Panama Papers: Who Went Offshore Before RBI Eased Forex Limit?

Indians had discovered the advantages of going offshore — setting up entities in tax havens — long before the government and Reserve Bank of India (RBI) allowed resident individuals to take money out of the country. The Foreign Exchange Regulation Act (FERA), aimed at conserving foreign exchange, did not deter them despite the threat of criminal prosecution. – See more at: http://indianexpress.com/article/india/india-news-india/panama-papers-india-list-indians-in-panama-panama-mossack-fonseca-files-rbi-foreign-exchange-regulation-act-2783355/#sthash.LffEaj7N.dpuf

Indians had discovered the advantages of going offshore — setting up entities in tax havens — long before the government and Reserve Bank of India (RBI) allowed resident individuals to take money out of the country. The Foreign Exchange Regulation Act (FERA), aimed at conserving foreign exchange, did not deter them despite the threat of criminal prosecution. - See more at: http://indianexpress.com/article/india/india-news-india/panama-papers-india-list-indians-in-panama-panama-mossack-fonseca-files-rbi-foreign-exchange-regulation-act-2783355/#sthash.LffEaj7N.dpuf