M A I N   N E W S

4 tax havens join India in fight against stash funds

Jakarta/New Delhi, Nov 21
In a big boost in the fight against blackmoney, four overseas jurisdictions, including Liechtenstein —where Indians are suspected to have stashed illicit funds — today agreed to do away with banking secrecy ways by allowing automatic tax information exchange.

Besides Liechtenstein, Isle of Man, British Virgin Islands and Cayman Islands — jurisdictions that have come under the scanner of tax investigators — have joined the global convention formulated by the Paris-based advisory group OECD.

The announcement came on the first day of the OECD’s two-day meeting in Jakarta. A senior Finance Ministry official in New Delhi said the latest development is a “boost to India's efforts to combat blackmoney instances overseas”. — PTI