New Delhi: Warning of strict action against people stashing black money, Finance Minister Arun Jaitley today said prosecution would be initiated against those found to have parked funds illegally in accounts named in 'Panama Papers'.
"If illegal money is found in accounts of those who are named in Panama case, then they will also be prosecuted as in case of HSBC accounts," he said at a gala event organised by the government to celebrate the Modi government's two years.
Hundreds of Indians have been named in the leaked 'Panama Papers' about entities having accounts in offshore tax havens.
Stating that those failing to make the disclosure under this scheme face imprisonment up to 10 years, Jaitley said the law to deal with black money stashed abroad has yielded about Rs 4,000 crore.
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