New Delhi: Finance Minister Arun Jaitley said those who have illegal funds in accounts named in the ‘Panama Papers’ will be prosecuted. Hundreds of Indians have been named in the leaked ‘Panama Papers’ about entities having accounts in offshore tax havens.
He said “If illegal money is found in accounts of those who are named in Panama case, then they will also be prosecuted as in case of HSBC accounts. The government came out in the last fiscal with a law to deal with black money stashed abroad and was now focusing on domestic black money.”
Stating that those failing to make the disclosure under this scheme face imprisonment up to 10 years, Jaitley said the law to deal with black money stashed abroad has yielded about Rs 4,000 crore.
“The economy is growing this year, which we also call green-shoots… If monsoon is good this year, then rural economy will get boost and overall India’s economy will benefit. First time, India has emerged as the fastest-growing major economy in the world. We are growing at 7.5 per cent,” he added.