GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
STARRED QUESTION NO. *84
ANSWERED ON 27-07-2021
PANAMA PAPERS SCAM
84. SHRI SUKHENDU SEKHAR RAY:
Will the Minister of Finance be pleased to state:
(a) the quantum of undeclared assets of Indian nationals identified by the tax authorities in the Panama Papers scam till June, 2021;
(b) the names of the Indians exposed during investigation, who moved money in and out of global tax havens; and
(c) the numbers of Indians or body of persons who stashed money outside India and arrested, and the details thereof?
(SMT. NIRMALA SITHARAMAN)
(a) To (c): A Statement is laid on the Table of the House.
STATEMENT REFERRED TO IN REPLY TO PART (a) TO (c) OF RAJYA SABHA STARRED QUESTION NUMBER *84 FOR 27-07.2021, REGARDING PANAMA PAPERS SCAM BY SHRI SUKHENDU SEKHAR RAY:
(a) As on 01.06.2021, total undisclosed credits amounting to Rs. 20,078 crores have been detected with respect to India linked entities in the Panama Paper Leaks.
(b) Disclosure of information regarding specific taxpayers is prohibited except as provided under section 138 of the Income-tax Act, 1961 and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act,2015.
(c) Income Tax Department takes appropriate actions in case of persons, who are found to be involved in violation of the provisions of various Acts administered by the Income Tax Department like the Income Tax Act, 1961, and Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act,2015 etc. Such actions under direct tax law include searches & seizure, surveys, enquiries, assessment and reassessment of income, levy of taxes along with interest, levy of penalties, filing of prosecution complaints in criminal courts etc., wherever applicable. In 46 (forty six) cases of Panama Paper Leaks, Criminal prosecution complaints have been filed of which 20 cases are under the Income Tax Act, 1961 and 26 cases are under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act,2015 put together.