February 18, 2011 6:18 PM

printer

India to press for transparency in tax haven functioning at G20

India will press for transparency in the functioning of tax havens at the G20 Finance Ministers meeting in Paris on Friday to unearth ill-gotten money lying in such sovereign jurisdictions. Finance Minister Pranab Mukherjee said ahead of the meeting that a part of the black money generated through tax evasion is being deposited in foreign banks, particularly in tax havens. The Indian government is taking steps to tackle the menace. At present, India has Double Taxation Avoidance Agreements (DTAAs) with 78 countries and has started negotiations with them for making banking information related to taxes available.The finance ministers of the world's 20 top countries, including India, China, the US, UK and Russia, are meeting in Paris to review the international financial situation and issues like black money, rising energy and food prices.Ahead of the G-20 meeting, the first under the presidency of France, the World Bank has warned that food prices worldwide are rising to dangerous levels and have pushed 44 million people in developing countries into poverty since June last year. Finance Ministers, according to officials, are expected to make an assessment of possible macroeconomic consequences of inflation on growth and discuss policy options to improve the functioning of global commodities market.

Most Read
View All arrow-right

No posts found.