'Panama Papers': Govt. lacks will to bring stashed money back, says Congress

Submitted by alvin on Mon, 2016-04-04 13:28 New Delhi: Responding to 'the Panama Papers' naming more than 500 Indians as owning offshore companies, foundations and trusts, Congress spokesperson Manish Tewari on Monday said the issue needed to be looked at extremely carefully. However, he doubted whether the Modi-led government had the will to bring back all the black money back as promised in the run-up to the 2014 general election campaign. "Panama papers only reveal the vehicles which have been used by certain entities in order to park their assets or wealth abroad. They really do not disclose how much of wealth or how much of assets are parked where," Tewari told ANI. "The second question, however, would be," he said, "with regard to legality and illegality of the actions of these entities, so the question of legality and illegality in each transaction would have been gone into whether somebody has broken the laws of the land or has done something which the law allows." "Therefore, this is an issue that needs to be looked at extremely carefully, but I doubt whether this government, which had promised that they will bring all black money back within 100 days, really has either the appetite or will to do it," he added. The hidden wealth of some of the world's most prominent leaders, politicians and celebrities has been reportedly revealed by unprecedented 11 million documents of Panama law firm showing countless ways in which one can exploit secretive offshore tax regimes. The Panama papers reportedly feature over 500 Indians linked to offshore firms. According to a report appearing in the Indian Express, the Panama papers feature names such as film stars Amitabh Bachchan and Aishwarya Rai Bachchan, to corporates including DLF owner K.P. Singh and nine members of his family, and the promoters of Apollo Tyres and Indiabulls to Gautam Adani's elder brother Vinod Adani. Two politicians who figure on the list are Shishir Bajoria from West Bengal and Anurag Kejriwal, the former chief of the Delhi unit of the Loksatta Party. (ANI)