Plans to probe into financial details of more than 500 individuals, entities that might have secret offshore accounts at various places abroad
India has approached over half a dozen foreign jurisdictions, including Singapore and some tax havens, for banking and other financial details of more than 500 individuals and entities that might have 'secret offshore accounts' at those places.
The "names and listed addresses" of as many as 505 India- linked entities, including businessmen and companies from the country, have been made public after a global expose on secret offshore accounts by US-based rights group, the International Consortium of Investigative Journalists (ICIJ).
The addresses of Indian entities and individuals, according to the ICIJ expose, have addresses of upmarket localities of account holders from Delhi, Mumbai, Bangalore, Kolkata, Chennai, Hyderabad, Pune, Ahmedabad, Baroda, Surat, Chandigarh and many other Indian cities and few other moffusil locations.
Sources here said that the Foreign Tax and Tax Research (FT&TR) division in the Finance Ministry has approached the British Virgin Islands, Cayman Islands and Singapore under the tax information exchange treaties with these jurisdiction for banking and other details of those named by ICIJ.
Besides, FT&TR has approached Cooks Islands and Samoa through other diplomatic channels, sources said, adding that a few other countries have also been approached for details of entities alleged to have secret accounts at those places.
"Preliminary inputs obtained in this regard do not present a clear picture and hence details have been sought through official protocol mechanisms and existing treaties," a senior Finance Ministry official said.
The ICIJ claims to have found over "one lakh secret companies, trusts and funds created in offshore locales" by entities from across the world in the past three decades.
While the broader details of this global expose were announced by ICIJ in April, the names and addresses of the individuals and entities were made public yesterday.
The ICIJ has, however, put a disclaimer that there might be a legitimate use for offshore companies and trusts and being on the list does not necessarily mean that the said entities have broken any laws.