first instalment of data post demonetisation. Data submitted to the government by 13 banks post demonetisation has shown that several shell companies made huge deposits post November 8, 2016 — when Prime Minister Narendra Modi announced that notes of Rs 500 and Rs 1000 denomination will be withdrawn. Few of the companies had more than 100 accounts each with one company having 2134 accounts. Moreover, the government said there were multiple accounts which had miniscule or negative balance as on November 8, 2016 which saw deposits and withdrawals of crores of rupees post demonetisation.

Source: Indian Express October 06, 2017 06:40 UTC