A bench comprising justices Dipak Misra and Shiva Kirti Singh issued notices to Centre and the CBI on the petition filed by advocate M L Sharma.
    
A Multi Agency Group (MAG) of various investigative agencies has been formed by the government to go into the disclosures made in the list which includes about 500 Indian entities.

The Panama Papers leaks contain an unprecedented amount of information, including more than 11 million documents covering 2,10,000 companies in 21 offshore jurisdictions. Each transaction spans different jurisdictions and may involve multiple entities and individuals.


The organization behind the Panama Papers leak had earlier said that the organization will make the documents public on May 9 which will reveal the vast extent of global tax evasion

The searchable database will include information about more than 200,000 secret companies, trusts, and foundations based in 21 tax havens "from Hong Kong to Nevada in the United States," said the International Consortium of Investigative Journalists (ICIJ).

Since early April, the ICIJ-coordinated limited release through roughly 100 media outlets of the 'Panama Papers' has become a worldwide scandal, spurring numerous investigations and the resignation of Iceland's Prime Minister and a Spanish minister.

About 11.5 million leaked documents of the Panamanian law firm Mossack Fonseca, reveal the large-scale use of offshore entities to conceal assets from tax authorities.

In its statement, the ICIJ said that the public release next month "is the next step in our ongoing year-long investigation" and that it will continue to publish more stories in the coming weeks and months.

On the other hand, the Government of India has already declared that action will be taken against "unlawful" accounts held abroad by Indians and constituted a multi-agency group to continuously monitor information in the wake of Panama Papers that named 500 people, including film actors and industrialists who have allegedly stashed money in offshore entities.

Finance Minister Arun Jaitley said that Prime Minister Narendra Modi discussed the issue with him and on his advise the group has been set up, which includes officials from Central Board of Direct Taxation (CBDT), RBI and FIU (Financial Intelligence Unit).
    
"The multi-agency group will comprise various government agencies - the CBDT, FIU, FT&TR (Foreign Tax and Tax Research), and RBI. They will continuously monitor these (accounts) and whichever accounts are found to be unlawful, strict action as per existing laws will be taken," he said.

 

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