India, 23 Feb, 2017: Amitabh Bachchan will not be able to attend the reception of UK-India Year of Culture, a “rare invitation” of which was sent to the megastar by Queen Elizabeth II and the Duke of Edinburgh.
Amitabh was invited by the royals for a special reception to launch the UK-India Year of Culture later this month.
His publicist said in a statement: “Yes, Mr Bachchan has been given a rare invitation by Queen Elizabeth and Buckingham Palace to grace the UK-India Year Of Culture reception, but unfortunately due to prior commitments, he will be unable to attend.”
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Currently, the actor is gearing up for the launch of “Sarkar 3” trailer, scheduled for the first week of March.
His upcoming projects include Ayan Mukerji’s tentatively titled “Dragon”, Kabir Khan’s production, “Thugs Of Hindostan” and “Aankhen 2″. (IANS)
India boasts of having one of the largest and expensive modern mansions in the world – second only to the palace built by Sultan of Brunei. That belongs none other than a filthy rich Mukesh Ambani. But very contrastingly, India has also often been disgraced for its maximum number of citizens who spend their nights, their weeks, their months and years in the open pavement even in the cutting cold of the winter. Yes, the country bears the burden of the largest number of poor people in the world – approximately 276 million people live below poverty line. What a vast difference between the haves – the super-rich, and the have-nots.
The “loot” of nation’s wealth by the “ultra-rich” of the country had been going on quietly until the German newspaper brought out to the open the details of Paradise Papers from Appleby, the Bermuda-based legal service provider. Needless to say, for the ultra-rich, the name of the game is “tax planning”, offshore finance, the creation of off-shore entities, et al. In the eyes of our authorities, it is about “deemed lapses in corporate governance, alleged fund diversion, irregularities in disclosure norms,” and so on. One wonders, in this scenario, what is at stake for the common man?
As for the common man, his humble “paradise” is being looted; his God-given right to share his due is throttled. His children’s chances to come up in life, if at all there are any, are choked. His right to a “fair living” is gradually drifting apart. Because the very means of his life is plundered by a few ultra-rich. On a wider outlook, at the national level, the country’s wealth is burgled and robbed. Then who are these plunderers?
There are more than 700 of them from our country in the disclosed list of having Paradise Papers– the disclosure is still incomplete – of Paradise Papers. Very funnily, these names include persons, who the common man relies on, worship, holds in high esteem and vows to give his life for. Film star Amitabh Bachchan, who is often worshipped, Union Minister of State Jayant Sinha, BJP Rajya Sabha M.P., R.K. Sinha, Corporate tycoon Vijay Mallya, Corporate lobbyist Niira Radia, Harsha Moily, son of former UPA Minister Veerappa Moily, Bollywood actor Sanjay Dutt’s wife Dilnashin, son of former UPA powerhouse and Central Minister P. Chidambaram, former Union Minister Sachin Pilot, and several others who is who of India’s Corporate world, politics, and other fields. Interestingly, What more? Queen Elizabeth of Great Britain, Lord Ashcroft, the most prominent British politician, U.S. Commerce Secretary, Wilbur Ross, Shakira, Madonna and notoriously disgraced Harvey Weinstein, for his sexual wrongdoings and so on and so forth.
In spite of strict regulations in every country, it would be interesting to know, how these celebrities, politicians, multinationals, and the ultra-rich individuals are hiding Paradise Papers. I’m not wrong that rules in every country have built-in loopholes. In other words, rules of every country have provided loopholes to the cunning and crafty to circumvent them. And we have got them in abundance. The very fact that our country ranks 19th out of 180 countries in Paradise Papers is certainly not something that we can cheer about.
The wealthy form shell companies, “foundations”, and “trusts” as a cover to hide their money from tax authorities. They form “offshore” accounts that are handled by law firms specializing in these “offshore’ expertise. To the world, their forceful argument is “offshore” banking which is legal. But, this is practiced by only the ultra-rich to evade tax. They take advantage of the legal loop-hole by taking shelter under the tax treaties by our Government.
