Black Money – Domestic and International Efforts

India & Automatic Exchange of Financial Account Information

  1. India has joined the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Financial Account Information (AEOI).
  2. Necessary legislative changes will be made in section 285BA of the Income Tax Act, 1961.
  3. These standards will enable India to receive information from almost every country in the world including offshore financial centres.
  4. It will directly help the Government to curb tax evasion and deal with the menace of black money stashed abroad.
  1. India has joined the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Financial Account Information (AEOI).
  2. Necessary legislative changes will be made in section 285BA of the Income Tax Act, 1961.
  3. These standards will enable India to receive information from almost every country in the world including offshore financial centres.
  4. It will directly help the Government to curb tax evasion and deal with the menace of black money stashed abroad.