The Indian tax authorities are on a drive to unearth black money of Indians stashed in bank accounts abroad. One of the attempts is to gather information by invoking the Exchange of Information clause of the Double Taxation Avoidance Agreements signed with other countries. Recently, India received information on about 1,500 transactions from Denmark and Finland under Double Taxation Avoidance Agreements with these countries. Further, to promote international cooperation and to prevent fiscal evasion, the Double Taxation Avoidance Agreements between India and Switzerland was amended vide recent Swiss Protocol which introduced a more effective provision for Exchange of Information that provides a mechanism for the exchange of banking information, as well as information without domestic interest. Full story
Singapore Turns Down India's Request for Information On Money Laundering Case
The Indian tax authorities are on a drive to unearth black money of Indians stashed in bank accounts abroad. One of the attempts is to gather information by invoking the Exchange of Information clause of the Double Taxation Avoidance Agreements signed with other countries. Recently, India received information on about 1,500 transactions from Denmark and Finland under Double Taxation Avoidance Agreements with these countries. Further, to promote international cooperation and to prevent fiscal evasion, the Double Taxation Avoidance Agreements between India and Switzerland was amended vide recent Swiss Protocol which introduced a more effective provision for Exchange of Information that provides a mechanism for the exchange of banking information, as well as information without domestic interest. Full story
