- H.E. Mr. Mohan Kumar, Ambassador of the Republic of India to France India, joined the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information in Paris, France, along with Australia, Canada, Costa Rica, Indonesia and New Zealand.
- Ninety-four countries have committed to exchange information on an automatic basis from 2017 on wards as per the new global standards on automatic exchange of information, known as Common Reporting Standards (CRS) on Automatic Exchange of Information (AEOI).
- AEOI based on CRS, when fully implemented, would enable India to receive information from almost every country in the world including offshore financial centres and would be the key to prevent international tax evasion and avoidance and would be instrumental in getting information about assets of Indians held abroad including through entities in which Indians are beneficial owners.
- This will help the Government to curb tax evasion and deal with the problem of black money.