Panama Papers are nothing but a set of 11.5 million confidential documents created by the Panamanian corporate service provider Mossack Fonseca that provided detailed information on more than 2,14,000 offshore companies, including the identities of shareholders and directors.
As per Reserve bank of India, no Indian citizen could float an overseas entity before 2003 — in 2004, for the first time individuals were allowed to remit funds of up to $25,000 a year under the Liberalised Remittance Scheme, and this limit stands at $250,000 a year now. But while RBI let individuals buy shares under LRS.
In most of the cases of The Panama Papers, companies were set up long before the rules were changed and the purpose, was to park foreign exchange in a tax haven countries. Tax haven is a country that offers foreign individuals and businesses little or no tax liability in a politically and economically stable environment. Tax havens also provide little or no financial information to foreign tax authorities. It was only in August 2013 that individuals were allowed to set up subsidiaries or invest in joint ventures under the Overseas Direct Investment window.
Top 5 Globaly famous persons in the list:
1. Mauricio Macri President of Argentina.
2. Sergei Roldugin,Sigmundur David Gunnlaugsson, Prime Minister Iceland.
3. Salman bin Abdulaziz bin Abdulrahman Al Saud, King of Saudi Arabia.
4. Sheikh Khalifa bin Zayed bin Sultan Al Nahyan, president of the United Arab Emirates.
5. Pavlo Lazarenko, former PM of Ukraine.
Top 10 famous Indians in the list
1. Amitabh Bachchan.
2. Aishwarya Rai-Bachchan.3. Kushal Pal Singh.
4. DLF owner and 9 members of his family.5. Sameer Gehlaut, Chairman & Founder, Indiabulls Group.6. Vinod Adani, industrialist Gautam Adani’s elder brother.7. Shishir K Bajoria – promoter of SK Bajoria Group.
8. Anurag Kejriwal, former chief of the Delhi unit of Loksatta Party.9. Onkar Kanwar, chairman of Apollo Group.10.Iqbal Mirchi, underworld don, now dead.
About Mossack Fonseca:
Mossack Fonseca, founded in 1977 by German-born Jurgen Mossack and Ramon Fonseca, specializes in commercial law, trust services, investor advisory and international structures. The law firm’s website claims it is one of the largest firms in the corporate services industry and has over 40 offices globally. It also offers intellectual property protection and maritime law services. Mossack Fonesca is the world’s 4th biggest offshore law firm.