The government today said investigations are on against over 400 individuals accused of holding black money as revealed by the Panama Papers leak.

Finance Minister Piyush Goyal said the action taken by investigative agencies includes raids and seizures in about 60 cases. He was replying to supplementaries in the Rajya Sabha today.

The Minister maintained that the government does not have verifiable data on the exact amount of black money as there are only estimates. He informed the House that there has been a 50 per cent increase in the number of tax filers in the last four years.

On another supplementary, Mr Goyal said that the process of identifying more than two lakh shell companies has begun and that notices have been served on 80 thousand. He said the government has already struck off two lakh such companies.

The Minister told the members that the government has expedited the process of filling up vacancies of heads of Public Sector Banks.