Govt verifying information on blackmoney expose

New Delhi: The government on Friday said income tax department is verifying media reports in connection with the expose on individuals who have stashed money in tax heaven, and will take appropriate action. "On the basis of information appearing in the media, income tax authorities have started verification. Based on results of verification, appropriate action in accordance with law will follow," Finance Minister P Chidambaram said in a written reply in the Lok Sabha.

A worldwide media expose is claimed to have unearthed details of 2.5 lakh individuals and entities from more than 170 countries, including India, that evaded taxes by setting up companies in tax havens. The International Consortium of Investigative Journalists (ICIJ), a body of newspersons from across the world, has reportedly found a trove of 2.5 million digital files, detailing "secrets of more than 1,20,000 offshore companies and trusts and nearly 1,30,000 individuals and agents". PTI