Panama Papers, Paradise Papers leak: govt. tells Parliament

The government has informed the Parliament that total undisclosed credits amount to Rs 20,353 crore have been detected as of October 1, with respect to 930 India-linked entities in the Panama Papers and Paradise Papers leaks.

In response to a question in the Rajya Sabha during the Winter Session, Minister of State for Finance Pankaj Chaudhary said that some Indian names have been released in the media which are linked to the Pandora Papers leak, and that taxes collected so far amount to Rs 153.88 crore in the Panama Papers and the Paradise Papers leaks.

In a written reply, he stated that the tax department takes appropriate actions in case of persons found to be in violation of the provisions of various Acts administered by the Income Tax Department, like the Income Tax Act, 1961, and Black Money Undisclosed Foreign Income and Assets and Imposition of Tax Act, 2015, etc.

Such actions under direct tax law include searches and seizure, surveys, enquiries, assessment and reassessment of income, levy of taxes along with interest, filing of prosecution complaints in criminal courts, wherever applicable, he said.

Criminal prosecution complaints have been filed under the Black Money Undisclosed Foreign Income and Assets and Imposition of Tax Act, 2015 in 52 cases of Panama and Papers leaks.

In 130 cases, proceedings under the Black Money Undisclosed Foreign Income and Assets and Imposition of Tax Act, 2015 have been initiated.

The investigation brought the Pandora Papers leak under the supervision of the MAG The MGA, with the Directorate of Enforcement, Reserve Bank of India, Financial Intelligence Unit India, and Foreign Tax and Tax Research division of CBDT, and the Directorate of Enforcement, and the Government has taken cognisance of it, according to Chaudhary, who has been named in these investigations.

The investigation is in progress, according to the minister.