News in Numbers: 224,000 companies were struck off after demonetisation3 min read . Updated: 06 Nov 2017, 10:31 AM IST
In other news, the Central Vigilance Commission (CVC) plans to list the ways in which frauds are committed on a portal for bankers
What is it? The share of the Rs29,000 crore fund meant for the welfare of construction workers spent for the said purpose.
Why is it important? Much of the funds have been used to buy laptops and washing machines for construction workers, which the Supreme Court said were being frittered away. The top court was hearing a public interest litigation by an NGO that alleged that the statutory cess levied on real estate firms for the welfare of construction workers was being misused as there was no proper mechanism to identify beneficiaries. About 21.5 million workers were registered with various welfare boards, as of December 2015.
Tell me more: In response to these details given by the Comptroller and Auditor General of India, the Supreme Court has asked the Union Labour Secretary to appear before it on 10 November to explain how the fund was being implemented.
Why is it important? The Paradise Papers is the fourth large data leak of hidden and veiled, sometimes illegal, financial dealings of the rich and the powerful routed through tax havens. The Indian names featuring in the Paradise Papers leaks include electrical appliances firm Havells, corporate lobbyist Niira Radia and Dr Ashok Seth of Fortis Escort, among others.
Tell me more: The Paradise Papers comprise leaks from two offshore service providers, Bermuda’s Appleby and Singapore’s Asiaciti, and company registries of 19 tax havens.
What is it? The amount deposited and withdrawn by 35,000 companies after demonetisation (announced on 8 November), according to preliminary data collected by the government from 56 banks.
Why is it important? These companies, which together held 58,000 bank accounts, have been struck off the Registrar of Companies for suspect transactions. They have also been debarred from selling and transferring movable and immovable properties till their status is restored. The government, which has come under criticism for demonetisation, has said this exercise should be seen as a part of its drive against black money.
Tell me more: In all, 224,000 companies were struck off after demonetisation. And 309,000 directors were disqualified as their companies did not file financial statements and/or annual reports for three straight years between 2013-14 and 2015-16.
What is it? The number of years for which anti-corruption watchdog Central Vigilance Commission (CVC) has sought details related to all frauds involving Rs3 crore or more reported to the Central Bureau of Investigation (CBI) by public sector banks.
Why is it important? The CVC intends to analyse the modus operandi followed by defrauders with the aim of making changes to prevent fraudulent cases, at a time when the Indian government is promoting the Digital India programme. The CVC plans to list the ways in which frauds are committed on a portal for bankers.
Tell me more: As many as 3,870 fraud cases involving Rs17,750 crore were reported between April and December 2016. Around 450 employees were involved in these cases.
What is it? The number of points by which Manchester City lead the English Premier League title race.
Why is it important? The Pep Guardiola-led club increased its lead by three points after this weekend’s matches. City is off to its best start ever and is looking good to win its first title since the 2013-14 season.
Tell me more: Four of the top six teams in top-flight English club football squared off on Sunday. City beat Arsenal 3-1 at home and Chelsea beat Manchester United, which is currently second in the standings, 1-0.
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