New Delhi: The Biju Janata Dal (BJD) MP Bhartruhari Mahtab Tuesday raised the issue of alleged Foreign Exchange Management Act (FEMA) violation and money laundering by Baijayant ‘Jay’ Panda and wanted to know what steps were being taken by the Centre in this regard.
While speaking during the Zero Hour in the Lok Sabha, he said Jay Panda, an Indian passport holder, along with his wife and family associate had opened an account in tax haven Bahamas in violation of rules.
“Panda’s defence is that he was neither an overseas student nor an NRI at the relevant time and, therefore, did not need prior RBI approval or the government’s nod before opening the accounts. Did he declare the account to RBI once he returned to India and ceased to be an NRI as required in law? Did Mr Panda intimate the RBI and the government when he closed the account and did he repatriate the entire amounts held in these foreign bank accounts as is required under the law?,” Mahtab asked.
The Cuttack Lok Sabha MP further said that if he has not then he is liable for criminal prosecution under several Indian laws relating to foreign exchange violation and money laundering. “What steps the Centre has taken? Is it still at investigation stage? How long will it take to complete the investigation,” Mahtab asked.
It is to be mentioned here that recently there were reports that the Income Tax Department received a complaint alleging money laundering and violation of FEMA by Panda. The former Kendrapara MP was suspended from the BJD last year.
Panda, in his reaction, said, “I have no account in Bahamas. Neither does any of our family companies. For 60 years various family companies have done business dealing all over the world. These are all through official channels and with intimation and approval of concerned authorities like RBI etc and are in public domain.”
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