Panama Papers this week disclosed a list of nearly 500 Indians including celebrities and industrialists who allegedly stashed money in offshore entities in Panama, considered to be a tax haven.

"Now these Panama names have came into the limelight. In last three days we have formed a group. We are analysing each and every account to find which is legal and which is illegal," he told media.

In a stern warning, Jaitley said, "Those who are having legal accounts, they need not worry and those having illegal accounts won't get sleep at night."

Soon after the names of Indians holding overseas account appeared in the leaks, government set up a group comprising of officials from the RBI, I-T Department, Financial Intelligence Unit and Foreign Tax and Tax Research to investigate whether the money deposited in the tax heaven are legal or illegal.

RBI Governor Raghuram Rajan had said on Tuesday that the multi-agency probe will look into the legitimacy of such holdings of Indians named in the leaked Panama list.

It is important to note that there are legitimate reasons to have accounts outside and the LRS scheme allows you to take money outside, Rajan had said.

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