India talks on Money Laundering with 16 jurisdictions
The government of India has concluded talks with 16 countries in order to keep a tab on flow of laundered money. The Cayman Islands, the Channel Islands, the British Virgin Islands, and the Bahamas were among these 16 jurisdictions.
However, the Indian government did not reveal the obtained information on Indians having illegal accounts in foreign banks, citing confidential clause.
The Finance Ministry commented: “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 Cabinet approved 9 of these agreements. TIEAs with Bahamas, Bermuda, British Virgin Islands and Isle of Man have been signed and have come into force.
According to the Finance Ministry, “Negotiations/renegotiations of Double Tax Avoidance Agreements (DTAA) with 37 countries were completed. DTAAs with Switzerland (amendment), Norway (revised), Mozambique (new), Columbia (new), Ethiopia (new), Singapore (amended) and Tanzania (revised) have already been signed”. Also, the amendments to tax treaty with Switzerland have been signed and approved by the Swiss Parliament. It will come into force when Switzerland completes its internal process after legislative approval.