Massive tax evasion: Amitabh, Aishwarya among 500 Indians with hidden assets

April 4, 2016

New Delhi, Apr 4: The names of actors Amitabh Bachchan and Aishwarya Rai Bachchan, real estate tycoon KP Singh and late gangster Iqbal Mirchi figured in a list of over 500 Indians who allegedly used a law firm in Panama to set up offshore entities in tax havens across the world, a newspaper reported on Monday.

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The Indian Express said a study of more than 11 million documents from the secret files of Mossack Fonseca, the Panama law firm, showed that Indians possibly violated tax rules or masked ownership of firms they allegedly set up abroad.

The newspaper claimed that while Aishwarya Rai was a shareholder of a firm in the British Virgin Islands, her father-in-law – superstar Amitabh Bachchan – was the director of four shipping companies in the Bahamas. It said Indiabulls owner Sameer Gahlaut acquired “three top London properties” via “entities” in the Bahamas and Jersey, and DLF promoter KP Singh and his family owned firms in the British Virgin Islands.

The promoters of Apollo Tyres, business tycoon Gautam Adani's elder brother Vinod Adani, West Bengal politician Shishir Bajoria and former Loksatta Party leader Anurag Kejriwal were some other Indians named in the newspaper report.

Until 2003, Reserve Bank of India (RBI) norms did not allow an Indian citizen to set up an overseas entity. In 2004, resident Indians were allowed to remit funds of up to $25,000 a year under the Liberalised Remittance Scheme (LRS) – the limit of which stands at $250,000 a year now.

The media claimed that while RBI let individuals buy shares under LRS, it never permitted them to set up companies abroad. The Mossack Fonseca documents allegedly show companies were set up long before the rules were changed, and the purpose may have been to park foreign exchange in a tax haven.

Individuals named in the newspaper report were yet to comment, and government officials were expected to respond later. The report in the Indian Express formed part of an investigation by an international coalition of media outlets into the offshore financial dealings of the rich and famous, based on a vast trove of documents provided by an anonymous source.

The International Consortium of Investigative Journalism, a non-profit organisation based in Washington, said the cache of 11.5 million records detailed the offshore holdings of a dozen present and former world leaders, besides businessmen, criminals, celebrities and sports stars. Political figures from Iceland, Ukraine, Pakistan, Saudi Arabia, Russia and Argentina were named in the reports.

Hindustan Times wasn't immediately able to verify the allegations made in the articles that were published by over 100 news organisations across the world.

Comments

Sameer Kandak
 - 
Tuesday, 5 Apr 2016

It's better to appoint ABC as brand ambassador of Hidden asset projects

Rikaz
 - 
Monday, 4 Apr 2016

Its brand ambassador's way of doing business.....he is roll model...people should follow him...if you have excess money go and do your business out side India....avoid taxes.....Amitabh is saying this...literally...

Abufarhan
 - 
Monday, 4 Apr 2016

Unfortunately Amitbh is a next presidential candidate of Feku's party

Abufarhan
 - 
Monday, 4 Apr 2016

Unfortunately Amitabh is next presidential candidate of Feku's party.

KhasaiKhaane
 - 
Monday, 4 Apr 2016

Remembering the days when #MoNa used to say -
\Congress wale Kala dhan lane se darthe hain.. NDA Kala Dhan wapas Layenge..\"
\" 15 Lakh, har ek ke account me...\"
and hearing all this
#Bhakts got an orgasm, - #MoZi MOZi MOzi,,...
LOL...!!"

Swetha
 - 
Monday, 4 Apr 2016

Hidden Assets ohh god, without any doubt crore,million,billion will be there.

Prem Sagar
 - 
Monday, 4 Apr 2016

less shocking more knowing.

Nihal
 - 
Monday, 4 Apr 2016

Someone had suggested Big B's name for the post of India's next president. And i heard he was also dreaming for the post!

Neeraj Dumb
 - 
Monday, 4 Apr 2016

Oh. That's y this amithab started doing 'bhaktgiri' these days.

Lobo
 - 
Monday, 4 Apr 2016

Shame on you. And you call yourselves nationalists. ugly creatures. liars.

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News Network
February 5,2020

Bengaluru, Feb 5: Despite installing a BJP government in Karnataka through disguised operation Kamala, the Prime Minister Narendra Modi-led union government has continued its step motherly attitude towards this south Indian state.

Under the new formula adopted to share central taxes among states Karnataka will be the worst-affected. Though the 15th Finance Commission has recommended a special grant of Rs 5,495 crore for the state for 2020-21, the Centre appears reluctant to pay up and instead has asked for the proposal to be reviewed.

