NEW DELHI: Finance minister Arun Jaitley on Thursday said that every account named in Panama papers is being probed, but clarified that due process will be followed.
“Nobody has ever taken more action than this government has on all foreign account details which have come,” Jaitley said in the Rajya Sabha while replying to a question during the debate on Banking Regulation (Amendment) Bill.
The bill was later passed by the Rajya Sabha. It replaces the ordinance promulgated in May to give the Reserve Bank of India powers to deal with non-performing loans. The Panama papers refer to the leak of the database of offshore law firm Mossack Fonseca that revealed many secret offshore accounts.
“Every account in Panama has been investigated. We have a rule of law. We do not have a system like our neighbouring