Rajat Sharma

Panama Papers

It is well known that in order to avoid paying taxes, people stash their black money in accounts abroad and there is always a veil of secrecy over such shell companies and overseas accounts. However this is the second time that a list of exact names who operate offshore accounts have been leaked. The account holders will either state that there is no element of truth in such leaks or will claim these accounts and companies are legitimate owing to their earnings abroad. Despite the fact that it can be difficult to establish these accounts and the names of Directors of these shell companies owing to the anonymity clause, it is noteworthy that Prime Minister Narendra Modi has immediately called for a probe into these accounts. Being apprehensive of who all are involved, usually governments refrain from taking immediate action but this Government has taken the first step forward.

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