Finance Minister Pranab Mukherjee has said the era of banking secrecy is over. Addressing a seminar on Adapting Tax System and International Tax rules to the New Global environment in New Delhi today, Mr Mukherjee said that international community is ready to declare sanctions against such countries, which do not comply with the common view of the community and are still working as a tax heaven.The Minister said that India is committed to taxes reforms and has already introduced constitutional amendment Bill on Goods and Services Tax, GST, in the Parliament early this year. He said the Direct Tax Code, DTC, is scheduled to become effective from 1st of April next year. He said the govenment's role has changed to facilitation from control. He said the government will introduce Foriegn Bribery Act in the Monsoon Session of Parliament.Two-day Seminar jointly oragnised by the Finance Ministry and Organisation for Economic Cooperation and Development, OECD, will discuss the issues pertaining to transfer pricing, global trends in tax reforms implications for international tax arrangements and elimination of double taxation among others. Lauding the India's economy, the Secretary General of OECD. Mr Angel Gurria said that it is growing at triple rate in comparison with other nations of the OECD. He said the time has come to review the exemptions and Tax Holiday and give these incentives only when justified.