Exchange of information enables cross-border tax inquiries and access to banking and ownership data under the treaty. An agreement creates a framework for the exchange of information between India and Monaco to assist tax administration and enforcement, empowering competent authorities to request information foreseeably relevant to tax determination, collection and investigation, including bank records and beneficial ownership data, subject to territorial jurisdiction limits, confidentiality protections, specified request content requirements, grounds for declining assistance, and provisions for implementation legislation, cost sharing and mutual agreement procedures.