Panama crisis

The papers of Panama law firm Mossack Fonseca accessed by newspapers expose the tendency of Indian industrialists and influential people to evade tax. While Indian laws now allow people to remit up to $2,50,000 per financial year abroad, the Panama papers imply a tendency to hide money by setting up sham business corporations in tax havens such as Panama. A single legal firm carrying out company registration for so many important people from across the world cannot be a coincidence. India must investigate this thoroughly and ensure, to quote finance minister Arun Jaitley, that “there are no holy cows for us”.

Ritika Marwah

Delhi