There have been chaotic scenes outside banks in India, two days after 500 ($7) and 1,000 rupee notes were withdrawn as part of anti-corruption measures.

Some banks ran out of cash. At others police were called in to manage queues of anxious customers hoping to change their savings for legal tender.

Read the Full Article: Source – BBC News
Time For Truth: (BBC News) – India rupees: Chaos at banks after 'black money' ban

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France will “go all the way” to ensure multinationals operating on its soil pay their taxes while more cases could follow after Google and McDonald’s were targeted in tax raids, the finance minister, Michel Sapin, has said.

Sapin also ruled out negotiating a deal with Google on back taxes, as Britain did in January. “We’ll go all the way. There could be other cases,” Sapin said.

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Bradley Birkenfeld is the most significant financial whistleblower of all time, so you might think he’d be cheering on the disclosures in the new Panama Papers leaks. But today, Birkenfeld is raising questions about the source of the information that is shaking political regimes around the world.

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China denounced the so-called Panama Papers exposing shell companies as part of a conspiracy and Pakistan’s prime minister denied his family did anything wrong as the revelations spurred calls by European political leaders to clamp down on tax evasion.

As media outlets expanded reporting based on 11.5 million leaked documents that point to some of the world’s wealthiest people, the Panamanian law firm at the center of the leak, Mossack Fonseca, said prosecutions will fail because its clients haven’t broken any laws.

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Rodrigo Rato, the former minister and IMF managing director who was briefly placed under arrest last Thursday, is reported to have amassed a personal fortune of at least €27 million (£19.5 million), including dozens of companies and a 44 per cent share of a luxury hotel in Berlin.

Mr Rato, who was economy minister in Spain’s Popular Party (PP) governments between 1996 and 2004 before a three-year stint as IMF chief, is being investigated on suspicion of concealing his wealth and tax evasion.

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