Paradise Papers

The multi-agency group probing the Panama Papers leak will monitor the probe and take “swift action“ on the `Paradise Papers' on financial holdings abroad that list a number of Indian entities, the CBDT said. The board said the investigation units of the income tax department across the country have been “alerted to take note of revelations for immediate appropriate action“.

The Central Board of Direct Taxes added that investigation in many cases of offshore entities is already on fast track. “As soon as further information surfaces, swift action as per law will follow,“ the CBDT, the policy-making body for the IT department, said in a statement.

The government has directed that investigation in cases of Paradise Papers will be monitored by a re-constituted MAG, headed by the Chairman of the CBDT and constituting representatives from the board, the Enforcement Directorate, the Reserve Bank of India and the Financial Intelligence Unit.

The MAG was constituted in April last year to investigate the legality of money stashed in off shore entities by Indians named in the Panama Papers.

In all, 714 Indian entities and individuals figure in the list. The Paradise Papers include nearly 7 million loan agreements, financial statements, emails, trust deeds and other paperwork over nearly 50 years from inside Appleby, a prestigious offshore law firm with offices in Bermuda and other places.

However, the CBDT said it is still to receive full details of the latest disclosures. It said the names of only a few Indians (entities and individuals) have appeared so far in the media.

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