Under pressure from civil society to take concrete action on black money, the government said that it has enough tools to deal with transactions arising from non-cooperative jurisdictions and would take action as and when necessary.
“We have developed a toolbox… We have enabled ourselves to declare tax havens as non-cooperating jurisdiction and countries as and when the situation arises. We will take appropriate steps,” Finance Minister Pranab Mukherjee told reporters here today.
However, he added that as of now, “no country” has been put in the category of a “non-cooperating jurisdiction”.
The minister said,India is negotiating Double Taxation Avoidance Agreements with several countries and also entering into Tax Information Exchange Agreements with tax havens.