(IANS)
Finance Minister Arun Jaitley on Tuesday said in the Lok Sabha that criminal proceedings will be carried out in cases arising out of the Panama Papers disclosures, and the tax department will go into claims about people claiming NRI status to avoid scrutiny.
“I want properties from 1988 to be covered under the Benami Act. The money in foreign countries was reported from four sources, including HSBC, International Consortium of Journalists and Panama Papers. These details need documents. Otherwise there is no proof.
“In cases of which we are receiving details, we send notices, assess their income tax details and raise tax demand. According to the law, criminal proceedings are also carried out. In HSBC and now in Panama Papers, the proceedings will be carried out. In some cases details are received, in some it is not. Lot of people claim NRI status, we will see if it is valid or not. It is now a disincentive and a risky business,” he said
