India along with 41 countries today adopted a new global standard for automatic exchange of information on offshore tax evasion. Developed by Paris-based Organisation of Economic Cooperation and Development (OECD), the new framework to curb the menace of blackmoney and tax evasion has been adopted after consultation with G-20 countries. Welcoming the development, a statement issued by the 42 member-states said that such a global collaboration was necessary to clamp down on the harmful and abusive activity which reduces public revenues and increases the burden on those who pay their taxes.