Give yearwise details of funds sent overseas by Indians in Panama Papers, RBI tells banks

The Reserve Bank of India (RBI) has sought details from banks on outward remittances of Indians whose names figure in The Panama Papers

"The LRS allows you to take money outside. Yet to see what is legitimate and what is not legitimate. That's the process of investigation that will take place."

After The Indian Express published the list of names, the Income Tax department sent queries to several individuals as a part of its investigation. Several Indians named in The Panama Papers have claimed that the offshore accounts they set up via Mossack Fonseca conform to RBI rules and were declared to the I-T department.

Last month, RBI Governor Raghuram Rajan, while making clear that there could be legitimate reasons for accounts outside the country, said the central bank will investigate if all accounts set up by Indians are legitimate or not.