Will bring back black money from tax havens: PM -Governance Now

Will bring back black money from tax havens: PM

20 countries and jurisdictions prioritised for agreements

PTI | March 5, 2010

In a bid to unearth black money deposited in foreign countries, government has identified 20 countries to have agreements on exchange of information and assistance in this regard, Prime Minister Manmohan Singh said on Friday.

Referring to BJP leader L K Advani for raising the issue on money deposited abroad, Singh said, "20 countries and jurisdictions have been prioritised for entering into agreements regarding exchange of information and assistance in the collection of taxes."

Replying to a debate on the Motion of Thanks on the President's address in Lok Sabha, he said negotiations have been completed with the Bahamas and Bermuda and "steps are being taken for signing of agreements".

The government has also approached Switzerland for "renegotiation of our tax treaty so that we can have access to bank information", Singh said.

Noting that negotiations with Switzerland were held in November 2009, he said "the matter is being pursued for finalising a new protocol through which we will be able to obtain information in specific cases."

The prime minister said India was an active participant in global fora for improving transparency and exchange of information on tax matters.

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