INDIA
The International Consortium of Investigative Journalists claims to have found over 'one lakh secret companies, trusts and funds created in offshore locales' by entities from across the world in the past three decades.
India has approached over half a dozen foreign jurisdictions, including Singapore and some tax havens, for banking and other financial details of more than 500 individuals and entities that might have 'secret offshore accounts' at those places.
The "names and listed addresses" of as many as 505 India- linked entities, including businessmen and companies from the country, have been made public after a global expose on secret offshore accounts by US-based rights group, the International Consortium of Investigative Journalists (ICIJ).
The addresses of Indian entities and individuals, according to the ICIJ expose, have addresses of upmarket localities of account holders from Delhi, Mumbai, Bangalore, Kolkata, Chennai, Hyderabad, Pune, Ahmedabad, Baroda, Surat, Chandigarh and many other Indian cities and few other moffusil locations.
Sources here said that the Foreign Tax and Tax Research (FT&TR) division in the Finance Ministry has approached the British Virgin Islands, Cayman Islands and Singapore under the tax information exchange treaties with these jurisdiction for banking and other details of those named by ICIJ.
Besides, FT&TR has approached Cooks Islands and Samoa through other diplomatic channels, sources said, adding that a few other countries have also been approached for details of entities alleged to have secret accounts at those places.
"Preliminary inputs obtained in this regard do not present a clear picture and hence details have been sought through official protocol mechanisms and existing treaties," a senior Finance Ministry official said.
The ICIJ claims to have found over "one lakh secret companies, trusts and funds created in offshore locales" by entities from across the world in the past three decades.
While the broader details of this global expose were announced by ICIJ in April, the names and addresses of the individuals and entities were made public on Saturday.
The ICIJ has, however, put a disclaimer that there might be a legitimate use for offshore companies and trusts and being on the list does not necessarily mean that the said entities have broken any laws.
Sources said that the Indian authorities would also take a call on further action after they get necessary details from the concerned countries and find any wrongdoings on the part of the individuals and entities named by ICIJ.
"The information has been sought under the provisions of the Double Taxation Avoidance Agreement and Tax Information Exchange Agreement (TIEA) from the countries where we have such arrangements. Some other countries are being approached through the mutual tax assistance protocol of the OECD," sources said.
The Organisation for Economic Cooperation and Development (OECD) is a Paris-based body spearheading combat against black money and tax crimes by partnering powerful economies and nations with low tax regimes, popularly called tax havens.
"The effort is to see if these names are legitimate and if they are, it will be checked if that information is with the Income Tax department. Rest all other unreported entities in this list will be liable to action under Indian tax laws," the sources said.
After ICIJ's initial expose in April, Finance Minister P Chidambaram had said that an inquiry has been initiated against the individuals who have been named in this global report for having stashed money in secret offshore accounts.
The expose claims to have unearthed details of 2.5 lakh individuals and entities from more than 170 countries, including India, that evaded taxes by setting up companies in tax havens.
The body has, however, said that the featuring of these names necessarily does not mean that the entities have committed tax crimes.
"There are legitimate uses for offshore companies and trusts. We do not intend to suggest or imply that any persons, companies or other entities included in the ICIJ Offshore leaks database have broken the law or otherwise acted improperly," the ICIJ said in its disclaimer posted on the portal.
J-K: Fresh encounter breaks out in Kishtwar between security forces, terrorists
No water supply for 16 hours on November 11 in THIS part of Delhi, check details
Viral video: Man finds live worm in pizza ordered online, furious netizens demand action, WATCH
How many meals in a day is healthy for Indians?
New health directive in Tamil Nadu, Government declares THIS as notifiable disease
How Indian airports are becoming hubs for drug-trafficking?
Maharashtra Assembly Elections 2024: Union Home Minister Amit Shah releases BJP manifesto
J-K: Exchange of fire between terrorists, security forces in forest area of Srinagar
'These kids will regret': Kartik Aaryan fans IGNORE Sonu Nigam, viral video leaves netizens angry
Liam Payne's death 'NOT' suicide: Autopsy reveals One Direction singer died due to...
