#PanamaPapers: Jaitley says tax adventurism will cost Indian defaulters extremely costly

The much talked about Panama Papers list also featured more than 500 Indians, including who’s who of the elite society.

Coming down heavily on the entire episode, Finance Minister Arun Jaitley said Indians having unaccounted wealth will have to face dire consequences.

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“Those who did not take advantage of the compliance window last year to declare illegal assets abroad will find such adventurism extremely costly,” said Jaitley.

The minister said global initiatives to deal with the menace of unaccounted wealth abroad will be in place by 2017, and then it would become extremely difficult for individuals to hide assets.

"With G20 initiatives, FATCA and bilateral transactions in place with effect from 2017, the world is going to be a far more transparent institution and therefore, this kind of an adventurism will prove to be extremely costly for those who have indulged in it," Jaitley said.

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In his Budget 2015, Jaitley had announced a black money compliance window.

"I had come in for adverse comment including some of my friends here when in 2015 Budget we had announced a strong penal law against illegal assets abroad. At that stage I had said that those who committed mistakes in the past are getting last opportunity with a compliance window in place,” he said, adding some availed and some didn’t.

"I think it is a stern reminder to all of us," said Jaitley.

(Image: Indiatimes)