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Amitabh Bachchan says no links with offshore firms

Amitabh Bachchan has denied any association with the shipping companies in tax havens in the Panama paper leaks and said his name may have been "misused." He said all his overseas settlements were legal and after paying Indian taxes.

Meanwhile, the Iceland PM has tendered his resignation, becoming the first victim of the scandal. Reserve Bank of India is part of a multi-agency investigative team that is examining the offshore accounts opened by Indians as disclosed in the Panama Papers.

Interacting with media, Rajan said, "We are part of the investigative team that is going to look into this matter. It is important to note that there are legitimate reasons to have accounts outside. The Liberalised Remittance Scheme (LRS) allows you to take money outside. We have to see what is legitimate and what is not legitimate."

Deputy Governor H R Khan said the several agencies that were involved in investigation include the Central Bureau of Investigation, Financial Intelligence Unit, the Enforcement Directorate and the Reserve Bank of India.

Khan said that there were several issues to be taken into account here as there were many legitimate reasons for which Indians are permitted to send money outside. The FIU was formed by the government in 2004 as the central national agency for receiving, processing, investigating and circulating information relating to suspect financial transactions.