The government of India constituted a multi-agency group in April 2016 to investigate Indian persons named in the Panama Papers leaks regarding undisclosed foreign assets. The group includes officers from the Central Board of Direct Taxes, Enforcement Directorate, Financial Intelligence Unit, and Reserve Bank of India. The investigation team has been ordered to conduct a time-bound inquiry. The government has also taken steps to expedite the investigation through increased international cooperation. However, the investigation is still preliminary and the International Consortium of Investigative Journalists has noted that not everyone in the Panama Papers is necessarily involved in tax evasion. Further actions will depend on the outcome of the investigation.

1. 4/27/2016 Constitution of SIT on Panama Papers Leaks
http://pib.nic.in/newsite/PrintRelease.aspx 1/1
27-April-2016 17:21 IST
Press Information Bureau
Government of India
Ministry of Finance
Constitution of SIT on Panama Papers Leaks
The Government has constituted a Multi-Agency Group on 4th April 2016, inter alia, for facilitating co-
ordinated and speedy investigation in the cases of Indian persons allegedly having undisclosed foreign assets
and whose names are reportedly included in Panama Papers leaks. The Group consist of the officers of
Investigation Division of the Central Board of Direct Taxes (CBDT), Foreign Tax & Tax Research Division of
CBDT, Enforcement Directorate (ED), Financial Intelligence Unit (FIU) and Reserve Bank of India, and its
Convenor is Member (Investigation), CBDT. It has been asked to report the progress in such cases on regular
basis.
The investigation team has been ordered to conduct a time bound inquiry into the allegations alleged in the
Panama Papers leaks.
The Government has taken necessary measures for expeditious investigation in such cases including through
enhanced international cooperation.
Investigation in such cases is at preliminary stage. Besides, the International Consortium of Investigative
Journalists (ICIJ), a Washington based organization which has reportedly made revelations pertaining to the
Panama Papers leaks, has put a caveat on its website (www.icij.org) by mentioning that it should not be
assumed that everyone who appears in the Panama Papers is involved in tax avoidance or evasion and there
are legitimate reasons to create a company in an offshore jurisdiction and many people declare them to their
tax authorities when that is required. In view of the above, further course of action depends upon outcome of
the investigation.
This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question
in Rajya Sabha yesterday.
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DSM/KA