Policy

Panama Papers: India asks other countries for details on tax evaders, accounts

Our Bureau New Delhi | Updated on January 16, 2018 Published on October 02, 2016

Has made 250 reference with other countries, says Jaitley

India has made as many as 250 references to other countries asking for details about tax evaders and bank accounts related to the Panama cases, Finance Minister Arun Jaitley has said.

This is significant as at least 500 Indians are reportedly said to have held offshore accounts in tax havens, leaked documents of financial records in April 2016, dubbed ‘Panama Papers’, had showed.

“Big investigations in Panama cases have led to 250 references being made to other countries…”, Jaitley told reporters here on Saturday detailing the steps taken by the government on the administration of tax evasion cases.

In April, Jaitley had said that the income-tax department had sent notices to every Indian whose name had appeared in the Panama Papers expose.

Panama, after British Virgin Islands, has been the most popular domicile for the anonymous shell companies controlled by the rich and famous around the world, including national leaders and celebrities. Panama is the last major holdout that continues to allow funds to be hidden offshore from tax and law enforcement authorities.

HSBC cases

Jaitley said that tax department has made assessment of ₹8,000 crore in HSBC cases as well as filed 164 prosecution complaints in 175 HSBC cases.

Also, ₹5,000 crore of undisclosed deposits in foreign accounts have been detected out of International Consortium of Investigative Journalists (ICIJ) cases.

Jaitley said that the quantum jump in searches and survey has resulted in seizure of ₹1,986 crore as well as undisclosed income of ₹56,378 crore in the last two-and-a-half years. The upgradation of IT capabilities has led to non-intrusive methods of detection of tax evasion. As much as₹16,000 crore has been received as tax out of one such system of non-filers of monitoring system. The 3,626 cases of prosecution and compounding in the last two and half years is more than double as compared to previous two years, Jaitley added.

Published on October 02, 2016

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.