Indian Big Shots on Panama Papers

       Published : Apr 05, 2016 12:07 IST    

Indian Big Shots on Panama Papers

India's big shots had set up the offshore entities in the Mossack Fonseca. The documents were leaked to more than 100 news organization by International Consortium of Investigation Journalists (ICIJ). They published massive leak on Sunday which have the more than 11 million documents covering periods from 1977 until 2015 December.

Mossack Fonseca firm has setup more than 2,40,000 offshore secret companies for their clients around global. The firm denies the statement on them as it is misrepresentation of their nature of work.

Mossack Fonseca clients include top wealthiest people all around the world, world current and former leaders, politicians, business people and public figures. Among them Russian President Vladmir Putin, Ukraine President Petro Poroshenko, global film star Jackie Chan, Iceland and Pakistan leaders to Indian big shots Amitabh Bachchan and former miss world Aishwarya Rai are included in the list.

Over 500 individual of India is involved in the list and over thousands across world. These big shots are hiding their money to avoid the tax pay in their country. As per the Indian system, there are no rules in setting up the companies aboard. For very long time out Indian rupees can’t be changed to dollars and take them aboard.

RBI gave relaxation on this in 2004, Indian money can be taken out up to certain level of about $25000 per year. This money can be utilized on various purposes like shares, gifts, property, education, medical purpose or donation.

Now it had grown up to 250 thousand dollars that can be taken every year legally outside India. But RBI not stated to incorporate or setup companies in offshore by Indians.  RBI allowed to buy shares of the companies but prohibits in setting up the companies aboard by individuals in the year 2010.

After eight months long investigations, ICIJ published the list of the big shots who have owned companies in the tax haven Mossack Fonseca. It is a law firm in Panama City that registers and sells off shore companies to the clients.

Amitabh Bachchan, appointed director of 4 offshore companies. Aishwarya Rai and her father, mother, brother were registered with a company o 2005. KP Singh, Iqbal Mirchi, Adani brother, Sameer Gehlaut were among others in the list.

Indian Big Shots on Panama Papers


Indian Big Shots on Panama Papers


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