'Adani scam' exposed role of tax havens in hiding violation of Indian regulations: Congress

The Congress on Thursday alleged that the Adani scam has exposed the role tax havens play in hiding largescale violation of Indian laws and said the issue should have discussed at the recent G20 SummitIt also said that if a Joint Parliamentary Committee JPC probe is ordered into the allegations against the Adani Group it will have to make sure that any loopholes for roundtripping and moneylaundering are effectively shutIn a post on X Congress general secretary Jairam Ramesh said the rise in Indian outward direct investment in the past 25 years has been a sign of deepening globalisationhttpstcoC4bsOYyvevThe rise in Indian outward direct investment in the past 25 years has been a sign of deepening globalisation However it is disturbing that offshore tax havens like Bermuda Jersey and Cyprus rank among the top 10 destinations for Indian investmenthellipmdash Jairam Ramesh Jairam_Ramesh September 14 2023However it is disturbing that offshore tax havens like Bermuda Jersey and Cyprus rank among the top 10 destinations for Indian investment according to the RBI he saidThis is in addition to Mauritius that has long been suspected as a preferred destination for Indian moneylaundering and roundtripping the Congress leader notedThe Adani Scam has exposed the critical role such tax havens play in hiding the largescale violation of Indian laws and regulations These violations are hollowing out our economy and affecting the credibility of our stock markets Jairam Ramesh saidThe G20 was the right forum to take up this issue and ensure concrete action against tax havens But the Prime Minister was busy projecting his own image rather than protecting Indias interests he claimedA JPC into the Adani Scam will have to make sure that any remaining loopholes for roundtripping and moneylaundering are effectively shut the Congress leader saidThe Congress and other opposition parties have been demanding a JPC probe into the Adani issue and will take up the issue during the upcoming special session of Parliament from September 18 to 22US shortseller Hindenburg Research in a report released on January 24 alleged accounting fraud stock price manipulation and use of tax havens by the Adani Group triggering a stock market routThe Adani Group has denied all allegations by HindenburgMeanwhile the Congress on Wednesday said the agenda for the upcoming session of Parliament as published at the moment is much ado about nothing but expressed apprehensions that the government is keeping legislative grenades up its sleeves to be unleashed at the last momentIn a post on X Congress general secretary Jairam Ramesh said Finally after pressure from Smt Sonia Gandhis letter to the Prime Minister the Modi Govt has condescended to announce the agenda for the special 5day session of Parliament beginning September 18thThe agenda as published at the moment is much ado about nothing iquest all this could have waited till Winter session in November I am sure the legislative grenades are being kept up their sleeves to be unleashed at the last moment as usual Parde ke peeche kuch aur hai he saidRegardless the INDIA alliance parties will steadfastly oppose the insidious CEC Bill Ramesh addedThe government on Wednesday listed a special discussion on Parliaments journey of 75 years starting from the Samvidhan Sabha on the first day of the fiveday session of Parliament beginning September 18During the session the government has also listed the bill on the appointment of the Chief Election Commissioner and other election commissioners to be taken up for consideration and passage The bill was introduced in Rajya Sabha during the last Monsoon sessionWith inputs from PTI