Panama Papers: Indians Licensed Under RBI Norms Not To Face Any Action

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Panama Papers

In recent events, a huge wave covered the who’s who under its terms.One of the leading corporate service providers Mossack Fonseca from Panama (better known as Panama Papers) revealed that most of famous personalities from various industries hid their financial assets from the public. These included personalities from all over the world and India as well. The speculations were in judgemental proceedings. Though recently Reserve Bank of India stated that Names leaked by the agency will not face any consequences if they had followed the norms specified.

Raghuram Rajan, RBI Governer, said, ” 90% Indians came under Panama scanner will not face any action as they all followed RBI norms.” The personalities used LRS (Liberalised Remittance Scheme) which eventually comes in positive conditions. International Consortium of Investigating Journalists (ICIJ) disclosed the names few days ago which created a chaos world wide. It also led Iceland Prime Minister’s resignation from its post. They leaked more than 100 names which withheld around 115 millions documents of top global leaders’ overseas accounts.

Panama law firm Mossack Fonseca revealed the names and their financial details of their accounts which was subsequently sub- lined by RBI Governer. He stated that a multi billionaire can have an overseas account with proper legitimacy. It might be dangerous if question arises of legitimacy and non legitimacy for such personalities. Any which ways personalities who have followed the norms and worked would not face consequences in any manner.

He further added that it is not always true that entrepreneurial wealth tend to be illegitimate. One can have many reasons out of 100 for which he has an account overseas. Well, the financial agency is one of the multi-agency who are investigating on the whole matter. This is the sole fact Raghuram Rajan clarified in the statement that names leaked via Panama Papers will not face any consequences as they have followed the norms as per terms and conditions.

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