What we know and learn about PANAMA PAPERS?

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These are leaked confidential documents from Law firm in Panama that exposed how the World’s powerful people have used offshore bank accounts to conceal their wealth or avoid taxes in their respective lands They named international politicians, businessmen, celebrities in a web of unhealthy financial transactions and raised questions on the prevalence of corruption in the Global financial system. The 11.5 million documents provided by the unnamed source to a German Newspaper were taken from the files of Panamanian law firm Mossack Fonseca. Among those named were Nawaz Sharif , the Prime Minister of Pakistan, Prime Minister of Iceland, King Salman of Saudi Arabia, the Argentina Soccar star Lionel Messi, a close friend of President Vladimir V. Pudin, of Russia, close associates of President Bashar-al-Assad of Syria, former members of China Politburo dozens of influential donars and politicians of Britain. All these people (3,500)provided the Panamanian Law Firm with an address in the United States which does not mean that they are the citizens of U.S. Interestingly the leaked papers do not contain the names of American Citizen. The reason for few Americans named in the documents though seems to be that it is fairly easy to form shall companies in the U.S and they really do not need to go to Panama, the truth lies somewhere. What we learn from PANAMA PAPERS? There has been everlasting Global Corruption prevalent in the financial systems of the various countries of the world. The powerful people in various countries had chosen the offshore bank accounts to conceal their wealth avoiding tax laws of their respective lands The development if any achieved in the various countries is not the virtual development in relation to the proportion of the money spent towards development and to the amount concealed There has been a continuous exploitation of the poor in all most all countries of the world A QUESTION The Panama Papers hint at how the figuring of Indian names should be viewed in the context of the election promise made to the people by Sri Narendra Modi, the Prime Minister of India to bring the black money back from the Swiss Bank ? Is this a design planned as vent for a free-flow of black money from Swiss Bank ? Whatever the case may be the leaked Panama Papers have lessened the burden of the Prime Minister of India and provide an easy access for recovery of black money.