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Home (/) India (Http://Indianexpress.Com/Section/India/)India-News-India (Http://Indianexpress.Com/Section/India/India-News-India/)Panama Papers (/Topic/Panama-Papers/)Panama Papers explained: They went looking for secrecy and an identity mask

Panama Papers explained:They went looking forsecrecy and an identity maskThe importance of The Panama Papers, rules and regulations thatgovern overseas companies floated by Indians

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Written by P Vaidyanathan Iyer (http://indianexpress.com/pro겊le/author/p-vaidyanathan-iyer/) | New Delhi | Updated:

April 5, 2016 9:55 am

Mossack Fonseca helped Indians 玃뫡oat offshore companies. (Source: mossfon.com)

What do The Panama Papers (http://indianexpress.com/topic/panama-papers/)

reveal?

Individuals who have set up offshore entities through the Panama law firm. Some

of the Indians floated offshore entities at a time when laws did not allow them to do

so; some have taken a technically convenient view that companies acquired is not

the same as companies incorporated; some have bunched their annual quota of

remittances to subscribe to shares in an offshore entity acquired at an earlier date.

Still, some others have received income earned abroad and deposited it in the

entity to avoid tax. Some have opened a bank account to keep payoffs in

government contracts, or held “proceeds of crime” or property bought with money

made illegally in Trusts/ Foundations.

Watch | Panama Papers: A Peek Into India Express’ 8 Month Long

Investigation (http://www.youtube.com/watch?v=OsLC438tLU4)

4/7/2016 Panama Papers explained: They went looking for secrecy and an identity mask | The Indian Express

http://indianexpress.com/article/india/indianewsindia/panamapapersexplainedlistoffshoreaccounts/ 3/24

PANAMA PAPERS

Russia's Putin on Panama Papers:There is no element of corruptioninvolved(http://indianexpress.com/article/wo

rld/world-news/panama-papers-

Panama Papers: A Peek Into India Express' 8 Month Long Investigation

Why float a foreign company, why go all the way to Panama to register it?

The two big draws that offshore entities in jurisdictions such as British Virgin

Islands, Bahamas, Seychelles and more specifically Panama, offer are: secrecy of

information relating to the ultimate beneficiary owner and zero tax on income

generated.

Read | #PanamaPapersIndia Part 1: Clients who knocked on a Panama door

(http://indianexpress.com/article/india/india-news-india/panama-papers-india-part-

1-list-garware-shishir-k-bajoria-harish-salve/)

In fact, in Panama, individuals can ask for bearer shares, where the owner’s name

is not mentioned anywhere. Besides, it costs little or nothing to set up an entity

abroad. The Registered Agent charges a few hundred dollars to incorporate an

entity. It doesn’t take much time to incorporate one either. Companies are available

off-the-shelf and can be registered in a couple of days.

Will regulators be interested in this

information? How does it affect NRIs?

Non-disclosure of an overseas asset (in this case

4/7/2016 Panama Papers explained: They went looking for secrecy and an identity mask | The Indian Express

http://indianexpress.com/article/india/indianewsindia/panamapapersexplainedlistoffshoreaccounts/ 4/24

rld/world-news/panama-papers-documents-leak-mossack-fonseca-russia-vladimir-putin/)

Congress seeks probe into 2002banknote tender ‘payoff’ offer(http://indianexpress.com/article/india/india-news-india/panama-papers-documents-leak-mossack-fonseca-congress-seeks-probe-into-2002-banknote-tender-payoff-offer/)

Panama Papers: Sports promoterLokesh Sharma set up entities in taxhaven(http://indianexpress.com/article/india/india-news-india/panama-papers-sports-promoter-lokesh-sharma-set-up-entities-in-tax-haven/)

On China list: Relatives ofCommunist top brass(http://indianexpress.com/article/world/world-news/panam-papers-documetns-leak-mossack-fonseca-on-china-list-relatives-of-communist-top-brass/)

Panama Papers: Mystery offshore겊rm was part of 2010 IPL Punefranchise bid, closed days later(http://indianexpress.com/article/india/india-news-india/panama-papers-ipl-mystery-offshore-겊rm-was-part-of-2010-ipl-pune-franchise-bid-closed-days-later/)

the company acquired or floated) will be of

interest to authorities and regulators here.

