Non-disclosure of foreign assets to become risky affair
The CBDT has constituted a Information Security Committee to ensure confidentiality of data received from foreign countries, said Minister of State for Finance Jayant Sinha Source: PTI India has started receiving information through AEOI route under FATCA from USA since September 30 Non-disclosure of overseas assets will become a very risky affair from 2017 as government will by then start getting information on them from foreign countries, Minister of State for Finance Jayant Sinha said on Thursday. Addressing the sixth meeting of the Group on Automatic Exchange of Information (AEOI), he said the CBDT has constituted a Information Security Committee to ensure confidentiality of data received from foreign countries. Non-disclosure of foreign assets will increasingly become a very risky affair for tax payers... Strict ...
India joins the Multilateral Competent Authority Agreement on Automatic Exchange of Information
Source: PIB, Government of India India joined the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information on June 3, 2015, in Paris, France, along with Australia, Canada, Costa Rica, Indonesia and New Zealand. On India’s behalf, the Declaration to comply with the provisions of the MCAA was signed by Mohan Kumar, Ambassador of the Republic of India to France, in a signing ceremony held in Paris. Earlier, fifty-one countries/jurisdictions had joined the MCAA on October 29, 2014 in Berlin and Switzerland became the fifty-second country to join the MCAA on November 19, 2014. Ghana and Seychelles joined the MCAA on May 14, 2015. With six countries joining the MCAA on June 3, 2015, the total number of countries/jurisdictions ...
