Agencies investigating Panama paper leaks: Sinha

Determination of total volume of money that has been evaded by Indian citizens in violation of laws is subject matter of investigation and other follow-up actions, Parliament was informed today.
"Determination of total volume of money that has been evaded by Indian persons in violation of laws regulations is subject matter of investigation and other follow-up actions, which is an ongoing process," Minister of State for Finance Jayant Sinha said in a written reply to the Rajya Sabha.
He was replying to a question whether it is a fact that several Indian citizens have been named as indulging in money laundering and tax evasion under recent Panama Papers leaks.

Sinha further said such follow-up actions under direct tax law include assessment of income, lax, interest and penalty and filing of prosecution complaints before criminal courts, wherever applicable.
The Minister said other law enforcing agencies such as Enforcement Directorate, Central Bureau of Investigation etc also take action in relevant cases under respective laws administered through them, depending upon facts of each case.
Sinha, however, noted that details regarding the amount of money involved in all such cases are not maintained centrally.

In a separate written reply, the Minister said that government constituted a Multi-Agency Group on April 4 with a view to facilitate coordinated and speedy investigation in the Panama Papers leaks cases of Indian persons.

"The group consists of officers of Investigative Division of Central Board of Direct Taxes (CBDT), Foreign Tax and Tax Research Division of CBDT, Enforcement Directorate (ED), Financial Intelligence Unit (FIU) and Reserve Bank of India, and its Convener is member (Investigation) CBDT," he said.
Besides, the Special Investigation Team (SIT) on black money, already constituted by government under the Chairmanship and Vice-Chairmanship of two former Judges of Supreme Court in May 2014, is also looking into the matter.