<h1>India Joins Global Pact for Automatic Exchange of Financial Data to Combat Tax Evasion and Enhance Transparency.</h1> India has joined the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA) along with several other countries, bringing the total to sixty participants. This agreement, based on the Common Reporting Standards, mandates the automatic exchange of financial information among member countries to combat tax evasion and black money. India has amended its Income-tax Act to comply with these standards, which require financial institutions to report detailed information about account holders, including beneficial owners. The initiative aims to enhance transparency and enable India to access financial data globally, including from offshore centers.