But frankly speaking, will they ever be able to “use” that wealth? I don’t think it’s possible in the practical world. They can’t even see, touch and feel their wealth they have once dispatched. Not even after 500 years, they can use it if they ever could live. Because these super-rich people already have countless wealth which is in their various kind of treasury vaults. Is it not the paradise of illusion then?
Salil Gewali is a well-known writer and author of ‘Great minds on India’. Twitter @SGewali.
Mumbai: Bollywood actor Sanjay Dutt’s wife, named among those in the ‘Paradise Papers’ accused of parking their wealth in tax havens abroad, says all her financial dealings are above board.
Dilnashin figures among the 714 Indian links named in the ‘Paradise Papers’, said the Indian Express in a banner story done as part of a global probe carried out by the International Consortium of Investigative Journalists (ICIJ).
Her spokesperson said in a statement: “As per the requirements of provisions of Income Tax Act, 1961, all the properties, company or body corporate or shares in any company are declared in the balance sheet.”
Megastar Amitabh Bachchan has been named as part of the leaks, regarding shareholding in a Bermuda company acquired before the 2004 Liberalised Remittance Scheme kicked in.
A day before the big story broke, Amitabh had penned his thoughts on being named in the Bofors scandal and the earlier Panama Papers leaks.
“Tomorrow there could be more… And the process of our cooperation shall continue,” he wrote in a blog post on Sunday.
On the Panama Papers of last year, he wrote: “We were asked for reactions, for responses, for justification or not, for replies to their investigative queries… Two instant replies were given out by us… Of denial and misuse of the name. They were printed… but the questions continued.
“The fullest cooperation has been extended at all hours as dutiful citizens. And even after, if there is any more query that needs to be addressed, we shall comply.”( IANS)
London, November 6, 2017 : A huge new leak of financial documents has revealed how the powerful and ultra-wealthy including Britain’s Queen Elizabeth II’s private estate secretly invest vast amounts of cash in different offshore tax havens, media reports said on Monday.
The details come from a leak of 13.4 million files in the Paradise Papers on Sunday that expose the global environments in which tax abuses can thrive – and the complex and seemingly artificial ways the wealthiest corporations can legally protect their wealth.
The material which has come from two offshore service providers and the company registries of 19 tax havens was obtained by the German newspaper Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalists (ICIJ) with 100 other media organisations including the Guardian, the BBC and The New York Times.
Some of the revelations in the Paradise Papers include millions of pounds from Queen Elizabeth II’s private estate that has been invested in a Cayman Islands fund and some of her money that went to a retailer accused of exploiting poor families and vulnerable people.
Paradise Papers detail extensive offshore dealings by US President Donald Trump’s cabinet members advisers and donors including substantial payments from a firm co-owned by Russian President Vladimir Putin’s son-in-law to the shipping group of the US Commerce Secretary Wilbur Ross.
The leak shows how social media giants Twitter and Facebook received millions in investments that can be traced back to Russian state financial institutions along with aggressive tax avoidance by multinational corporations including Nike and Apple.
It also includes information about a tax-avoiding Cayman Islands trust managed by the Canadian Prime Minister Justin Trudeau’s chief wealth manager.
The leak also includes how some of the biggest names in the film and TV industries protect their wealth with an array of offshore schemes and the complex offshore webs used by two Russian billionaires to buy stakes in Arsenal and Everton football clubs.
The disclosures will put pressure on world leaders including Trump and British Prime Minister Theresa May who have both pledged to curb aggressive tax avoidance schemes.
The publication of this investigation for which more than 380 journalists have spent a year combing through data that stretches back 70 years comes at a time of growing global income inequality.
Offshore finance is about a place outside of one’s own nation’s regulations to which companies or individuals can reroute money assets or profits to take advantage of lower taxes reports the BBC.
These jurisdictions are known as tax havens to the layman or the more stately offshore financial centres (OFCs) to the industry. They are generally stable secretive and reliable often small islands but not exclusively so and can vary on how rigorously they carry out checks on wrongdoing. (IANS)