05 April 2016 Current Affairs: The Panama Papers are an unprecedented leak of 11.5m files from the database of the world’s 4th biggest offshore law firm, Mossack Fonseca. The records were obtained from an anonymous source by the German newspaper Süddeutsche Zeitung, which shared them with the International Consortium of Investigative Journalists (ICIJ). International Consortium of Investigative Journalists (ICIJ) put out an in-depth, investigated and analysed report that blows the lid off tax evasion and secret offshore dealings of the powerful, rich and famous across the globe in 21 offshore jurisdictions such as Nevada, Niue, Samoa, British Anguilla, Hong Kong, Tortola, Seychelles and the British Virgin Islands. The 12 current and former heads of state from Iceland, Ukraine, Pakistan, Saudi Arabia, Russia and Argentina also figure on the list. It also provides data on some 214,000 companies.RBI norms: As per RBI, no Indian citizen could float an overseas entity before 2003 — in 2004, for the first time individuals were allowed to remit funds of up to $25,000 a year under the Liberalised Remittance Scheme, and this limit stands at $250,000 a year now.Globaly famous persons in the list: Mauricio Macri, President, Argentina, Sergei Roldugin,Sigmundur David Gunnlaugsson, Prime Minister Iceland, Salman bin Abdulaziz bin Abdulrahman Al Saud, King of Saudi Arabia, Sheikh Khalifa bin Zayed bin Sultan Al Nahyan, president of the United Arab Emirates and emir of Abu Dhabi– one of the wealthiest man in the world,Pavlo Lazarenko, former PM of Ukraine, one of the world's 10 most corrupt politicians by Transparency International, Petro Poroshenko, President of Ukraine and billionaire ‘chocolate king Amitabh Bachchan, Aishwarya Rai-Bachchan, Kushal Pal Singh, DLF owner and 9 members of his family, Sameer Gehlaut, Chairman & Founder, Indiabulls Group, Vinod Adani, industrialist Gautam Adani’s elder brother, Shishir K Bajoria – promoter of SK Bajoria Group and politician from West Bengal, Anurag Kejriwal, former chief of the Delhi unit of Loksatta Party, Onkar Kanwar, chairman of Apollo Group,Anil Vasudeva Salgaocar , Goa-based mining baron and former MLA, Mohan Lal Lohia, chairman emeritus, Indo Rama Synthetics, Chairman – Indo Rama Holdings Ltd, (late) Indira Sivasailam, wife of Anantharamakrishnan Sivasailam, chairman of Amalgamations Group. Her daughter, Mallika Srinivasan – chairman and CEO of Tractors and Farm Equipment Ltd,Harish Salve, former Solicitor General of India (1999-2002), Tabasum and Abdul Rashid Mir, Founder and CEO, Cottage Industries Exposition, Zavaray Poonawalla, head, managing committee, Royal Western India Turf Club (RWITC) and brother of Dr Cyrus Poonawalla, Rajendra Patil owns medical and engineering colleges in Davangere. He is the son-in-law of Congressman and Karnataka horticulture minister Shamanur Shivashankarapppa, Jehangir Soli Sorabjee, honorary consultant physician, at Bombay Hospital. He is the son of former attorney general Soli Sorabjee,Iqbal Mirchi, underworld don, now dead. Mossack Fonseca: Mossack Fonseca, founded in 1977 by German-born Jurgen Mossack and Ramon Fonseca, specializes incommercial law, trust services, investor advisory and international structures. The law firm’s website claims it is one of the largest firms in the corporate services industry and has over 40 offices globally. It also offers intellectual property protection and maritime law services. Mossack Fonesca is the world’s fourth biggest offshore law firm.