India and Australia today signed the revised Double Taxation Avoidance Agreement (DTAA) to facilitate exchange of information on banking and tax-related matters.

The protocol amending the DTAA was signed in New Delhi by Minister of State for Finance S S Palanimanickam and Australia's Minister for Employment and Workplace Relations & Financial Services and Superannuation Bill Shorten.

The protocol was finalised in February, 2011. It also provides that the information received from Australia in respect of a resident of India can be shared with other law enforcement agencies with authorisation of the competent authority of Australia and vice-versa. This will facilitate higher degree of mutual cooperation between two countries.