Panama Papers leak: DLF's KP Singh says remittances in offfshore firm within permissible limit

Updated: Apr 04, 2016, 12:59 PM IST
Panama Papers leak: DLF's KP Singh says remittances in offfshore firm within permissible limit

Zee Media Bureau

New Delhi: Reacting to the Panama Papers' leaks, DLF's KP Singh, on Monday, said that funds remitted in the offshore company were within permissible limit.

According to The Indian Express report, Kushal Pal Singh, promoter of India’s largest real estate group DLF, acquired a company in British Virgin Islands, a tax haven, in which his wife Indira KP Singh is a co-shareholder, according to documents of Mossack Fonseca (MF), the Panamanian law firm that helps set up offshore entities.

The paper added that as per RBI norms, no Indian citizen could float an overseas entity before 2003 — in 2004, for the first time individuals were allowed to remit funds of up to $25,000 a year under the Liberalised Remittance Scheme, and this limit stands at $250,000 a year now, the newspaper noted.