Govt clears tax info exchange agreement with Seychelles | business | Hindustan Times
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Govt clears tax info exchange agreement with Seychelles

The cabinet on Thursday cleared the signing and ratification of a tax information exchange agreement with Seychelles to facilitate exchange of financial information between the two countries.

business Updated: Aug 21, 2015 09:48 IST
HT Correspondent
Telecom-minister-Ravi-Shankar-Prasad-said-that-he-is-in-favour-of-non-discrimination-and-digital-inclusion-Sushil-Kumar-HT-File-Photo
Telecom-minister-Ravi-Shankar-Prasad-said-that-he-is-in-favour-of-non-discrimination-and-digital-inclusion-Sushil-Kumar-HT-File-Photo

The cabinet on Thursday cleared the signing and ratification of a tax information exchange agreement with Seychelles to facilitate exchange of financial information between the two countries.

“This is a part of the ongoing initiative of the government of India to unearth black money,” communications and information technology minister Ravi Shankar Prasad said after the meeting.

“Any abuse of land of India or Seychelles for money transaction in an unauthorized manner regardless of the fact that he is resident or not is amenable to prosecution,” he said, adding that all types of taxes imposed by India or Seychelles irrespective of the manner in which they are levied were covered under the pact.