Legal action in Panama Papers case depends on probe outcome: Arun Jaitley

NEW DELHI: Finance minister Arun Jaitley has said legal action in Panama Papers case will depend on the outcome of the probe and the government had taken measures for expeditious investigation. “Further course of action under the laws dealing with direct taxes, foreign exchange regulations, etc. depends upon outcome of the investigation in respective cases,” Jaitley said in a written reply to a question in the Lok Sabha.

“The government has taken necessary measures for expeditious investigation, including through enhanced international cooperation in the cases of Indian persons allegedly having undisclosed foreign assets and whose names are reportedly included in Panama papers leaks,” Jaitley said.

INCOME DISCLOSURE SCHEME
The government has said there is no proposal to extend the deadline of the Income Disclosure Scheme that closes on September 30. “There is no such proposal under consideration,” minister of state for finance Santosh Kumar Gangwar said in reply to a question in the government was considering an extension. The four months-long scheme that provides Indian residents to declared unaccounted wealth or income opened on June 1. “The information regarding the recovery of black money under the four-month single window facility shall be firmed up after the closure of the scheme," he said.