48-year-old Aishwarya Rai Bachchan has been questioned today by the ED in the Panama papers case for stashing wealth abroad under the Foreign Exchange Management Act
Since 2017 the ED has issued notices to the Bachchans asking them to explain their foreign remittances from 2004 under the Liberalised Remittance Scheme of the RBI
Aishwarya Rai, her parents and brother Aditya Rai were reportedly appointed as directors of Amic Partners in May 2005, – with an initial authorised capital of 50,000 dollars. But in 2008, a year after Aishwarya married Abhishekh, the process to wind up the company was initiated.
So What exactly is Panama Papers case
It’s a long winding investigation probing allegations that the world’s rich and powerful set up offshore accounts or shell companies to avoid taxes. Leaked financial records of politicians, industrialists and celebrities worldwide were reviewed and published by the International Consortium of Investigative Journalists. Over 300 Indians were said to be part of the Panama Papers with the Income Tax Department reportedly detecting over 20,000 crore worth of undeclared assets under Panama papers probe.