Panama Papers Under IT Scrutiny, Amitabh Bachchan Slammed Reports Already

Amitabh Bachchan, the Big B of Bollywood, has glorified the B-town with various hit movies. But, now it seems that his reputation is at stake. Yes, at least this news confirms so.

“Panama Papers: I-T dept takes action; Bachchan, others under a scanner.”

Let’s get into the detail:-

What are Panama Papers and how is the superstar linked to it?

Panama Papers refer to the leaked document that contains the information about the directors and shareholders of 214,000 shell companies. Though it’s not illegal to own an offshore shell company, but it may sometimes be linked to illegalities.

The news confirms that over 500 Indians are linked to such offshore firms and one among is a decade old superstar Amitabh Bachchan. Though he declined such reports and has said that the overseas settlements were adhered to the Indian laws and regulations, but finance minister, Arun Jaitley has ordered to probe the report. Here’s what he has to comment on the biggest ever scam.

“Every account in Panama has been investigated. We have a rule of law. We do not have a system like our neighboring countries that you remove first and then have the trial. We first make our own investigations,”

Was does the law permit?

As per the RBI regulations, no Indian citizen has a right to open an offshore company before 2003. In 2004, the RBI permitted the first time individuals to remits funds upto $25,000 under the scheme and the upper limit stands for $250,000. Though RBI has allowed individuals to remit the funds under LRS, but has not permitted the individuals to open the company.

Are troubled times ahead for the superstar?

The government will definitely levy strict penalties and jail term for those who have been found guilty of undisclosed and undeclared foreign accounts and assets. So, we believe tough times are ahead for the Big B of Bollywood.