The government will set up 14 more Income Tax Overseas Units (ITOUs) to deal with the menace of blackmoney and keep a tab on illegal routing of funds from abroad and parking money in foreign countries.News Agency reports that the Finance Ministry has recently sent a detailed proposal in this regard to the Ministry of External Affairs along with the names of the countries where these ITOUs would be made operational.India has already established ten ITOUs in its missions at Cyprus, France, Germany, Netherlands, Japan, UAE, UK, USA,Mauritius and Singapore.The countries where these new ITOUs would be set up include Switzerland, an important partner country with whichIndia has revised its Double Taxation Avoidance Agreement (DTAA) and the tax exchange treaty to effectively combat illegal funds stashed abroad or routed from foreign countries.The then Finance Minister Pranab Mukherjee, in his Budget speech for 2012-13, had made a sizeable allocation for setting up these I-T overseas offices.The ITOUs would obtain information on tax and financial data of investments made by individuals and institutions inthese countries and facilitate exchange of data on legal investment or routing of money in the country and vice-versa.