India’s fight against black money is going strong
Advertisement
Advertisement
To boost its fight against black money, India has signed the global pact on exchange of information on financial accounts. As per an ET report, this will enable India to receive information from almost every other country in the world including offshore financial centres. The information will help prevent international Other than India, other countries to have signed the pact in Paris include Australia, Canada, Costa Rica, Indonesia and New Zealand.
“This will help the government curb tax evasion and deal with the problem of black money," a press statement by the finance ministry reads. India had skipped inking of the pact last year after the
As per the ET, 94 countries have committed to exchange information on an automatic basis from 2017 as per the new global standards on automatic exchange of information, known as Common Reporting Standards on Automatic Exchange of Information.
The declaration to comply with the provisions of the MCAA was signed by Mohan Kumar, India's Ambassador to France.
For implementation of these standards in India and with a view to provide information to other countries, necessary legislative changes have been made through Finance (No. 2) Act, 2014, by amending section 285BA of the Incometax Act, 1961. Necessary rules and guidelines are being formulated in consultation with financial institutions.
The Central Board of Direct Taxes has directed its officials to ensure that information on individuals holding black money abroad is strictly kept secret as any "careless" act could give an excuse to any country to stop sharing crucial data with India.
(Image credit: Indiatimes)
Advertisement
Advertisement
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- Deloitte projects India's FY25 GDP growth at 6.6%
- Italian PM Meloni invites PM Modi to G7 Summit Outreach Session in June
- Markets rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%
- Sustainable Waste Disposal
- RBI announces auction sale of Govt. securities of ₹32,000 crore
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market