Panama Leaks: Aishwarya Denies, KP Singh Says “It’s Permissible”

The actor has denied the finding while DLF chief said it is permissible within RBI laws.

The biggest leak of over 11 million documents of a Panaman law firm features over 500 Indians linked to offshore firms – some very prominent names, like actors Amitabh Bachchan, Aishwarya Rai, DLF chief KP Singh and Gautam Adani’s elder brother Vinod Adani – to name a few.

According to media channels, Aishwarya Rai’s team has denied the charges as “untrue”. Kushal Pal Singh, on the other hand maintained that this whole thing is permissible within RBI laws – The Indian Express reported.

The What’s What and Who’s Who of the Panama Papers Leak

The shares in the foreign entity have been subscribed by us through and out of the funds held by us in our foreign bank accounts. No funds were remitted directly from India to subscribe/acquire any shares of any foreign company.

Kushal Pal Singh, Owner, DLF

Singh was replying on his family’s behalf.

Indians in Panama Papers: Amitabh Bachchan, KP Singh, Aishwarya

It is submitted that the permissible modus operandi of RBI for remittance of money under permissible LRS limit each year allows a Resident Indian to firstly open a bank account in a foreign bank and thereafter remit the funds in it. The remittances commenced in 2004 after RBI announced the LRS, the quantum of remittances were within the prescribed limits, and undertaken through the Authorised Dealer.

Kushal Pal Singh, Owner, DLF

For KP Singh’s full response, visit here.