Union Government declared that action will be taken against unlawful accounts held abroad by Indians and constituted a multi-agency group to continuously monitor information after the Report from Panama Papers which says 500 Indians being named off illegal fund holdings in abroad.
- Panamanian law firm have revealed offshore accounts linked to the world’s most prominent people hundreds of Indians have been named.
Special Investigation Team:
- Prime Minister Narendra Modi mulling to set up a group which has been comprising agencies like CBDT, RBI and FIU. Finance Minister ArunJaitlysaid that detailed assessment orders have led to the discovery of illegal assets worth around Rs 6,500 crore.
- The Special Investigation Team will investigate thoroughly the reported secret list exposed by the International Consortium of Investigative Journalists (ICIJ).
- They will continuously monitor accounts and whichever accounts are found to be unlawful, strict action as per existing laws will be taken.
- This comes in the aftermath of Panama-based law firm Mossack Fonseca which is said to feature links of over 500 Indians to firms and accounts in offshore tax havens.
- AFP report from Panama reported a massive leak of 5 million tax documents has exposed the secret offshore dealings of around 140 political figures globally including Russian president Vladimir Putin, and celebrities including football star Lionel Messi.
Stashed Money by Indians:
- The country’s Premier investigating body CBI said that Indians have US$500 billion of illegal funds in foreign tax havens, more than any other country.
- While Some reports claim a total exceeding US$50 trillion are stashed in Switzerland