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Tax notices sent to those named in Panama papers – FM Arun Jaitley

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Updated: 14:34 GMT, May 5, 2016 | Published: 12:23 GMT, May 5, 2016 |
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India’s Finance Minister Arun Jaitley on Thursday (May 05) told parliament that the government had sent legal notice to those named in the Panama papers.

A team of journalists from around the world published what they called the “Panama papers” where in the hidden wealth of some of the world’s most prominent leaders, politicians and celebrities has been revealed by a Panama law firm showing countless ways in which one can exploit secretive offshore tax regimes.

The “Panama papers” reportedly feature over 500 Indians linked to offshore firms.

Jaitley said the government would act against the guilty according to new law which carries a jail sentence of up to 10 years for evading tax on foreign assets and 7 years for failing to disclose assets adequately.

“Notice has been sent to every person, who is named in the Panama Papers. We have sought reply from them why their asset was outside the country. We will verify who had RBI (Reserve Bank of India) permission and who had declared in their income tax documents. We will take action, according to new rule, against those found guilty,” Jaitley said in New Delhi.