The Finance Minister, Arun Jaitley, on Friday said that the income-tax department has sent notices to all those Indians named in the Panama Papers' expose, which has already set off a global furore.

At least 500 Indians are reportedly said to have held offshore accounts in tax havens, leaked documents of financial records this month, dubbed 'Panama Papers', showed.

"Every Indian whose name has appeared in the Panama Papers expose... the income-tax department has sent notices and currently investigating the matter," Jaitley told the Lok Sabha in reply to a question on tax evasion.

Closely behind British Virgin Islands, the Central American country of Panama has been the second most popular domicile for the anonymous shell companies controlled by the rich and famous around the world, including national leaders and celebrities.

Panama is the last major holdout that continues to allow funds to be hidden offshore from tax and law enforcement authorities.

Srivats.kr@thehindu.co.in