India needs to renegotiate 87 tax pacts: Finance Secretary

India has to renegotiate and modify 87 double taxation avoidance agreements for improved transparency in information exchange vis-à-vis the unaccounted money stashed away in foreign banks. India's Finance Secretary Sunil Mitra said this at Hyderabad on Friday. He noted that with this initiative, the government could gather vital information on tax evaders. The Finance Secretary also said that the country has double taxation avoidance agreements with 79 countries, which means citizens of both the countries who entered into an agreement, should not get taxed in both the countries when they do business.