Members of Bollywood’s first family have
been named in the Panama Papers for tax evasion! Aishwarya Rai Bachchan
and father-in-law Amitabh Bachchan have been named among 500 Indians,
including industrialists and politicians, exposing their secret offshore
dealings.
According to the report by The Indian Express, two years
before Amitabh Bachchan Corporation Limited (ABCL) was launched in 1995,
the Bollywood legend was appointed director in at least four offshore
shipping companies.
The report found, “Amitabh Bachchan was appointed director
in at least four offshore shipping companies set up in 1993. Similarly,
Aishwarya Rai and her family members were registered in 2005 as
directors of Amic Partners Limited. Her status was later changed to
share holder before the company was dissolved in 2008. Aishwarya and her
family were part of a company incorporated in the British Virgin
Islands.”
As per Reserve Bank of India (RBI) guidelines, Indian citizens were
not allowed to start an overseas entity before 2003. In 2004, the RBI
allowed individuals to remit funds of up to $25,000 a year under the
Liberalised Remittance Scheme (LRS). But, according to reports, it never
allowed Indian citizens to set up companies abroad.
An investigation into the documents by more than 100 media groups,
described as one of the largest such probes in history, revealed the
hidden offshore dealings in the assets of world leaders, businessmen,
sports persons and celebrities. more info
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