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HindustanTimes Wed,17 Sep 2014

Banking

Global media tax exposé spurs finmin, banks to start own probe
HT Correspondent, Hindustan Times
New Delhi, April 09, 2013
First Published: 00:24 IST(9/4/2013)
Last Updated: 00:25 IST(9/4/2013)

While the finance ministry has already initiated an inquiry against those who have allegedly stashed money in tax havens, following a global report prepared by the International Consortium of Investigative Journalists (ICIJ), several banks with offshore branches have also decided to go ahead with in-house probes to see whether there has been any discrepancy.

“It is too premature to say anything on the report but we have initiated an investigation and we have sought details and information on the matter, it will naturally take some time,” said a senior government official who did not wish to be identified.

A worldwide media expose recently suggested that 2.5 lakh individuals and entities from over 170 countries, including India, evaded taxes by setting up companies in tax havens.

On Saturday, the finance minsiter P Chidambaram said that the Centre was looking into it and steps would be taken if required.


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