Govt to expedite efforts to get black money info
The govt plans to speed up the process of entering into agreements with various countries for seeking information on black money, after getting details of 50 Indians who stashed away money in a European bank, from Germany.
New Delhi: The government plans to speed up
the process of entering into agreements with various countries
for seeking information on black money, after getting details
of 50 Indians who stashed away money in a European bank, from
"The strategy for speeding up the process of exchange of
information with countries is likely to come up in the annual
conference of chief commissioners on June 9 and 10," said a
senior official of the finance ministry. "There will be
efforts to find a way in which information can be exchanged
more easily and utilised better," he added.
India has information exchange agreements with some
countries as part of the double taxation avoidance agreement
(DTAA). However, not all the 79 DTAAs have the information
The government has written to as many as 65 countries for
amending the DTAAs to insert information exchange clauses as
per the OECD (Organisation for Economic Cooperation and
Development) norms to help curb tax evasion. Article 26 in the
OECD model tax convention refers to exchange of information
related to taxation.
As of now, the government has completed negotiations with
Switzerland, Bermuda and the Bahamas on amending the bilateral
taxation pacts to seek information about funds parked in those
The income tax department is in possession of details
received from German authorities of some 50 persons who parked
their black money in LGT Bank in Liechtenstein, a tax haven.
It has already served them notices.