‘Paradise Papers’: Govt orders probe

The multi-agency group probing the Panama Papers will be reconstituted to monitor a probe and take “swift action” on Paradise Papers which uncover financial holdings abroad that list a number of Indian entities, the Finance Ministry said.

The announcement came hours after the release of the first set of Indian corporates in the ongoing investigation by The Indian Express in collaboration with the International Consortium of Investigative Journalists (ICIJ) and German newspaper Suddeutsche Zeitung.

Paradise Papers are the largest ever leak of corporate data of financial transactions related to offshore firms in secret tax havens.

The publication “was a great development because it shows that (now) nothing remains a secret,” Finance Minister Arun Jaitley said.

“With this, the secrecy of tax havens and transactions done through them have been smashed. The worldwide publication also shows that those who think they are indulging in what they think are undercover financial transactions are highly mistaken”.

“What has happened (the publication of the Paradise Papers) is a very good development for India and this will further encourage cooperation between countries on financial matters at an international level. It is a step towards further Group headed by CBDT with ED, RBI and FIU will probe Paradise Papers transparency and cooperation”, Jaitley said.


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