New Delhi, March 17 (IANS) The union cabinet on Tuesday approved the signing of an inter-governmental agreement between India and the US for implementing the Foreign Account Tax Compliance Act (FATCA).
Sources said the cabinet meeting also approved India joining the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Financial Account Information (AEOI).
The decision will enable the government to receive information from the US and from other jurisdictions with which India has entered into agreements for AEOI as per CRS (common reporting standards) about assets of Indians held abroad including through entities in which Indians are beneficial owners.
The sources said it will help the government curb tax evasion and deal with the problems of black money.
They said it will also result in financial institutions in India being FATCA complaint and they will not be required to enter into separate agreements with the US to avoid 30 percent withholding on their US source of income.
Till now, MCAA and AEOI have been signed by 52 countries.
The sources said the government has taken a leading role in international fora towards building a consensus among major economies that the problem of offshore tax evasion and flow of illicit money can be addressed only by free flow of financial account information to be exchanged among countries on automatic basis.
Prime Minister Narendra Modi, during the G20 summit in Brisbane last year, had supported AEOI and said it will be instrumental in getting information about unaccounted money stashed abroad and its repatriation.
The five-match T20 International series between India and West Indies is to be played from
The Asia Cup 2025 will start on September 9, and the Indian team has not been announced yet. It i
Coronavirus India: Across the country, the number of infected crosses 21,000, killing 681 people
new Delhi,. Coronavirus India The number of deaths due to corona virus is increasing continuously
BJP has criticized Congress President Mallikarjun Kharge for his comments on BJP leaders taking a
Ban on BBC documentary to continue till April 15
New Delhi, March 18 (IANS) The ban on the telecast of controversial BBC documentary "India's Da
PBKS vs SRH IPL 2024: Chasing the target of 183 runs, the Punjab Kings team could score only 154
‘Lockdown In India Was Early, Far-Sighted And Courageous’: WHO Envoy
विश्व स्वास्थ्य संगठन (डब्ल्यूएचओ) क
The Enforcement Directorate's (ED) plea to declare absconding diamond trader Mehul Choksi, arrest
Star, the official broadcaster of the T20 World Cup in India, has run an ad campaign ... a lot of
Coronavirus is once again spreading its foot in the country. According to INSACOG data, 349 cases
