New Delhi, Nov 7 (IANS) Finance Minister Arun Jaitley said on Tuesday that investigations related to the Paradise Papers about offshore financial holdings will be on the lines of the Panama Papers and said that each case will be dealt on “individual merit”.
“The process which we followed in Panama Papers, almost same process will be followed in Paradise Papers so that it could be identified which account is legal and which is illegal. Each case will be considered on individual merit,” Jaitley said in response to a question on how the government is going to probe the Paradise Papers disclosures.
He said the names that figured in Panama Papers were investigated after sending notices.
“They were some two-three types of cases. Among them some accounts were completely illegal. After tracing them action was initiated on the basis of evidences. Some said their accounts were legal and they had their own defence. Such cases are considered on the basis of merit,” he said.
The government on Monday directed that investigations in cases of Paradise Papers will be monitored through a reconstituted Multi Agency Group, headed by the Chairman, CBDT (Central Board of Direct Taxes) having representatives from CBDT, ED (Enforcement Directorate), RBI (Reserve Bank of India) and FIU (Financial Intelligence Unit).
There are 714 Indian entities and individuals having financial holdings abroad, the Indian Express said in a front-page banner story done as part of a world-wide International Consortium of Investigative Journalists (ICIJ) probe.
In India, as it did with Panama Papers, the Express investigated these records – involving Indians and Indian entities — for over 10 months to come up with the India findings which it said will be published in over 40 investigative reports.
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