Warning of stringent action against black money hoarders, Prime Minister Narendra Modi on Saturday said 37,000 shell companies indulging in tax evasion have been detected and more than 300,000 firms are under the scanner for suspicious dealings after demonetisation.

He emphasised it would become more difficult for people stashing illicit funds in Swiss banks once automatic tax information exchange regime begins between India and Switzerland. Modi said his government is committed to taking even tougher action against those helping hide black money and he is not at all concerned ...