Warning of strict action against people stashing black money, Finance Minister Arun Jaitley on Saturday said prosecution would be initiated against those found to have parked funds illegally in accounts named in ‘Panama Papers’.
“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,” he said at a gala event organised by the Government to celebrate the Modi Government’s two years. Hundreds of Indians have been named in the leaked ‘Panama Papers’ about entities having accounts in offshore tax havens.
Jaitley said 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.