Multi-agency group submits 3 reports on Panama leaks to govt

June 22, 2016 10:55

The multi-agency group probing Panama papers, which named around 500 Indians who have allegedly stashed money in offshore entities, has submitted three reports to the government.

The Central Board of Direct Taxes (CBDT) has also been updating the Special Investigation Team (SIT) set up under the directions of the Supreme Court to monitor cases related to black money, according to the Revenue Department.

"So far 3 reports have been submitted by the multi-agency group (MAG) to the government. The SIT on black money is being regularly updated on such issues," according to a Revenue Department document.

The government had in April formed MAG to investigate whether the money deposited in tax haven Panama are legal or illegal.

MAG comprises officials from the RBI, I-T department, Financial Intelligence Unit and Foreign Tax and Tax Research.

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