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Indians in the list
The International Consortium of Investigative Journalists, a network across 78 countries, has published one of the world’s biggest leaks of documents related to secret offshore accounts held by the world’s big and mighty. These documents were leaked from Mossack Fonseca, a secretive Panama-based law firm that helps people set up firms in tax havens around the world.
The International Consortium of Investigative Journalists, a network across 78 countries, has published one of the world’s biggest leaks of documents related to secret offshore accounts held by the world’s big and mighty. These documents were leaked from Mossack Fonseca, a secretive Panama-based law firm that helps people set up firms in tax havens around the world.
Although offshore entities are not illegal, these companies are an easy way out for money laundering and tax evasion. Among others, people close to Pakistan PM Nawaz Sharif, Argentinian footballer Lionel Messi, and Russian President Vladimir Putin, too, have been linked to various offshore deals, the leaked documents show. A Bollywood icon, a former Miss World, a real estate mogul, lawyers, and business families have figured in the list of over 500 Indians who allegedly used a law firm in Panama to set up offshore entities in tax havens and have found themselves in the eye of the storm.
Former Miss World and actress Aishwarya Rai, her father-in-law Amitabh Bachchan, businessman KP Singh of the DLF group, Sameer Gehlaut of the Indiabulls group, and Vinod Adani of the Adani group are among the 500 Indians linked to offshore firms set up in tax havens such as British Virgin Islands and the Bahamas.
The list of Indians was published by New Delhi-based The Indian Express newspaper. Other well known names on the list include the Mumbai-based Garware family, Goa-based industrialist Anil Salgaocar and corporate lawyer Harish Salve. As per the Reserve Bank of India’s Foreign Exchange Management Act, no Indian individual was allowed to make a direct overseas investment until 2013.
The central bank in 2013 amended the existing rules to allow direct investments in joint ventures or wholly-owned subsidiaries. Additionally, in 2004, the Liberalised Remittance Scheme (LRS) was introduced by the RBI, which allowed foreign remittances of up to $25,000 a year by Indian citizens. This limit is now up to $250,000 a year.
Also Read: PM Modi orders multi agency probe - http://ow.ly/10hUvm
