PAN of 10% Volcker firms yet to be identified

The revenue department is yet to identify the Permanent Account Numbers (PAN) of about 10 per cent of the 133 Indian firms mentioned in the Volcker report.

"The ministry has located the PAN in 90 per cent of the cases. Work is on to locate the PAN of the remaining firms," an official said today. The department, which is undertaking an independent assessment of the income returns of the companies mentioned in the report, had issued instructions to its field formations to examine the returns of the firms whose PAN had been identified.

Officials said the three PSUs named by the UN-mandated panel had already submitted details about the nature of their transactions to the finance ministry. Two of them, Balmer Lawrie and State Trading Corporation of India Ltd, paid 12.73 per cent and 7 per cent of their contract amounts respectively as commissions for obtaining contracts for tea export.

These were above board and valid business expense, officials said. Balmer Lawrie paid the commission to a Turkish company while STC paid the commission on the recommendation of the then Indian ambassador to Iraq, the officials added.

Indian Oil Corporation, which undertook import of oil in two phases, was asked to pay a surcharge for the second phase which it declined to do.

The company has an outstanding amount of $893,914 against its name.