Govt Identifies 20 Possible Black Money Destinations

Prime Minister Manmohan Singh on Friday informed the Lok Sabha that the government will soon ink pacts with some 20 nations, which could be the destination of black money originating from the country, to unearth such funds. Said reports.

Referring to BJP leader LK Advani’s speech in the Lok Sabha that raised the issue of money deposited abroad, the prime minister said the government has prioritised twenty countries and jurisdictions for entering into agreements regarding exchange of information and assistance in the collection of taxes.

Replying to a debate on the motion of thanks to the President’s address in the Lok Sabha, he said negotiations have been completed with the Bahamas and Bermuda and “steps are being taken for signing of agreements.”

He informed that the government has also approached Switzerland for renegotiation of the tax treaty making available bank information.

The prime minister said India was an active participant in the ongoing global debate over transparency and exchange of information on tax matters.

(Based on Media Reports)

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