Govt to investigate ‘Pandora Papers Leak’ by multi-agency group under CBDT Chairman

Government today said that the cases pertaining to Pandora Papers will be investigated and appropriate action will be taken in such cases as per law.

Finance Ministry said, the investigations in cases of Pandora Papers leaks appearing in the media under the name Pandora papers will be monitored through the Multi Agency Group, headed by the Chairman, Central Board of Direct Taxes.

It will be have representatives from CBDT, Enforcement Directorate, Reserve Bank of India and Financial Intelligence Unit.

The Ministry said, with a view to ensure effective investigation in these cases, the government will also proactively engage with foreign jurisdictions for obtaining information in respect of relevant taxpayers and entities.

The Government of India is also part of an Inter-Governmental Group that ensures collaboration and experience sharing to effectively address tax risks associated with such leaks.

Finance Ministry said, names of only a few Indians have appeared so far in the media.

It said, even the International Consortium of International Journalists website has not yet released the names and other particulars of all the entities.

The website of ICIJ suggests that information will be released in phases and structured data connected to the Pandora Papers investigation will be released only in the days to come on its Offshore Leaks Database.

Finance Ministry said, in case of earlier similar such leaks in the form of ICIJ, HSBC, Panama Papers and Paradise Papers, the Government has already enacted the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 with an aim to curb black money.

It said, undisclosed credits of over 20 thousand crore rupees have been detected in the investigations carried out in the Panama and Paradise Papers.

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