During the Union budget, the report of the 14th Finance Commission headed by NK Singh for 2020-21 was tabled in Lok Sabha. It shows besides Karnataka, Telangana, Mizoram and Kerala saw their central tax share decrease, while Uttar Pradesh, Bihar and Maharashtra were top gainers.

Karnataka's share has decreased from 4.7% provided by the previous finance commission, to 3.6%. Acknowledging there is a steep decline in Karnataka's share from 2019-20, the finance commission has recommended a special grant of Rs 5,495 crore for the state.

Its share in 2019-20 was Rs 36,675 crore, but under the new formula, Karnataka will get only Rs 31,180 crore in 2020-21 from the divisible pool of Rs 8.5 lakh crore - a decline of 22.5%.

Also, the decrease for Karnataka comes on the back of a shortfall in 2019-20. While the state was entitled to Rs 39,806 crore from the divisible pool, it got only Rs 36,675 crore as the Centre suffered a tax revenue shortfall of Rs 1.5 lakh crore.

What is more disheartening though is the Centre's refusal to pay the special grant. Instead, the Union finance ministry has asked the finance commission to reconsider the recommendation. This has prompted the state to take up the issue with the Centre.

"The decline in central taxes devolution comes at a time when the state is going through a tough financial situation. Steps are being taken to ensure Karnataka gets justice," said chief secretary TM Vijay Bhaskar.

Officials said besides corrective measures for 2020-21, the focus will be on ensuring a fair share in subsequent years. However, Karnataka has little chance of getting its dues as the Centre is known to be prudent when distributing tax proceeds among states.

"The Centre has certain views on devolution. We have done our duty by submitting the interim report. It's up to the states to convince the Centre," said Ravi Kota, joint secretary of 15th Finance Commission.

Under the new formula, the commission changed the weightage for some of the six criteria it considers - population, area, forest cover, income distance, demographic performance and tax effort.

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News Network
January 27,2020

New Delhi, Jan 27: Non-Muslim refugees from Pakistan, Bangladesh and Afghanistan will have to provide proofs of their religious beliefs while applying for Indian citizenship under the controversial Citizenship Amendment Bill (CAA), officials said on Monday.

The applicants belonging to Hindu, Sikh, Christian, Buddhist, Jain or Parsi faiths will also have to furnish documents to prove that they entered India on or before December 31, 2014.

Those who will seek Indian citizenship under the CAA will have to provide proofs of their religious beliefs and this will be mentioned in the rules to be issued under the CAA, a government official said.

According to the CAA, members of Hindu, Sikh, Buddhist, Jain, Parsi and Christian communities who have come from Pakistan, Bangladesh and Afghanistan till December 31, 2014, due to religious persecution there will not be treated as illegal immigrants and will be given Indian citizenship.

The central government is also likely to give a relatively smaller window of just three months to those who want to apply for Indian citizenship in Assam under the CAA, another official said.

Some Assam-specific provisions are expected to be incorporated in the rules to be issued for the implementation of the CAA.

Assam chief minister Sarbananda Sonowal and his finance minister Himanta Biswa Sarma had made a request about a fortnight ago to keep a limited period window for applying under the CAA and also incorporate some other Assam-specific provisions in the CAA rules.

The move comes in view of continuing protests against the CAA in Assam that have been going on since the legislation was passed by Parliament in December last year.

There has been a growing feeling among the indigenous people of Assam that the newly enacted legislation will hurt their interests politically, culturally as well as socially.

The Assam Accord provides for detection and deportation of all illegal immigrants who have entered the country after 1971 and are living in the state, irrespective of their religion.

The protesters in Assam say that the CAA violates the provisions of the Assam Accord.

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coastaldigest.com web desk
May 22,2020

Newsroom, May 22: Countless netizens including Indians have hailed the action taken by Jazan University of Kingdom of Saudi Arabia against a high-ranking Indian expatriate who had posted called Indian Muslims as radicals.  

Social media platforms such as Twitter and Facebook flooded with appreciation after the University announced on Twitter that the professor, who had posted objectionable messsages, had been fired. The university, however, did not disclose the name of the professor. 

On its Twitter account, Jazan University wrote, “Based on what was monitored by the university about the publication of a contracted faculty member for offensive posts and tweets, his registration has already been folded. #JazanUniversity affirms that it resolutely addresses any perverted or extremist ideas that affect the constants or violate the directions of good leadership.”

After the university’s announcement, many on Twitter posted screenshots of the communal tweets claiming that the professor is Neeraj Bedi and made it clear that the dismissed professor is an Indian.

Bedi has been working as full time Professor in Faculty of Public Health and Tropical Medicine in Jazan University for years.

In his Twitter account, which does not currently exist, he was praising PM Modi and spewing poison against Islam and holding Muslims responsible for the spread of Coronavirus. It is believed that the account was deleted after the protests became severe.

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