Black Money: Talks With 16 Nations Concluded to Check Flow
Tuesday, 27 September 2011, 00:40 IST
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NEW DELHI: The government has concluded talks with 16 countries, including Saint Kitts, Cayman Islands, Bahamas, Bermuda and British Virgin Islands, to keep a tab on flow of black money. In a reply to an RTI query, the government, however, did not reveal the information it has obtained regarding Indians having illegal accounts in foreign banks, citing confidential clause. "The Government of India has completed negotiations of 16 new Tax Information Exchange Agreements (TIEAs) with Bahamas, Bermuda, British Virgin Islands, Isle of Man, Cayman Islands, Jersey, Monaco, Saint Kitts and Nevis, Argentina, Costa Rica, Guernsey, Macau, Liberia, Marshall Islands, Congo and Gibraltar," the Finance Ministry said in a reply to an RTI query. Nine of these agreements have been approved by the Cabinet, it added. According to the reply, TIEAs with Bahamas, Bermuda, British Virgin Islands and Isle of Man have been signed and have come into force. One such agreement with Cayman Islands is signed and is all set to become a legal framework to check illegal wealth. The government, however, denied information received from foreign banks citing confidentiality clauses. "Information regarding Indians having illegal accounts in foreign banks have been obtained from foreign authorities under the prevailing double taxation avoidance agreements which are confidential as per the treaty provisions. Therefore details received by the division cannot be provided...," it said.
Source: PTI