Floating these companies and depending on the

reason for which they are put to use, could also

violate, individually or jointly, the Foreign

Exchange Management Act, the Prevention of

Money Laundering Act, the Black Money

(Undisclosed Foreign Income and Assets) and

Imposition of Tax Act, the Prevention of

Corruption Act and the Income-Tax Act. NRIs do

not have to report their offshore entities to Indian

authorities. But any income earned by them in

India has to be filed with regulators in the

country.

What’s the kind of secrecy that the Panama

agent offered?

The offshore entity need not appoint natural

persons as directors or have individuals as

shareholders. The Registered Agent, Mossack

Fonseca in this case, offers its own executives to

serve as shareholders or directors. Sometimes, an

intermediary law firm or a bank acts as a director

or a nominee shareholder. So the real beneficiary

remains hidden.

The registered agent provides an official overseas address, a mail box, etc, none of

which traces back the entity to the beneficial owner. In many cases, the

shareholding of these entities is vested in a Panamanian Trust or Foundation. The

Foundation further masks beneficial ownership. A professional trustee is often the

nominee shareholder of the Foundation. The beneficiaries of the Foundation’s

assets are mentioned in the Regulations, and these Regulations do not form part of

the Public Deed executed by the trustee.

WATCH| Explained: What Do The Panama Papers Reveal

4/7/2016 Panama Papers explained: They went looking for secrecy and an identity mask | The Indian Express

http://indianexpress.com/article/india/indianewsindia/panamapapersexplainedlistoffshoreaccounts/ 5/24

(http://www.youtube.com/watch?v=7C52rG83LYc)

Explained: What Do The Panama Papers Reveal

Couldn’t those in the list argue that when they set up these companies, FERA

was a draconian law and they had to do this to go around it?

Foreign Exchange Regulation Act severely restricted even current account

transactions, forget those on capital account. Since India’s foreign exchange

holdings were low or inadequate in the 1980s and 1990s, the law was aimed at

preventing an outflow of foreign exchange.

4/7/2016 Panama Papers explained: They went looking for secrecy and an identity mask | The Indian Express

http://indianexpress.com/article/india/indianewsindia/panamapapersexplainedlistoffshoreaccounts/ 6/24

In those days of controls, many secretly opened Swiss bank accounts and offshore

entities by sending money abroad through hawala. It was to these offshore

accounts that money flowed in several cases of over invoicing or under-invoicing of

trade transactions. But progressively, after liberalisation in 1991, and with an

improvement in macro economic indicators, FERA was replaced with FEMA in

1999.

Read | Hidden in files, a trail of ‘payoffs’ by Italian firm via offshore companies for

defence supplies to India (http://indianexpress.com/article/india/india-news-

india/panama-papers-mossack-fonseca-files-iaf-navy-italian-firms/)

And as India’s foreign exchange reserves rose and topped $100 billion in 2004, in

January 2004, RBI allowed companies to invest up to 100 per cent of their net worth

(now it’s 400 per cent of net worth) abroad by doing away with the $100 million cap

and started its experiment with limited capital account convertibility by

introducing the Liberalised Remittance Scheme (LRS) in February 2004 which

4/7/2016 Panama Papers explained: They went looking for secrecy and an identity mask | The Indian Express

http://indianexpress.com/article/india/indianewsindia/panamapapersexplainedlistoffshoreaccounts/ 7/24

permitted resident individuals to remit up to $25,000 a year.

This was increased in phases to $200,000 by September 2007, but was reduced to

$75,000 in August 2013 to arrest a sharp slide in rupee. The LRS limit was

subsequently increased again in phases and now stands at $250,000 a year. This

means, an Indian resident individual can invest $250,000 abroad in buying shares

or property or gift or donate to anyone living abroad up to this limit every year.

