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Panama Papers Leak: SC to examine setting up SIT

Panama Papers

New Delhi:On Monday supreme court said that it would check if a separate SIT should be appointed or not in which around 500 Indian citizens were named in panama papers for storing money in foreign banks to escape from paying tax to the government.

The centre has contended that SIT on blackmoney is examining the issue.But a bench of justices Dipak Misra and Banumathy said that one SIT couldn’t be assigned all tasks that would decide if a separate team is needed.It adjourned the case for four weeks after Sebi asked more time to respond on the allegation that it failed to take action against people who invested their money in Stock Markets to escape from paying tax in which this matter was disclosed by panama papers.

The court has issued notice to CBI,CENTRE and RBI and asked for their response on PIL asking for the FIR registration on the persons who invested their money in other tax free countries for evading from taxes which was leaked in panama papers.

Advocate ML.Sharma,who is the petitioner sought probe against top officials of SEBI including it’s chairman for not taking action against the 500 Indians who are investing their money illegally in Indian stock markets through participatory notes(PNs).

The value of PNs which was disclosed by Sebi in its website is more than 0.5million crores.But Sharma is claiming that the undisclosed PNs will be more than 2.5million crores in which Sebi is not disclosing it due to vested interests.

The bank accounts and Funds of these people are being protected by political leaders due to which that money is circulating in the Indian stock markets.And he also said that this can be confirmed by even a small child as chairman and director posts of Sebi has been re-appointed and who ever listens the word of those political leaders their terms are being extended.Said petitioner.

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