Finance Minister Pranab Mukherjee on Tuesday expressed confidence that modified tax avoidance agreements with various countries and pacts with tax havens will help in dealing with the menace of black money. Talking to reporters on the on the sidelines of an income tax conference in New Delhi,he said,Income Tax Department is engaged in ways to tackle with black money. He said the government was amending Double Taxation Avoidance Agreements (DTAA) by inserting a clause on information regarding banking sector and also entering into tax information exchange agreements (TIEA) with several countries, including tax havens. Mr.Mukherjee said, with the help of these two important instruments income tax department will be able to track the stashed black money and impose tax on them . DTAAs have been amended with 40 nations and TIEA has been sealed with tax havens like Isle of Man, Bermuda and Bahamas. The finance minister also said with strengthening of the transfer pricing mechanism, the government has been able to prevent outflow of 33,000 crore rupees through various dubious practices which otherwise would have gone out of the country.AIR correspondent reports, in absence of a clause on banking sector in DTAAs, the contracting countries were not sharing information in this regard. However, after the G20 Summit in Pittsburgh and subsequent meetings of Finance Ministers of the member countries, all the 20 countries agreed to amend DTAAs. Black money has become a big political issue in the country, with the opposition accusing the government of not doing enough to bring back the illegal money stashed abroad.