The International Consortium of Investigative Journalists (ICIJ) late on Monday released 2.6 terabyte of >Panama papers data on over 11.5 million financial and legal records, including about 37,000 files related to India. The India-related documents pertain to 22 offshore entities, 1,046 individuals, 42 intermediaries and 828 addresses.
The ICIJ website carries a disclaimer that “there are legitimate uses for offshore companies and trusts. We do not intend to suggest or imply that any persons, companies or other entities included in the ICIJ Offshore Leaks Database have broken the law or otherwise acted improperly. Many people and entities have the same or similar names. We suggest you confirm the identities of any individuals or entities located in the database based on addresses or other identifiable information.”
Personal details not given However, the data only gives the name of the individual, the local registered address, the off-shore entities either incorporated or of which they are a part of along with the country. Personal details like bank accounts have not been disclosed.
Clarification sought Based on media reports, the Income-Tax Department has already issued notices to a large number of entities seeking clarification. The Enforcement Directorate has also approached the Reserve Bank of India and the Income-Tax Department seeking information on those involved. The Indian agencies have not yet received any certified copy of the documents from Panama. The data released by ICIJ pertains to trusts and other legal entities set up over a period of 40 years, involving about 3.2 lakh companies in 21 jurisdictions.
Non-disclosure of foreign assets in India can attract investigations by the I-T Department and other financial investigating agencies.
In case of suspected illegality, the ED can also launch investigations under the Foreign Exchange Management Act and the Prevention of Money Laundering Act.
