Arun Jaitley says “Unlawful accounts in abroad will be penalized”
The Indian government today has made a declaration that the unlawful accounts which are maintained abroad by the Indians and the multi-agency group to have a thorough monitoring in the wake of Panama Papers that has named 500 people which includes the film actors and industrialists who have alleged stashed money with offshore entities.
The Finance Minister has said that the PM Narendra Modi has made a discussion about the issue on April 4th morning and based on his advise a group was set up, which includes officials from CBDT, RBI and FIU (Financial Intelligence Unit). They will continuously monitor these accounts and whichever accounts are found to be unlawful, severe actions will be taken as per the existing laws.
Jaitley has made a comment that Indian Express has made a report about the leaked documents of a Panama Law firm Mossack Fonseca, which is said to feature links of 500 Indians to offshore firms. The information has come about foundations, trusts and passport details of 234 Indians.
Jaitley has also added that more names will be added in the list. The list was discharged by the International Consortium of Investigative Journalists, which have added a disclaimer that there are also legitimate uses for offshore companies.