In another attempt to bring back the black money stashed outside the country, India and Macau are to ink a double taxation avoidance agreement .This will facilitate the exchange of tax-related and banking information between the two and prevent tax evasion.

Macau is one of the most well-known offshore financial centres and tax havens worldwide. The agreement will also help create a better investment climate for Indian businesses in Macau and vice-versa. Central Board of Direct Taxes Chairman M C Joshi has left for Macau to sign the treaty.

AIR correspondent reports that, Macau, which is known for its casinos and gambling, is a Special Administrative Region of China. Gambling tourism is Macau's biggest source of revenue, accounting for about 50 per cent of the economy, which also has a manufacturing base. As gambling has been legal here since the 1850s, Macau has become known worldwide as the 'Monte Carlo of the Orient'.