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Jul 22, 2014
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OECD unveils automatic info exchange framework
In a major development in the fight against black money, multilateral grouping OECD on Monday unveiled a 'single global standard' for automatic exchange of financial account information by various countries, including India and Switzerland.The new framework, to be presented before a meeting of G-20 finance ministers in September, would mark a significant forward movement from the current practice of information exchange mostly on the basis of requests and only in the cases of suspected tax evasion or other financial crimes.
Source -
http://www.financialexpress.com
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