CBI sources said the shell companies were allegedly being used by the suspects to divert loan funds meant for specified purposes, creating fake invoices, and 'round-tripping' of funds to evade taxes and generate black money.
The agency said it searched a Mumbai-based operator who was running 700 shell companies with 20 dummy directors and had "converted Rs 46.7 crore for Chaggan Bhujbal", the jailed ex-Maharashtra deputy chief minister.
Jaitley said note ban has compelled people to deposit money into bank accounts.
The Central Bureau of India on Thursday gave a clean chit to Union Home Minister Sushilkumar Shinde in the Adarsh Housing Society scam.
Rajya Sabha MP and Lalu Prasad Yadav's daughter, along with her husband Shailesh Kumar, are alleged to have entered into benami deals for purchase of a farm house in Delhi.
In a major crackdown on domestic shell companies, the government on Friday decided to take "harsh punitive" action, including freezing of their bank accounts used to launder money or evade taxes.
'We have not issued notices randomly.' 'We have done the risk profiling of individuals, and sent to those whose profile has not matched with their declared income.'
With a staff crunch, it seems the I-T department would now target only the big fish rather than go after small assessees.
Rana Gurjit denied the charges saying neither he nor his company - Rana Sugars Limited - has any direct or indirect stakes in sand mining business.
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Enforcement agencies will be empowered to confiscate assets
Concluding the three-part series, Paranjoy Guha Thakurta says that the black money law is likely to fail because of the ineptness of India's investigative and enforcement agencies.
'On corruption the Yadavs of UP and Bihar will find it very tough to give an answer to the accusations of the BJP and its supporters,' says Aakar Patel.
The 90-day compliance window to declare overseas wealth ends on September 30.
'The true fruits of the attack on black money, what Raghuram Rajan did for the banking system, and what technology is doing for us will come in FY19, which, not surprisingly, is the year running up to the next Lok Sabha elections.'
'Gloom is nowhere in sight, with healthy foreign exchange reserves, a strong rupee, healthy tax collections, corruption and crony capitalism under check,' argues Gopal Krishna Agrawal.
The session will have 20 working days for now.
Against estimates of black wealth of Rs 300 lakh crore and black money in cash of Rs 3 lakh crore by economist Arun Kumar, the PMGKY numbers fall short by a huge margin.
'Challenges will come but we will stay the course. No big step can be taken if one is afraid of criticism. We will not flinch from criticism,' says Railways Minister Piyush Goyal.
Manish Sabharwal tackles 5 criticisms of demonetisation.
Consensus building is likely to be the biggest casualty.
Exchange to reply to FMC's letter soon, CEO says buyers can't be declared defaulters where there is 'market disruption'.
Accusing the Congress of putting its interests above the country's, Prime Minister Narendra Modi on Friday tore into the Oppposition, saying unlike earlier when opposition parties stalled Parliament against scams, Congress- led parties are now doing so against government's steps to curb black money and corruption.
Limited IT staff may compel them to focus on big fish than small depositors.
'Fear is also a great impetus to push people in the right direction.' 'So, everyone who has touched black money is scared and I'm very happy about it.'
While naysayers say the economy is on a downward spiral, optimists point out that India has experienced a shift of gears in the realm of policies, thanks to several initiatives of the Narendra Modi government, says Ashok K Lahiri.
Filing with inadequate disclosure of assets will be liable for prosecution
Many countries advised the return the high-denomination notes to the central bank for destruction, but these continued to be legal tender. This and the introduction of a new Rs 2,000 note in India are the two major differences between Indian demonetisation and those of other countries.
Honest tax payers need not worry about the new black money law, says finance minister Arun Jaitley.
The SIT on black money has widened its probe.
The very design of the GST will bring in revenue buoyancy.
'The experience so far is a shocking example of how critical scheme of national importance can be brought into disrepute by inefficient and badly designed implementation,' says Dr Madhav Godbole, the former Union home secretary.
A day ahead of the nationwide protests planned by the opposition against demonetisation, Prime Minister Narendra Modi defended the move and warned unscrupulous people using the Jan Dhan accounts of the poor to launder their black money of strict action.
Wouldn't have used 182 pages for report if there were no irregularities, said Justice Dhingra.
Former chairman of the UIDAI Nandan Nilekani, elucidates how Aadhaar could become the spine for alternative banking and could replace government services with cash benefits.
Before Lok Sabha and Rajya Sabha was proceedings were disrupted by a relentless Opposition over the demonetisation issue, other topics such as compensation for military personnel, counterfeit notes were spoken of. Here's what happened in Parliament.
Here's the full text of Prime Minister Narendra Modi's address to the nation where he announced the demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight on November 8-9.
NDA government has shunned populism.
Indian economy about to take-off
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