Rajan on Panama Papers: Will investigate legitimacy of offshore entities set up by Indians
Rajan, while speaking to the media after the monetary policy review, said that RBI is a part of the investigation.
The Reserve Bank of India will gauge overseas accounts of Indians named in the Panama Papers leaked on Monday and check for their legitimacy, Raghuram Rajan said, while speaking to the media after the first bi-monthly monetary policy announcement.
In the policy meet, the RBI cut the key policy rates by 25 bps, in line with the expectations of the market, banks, and experts.
While answering a question on the Indians named in the Panama Papers, he said that the RBI "is a part of the investigative team that will look into these matters."
He said, "it's important to remember that there are legitimate reasons too, to have accounts overseas. We will have to see what is legitimate and not legitimate."
About 500 Indians, including industrialists, politicians, Bbollywood celebrities, cricketers, cricket deals, some government transactions were revealed in the 1.15 crore documents that were leaked of the Panama-based law firm Mossack Fonseca. These documents, which includes transcripts of emails, bank transactions, photo identity proofs for registration process and passport copies of various global leaders, celebrities, and high net worth individuals has triggered off various investigations across the globe.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
IRCTC Dividend 2024: Railway PSU announces 200% interim dividend - Check record date and other details
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
11:40 AM IST