Govt welcomes Panama leaks, says agencies will probe Indians in the list | india | Hindustan Times
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Govt welcomes Panama leaks, says agencies will probe Indians in the list

The government will investigate allegations that over 500 Indians used a law firm in Panama to set up offshore entities in tax havens across the world, said finance minister Arun Jaitley on Monday.

panama papers Updated: Apr 05, 2016 14:59 IST
Finance minister Arun Jaitley speaks during Annual Session 2016 'Building National Competitiveness' by CII in Delhi.
Finance minister Arun Jaitley speaks during Annual Session 2016 'Building National Competitiveness' by CII in Delhi.(Vipin Kumar/HT Photo)

The government will investigate allegations that over 500 Indians used a law firm in Panama to set up offshore entities in tax havens across the world, said finance minister Arun Jaitley on Monday.

“On the prime minister’s advice, a multi-agency group including CBDT (Central Board of Direct Taxes) and RBI will be set up to monitor disclosures and act upon them. All unlawful financial holdings abroad will face action,” said Jaitley about a newspaper report that Indians allegedly used a Panama law firm called Mossack Fonseca to possibly violate tax rules or masked ownership of firms they set up abroad.

“I welcome such investigations and exposes,” he said.

Also Read | 500 Indians in Panama papers leak: SIT on black money asks for report

Separately, the Special Investigation Team (SIT) set up by the Supreme Court to trace black money stashed abroad said it will “thoroughly investigate” the allegations.

“Investigations are being carried out. We are going to investigate it (the list) thoroughly,” SIT chairman Justice (retd) M B Shah told PTI.

An international coalition of over 100 media groups on Sunday published what was reportedly an extensive probe into dubious offshore financial deals of prominent peopleacross the globe who used tax havens to hide their wealth.

Also Read | Indians in Panama leaks: Govt warns of ‘action against tax adventurism’

The people it allegedly exposed ranged from political leaders like Russian President Vladmir Putin and Pakistan Prime Minister Nawaz Sharif, President of Argentina, Iceland’s Prime Minister and the King of Saudi Arabia as well as 500 Indians including Bollywood actors Amitabh Bachchan and Aishwarya Rai Bachchan.