Modi said that out of the money deposited in banks post note ban, over Rs 1.75 lakh crore is under scrutiny. “More than Rs 2 lakh crore black money has reached banks and now people depositing such money are being made to answer questions on their origin.”The move, he said, has checked generation of new black money. “After data mining post demonetisation, we have found 3 lakh such companies which are only shell companies.” Shell companies are non-trading firms used as a vehicle for various financial manoeuvres to avoid paying taxes. “You will be surprised to know that there are 400 shell companies operating from same address. And for this, I embarked on a fight against black money and corruption,” he said.

Source: Indian Express August 15, 2017 05:40 UTC