Pact with Seychelles for curbing black money

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New Delhi: In an attempt to check to the generation of Black Money the government on Thursday approved the signing and ratification of the agreement between India and Seychelles for exchange of information with respect to taxes.The decision was taken in the Cabinet meeting headed by Prime Minister Narendra Modi.

According to a statement, the agreement will be stimulating the information exchange between India and Seychelles for tax purposes which will help tax evasion and avoidance.  

The agreement will enable the competent authorities of India and Seychelles to provide assistance through the exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of two countries concerning taxes, it said. Information may be disclosed to any other person or entity or authority or jurisdiction with the prior written consent of the country sending the information.