India inks pact with Seychelles to curb black money
India has inked an information exchange agreement on tax matters with Seychelles in order to curb tax evasion and boost its efforts to fight against black money.
The agreement was signed after talks between Prime Minister Narendra Modi and his counterpart Seychelles President James Alix Michel who is on three days visit to India.
This pact will help India to curb tax evasion and also pave way for mutual assistance between the authorities of both nations to take action against suspected tax evaders along with other related matters.
It should be noted that, this Indian Ocean island nation for long time was perceived as one of the preferred offshore havens for routing of funds though the foreign direct investments (FDIs) were being small at just about 1,100 crore rupees over the last 15 years.
Other 5 MoUs/Agreements signed are
- Presentation of Navigational chart related to Aldabra Island: This island is the world’s second largest coral atop which is extremely isolated, making it virtually untouched by human. It is home to the world’s largest population of giant tortoises.
- Air Services Agreement: It will enable more and easier connections between both nations and help to expand cooperation in space, weather forecasting and disaster management, marine resources and fisheries advisory.
- MoU to provide one Dornier Maritime Aircraft: India will gift Seychelles one Dornier Maritime Aircraft for maritime security.
- MoU for Cooperation in agricultural research and education: It was signed between between Indian Council of Agricultural Research (ICAR) and Seychelles Agricultural Agency.
- Protocol on framework of cooperation in the field of Blue Economy
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Month: Current Affairs - August, 2015