New Delhi (August 12, 2017): Indian 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.
“Every account in Panama has been investigated. We have a rule of law. We do not have a system like our neighbouring countries that you remove first and then have the trial. We first make our own investigations,” the minister said, adding that the government is in touch with countries where these accounts are. Pakistan prime minister Nawaz Sharif had to resign after a quick probe into Panama papers allegedly linked to his family.
Jaitley said the investigation is going on in Liechtenstein cases, the HSBC cases and the Panama cases but the government cannot reveal details.
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