Pandora Papers: Will Rhetoric Meet Same Fate & Persuasion Likely To Fade Away In Light Of Application Of Strict Test Of Evidence

Aseem Chawla – [2021] 132 taxmann.com 135 (Article)

The total amount of black money being held in foreign banks by Indians is unknown. In February 2012, Indian Central Bureau of Investigation (‘CBI’) had remarked that Indians have allegedly parked US $500 billion of illegal funds in foreign tax havens, more than any other country.

In March 2012, the Government of India then clarified before the Parliament that the CBI Director’s statement on $500 billion of illegal money was an estimate based on a statement made before the Hon’ble Supreme Court in July 2011. In March 2018, it was highlighted that the amount of India black money currently present in Swiss and other offshore banks is estimated to be $300 lakh crores which approximates to the tune of about US $1.5 Trillion.

Recently, Pandora Papers released by International Consortium of Investigative Journalists (‘ICIJ’), the same group which was behind the release of Panama Papers in 2016, the release centers around approx. 2.94 terabytes of data, originating from 14 service providers which offer services in at least 38 jurisdictions, leaked, and is shared with media partners around the world, and the papers comprised a variety of formats such as documents, images, emails, spreadsheets, and more.

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