India Announces Harsh Punitive Actions to be Taken Against Deviant Shell Companies

On 10 February 2017, the Indian Ministry of Finance issued a release announcing that harsh punitive actions will be taken against deviant shell companies (those used in money laundering and tax-evasion). Actions include the freezing of bank accounts, the striking off the names of dormant companies, and the invocation of the Benami Transactions (Prohibition) Amendment Act, 2016 (BTP Amendment A…