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Sharing of information of black money by foreign countries

News and Press Release - Dated:- 20-7-2016 - While there is no official estimation regarding black money of Indians stacked in Swiss banks, recent media reports have quoted Zurich based Swiss National Bank as saying that money held by Indians in Swiss banks has fallen by nearly one-third. These reports also say that the funds, described by Swiss National Bank as liabilities of Swiss banks or amounts due to their clients, are the official figures disclosed by the Swiss authorities and do not indi .....

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v) SAARC Multilateral Agreement. India has tax treaties with 139 countries/jurisdictions as on 30.06.2016. The names of such countries/jurisdictions is as follows: Afghanistan, Albania, Andorra, Anguilla, Argentina, Armenia, Aruba, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Bangladesh, Barbados, Belarus, Belgium, Belize, Bermuda, Bhutan, Botswana, Brazil, British Virgin Islands, Bulgaria, Canada, Cameroon, Cayman Islands, China, Chinese Taipei (Taiwan), Chile, Colombia, Costa Rica, Croati .....

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rshall Island, Mauritius, Mexico, Moldova, Monaco, Mongolia, Montenegro, Montserrat, Morocco, Mozambique, Myanmar, Namibia, Nepal, Netherlands, New Zealand, Nigeria, Niue, Norway, Oman, Pakistan, Philippines, Poland, Portugal, Qatar, Romania, Russia, San Marino, Saint Kitts and Nevis, Saudi Arabia, Senegal, Serbia, Seychelles, Singapore, Sent Maarten, Slovak Republic, Slovenia, South Africa, Spain, Sri Lanka, Sudan, Sweden, Switzerland, Syria, Tanzania, Tajikistan, Thailand, Trinidad and Tobago, .....

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ntation of CRS is putting in place an international framework that allows automatic exchange of CRS information between jurisdictions. This framework is known as CRS Multilateral Competent Authority Agreement (MCAA). While over 100 jurisdictions have committed to exchanging information under the CRS, 83 jurisdictions have signed the MCAA till June 2016. Appropriate action against tax evasion including in respect of unaccounted income stashed in foreign countries, is an on-going process. Such act .....

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his has, inter alia, provided for more stringent provisions of penalties and prosecutions in respect of black money stashed away abroad. Further, under this law, for the first time the offence of willful attempt to evade tax, etc. in relation to undisclosed foreign income/assets has been made a Scheduled Offence for the purposes of the Prevention of Money-laundering Act, 2002 (PMLA). This enables attachment and confiscation of the proceeds of crime of willful attempt to evade such tax, etc., eve .....

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iance window closing on 30th September 2015 was provided under the new law wherein 648 declarations involving undisclosed foreign assets worth ₹ 4164 crore were made. The amount collected by way of tax and penalty in such cases is about ₹ 2476 crore. The Government has taken several steps to effectively tackle the issue of black money, particularly black money stashed away abroad. Such measures include policy-level initiatives, more effective enforcement action on the ground, putting .....

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Income and Assets) and Imposition of Tax Act, 2015 which has come into force w.e.f. 01.07.2015 to specifically and more effectively deal with the issue of black money stashed away abroad, (iii) Constitution of Multi-Agency Group (MAG) consisting of officers of Central Board of Direct Taxes (CBDT), Reserve Bank of India (RBI), Enforcement Directorate (ED) and Financial Intelligence Unit (FIU) for investigation of recent revelations in Panama paper leaks, (iv) Proactively engaging with foreign go .....

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te the offenders at the earliest for credible deterrence against tax evasion/black money, (vii) Proactively furthering global efforts to combat tax evasion/black money, inter alia, by joining the Multilateral Competent Authority Agreement in respect of Automatic Exchange of Information (AEOI) and having information sharing arrangement with USA under its Foreign Account Tax Compliance Act (FATCA), (viii) Renegotiation of DTAAs with other countries to bring the Article on Exchange of Information t .....

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