India and the US have agreed to share information on financial accounts held in each country by their citizens in a major step towards preventing unaccounted wealth being stashed abroad.India will sign an agreement with the US that would enable New Delhi share information about accounts and investments held by US citizens in various Indian financial institutions.The idea is to help US crack down on its citizens using Indian banks and other entities for parking their funds away from the eyes of the US Internal Revenue Service (IRS).

Source - http://www.financialexpress.com