Read | Karnal to London via Bahamas, the route Indiabulls promoter took

(http://indianexpress.com/article/india/india-news-india/panama-papers-panama-

papers-india-indiabulls-indiabulls-realty-groups-paying-for-real-estate-deals-karnal-

to-london-via-bahamas-the-route-indiabulls-promoter-took/)

But RBI’s intent and internal understanding in opening the LRS windows was to

allow resident individuals in the spirit of liberalisation to diversify their assets,

promote trade and boost exports and earnings, but not to let them set up

companies, which could be put to misuse.

Are regulators, RBI and Income Tax authorities, aware of these firms?

There are many who have set up companies dating back to the pre-2004 period

when the LRS was not even announced. So, they are clearly outliers.

Then there are individuals who have taken an interpretation of the LRS to mean

that offshore entities can be set up. The LRS did allow for buying shares, but did not

specifically allow incorporation of companies by individuals abroad going by a

clarification in the RBI FAQs of September 17, 2010.

On August 5, 2013, the RBI allowed resident Indians to invest directly in joint

ventures and overseas subsidiaries through the LRS route too.

So, technically, those individuals who had set up companies overseas prior to

August 2013 would have violated the rules on LRS. In certain cases, there has been

a compounding of payment of fines by individuals after the LRS violations came to

the notice of the RBI or were disclosed by individuals themselves. In some other

cases relating to the pre-2013 period, individuals who set up companies abroad

using the LRS facility were directed by the RBI to divest their holdings or unwind

4/7/2016 Panama Papers explained: They went looking for secrecy and an identity mask | The Indian Express

http://indianexpress.com/article/india/indianewsindia/panamapapersexplainedlistoffshoreaccounts/ 8/24

their operations.

Watch | Karnal to London via Bahamas, The Route Indiabulls Promoter Took

(http://www.youtube.com/watch?v=lBYCgJiSy1Y)

Panama Papers: Karnal to London via Bahamas, The Route Indiabulls P...

Before 2013, many chartered accountants took a technical view and advised

individuals that acquiring companies was not the same as setting up companies,

and facilitated buying companies off-the-shelf made available by the likes of

Mossack Fonseca.

While some have declared all this to Income Tax authorities, many others have

refrained from doing so fearing the current adverse environment where any

irregularity can be seen as tax evasion or attempt to stash black money.

So what’s the next step once these names are out?

For the Reserve Bank of India, this issue has been work-in-progress. It will have to

take a call whether they can allow compounding (recognising that an individual has

erred bona fide and regularising the investment in the offshore entity post facto by

imposing a penalty) or insist that individuals wind up these investments made prior

to August 2013. The Income Tax department will have to probe if there has been

‘round tripping’ of funds i.e. routing of funds invested in offshore entities back to

4/7/2016 Panama Papers explained: They went looking for secrecy and an identity mask | The Indian Express

http://indianexpress.com/article/india/indianewsindia/panamapapersexplainedlistoffshoreaccounts/ 9/24

India, and where required, refer the cases to the Enforcement Directorate. It will

also have to see if the offshore entities have declared all their incomes and assets to

the Income Tax department.

Read | Full Coverage: Panama Papers (http://indianexpress.com/topic/panama-

papers/)

What’s the relevance of The Panama Papers to the black money debate?

Offshore entities can be and have been used by individuals to remit funds abroad.

Globally, they carry a reputation of being vehicles set up by individuals and

corporations to evade or avoid tax. Companies call this tax planning, the tax man

sees it as tax avoidance. With coordinated moves by G-20 countries to introduce

stringent anti-money laundering measures, as part of a global crackdown on tax

avoidance, there is rising international scrutiny over such jurisdictions and giant

company incorporators such as Mossack Fonseca which facilitate setting up of

offshore entities.

