Indian govt will start receiving information of overseas assets from other nations and failure to disclose them will become a very risky affair from 2017.
- Cooperation among countries and sharing of information is the key to unearthing illicit money stashed in safe havens.
- Strict bank secrecy has ended, and a new environment of transparency is now operational.
- India is an early adopter of Common Reporting Standard and committed to adopting it by 2017.
Posted on | The Hindu