{"id":7218,"date":"2015-06-11T10:06:00","date_gmt":"2015-06-11T10:06:00","guid":{"rendered":"http:\/\/localhost\/sccblog\/?p=7218"},"modified":"2015-10-14T15:59:47","modified_gmt":"2015-10-14T10:29:47","slug":"agreement-signed-for-automatic-exchange-of-financial-account-information","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2015\/06\/11\/agreement-signed-for-automatic-exchange-of-financial-account-information\/","title":{"rendered":"Agreement signed for Automatic Exchange of Financial Account Information"},"content":{"rendered":"<p ><span lang=\"EN-US\">On 03.06.2015, <st1:country-region w:st=\"on\"><st1:place w:st=\"on\">India<\/st1:place><\/st1:country-region> joined the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information in a signing ceremony held in <st1:city w:st=\"on\"><st1:place w:st=\"on\">Paris<\/st1:place><\/st1:city>. The objective of the agreement is to exchange information on an automatic basis a<span>s per the new global standards on automatic exchange of information, known as Common Reporting Standards (CRS) on Automatic Exchange of Information (AEOI), which obliges treaty partners to exchange wide range of financial information in their country\/jurisdictions including information about the ultimate controlling persons and beneficial owners of entities.<span> The agreement <\/span>would enable <st1:country-region w:st=\"on\"><st1:place w:st=\"on\">India<\/st1:place><\/st1:country-region> to receive information from almost every country in the world including offshore financial centres, to prevent international tax evasion and avoidance and to receive information about assets of Indians held abroad. The ultimate aim is to curb tax evasion and deal with the problem of black money.<span>&nbsp;<o:p><\/o:p><\/span><\/span><\/span><\/p>\n<p ><span><span lang=\"EN-US\">&nbsp;<\/span><\/span><\/p>\n<p  align=\"right\"><span><b><span lang=\"EN-US\">-Ministry of Finance<o:p><\/o:p><\/span><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 03.06.2015, India joined the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information in a signing ceremony held in <\/p>\n","protected":false},"author":3,"featured_media":7321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-7218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-treaties_conventions_internationalagreements"],"yoast_head":"<!-- This site is optimized with the Yoast SEO 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The objective of the agreement is to promote transparency between the two nations on tax matters and improve international tax compliance. The agreement is an important step for the Government\u2026","rel":"","context":"In &quot;Treaties\/Conventions\/International Agreements&quot;","block_context":{"text":"Treaties\/Conventions\/International Agreements","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/treaties_conventions_internationalagreements\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":211110,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/28\/india-and-brunei-sign-agreement-for-exchange-of-information-and-assistance-in-collection-with-respect-to-taxes-tiea\/","url_meta":{"origin":7218,"position":1},"title":"India and Brunei sign Agreement for Exchange of Information and Assistance in Collection with respect to Taxes (TIEA)","author":"Bhumika Indulia","date":"February 28, 2019","format":false,"excerpt":"The Government of Republic of India and the Government of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam signed an Agreement for the Exchange of Information and Assistance in Collection with respect to Taxes (TIEA) here today in New Delhi. The Agreement was signed by Mr. Pramod Chandra\u2026","rel":"","context":"In &quot;News&quot;","block_context":{"text":"News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/tax.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/tax.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/tax.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/tax.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/tax.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":96601,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/01\/04\/india-and-singapore-sign-third-protocol-for-amending-the-double-taxation-avoidance-agreement-providing-for-source-based-taxation-of-capital-gains-arising-on-transfer-of-shares-in-a-company\/","url_meta":{"origin":7218,"position":2},"title":"India and Singapore sign Third Protocol for amending Double Taxation Avoidance Agreement, providing for source based taxation of capital gains arising on transfer of shares in a company","author":"Saba","date":"January 4, 2017","format":false,"excerpt":"India and Singapore have amended the DTAA for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income, by signing a Third Protocol today. This is in line with India\u2019s treaty policy to prevent double non-taxation, curb revenue loss and check the menace of\u2026","rel":"","context":"In &quot;News&quot;","block_context":{"text":"News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":196069,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/05\/17\/cabinet-approves-signing-and-ratification-of-agreement-between-india-and-brunei-darussalam-with-respect-to-taxes\/","url_meta":{"origin":7218,"position":3},"title":"Cabinet approves signing and ratification of Agreement between India and Brunei Darussalam with respect to Taxes","author":"Saba","date":"May 17, 2018","format":false,"excerpt":"The Union Cabinet has has approved the signing and ratification of Agreement between India and Brunei Darussalam for the Exchange of Information and Assistance in Collection with respect to Taxes. 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The Agreement will stimulate the flow of exchange of information between India and Samoa for\u2026","rel":"","context":"In &quot;News&quot;","block_context":{"text":"News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":156754,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/09\/15\/mou-between-ministry-of-corporate-affairs-and-cbdt-for-automatic-and-regular-exchange-of-information\/","url_meta":{"origin":7218,"position":5},"title":"MoU between Ministry of Corporate Affairs and CBDT for automatic and regular exchange of information","author":"Saba","date":"September 15, 2017","format":false,"excerpt":"Taking forward the initiative launched by the Government of India to curb the menace of shell companies, money laundering and black money in the country and prevent misuse of corporate structure by shell companies for various illegal purposes, the Ministry of Corporate Affairs and Central Board of Direct Taxes (CBDT)\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/7218","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=7218"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/7218\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/7321"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=7218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=7218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=7218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}