Searching 36,957 Needles In An 11-million Haystack

Given the humongous 2.6 tera byte dump size of Project Prometheus — as the

investigation was aptly named — the task was cut out for the team. Tracing Indians

in the database comprising over 11 million files and 2,14,488 offshore entities was

akin to searching for a needle in a haystack. And all the giga bytes did not come in

one go, forcing us to what management experts call ‘fix the aircraft while it flies’. In

all, the dump finally threw up 36,957 India-related files. Online tools were created

to unravel complex web-like linkages between individuals and multiple entities.

Internal mails of Mossack Fonseca and legal incorporation documents attached in

these revealed not only addresses and passports of individuals, but in some cases

also their source of wealth and the intent in setting up offshore entities.

4/7/2016 Panama Papers explained: They went looking for secrecy and an identity mask | The Indian Express

http://indianexpress.com/article/india/indianewsindia/panamapapersexplainedlistoffshoreaccounts/ 10/24

An Investigation by The Indian Express with International Consortium of Investigative

Journalists & Suddeutsche Zeitung, Munich.

Made wit h

LEARN MORE

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I Agree To T&C

ME What is your opinion?

Name Email Post

Krishna Nukala

He explained FEMA angle of anybody remitting USD 250K. But how millions of dollarsfound its way into individual companies at these tax havens? This not clear.

2 days ago (0) · (0) reply (1)

KN

Anuj

Hawala, most probably

a day ago (0) · (0) reply (0)

A

Ravi

It's high time the SIT on black money note that almost all black money/ illegaltransactions or businesses involve high denomination units of currency and recommendthey be withdrawn from circulation and declared illegal tender.

3 days ago (0) · (0) reply (0)

R

Susmita

We ordinary salaried tax-paying Indians are a minority. Should the government create aquota for us?

3 days ago (1) · (0) reply (0) indian Up Voted

S

M Pandit

Leave Bachchans alone..

As if ordinary indian has any more integrity than these people trying to avoid tax. Here wehave ordinary indians selling and buying flats with some legal amount and then cashmoney to avoid tax. I mean practically every indian buying and selling properties doesthis. Is that not a tax cheating? Can I go to Indian express o膁膁ice and find out wherejournalist live and find out how much they paid for their flats on paper vs o膁膁 the paper...

Politicians and Indian public is expert in ponting fingers on other people. Look that guy iscorrupt. What about you?

Do we really need to waste time investigating private citizens earning money by makingmovies or being engineers or doctors and trying to pay minimum amount of tax bysometimes using loopholes other times pure fraud (ala selling / buying properties)? ifyour answer is yes then we should go and arrest every person who has boughtapartments in India.

MP

4/7/2016 Panama Papers explained: They went looking for secrecy and an identity mask | The Indian Express

http://indianexpress.com/article/india/indianewsindia/panamapapersexplainedlistoffshoreaccounts/ 14/24

Load more

apartments in India.

Now we indeed need to investigate corruption while allocating contracts and shoddywork.

3 days ago (0) · (0) reply (1)

Ram Prasad

Amitab Bachan had a clean image till some days back. He is a role model to millions.You and I doing it is less criminal compared to him. He is also going to be nominatedas the president of India. How can India have a tainted person as a president?

a day ago (0) · (0) reply (0)

Ajit

Great job Team Indian Express. No doubt it was not an easy task to fish out those names.Thank you for all your hard work. It is upon the Government's job to take it forward fromhere.

3 days ago (0) · (0) reply (0)

A960

Observer

Yet another sensational disclosure. Probably the only benificiaieries would be the newspapers with increased circulations and a few politicians in power who would do somearms twisting of the oponents and extract benefits and concessions. If one was to go byhistory - eventually nothing material comes out, since "Chors" are there on both sides ofthe fence.

3 days ago (0) · (0) reply (0)

O

Pat

Who wanted make Bachan the President of India??? Modiji....hahaha

3 days ago (2) · (0) reply (0) pat · Joji Up Voted

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