Agreement signed for Automatic Exchange of Financial Account Information

On 03.06.2015, India joined
the Multilateral Competent Authority Agreement on Automatic Exchange of
Financial Account Information in a signing ceremony held in Paris. The objective of the agreement is to
exchange information on an automatic basis as per the
new global standards on automatic exchange of information, known as Common
Reporting Standards (CRS) on Automatic Exchange of Information (AEOI), which
obliges treaty partners to exchange wide range of financial information in
their country/jurisdictions including information about the ultimate
controlling persons and beneficial owners of entities. The agreement would enable India to
receive information from almost every country in the world including offshore
financial centres, to prevent international tax evasion and avoidance and to
receive information about assets of Indians held abroad. The ultimate aim is to
curb tax evasion and deal with the problem of black money. 


-Ministry of Finance
Source: Legal news India

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