Give detail of funds sent overseas: RBI to banks

After The Indian Express published the list of names, the Income Tax department sent queries to several individuals as a part of its investigation. Several Indians named in The Panama Papers have claimed that the offshore accounts they set up via Mossack Fonseca conform to RBI rules and were declared to the I-T department. 

The Reserve Bank of India (RBI) has sought details from banks on outward remittances of Indians whose names figure in The Panama Papers, published by The Indian Express after an eight-month investigation in collaboration with the International Consortium of Investigative Journalists.

A source, who reviewed the RBI communication to the banks, said the central bank has sought details of year-wise outward remittances under the Liberalised Remittance Scheme (LRS) of individuals whose names figure in the files of Panamanian law firm Mossack Fonseca. These include actors Amitabh Bachchan and Aishwarya Rai, Supreme Court lawyer Harish Salve and real estate major DLF’s chairman K P Singh.