The 12 countries are the British Virgin Islands, Bahamas, United Arab Emirates, Luxembourg, United Kingdom, Gibraltar, Jersey, Singapore, Seychelles, United States, Switzerland and Cyprus. The aluminum Household step ladder Special Investigation Team (SIT) on black money is also being regularly briefed on the progress.The references have been sent from among those who failed to admit that they have offshore entities linked to them.

The references have been sent from among those who failed to admit that they have offshore entities linked to them, and have been categorised as ‘high risk’ individuals.Officials will now be handing in a monthly report on the progress of the probe into The Panama Papers and follow-up action.120 of the 297 Indians have admitted to income tax authorities that they had incorporated the offshore entities which figured in the data.The largest number of references have been dispatched via the FTTR division by Income Tax (Investigation) units in Delhi (25), followed by Mumbai (22) and Hyderabad(16). Apart from the 297 names, several more individuals have been named as being either shareholders or beneficiary owners of a offshore entity.The Multi-Agency Group, constituted the very day the first list of The Panama Papers was published, picked these 91 references from a masterlist of 297 Indians..Four status reports have been submitted to the PMO by the Multi-Agency Group on this issue so far. New Delhi: The Ministry of Finance has sent 91 references to 12 countries seeking financial and investment details of individuals named in the Panama Papers.Medi_. dc-Cover-37sg5037v4quhh4s5pc1cak6k4-20160413202542

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