Panama Papers: Notices sent under Black Money Act

MUMBAI: Two years after the Panama Papers brought to fore alleged hidden offshore accounts of the world’s wealthy, the income-tax department has issued notices to many in India for not disclosing all their foreign assets as well as interest and income earned through such assets. Notices were issued following an investigation by the taxmen and the Enforcement Directorate (ED), said people in the know.

The notices ask the individuals to provide details of “foreign bank accounts, bank account statements since 2015 and complete narration of debit/credit entries in these bank accounts”.

ET has reviewed a copy of the notice served on a Delhi-based high net-worth individuals (HNIs). In 2016, about 500 prominent Indians, including film personalities and businessmen, were named in the Panama Papers. ED and the tax department summoned HNIs named in the papers and sought an explanation. Most people claimed they had used the liberalised remittance scheme (LRS) route to

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