India has inked an information exchange agreement on tax matters with the Seychelles in order to curb tax evasion and boost its efforts to fight against the black money. The agreement was signed after talks between india’s PM Narendra Modi and his counterpart Seychelles President Mr. James Alix Michel who is on 3 days visit to India. This pact will help India to curb tax evasion and also pave way for the mutual assistance between authorities of both nations.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 were being small at just about 1,100 crore rupees over the last Fifteen years.
Other Five MoUs/Agreements signed are:
- Presentation of Navigational chart related to the Aldabra Island:This island is the world’s 2nd largest coral atop which is extremely isolated, making it virtually untouched by human.
- Air Services Agreement: It will enable more and easier connections between both countries and help to expand the cooperation in space,weather forecasting and disaster management.
- MoU to provide one Dornier Maritime Aircraft: India will gift to Seychelles one Dornier Maritime Aircraft for the maritime security.
- MoU for Co-operation in agricultural research and education: It was signed between Indian Council of Agricultural Research (ICAR) and Seychelles Agricultural Agency.
India inks pact with the Seychelles to curb black money
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