Black money case impact: India pulls out of information sharing agreement

October 30, 2014 11:34

A day after the Centre submitted its list of 627 Indians who have accounts in HSBC bank, Geneva, for a tax probe for suspected black money to the Supreme Court, India has pulled out of multilateral information sharing agreement.

The Mutilateral Competent Authority Agreement was signed by 51 countries in Berlin on Wednesday. The agreement was designed to enable automatic information to combat black money and also provides for collecting, exchanging information between participating countries on taxpayers' overseas assets.

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