[ Article writer is Amitava Roy. Primarily he is a musician, living in Mumbai for last 50 years. He is a pioneer in providing home tuition to the learners of music in all its deptt, he runs a music school of his own, and a reputed man in the field]
While politics, economic experts, armchair analysts and politicians are having a field day pillorying the Narendra Modi government over the disruptions caused by demonetization and its aftermath, the effect on the ground is beginning to show. The systemic change that promises to be of gargantuan proportions is only now beginning to emerge.
Cash deposits worth over Rs. 17,000 crore were made and later withdrawn post demonetisation by as many as 35,000 companies, which are now de-registered, the government said on Sunday, 5th November. Names of around 2.24 lakh companies that have been inactive for long have been struck off from the official records and 3.09 lakh directors have been disqualified.
“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of 35,000 companies involving 58,000 accounts has revealed that an amount of over Rs. 17,000 crore was deposited and withdrawn post demonetisation,” the release said. In one case, a company which had a negative opening balance on November 8, 2016, deposited and withdrew Rs. 2,484 crore post demonetisation, it added.
Last November, the government cancelled old Rs. 500 and Rs. 1,000 currency notes as legal tenders as part of larger efforts to fight the black money problem and corruption. According to the government, one company was having as many as 2,134 accounts.The information regarding such firms have been shared with enforcement authorities for further action.