The Centre on Monday said it will order a probe into the sensational revelation made in the Pandora Papers which reportedly has names of nearly 300 Indians who have amassed illegal wealth in tax heavens in foreign countries.
Pointing out that names of only “a few Indians” have appeared so far in the papers, the Finance Ministry said investigations in cases of Pandora Papers leaks appearing in the media will be monitored through a multi-agency group.
An international consortium of investigative journalists are behind the Pandora papers, which are expected to come out with more names on Tuesday.
Anil Ambani, Vinod Adani, Jackie Shroff, Kiran Mazumdar-Shaw, Niira Radia, Sachin Tendulkar and Satish Sharma are among the 300 Indians mentioned in the list so far.
“The Government will also proactively engage with foreign jurisdictions for obtaining information in respect of relevant taxpayers and entities,” the Ministry said, adding that India is part of an Inter-Governmental Group that ensures “collaboration and experience sharing to effectively address tax risks associated with such leaks”.
The multi-agency group headed by the Central Board of Direct Taxes chairman, with representatives from the Enforcement Directorate, the Financial Intelligence Unit and the Reserve Bank of India, will keep tabs on the phased disclosures from the Pandora Papers indicated by the International Consortium of Investigative Journalists (ICIJ) website, the Ministry said.
“It may be noted that following earlier similar such leaks in the form of ICIJ, HSBC, Panama Papers and Paradise Papers, the Government has already enacted the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 with an aim to curb black money, or undisclosed foreign assets and income by imposing suitable tax and penalty on such income,” the ministry pointed out,” the Ministry said.
Undisclosed credits of approximately ₹20,352 crore have been detected in the investigations carried out in the Panama and Paradise Papers by September 15.
