Automatic information exchange only method to deal with black money: Jaitley
By TIOL News Service
WASHINGTON, APRIL 18, 2015: FINANCE Minister Arun Jaitley has called for immediate introduction of automatic exchange of information as this is the only way to deal with the black money issue.
At the IMF and WB Meeting Mr Jaitley said that the issue of offshore tax evasion and illcity funds can be effectively addressed only by the unrestricted flow of financial information exchanged among tax jurisdictions on an automatic basis.
He reportedly stated, "We strongly feel that there is a need to ensure that the Common Reporting Standards on Automatic Exchange of Information should be implemented on a fully reciprocal global basis and those countries which have not yet committed to the timeline of 2017 or 2018 should do it without any further delay," he said.
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