Group to probe Indians named in Panama papers set up: Govt

A Multi-Agency Group (MAG), comprising officials of CBDT, RBI, Financial Intelligence Unit and ED, has been set up to ensure “speedy and coordinated” probe against Indians whose names have figured in the Panama papers for allegedly holding bank accounts in foreign nations, government told the Supreme Court on Monday.

An undisclosed income of about Rs 8,186 crore has been brought under the tax ambit despite non-sharing of any information by the Swiss authorities, the Department of Economic Affairs told the apex court. “However, despite best efforts, the Swiss competent authority has not shared any information (with India) on various grounds including Treaty limitations and their domestic legal barriers.

“The deponent (Centre) submits that the alternative method of assisting the tax payer to obtain the information and documents was pursued with the said bank which has led to obtaining of the requisite information/documents in a considerable number of cases.. “Tax demand of Rs 5,377 crore has been raised which includes demands of protective assessments,” the affidavit filed by Manu J Vettickan, Deputy Director in the Ministry, said, as it reiterated the commitment of NDA government on unearthing blackmoney. 

The Centre, which sought dismissal of the PIL seeking a court-monitored CBI probe into Panama paper leaks, said about Rs 1,282 crore has been levied in 159 cases pertaining to concealment of tax due to the goverment.

“So far 164 prosecution complaints have been filed in 75 cases. The apex court-appointed SIT on blackmoney has been kept updated on the progress in these investigations,” the affidavit said.