India has sought a global consensus to check tax evasion and illicit cross-border flows by exchange of information among countries, including bank data relating to past transactions. Addressing a G-20 meeting of Finance Ministers of world's most influential economies, Finance Minister, Mr. Pranab Mukherjee said that tax evasion and illicit flows have posed serious challenges to the world economy and the efforts of the countries to raise revenue for development. He said, in last two years, more than 700 Double Taxation Avoidance Agreements(DTAAs) and Tax Information Exchange Agreements (TIEAs) have been signed. Mr. Mukherjee said, for these instruments to be effective, it is essential to reach a global consensus on sharing of past information, relating to tax evasion. This should include banking data so that past cases of tax evasion can be properly investigated. India has signed or revised DTAAs and TIEAs with 56 countries including Switzerland and sovereign jurisdictions. But, it finds difficulty in accessing information relating to past transactions. Mr. Mukherjee said, Automatic Exchange of Information among countries is one of the most effective ways to improve voluntary tax compliance and decrease evasion.