Immediate Action for Unauthorized Maintenance of Foreign Bank Account; - All Existing Double Taxation Avoidance Agreements to be Renegotiated

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....mmediate Action for Unauthorized Maintenance of Foreign Bank Account; - All Existing Double Taxation Avoidance Agreements to be Renegotiated <br>News and Press Release<br>Dated:- 10-8-2010<br><BR>Immediate appropriate action is taken by the Directorate of Enforcement under the Foreign Exchange Management Act, 1999, whenever any specific case of unauthorized maintenance of foreign bank account or r....

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....etention of funds in foreign banks by any person resident in India comes to its notice. India has taken steps to re-negotiate all existing Double Taxation Avoidance Agreements (DTAAs) to revise Article concerning Exchange of Information to specifically provide for exchange of banking information, if in case such a provision does not exist in the existing Article. Government has proposed to revie....

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....w the India-Mauritius Double Taxation Avoidance Convention (DTAC) to incorporate appropriate changes in the DTAC for prevention of treaty shopping and to strengthen the mechanism for exchange of information on tax matter between India and Mauritius. For this purpose a Joint Working Group (JWG) comprising members from the Government of India and the Government of Mauritius was constituted in 2006 t....

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....o inter-alia put in place adequate safeguards to prevent misuse of the India-Mauritius DTAC. Since then, JWG has had six rounds of meetings. Consistent efforts are being made by the Indian Government to find mutually acceptable solutions for addressing India's concerns. India does not have a DTAA with Cayman Islands. India has taken steps to conclude a Tax Information Exchange Agreement (TIEA) in....

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.... line with international standards, with Cayman Islands as India does not want to enter into DTAA with Cayman Islands. This information was given by the Minister of State for Finance, Shri S.S. Palanimanickam in a written reply to an Unstarred Question raised in Rajya Sabha today.<BR> News - Press release - PIB....