Engage with foreign Governments to facilitate information sharing on black money

Inadequate Progress

Important information sharing agreements were signed with Switzerland, USA, Mauritius.


India agreed to follow the OECD’s Standard for Automatic Exchange of Financial Information In Tax Matters. All the countries on board will start their first automatic exchanges from 2017 or 2018 depending on OECD. India also joined the Multilateral Competent Authority Agreement in respect of Automatic Exchange of Information (AEOI).
Certain loopholes however continue to remain, such as- many tax havens have not yet signed information sharing agreement with India, information will only be available from 2017-18 at the earliest, and on new accounts only, FATCA has uneven reciprocity terms, exclusion of many financial instruments and assets, lack of measures to curb the use of fake certificate of residence.

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