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Investigation of Offshore Accounts

News and Press Release - Dated:- 30-4-2016 - The Government has come across instances of transferring money out of the country illegally. Some of such cases detected indicate use of the medium of trade for such transfers which include overvaluation in imports, undervaluation in exports, remitting foreign exchange on the strength of forged import documents, payments/remittances for non-genuine purchases of goods/services/technical know-how, etc. Recently, information about certain offshore entiti .....

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easons to create a company in an offshore jurisdiction and many people declare them to their tax authorities when that is required. The Government has taken necessary measures for expeditious investigation in such cases including through enhanced international cooperation. The Government has constituted a Multi-Agency Group on 4th April 2016, inter alia, for facilitating coordinated and speedy investigation in the cases of Indian persons allegedly having undisclosed foreign assets and whose name .....

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