India signs tax information exchange pacts to avoid tax evasions

Sunday, February 20, 2011

ON BOARD - India signed Tax Information Exchange Agreements (TIEA) with various countries to avoid tax evasions and fiscal frauds such as money laundering.

Talking to mediapersons onboard the aircraft while returning from Paris after attending the G-20 summit, Finance Minister Pranab Mukherjee said: India has initiated negotiations with other countries to prevent the black money from being stashed in foreign banks.

“Tax Information Exchange Agreements (TIEA) have been singed all over the world. India has also signed about 13 Tax Information Exchange Agreements.e are also amending the Double Taxation Avoidance Agreement, currently we are having with 78 different countries. We are amending that,” he added.

He further said that proposals have been forwarded vis-�-vis the issue of volatility in food grain and energy prices which is also a major concern for a country like India.

On this aspect, he observed that India alone holds 17 percent share in world population that is why high commodity prices directly affects Indian economy

“A working group was appointed to address the structural problems from sustained growth over medium term and to remove the imbalance which has been created in the whole structure. orking group, jointly coached by India and Canada are working on it,” he added.

He also said that a new working committee has been appointed to address imbalances and distortions and study sustained global economy.

“India feeds 17 percent of the world population, therefore, foods from view point of food security at the global level India’s contribution is very significant. We explained our domestic policies, how we are managing to protect the vulnerable sections of the society by providing subsidies on food grains to the public distribution system,” he added.

Mukherjee who will be presenting the budget in the Parliament this month also said that more world investment in agriculture and adjacent sectors has been demanded.

He said that he has strongly put forward the issue of closely tracking of financial indicators of various countries and on that basis decisions regarding International Monetary Fund should be taken time to time. (ANI)

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