Delhi Ganesh, Kamal Haasan’s Indian 2 co-star, passes away
Why paper cuts hurt so much: Surprising science explained
Donald Trump marks second term victory with formation of inaugural committee for 2025
Citadel Honey Bunny review: Varun Dhawan, Samantha try powering this dull series
Meet Malaysia's richest Indian, owns private satellites, his net worth is Rs...
Delhi-NCR update: AQI improves slightly but remains in 'very poor' category
Meet woman who was first DSP, cracked UPSC exam to become collector, was jailed due to...
SA vs IND, 2nd T20I: Predicted playing XIs, live streaming details, weather and pitch report
SA vs IND, 2nd T20I Dream11 prediction: Fantasy cricket tips for South Africa vs India match
Viral Video: Bride's squad dances to 'Jadoo Ki Jhappi' song at wedding, win hearts online
Viral video: Little girl's adorable dance to 'Gulabi Sadi' leaves internet wanting more, watch
Meet man who built Rs 4500 crore company with MS Dhoni’s help, his business is…
Meet woman, who survived cancer, owns 10 private jets, her net worth is…
MBBS in Russia: Why do Indian students prefer studying medicals in Russia, why not India?
Amid divorce rumours, Aishwarya Rai reveals if she checks Abhishek Bachchan’s phone in viral video
DNA TV Show: Why Ajit Pawar distances himself from CM Yogi's slogan 'Batenge toh katenge'?
Meet Yashvardhan Dalal, Haryana batsman who scored 426 runs in an innings in CK Nayudu Trophy
Pakistani TikTok star Minahil Malik's dance video goes viral amid MMS leak controversy, watch
Gujarat: 38 injured in collision involving bus, two vehicles near Ambaji
MSMEs will get collateral free term loans scheme of upto Rs 100 crore through..., says FM Sitharaman
Rashmika, Samantha, Nayanthara, Tamannaah: Meet top South actresses
Will Hania Amir-Fahad Mustafa’s romantic drama return for Kabhi Main Kabhi Tum season 2?
New Maruti Dzire vs Old Maruti Dzire: Engine, specs, safety compared
Meet man, son of rickshaw puller, cracked UPSC in 1st attempt at 22, currently posted in...
AUS vs PAK Live Streaming: When and where to watch Australia vs Pakistan 3rd ODI live in India?
Tesla CEO Elon Musk becomes world's richest man, enters exclusive club of Rs...
Meet man, Elon Musk’s 'right-hand man', known for re-shaping Tesla, set to lead...
Calculated Risk: Exploring Iran's motives behind alleged Donald Trump assassination plot
Meet Jan Zelezny, Neeraj Chopra's new coach and current javelin throw world record holder
Do you wake up tired? Here's how to fix it
Canada ends fast-track visas for foreign students, know how will it affect Indians
'BJP-RSS want to destroy Constitution, we will keep protecting it': Rahul Gandhi in Jharkhand
'Jab Congress mazboot hogi, desh…' PM Modi's scathing attack on Aghadi bloc in Akola rally
Ajay Devgn says Ranveer Singh talks 'RUBBISH', Kareena Kapoor has all the...
Meet man, who used his pension money to build bridge for his village, he is from...
This was world's largest Eagle which went extinct 500 years ago, was found in...
Ratan Tata disliked this food, ate only this ice cream made by…
Gautam Gambhir to be sacked? Report indicates India coach could lose Test role if...
Bridal beauty routine: 6 essential skincare tips for a perfect wedding glow
IND vs SA: Sanju Samson goes past MS Dhoni, Rishabh Pant to achieve this massive T20I feat
CBSE Datesheet 2025: CBSE class 10, 12 timetables expected soon at cbse.gov.in
What is saree, petticoat cancer? From causes, symptoms to prevention, all you need to know
This is world's largest building 'shaped like chicken', has bonita huts, wave pool, is located in...
'More civilised than...': Viral video captures Japan's Nara deer bowing back at woman, WATCH
Nitin Chauhaan suicide case: Actor's wife breaks her silence, says he wasn't getting work due to...