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Those with illegal money to be prosecuted: Jaitley on Panama Papers

"If illegal money is found in accounts of those who are named in Panama case, then they will also be prosecuted as in case of HSBC accounts," he said.

By: Express News Service | New Delhi | Updated: May 29, 2016 3:41 am
narendra modi, modi two years, Panama Papers, Arun Jaitley, illegal money, black money, PM modi two years, two years, india news Union Minister for Finance, Corporate Affairs and Information & Broadcasting Arun Jaitley PTI Photo

Promising action against people who have parked money illegally in foreign banks, Finance Minister Arun Jaitley on Saturday said owners of such accounts listed in the Panama Papers would be prosecuted.

“If illegal money is found in accounts of those who are named in the Panama case, they will also be prosecuted as in the case of HSBC accounts,” Jaitley said at an event organised to mark the second anniversary of the Narendra Modi government.

Panama Papers refer to the millions of leaked files of Mossack Fonseca, a law firm in Panama, that contain names of
several global politicians, businessmen, actors, sportspersons and other celebrities as those owning companies in the tax-haven. These papers were brought into the public domain through a global investigation by a network of journalists including those from The Indian Express.

Prominent Indian names on the list included actors Amitabh Bachchan and Aishwarya Rai Bachchan. Bachchan was one of the hosts of the government’s two-year anniversary event organised at India Gate.

Jaitley said the government had already initiated action against people who owned similar accounts in Liechtenstein and in HSBC bank, the two cases of black money that had been revealed earlier.

“Taxation authorities completed assessment and filed criminal cases against those who had stashed money illegally in Leichtenstein… We have also signed an agreement with Switzerland and got details of those people (who had illegal accounts in HSBC). We assessed Rs 6,000 crore black money which was in HSBC, Switzerland. And we have filed criminal cases against them,” he said.

The Finance Minister also said the government had last year enacted a law to deal with black money in foreign banks, and this measure had already yielded Rs 4,000 crore. The government was now focusing on domestic black money, he said. Owners of domestic black money will have a four-month window to disclose their illegal wealth and come clean by paying tax and penalty.

This compliance window will start on June 1, he said.

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  1. Khushminder
    May 28, 2016 at 11:22 pm
    When mr. Jaitely.? Remember Adani has Panama Papers. Ambanis must be punished first, if you are son of your father.
    1. H
      May 28, 2016 at 3:33 pm
      Let Mr Jaitley solve the Mystery of the 3 containers with 570 crores.lt;br/gt;lt;br/gt;Its time some one asked him who that Money belongs to
      1. M
        Mohammed imtiaz
        May 28, 2016 at 3:15 pm
        Mr Jaitely the common man is not interested in all these big bang talks. Lets make life arithmetics simple -Dal vegetables milk and other essential commodities should decrease along with fuel and medicine prices. Then the common man will have the luxury to hear ur high pitch speeches and appreciate ur abilities.
        1. O
          May 28, 2016 at 5:25 pm
          Very populistic sounding speech. It mentions of prosecutions. But prosecutions where ? There are no functioning courts in India. It might take five centuries to process the number of cases that are likely to be submitted. So black money holders relax. Nothing is going to happen.
          1. H
            May 29, 2016 at 11:44 pm
            Finance minister dont have to look for Panama papers for black money. I am an NRI and tell you how the black money created in india. (0% of the Doctors in india do not give a receipt to patients and never show this money as an income to tax dept. They buy real estate with these funds and at the time of property registration, the government never ask the source of funds and if any officer brings this matter, a small bribe will settle it. One of the main reason for the rush for medical college admission was that in this profession hardly any one disclose the real income. Other source of the black money is the rental income. Landlords are escaping from reporting the rental income to the tax department. Renters must be allowed to clain their rent as an expense. This is happen in india only because majority of landlords are political leaders of every stripe. Government bust tighten the tax loops in india and then they dont have to go for Panama papers. What I have seen in the last 60 years is an indication, this will never happen in india. Politicians will never allowed this to happen just because they never cut their legs. I wish I can talk to some one in india about all these things.
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