RBI asks banks for details of money sent abroad by those named in Panama papers: Indian Express
The apex bank is part of a multi-agency investigation into the Indians whose identities were disclosed in the leaks.
The Reserve Bank of India has asked for details of money outflows from the banks accounts of the Indians named in the Panama Papers, The Indian Express reported. The apex bank, which is part of a multi-agency investigation into the case, has sought year-wise cash outflows under the Liberalised Remittance Scheme. The scheme allows Indian residents to remit up to $2,50,000 (around Rs 166 crore) every financial year, for a permissible set of current or capital account transactions. The investigation will check the legitimacy of accounts of the Indians named in the leaks.
Data from Panamanian firm Mossack Fonseca had revealed how people stashed money in offshore tax havens. Some of the Indians on the list include Supreme Court lawyer Harish Salve, DLF chairman KP Singh and Bollywood actors Amitabh Bachchan and Aishwarya Rai Bachchan. More than 500 Indians were pinned down from Mossack Fonseca’s files.
RBI Governor Raghuram Rajan had said there could be legitimate reasons for Indians to have set up offshore accounts, but added that the bank would investigate the reasons.