Amid reports of some Indians having unaccounted wealth in
tax havens, Finance Minister Arun Jaitley on Monday said those who did not take
advantage of the compliance window last year to declare illegal assets abroad
will find “such adventurism extremely costly”.
The minister addressing the annual session of industry body CII said global initiatives to deal with the menace of unaccounted wealth abroad will be in place by 2017, and then it would become extremely difficult for individuals to hide assets.
With G20 initiatives, FATCA and bilateral transactions in place with effect from 2017, the world is going to be a far more transparent institution and therefore, this kind of an adventurism will prove to be extremely costly for those who have indulged in it.Arun Jaitley, Union Finance Minister
His statement comes on a day when a newspaper, based on
leaked documents of Panama law firm Mossack Fonseca, reported that over 500
Indians, including some well-known names, figure in the list of persons having an association with firms in tax havens.
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