India on Wednesday stated it might quickly deregister greater than 100,000 personal firms within the nation for failing to adjust to varied statutory compliances.
The newest choice is definitely a part of the Indian authorities’s ongoing crackdown on corruption and black cash, post-demonetisation in November 2016.
A senior official stated “the federal government is dedicated to curbing the menace of black cash and deregistering of those firms is taken within the curiosity of the nation.
“For various non-compliances, around 120,000 more companies have been identified for striking-off,” the Indian company affairs ministry stated.
More than 200,000 companies had been struck off from the register of firms until December 2017 for varied non-compliances and being inactive for lengthy.
Indian Prime Minister, Narendra Modi, had in a sudden televised deal with on Nov. eight, 2016, introduced the scrapping of upper denomination foreign money notes.
The purpose was to curb the menace of black cash and stop the circulation of faux foreign money notes amongst terrorists, the federal government then stated.