India and the Netherlands have modified the Double Taxation Avoidance Convention-DTAC to facilitate sharing of bank details and tax-related information. According to an official release, both the countries have concluded a Protocol to amend the Article 26 of the DTAC concerning exchange of information to bring it in line with international standards.

The Protocol will now allow exchange of banking information as well as information without domestic interest. The Protocol, which was signed on May 10, 2012, will allow use of information for non-tax purpose if allowed under the domestic laws of both the countries, after the approval of the supplying state.

The release said that India and the Netherlands had signed DTAC for avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income and on capital in 1988.