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PTI / The Hindu /NEW DELHI, July 31, 2011.
Details of assets and payments received by Indian citizens in several countries have “started flowing in” and are being investigated, Finance Minister Pranab Mukherjee said on Saturday.
Information about wealth stashed away in Swiss banks by Indians was expected before year-end, he said, pointing out that New Delhi had signed a Double Taxation Avoidance Treaty with Berne. It was likely to be ratified by the Swiss Parliament by September and information about tax avoidance should be available thereafter.
Information on assets and payments received by Indian citizens was under different stages of processing.
Rejecting the Opposition charge that the Centre was not serious about dealing with black money, Mr. Mukherjee told PTI that while previous governments, which included those under the BJP, the CPI and other Opposition parties, had done nothing, the United Progressive Alliance regime launched a five-pronged strategy.
Besides creating an appropriate legislative framework, the government started renegotiations with 75 countries to get more information. Negotiations had been completed with 53 countries or jurisdictions.
According to the latest estimates available, the Directorate of International Taxation had collected Rs. 33,784 crore in taxes from cross-border transactions in the last two financial years. In a large number of specific cases, information had been obtained under the Double Taxation Avoidance Agreements (DTAAs).
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